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Federal Reserve orders Bank of Montreal to correct lapses in anti-money laundering program

The Canadian PressMay 17, 2013 13:01
WASHINGTON - Federal regulators are ordering the Bank of Montreal to take steps to correct lapses in oversight that could allow the bank to be used for money laundering. The Federal Reserve announced an agreement Friday with the bank, which is one of Canada's largest. The Fed cited procedural deficiencies to prevent money laundering in the bank and its Chicago branch. No financial penalty was imposed on the bank under the agreement. The bank agreed to submit detailed plans to the Fed and to Illinois banking regulators for strengthening its programs and correcting problems.

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.

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."

Kuwait MPs pass anti-money laundering, terror funding law

April 2, 2013 10:30
Kuwait's parliament on Tuesday overwhelmingly passed a bill to combat money laundering and funding of terror groups, stipulating jail terms of up to 20 years for violators. Forty-five members, including all cabinet ministers present, voted for the bill while five MPs abstained. The law becomes effective after it is signed by the ruler of the oil-rich Gulf state. The bill stipulates a jail term not exceeding 15 years for individuals convicted of funding terror organisations in addition to a fine of up to twice the sums used.

Hong Kong woman jailed for 10 years for laundering $877 mln

March 12, 2013 03:45
By Grace Li HONG KONG, March 12 (Reuters) - A Hong Kong public housing tenant was jailed for 10 years on Tuesday for laundering more than HK$6.8 billion ($877 million) through nine banks, just two months after a Chinese man was imprisoned in the Asian financial centre's biggest such case. Lam Mei-ling, 61, laundered the money between 2002 and 2005 with about 39,500 bank transfers, the Court of First Instance heard.

Draghi urges Cyprus to focus on its money-laundering laws

March 7, 2013 11:30
FRANKFURT, March 7 (Reuters) - European Central Bank President Mario Draghi urged the new Cypriot government on Thursday to look at how it is combating money laundering. Euro zone finance ministers pledged this week to agree a bailout for Cyprus, hit primarily by its exposure to Greek debt, by the end of March, but details of how the rescue will be financed are yet to be sorted out.

EU steps up measures against money laundering

February 5, 2013 12:01
The European Commission said Tuesday it needs to step up the fight against money laundering as criminals and terrorists constantly find new ways around existing regulations. Accordingly, it plans to make it more difficult to get illicit funds through the financial system and to tighten up information disclosure on money transfers so as to make them more transparent and traceable.
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