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Fuel for Crime, Corruption and Tax Evasion: US$68.9 Billion Flowed Illegally Into or Out of Emerging EU Economies

Nearly US$70 billion in illicit financial flows – the proceeds of crime, corruption, and tax evasion – flowed into or out of developing and emerging European Union member-states in 2011, according to newly released information from Global Financial Integrity (GFI). In conjunction with...

Money Service Business Shut Down for Sending Wire Transmissions to Yemen without Anti-Money Laundering Controls

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against Saleh H. Adam, doing business as Adam Service, a money services business (MSB), after determining that, since November 2007, Adam Service committed serious and willful violations of the Bank Secrecy Act’s...

European Parliament Votes to Toughen Anti-Money Laundering Rules

The ultimate owners of companies and trusts would have to be listed in public registers in EU countries under draft anti-money laundering rules voted by the European Parliament. “The public registers will make life more difficult for criminals trying to hide their money. Our economy currently...