Financial Regulatory Forum
By Julie DiMauro
NEW YORK, Aug. 13 (Thomson Reuters Accelus) – The sanctions evasion case against Standard Chartered PLC highlights a governance disconnect at many financial services firms between the legal and compliance departments and their perceived obligations, with the former being focused on the letter of the law and the latter on its spirit.
By Brett Wolf
ST. LOUIS, May 4 (Thomson Reuters Accelus) – To combat money laundering and contain the drug war raging along the U.S.-Mexico border, U.S. authorities are seeking technology that can detect the hoards of cash that smugglers try to spirit abroad.
By Martin Coyle
LONDON, March 1 (Complinet) – An international financial crime watchdog has been urged not to relax its stance on monitoring political officials in the light of the desperate scramble to freeze the assets of deposed leaders in the Middle East and North Africa.
By Brett Wolf, Complinet
ST. LOUIS, Jan. 31 – The consumption of illegal drugs generates tens of billions of dollars for Mexico’s drug cartels each year, and the fight against it creates significant challenges for those who oversee and participate in the US financial system. The river of money flows into Mexico mostly in the form of cash, often hidden in secret vehicle compartments. The money feeds cartel operations and stokes conflicts with the government and with rivals that have killed an estimated 35,000 people during the past four years. US authorities have bolstered their efforts to halt the cross-border cash shipments, but their progress has been limited. Policymakers are desperately searching for better ways to fight the flow.
Bank regulators revised an anti-money laundering examination manual. But government watchdogs said financial regulators are still not doing enough outreach to local law enforcement agencies to aid in the battle against terrorist funding and drug smuggling, reports Thomson Reuters WG&L Accounting & Compliance Alert. (more…)
(Bernd Debusmann is a Reuters columnist. The opinions expressed are his own)
By Bernd Debusmann
WASHINGTON, March 26 (Reuters) – The trouble with moving big amounts of cash, from a criminal’s point of view, is threefold. It’s bulky, it’s heavy and it smells.
March 15 (Reuters) – The Wachovia Bank unit of Wells Fargo & Co <WFC.N> is in talks with the U.S. Justice Department to settle complaints relating to the alleged failure in bank controls that enabled Mexican exchange houses to launder drug money, the Wall Street Journal said, citing people familiar with the situation. (more…)