Financial Regulatory Forum

New U.S. FinCEN director must bolster agency under pressure over Iran sanctions, money laundering

By Brett Wolf

NEW YORK, Sept. 21 (Thomson Reuters Accelus) - When former Justice Department official Jennifer Shasky Calvery takes the reins at the U.S. Treasury Department’s anti-money laundering bureau on Monday, her first job is to revive the beleaguered agency amid pressure over Iran sanctions and money-laundering enforcement, sources said.

Shasky Calvery is a former prosecutor who cut her teeth dismantling international organized crime groups and tracking down their money. She will need all her leadership and diplomacy skills to boost the bureau’s morale, which has plummeted with the loss of skilled leaders and withering criticism from many fronts, and outline the policies with which she will make her mark as the new head of the Financial Crimes Enforcement Network (FinCEN). (more…)

Sanctions and prosecutions against international banks creates dark market, increase risk

By Kim R. Manchester, Thomson Reuters Accelus contributing author

TORONTO, Sept. 4 (Thomson Reuters Accelus) - The black market for Iranian oil will carry increasingly sophisticated money laundering risks for international banks engaged in correspondent banking, international trade finance and global payments. Sanctions evasion will remain the top priority for the Iranian government, state-owned enterprises and the bankers that enable firms around the globe who aim to profit from this black market.

The increase in risk is a result of tightening sanctions against Iran and the crackdown by American authorities on international banks accused of providing Iranian entities access to the U.S. financial system, often leading to enormous multi-million dollar settlements. (more…)

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