AML

Asset Hunting and Anti-Money Laundering: Justice on the Trail of Tears

by RitaZhao April 27, 2011 AML

by Michael Diaz ,Jr., Carlos Gonzales, Sumeet H. Chugani and Xingjian Zhao The Financial Law Report, March 1, 2011 In recent years, the terms “Ponzi scheme,” “financial fraud,” and “mon­ey laundering” have become unfortunate household names. Fraudsters like Bernard Madoff have given new meaning to the term “financial fraud,” leaving behind a trail of tears and [...]

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Proving Money Laundering Just Got Tougher

by Shu August 10, 2010 AML

August 3, 2010 by The Legal Pulse Gerardo Rodriguez-Albizu*, Diaz Reus & Targ, LLP Federal prosecutors now have a tougher road to plow when seeking to convict a white-collar defendant under the federal money laundering statute, 18 U.S.C. § 1956.  In a recent decision, the Sixth Circuit Court of Appeals held that in order to convict the [...]

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Comment on the Judicial Interpretations on Money Laundering Cases

by Shu November 26, 2009 AML

  On November 4, 2009, the Supreme People’s Court published the “Judicial Interpretations on Money Laundering Cases” (Interpretations). It established that the “knowledge” element required to prove the offense of money laundering (ML) can be inferred from objective factual circumstances. This important change shifts the burden of proof from prosecutors to defendants in ML cases. From now [...]

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Are Safeguards Intended to Prevent Money Laundering Working?

by Shu October 7, 2009 AML

  QEarlier this month, Manhattan District Attorney Robert Morgenthau said his office was investigating some Venezuelan and Panamanian banks for allegedly providing Iranians access to the US financial system in violation of international sanctions against Iran over its nuclear program. A ‘mainstream’ international bank is expected to reach a settlement within 30 days over the [...]

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Are Safeguards Intended to Prevent Money Laundering Working?

by Shu September 30, 2009 AML

  QEarlier this month, Manhattan District Attorney Robert Morgenthau said his  office was investigating some Venezuelan and Panamanian banks for allegedly providing Iranians access to the US financial system in violation of international sanctions against Iran over its nuclear program. A ‘mainstream’ international bank is expected to reach a settlement within 30 days over the [...]

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China applies new money laundering law to corruption

by Hongwei Shang March 25, 2008 AML

At the end of October 2006, the Standing Committee of the People’s Congress – China’s legislative body – completed the third reading of the country’s anti-money laundering bill and enacted it into law, clearing the last major obstacle to China’s admission as a full member of the FATF. China’s previous AML legislation only applied to [...]

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UAE, China discuss anti-money laundering cooperation

by Hongwei Shang November 22, 2007 AML

  The delegation met in Beijing with the Deputy Governor of People’s Bank of China, Su Ning, Chairman of the Banking Regulatory Commission and Vice- Chairman of Securities Regulatory Commission. Also, the delegation met with officials from the Chinese Financial Intelligence Unit, Ministry of Justice and Chairman of China UnionPay company, which owns the main [...]

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