"This case is a good example of how disregarding reporting and compliance can turn into a crime" : New Jersey District Attorney's Office. But still the USA fails, even in the most blatant cases, to prosecute a bank for money laundering.
New Zealand's Securities Commission is to issue civil proceedings against Nuplex Industries Limited and several present and former directors in the SC's first "continuous disclosure" case and papers are being filed at The High Court in Wellington this morning. The company is dual-listed in NZ and Australia.
David B. Stocker, a lawyer in Phoenix, Arizona, pleaded guilty on11 March 11, 2009, in U.S. District Court in Alexandria, Virginia., for his participation in a stock manipulation conspiracy known as a "pump-and-dump" scheme. On 12 March 2010 (yes, a year later) Stocker has been sentenced.
The UK's Lloyds Banking Group took on a huge loan book when it took over the rapidly imploding HBOS group that included Halifax and Bank of Scotland. Halifax was the UK's largest mortgage lender. And now it's offering a helping hand to those who can afford to pay off their loans more quickly.
In what should have been a surprise, Henry "Hank" Paulson has impressed few with his admissions that he threatened Bank of America that regulators would become interested in the company if it did not take over Merrill Lynch.
It's a mark of just how tunnel-visioned the USA's counter-money laundering strategy is that it is only now getting around to thinking about including non-bank lenders in its regulatory net. The US needs a massive kick in the soft bits and told to get its law sorted out, says Nigel Morris-Cotterill, Head, The Anti Money Laundering Network. It's time the FATF stepped in and issued a warning about the USA, he says.