The Internal Revenue Service’s recent decision to stop using civil enforcement powers to seize legitimate money deposited into bank accounts in a clandestine manner stemmed from a review process that revealed a need to make better use of agents’ time, the law enforcement official who enacted the new policy said Sunday at a money laundering conference in Washington.
Financial Regulatory Forum
By Brett Wolf, Compliance Complete
LOS ANGELES/NEW YORK, Sept. 17, 2014 (Thomson Reuters Accelus) - Roughly 1,000 law enforcement agents poured into the Fashion District in downtown Los Angeles Wednesday morning to raid shops and arrest nine people suspected of using businesses to launder large sums of cash generated by drug trafficking and other illicit activity, the U.S. Justice Department said. The money laundering problem in the area has prompted authorities to request a formal designation subjecting it to greater enforcement scrutiny. (more…)
By Stuart Gittleman, Compliance Complete
NEW YORK, May 13, 2014 (Thomson Reuters Accelus) – Banks don’t do bad things – people do – so the people behind the alleged violations should face more regulatory scrutiny and personal accountability, said Benjamin Lawsky, Superintendent of the New York State Department of Financial Services.
By Martin Coyle
LONDON/NEW YORK, Feb. 16 (Thomson Reuters Accelus) - City lawyers have praised Margaret Cole’s legacy following her decision to depart the Financial Services Authority and have said her successor faces a tough job continuing her good work as head of enforcement. Observers also noted that Cole’s failure to secure the top job at the new Financial Conduct Authority meant that her departure was inevitable. Cole, managing director and board member, announced her exit from the regulator yesterday after seven years. Cole, who joined the regulator as director of enforcement in 2005 from U.S. law firm White & Case, is widely credited with pushing forward the FSA’s recent tough approach to combating financial crime and market abuse. The importance of her departure was perhaps reflected as the news was briefly ‘trending’ on Twitter yesterday. (more…)
By Nick Tattersall
LAGOS, Aug 19 (Reuters) – Nigeria’s anti-graft police have given defaulting debtors of five banks rescued in a $2.6 billion bailout, including some of the nation’s most powerful tycoons, a week to organise repayment or face arrest and asset seizures.