Financial Crimes

News & Analysis as of

Corporate Investigations and White Collar Defense - July 2016

“Official Acts”—What They Are… and Are Not - Why it matters: On June 27, 2016, the Supreme Court decided McDonnell v. U.S., holding that, for purposes of the federal public corruption statutes, an “official act”...more

UK Bribery Act – 5 lessons in 5 years: No. 5 – What does the future hold?

UK Prosecutor sees Bribery Act offence as a template for fighting other forms of financial crime. The Serious Fraud Office would like to extend the strict liability "failure to prevent bribery" offence that is currently...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

West Coast Real Estate Update: June 2016 #1

California Governor Proposes "Build By Right" Approval Process for Affordable Housing - Recognizing the extreme need throughout California for construction of new affordable housing units, on May 13, 2016, Gov. Jerry...more

Your daily dose of financial news The Brief – 5.16.16

We’ve been hearing a lot about Verizon’s bid for Yahoo. But it’s not alone. In fact, it’s bringing some odd folks to the table together. Case in point: Warren Buffet and Quicken Loans’ Dan Gilbert – NYTimes and Bloomberg...more

Compliance Program Lessons from a Recidivist

Recidivist behavior is something that the US government is forced to face in Foreign Corrupt Practices Act (FCPA) enforcement from time-to-time. When a company agrees to a Deferred Prosecution Agreement (DPA) or...more

What You Need To Know About The FCA’s Business Plan For 2016/17

On 5 April 2016, the UK Financial Conduct Authority (FCA) published its Business Plan for 2016/17. The Business Plan sets out a roadmap for the FCA’s principal areas of focus over the coming year. Overall, there was...more

FinCEN Proposes Amendments to Bank Secrecy Act to Cover Crowdfunding Portals

FinCEN, a bureau of the Department of the Treasury, has proposed amendments to the definitions of “broker or dealer in securities” and “broker-dealer” under the regulations implementing the Bank Secrecy Act. This rulemaking...more

Trending in 2016: Financial Fraud Predictions

Financial fraud can destroy shareholder value and seriously damage the reputations of organisations. What will 2016 hold when it comes to trends in financial fraud?...more

UK Financial Regulatory Developments - March 2016 #11

LEIROC publishes parent data collection policy - LEIROC has published its process for the first phase of collecting data on the direct and ultimate parents of legal entities in the Global LEI System (GLEIS). This follows...more

Your daily dose of financial news The Brief – 3.10.16

The SEC’s been floating an idea that would require mutual funds “to increase their liquidity cushions to accommodate investors looking to leave in a hurry,” but the industry’s pushing back—hard—despite the recent Third Avenue...more

Your daily dose of financial news The Brief – 3.9.16

United Continental shareholders (two hedge funds in particular) are not pleased, and they’re looking to former Continental CEO Gordon Bethune to do something about it. Bethune is one of a slate of 6 director candidates put...more

Tearing Down the Silos

AML and cybersecurity teams must discover what they have in common, identify mutual strengths and weaknesses, and move toward an effective fusion of functions, processes, and mindsets. ...more

Cash for Scalps: Governor Cuomo Announces New Round of Grants for Tax Prosecutions

Last week, Governor Cuomo announced the latest round of grants to district attorneys’ offices in 29 New York State counties under the Crimes Against Revenue Program (also known as “CARP”). The program provides substantial...more

DOJ Nabs Two More in Real Estate Bid Rigging Conspiracy

Two real estate investors pleaded guilty to participating in a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions in Georgia. The guilty pleas, entered on Monday, January 4, are the 11th...more

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

Restructuring eNewsletter - Global Insight Series: The rise of the phoenix, the regulators' response and proposed reforms

Illegal phoenix activity broadly involves the transfer of assets between related companies to intentionally evade creditors. In October 2015 a comprehensive report in respect of the incidence, cost and enforcement of illegal...more

FCA clarifies new financial crime form scope

FCA has published its addendum to its latest quarterly consultation paper (see FReD 11 December) to clarify that it expects both EEA pure reinsurers and insurance intermediaries which generated over £5 million in revenue as...more

U.S. and Chinese Financial Intelligence Units Sign MOU

On December 11, 2015, the Directors of the U.S. Financial Crimes Enforcement Network (FinCEN) and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC), signed a Memorandum of Understanding (MOU) that...more

FCA fines Barclays £72 million for poor handling of financial crime risks

FCA has fined Barclays Bank (Barclays) £72,069,400 for failing to minimise the risk of being used to facilitate financial crime. Barclays arranged and executed a £1.9 billion transaction which involved several ultra high net...more

ISSA publishes background to compliance principles

ISSA has published a background and overview document to introduce financial institutions to its Financial Crime Compliance Principles (see FReD 18 September). ...more

The Department of Justice's Focus on Individual Accountability for Corporate Wrongdoing

The Department of Justice's Focus on Individual Accountability for Corporate Wrongdoing - The Department of Justice (DOJ) recently issued a memo reiterating its commitment to the criminal and civil investigation and...more

ISSA adopts securities custody and settlement financial crime principles

ISSA has adopted a set of financial crime compliance principles which aim to support the efforts of the global community of securities custodians and intermediaries to address the critical challenges posed by financial crime....more

Corporate Wrongdoing: More Civil and Criminal Liability for Individuals?

The US Department of Justice has issued a memorandum to all of its prosecuting Divisions, directing changes to the principles applied by DOJ in prosecuting civilly or criminally individuals who engage in corporate misconduct....more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

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