Anti-Financial Crime & Financial Crime Compliance
Leadership | Insight | Network

AML, Compliance, Financial Crime, US

INTERVIEW: Flurry of corporate money laundering settlements to hit US courts soon, reveals Justice Department’s crime chief Polite

FILE PHOTO: Kenneth Polite, Assistant Attorney General for the Department of Justice’s Criminal Division, discusses the arrest of the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing hundreds of million of dollars in illicit funds, during a news conference at the Justice Department in Washington, U.S., January 18, 2023. REUTERS/Daphne Psaledakis/File Photo

SOME major corporate money laundering settlements are set to be revealed in US courts shortly, said Kenneth Polite the outgoing head of the U.S. Department of Justice’s Criminal Division.

There is a flurry of major corporate settlements that will hit federal court dockets soon, Polite revealed in a interview.

“What you’re going to see is a very strong pipeline of investigations that will result in some resolutions in the very-near future, but may have been impacted by the COVID pandemic,” he said.

The types of resolutions he is referring to often involve large fines that companies pay to settle criminal charges of foreign bribery or money laundering.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!