Mexican Cartel Turns to ‘Dark Fleet’ to Smuggle Fuel from U.S. and Canada
One of Mexico’s most powerful drug cartels is smuggling gasoline and diesel into the Port of Ensenada with the aid of a “dark fleet” tanker and a Houston-based company, according to an investigation by Reuters.
Senate GOP Bill Would Raise BSA Reporting Thresholds and Tie Them to Inflation
Proposed legislation introduced in the U.S. Senate would increase dollar-thresholds triggering reporting requirements under the Bank Secrecy Act for the first time since 1970 and require periodic adjustments to account for inflation, Republican lawmakers said. The “Streamlining Transaction Reporting and Ensuring Anti-Money Laundering Improvements for a New Era Act”, or STREAMLINE Act, would raise the […]
Ten Years On, Iran Nuke Deal Ends with a Whimper
Iran has announced the official end of the 2015 nuclear agreement, saying it is no longer bound by the Joint Comprehensive Plan of Action (JCPOA) and that all restrictions and related mechanisms under the accord are terminated, The Guardian reported.
FinCEN Ban on Three Mexican Firms Formally Takes Effect After Reshaping Industry
An unprecedented U.S. Treasury order cutting three Mexican financial institutions off from the American financial system took effect Monday, after already forcing asset sales, client flight and heightened compliance across Mexico’s banking sector, Bloomberg reported.
BNP Paribas Found Liable for Enabling Sudan Atrocities
A Manhattan federal jury found BNP Paribas liable for enabling genocide in Sudan under the Omar al-Bashir regime, raising speculation it could face a multibillion-dollar settlement, Bloomberg reported.
Canada to Create Financial-Crimes Agency, Amend Laws to Fight Fraud
Canada will launch a new federal financial-crimes agency and change banking laws to clamp down on online fraud and other scams, the country’s Department of Finance announced on Monday.
Louvre Jewel Heist Probed for Money-Laundering Motive
French investigators are treating Sunday’s smash-and-grab at the Louvre as a potential money-laundering operation, after four masked thieves stormed the museum’s Galerie d’Apollon and escaped with eight pieces of royal jewelry.
Bank Compliance Slow Services for Some in Europe’s Growing Defense Sector
European lenders are re-engaging with defense companies but smaller firms in the sector’s supply chain are running into hurdles clearing bank compliance requirements, according to new reporting by The Banker.
FCA to Take Over AML Supervision for UK Professional Bodies
The Financial Conduct Authority (FCA) will serve as the sole anti-money laundering (AML) and counterterrorist-financing (CTF) supervisor for the UK’s legal, accountancy and trust and company service provider sectors.
NY Jury Weighs Whether BNP Paribas Enabled Sudan Atrocities
A federal jury in Manhattan began deliberations Thursday on claims that BNP Paribas helped enable atrocities in Sudan under former ruler Omar al-Bashir in a civil case brought by Sudanese survivors, Le Monde and AFP reported.