In February 2017, we blogged about a whistleblower complaint filed against Bank of the Internet (“BofI”) by its former internal auditor. The blog post addressed what the whistleblower believed was BofI’s wrongdoing in...more
7/3/2018
/ AML/CFT ,
BSA/AML ,
Criminal Investigations ,
Financial Institutions ,
Loss Causation ,
Misrepresentation ,
Money Laundering ,
Putative Class Actions ,
Securities Violations ,
Shareholder Litigation ,
Whistleblowers
On June 12, 2018, FinCEN issued an “Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures and their Financial Facilitators” to highlight the connection between corrupt senior foreign political...more
6/19/2018
/ Corruption ,
Exploitation ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Foreign Official ,
Human Rights ,
Money Laundering ,
Offshore Companies ,
PEP ,
Shell Corporations ,
Suspicious Activity Reports (SARs) ,
White Collar Crimes
As forecasted in a blog post last summer, the United States Department of Justice (“DOJ”) has again used the money laundering statute to accomplish the otherwise elusive goal of prosecuting foreign officials who allegedly...more
2/15/2018
/ Bribery ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Energy Sector ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Guilty Pleas ,
Indictments ,
Money Laundering ,
Oil & Gas ,
Venezuela
In its “Risk Outlook, Autumn Update” (“Update”) released last week, the Solicitor Regulation Authority (“SRA”), a regulator of solicitors and law firms in England and Wales, found that although the legal sector remains at...more
Most individuals convicted of federal money laundering charges face prison time. These prison sentences are often increased by the judge’s determination that certain sentencing enhancements unique to this crime apply. ...more
As widely reported, the Spanish police raided last year the Madrid offices of the Chinese state-run Industrial and Commercial Bank of China (“ICBC”), the world’s biggest bank by assets. In the nearly 18 months following that...more
8/7/2017
/ Banking Sector ,
BSA/AML ,
China ,
Corruption ,
Criminal Investigations ,
Enforcement Actions ,
FinCEN ,
Money Laundering ,
Money Transfer ,
Patriot Act ,
Popular ,
Spain ,
SWIFT ,
White Collar Crimes