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Spain busts Chinese-Moroccan cash-laundering gang

Agence France-PresseMay 10, 2013 12:16
Spanish police said Thursday they busted a network of Moroccan and Chinese nationals who laundered hundreds of thousands of euros a week in drug money. Officers arrested two Chinese nationals, one suspect from Hong Kong and three Moroccans in raids at locations including a major Chinese trading estate near Madrid, a police statement said. The network sold hashish that was smuggled from Morocco to Spain, distributing it to Britain, France and other countries, and laundered the money via wholesale purchases of clothes and jewellery.

Vatican, US Treasury ink agreement to exchange financial info to fight money laundering

The Canadian PressMay 7, 2013 19:26
VATICAN CITY - The Vatican has signed an agreement with the U.S. Treasury Department to exchange financial information as part of its efforts to comply with international anti-money laundering and anti-terror financing norms. It's the fourth such agreement inked by the Holy See as it seeks to improve its reputation in global financial circles following a series of scandals at its bank and a money laundering investigation launched by Rome prosecutors.

Shares of Caterpillar look 'cheap': Barron's

May 7, 2013 13:56
(Reuters) - Shares of the world's largest construction and mining equipment maker Caterpillar Inc <CAT.N> look poised to rise as the economic recovery picks up, financial newspaper Barron's said on Sunday. Caterpillar rose 2.7 percent to $86.98 on Friday following positive U.S. economic news, which may be a good entry point for investors with a 12- to 24-month horizon, the article said.

Securities regulators reviewing loss of personal information at IIROC

The Canadian PressApril 29, 2013 16:02
TORONTO - The Canadian Securities Administrators said Friday that it is investigating the recent loss of a portable device containing client information by the Investment Industry Regulatory Organization of Canada. The council of the provincial and territorial securities regulators said it was reviewing the facts surrounding this incident, including IIROC's policies, procedures and controls relating to information security, the encryption of data and the collection and storage of personal information.

Germany, France urge EU to take lead in fighting money laundering

April 25, 2013 04:30
BERLIN (Reuters) - Germany and France want the European Union to take a lead in fighting money laundering and financial crimes, asking the Commission in a joint letter to develop policies against countries that do not cooperate. The two countries' finance ministries also said in a joint statement on Thursday that they wanted better harmonisation of national anti-money laundering frameworks and that the EU Commission should control and assess implementation.

Britain fines Swiss bank over laundering controls

Agence France-PresseApril 24, 2013 09:01
Britain on Wednesday said it had fined the British private banking arm of Switzerland-based EFGI Group a reduced penalty of £4.2 million ($6.4 million, 4.9 million euros) for failures in its anti-money laundering controls. "The Financial Conduct Authority has fined EFG Private Bank Ltd £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers," the FCA said in a statement. "The failings were serious and lasted for more than three years."

Swiss bank EFGI's UK arm fined for lax money laundering checks

April 24, 2013 07:45
LONDON (Reuters) - The Financial Conduct Authority has fined the UK subsidiary of Swiss private banking group EFG International 4.2 million pounds for failing to establish effective anti-money laundering controls for its wealthy customers. The FCA said UK regulators first became seriously concerned about procedures at EFG Private Bank Ltd during a spot check on how UK banks were managing money laundering risks in January 2011.

Swiss accuse EU of protecting financial markets

April 22, 2013 13:45
By Huw Jones LONDON (Reuters) - Switzerland accused the European Union on Monday of being protectionist and fragmenting global markets with new rules that are unfair to countries outside the bloc. The clash highlights the difficulties faced by regulators seeking to make markets safer after the financial crisis without introducing conflicting rules for banks.

Exclusive - Risk ranking: China revamps anti-money laundering rules: sources

April 17, 2013 17:15
By Koh Gui Qing BEIJING (Reuters) - Chinese banks must rate their clients' risk of criminal conduct on a scale of 1-5 as part of the central bank's moves to curb money laundering and fraudulent transactions estimated at hundreds of billions of dollars a year. The new rules come as some experts cite China as the world's biggest source of 'dirty' funds and as it faces growing foreign pressure to scrutinise its financial links with North Korea and block cash transfers tied to Pyongyang's nuclear ambitions.

Vatican says financial reform report due in December

April 10, 2013 10:45
The Vatican said Wednesday the next report by the Council of Europe on its efforts to bring its laws into line with international rules against money laundering is due out in December. The progress report by the Moneyval monitoring committee will also look at the Vatican's implementation of all recommendations, not just the "key recommendations" in its July 2012 report. The Vatican last year promised to redouble its efforts to reform its scandal-plagued bank and overhaul financial legislation following an Italian inquiry into alleged money laundering.
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