Money Laundering

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Focus on Corruption: Myanmar - A New Beginning?

Historically, Myanmar has not been known as a country with a focus on anti-corruption and anti-money laundering. In 2015, the Frankfurt-based Transparency International ranked the country as one of the most corrupt places to...more

UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

CSSF Press Release 16/17 on Global Situation of UCIs and SIFs at the End of February 2016 - CSSF press release 16/17 of 31 March 2016 summarizes the global situation of Undertakings for Collective Investment and...more

Update on The Panama Papers

The International Consortium of Investigative Journalists (ICIJ) announced that on May 9, it will release selected data purported to be leaked or stolen from the internal records of the Panamanian law firm Mossack Fonseca....more

OFAC Issues Hizballah Financial Sanctions Regulations

On April 15, OFAC issued new regulations to implement the Hizballah International Financing Prevention Act of 2015. The regulations authorize the Secretary of the Treasury to prohibit U.S. financial institutions from opening...more

UK Financial Regulatory Developments - April 2016 #19

FCA decides to ban former LIBOR trader - FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any...more

Blog: European Parliament: Opinion on virtual currencies – regulation’s on its way (part 2)

The European Parliament’s Internal Market & Consumer Protection Committee has published an Opinion about virtual currencies. In the Opinion, which was prepared by rapporteur Ulrike Trebesius, the Committee calls on the...more

The Panama Papers: Taking a New Look at an Old Problem

On April 3, 2016, the International Consortium of Investigative Journalists (“ICIJ”) published more than 11.5 million documents connected to Mossack Fonseca, a Panama law firm that helped establish offshore financial...more

Panama Papers: Looking Below the Headlines

The media loves a scandal. In the banking and compliance world, the latest scandal to hit the media was the Panama Papers. The Panama Papers is surprising in scope – Panama has become the favorite financial haven for money...more

The Global Spotlight on Transparency: Renewed Focus on Tax and Financial Regulatory Enforcement in Singapore

The global spotlight on transparency in tax and financial reporting has come to Singapore, signalling cause for renewed focus on compliance for investors and global business operators. On 6 April, the Singaporean Ministry of...more

FinCEN Prohibits U.S. Financial Institutions from Holding Correspondent Accounts for FBME Bank Ltd.

On March 31, FinCEN published a final rule imposing the fifth special measure against FBME Bank Ltd. (FBME). Pursuant Section 311 of the USA PATRIOT Act, the fifth special measure prohibits U.S. financial institutions from...more

Are Your Company’s Legal, Due-Diligence, De-risking, or Compliance Obligations Impacted by the “Panama Papers”?

In an unprecedented event earlier this week, 11.5 million files from the Panamanian law firm Mossack Fonseca were allegedly leaked. Assuming they are genuine, as appears to be the case, these “Panama Papers” offer a...more

The Panama Papers: Implications for Financial Crimes Compliance Professionals

A group of international news outlets published a series of articles this week regarding the so-called “Panama Papers;” 11.5 million documents leaked from a Panamanian law firm specializing in creating offshore companies....more

UK Financial Regulatory Developments - April 2016 #8

OFSI publishes updated Financial Sanctions Guidance - OFSI has published an updated version of Treasury’s Financial Sanctions Guidance. It provides a guide to the approach OFSI will take when issuing licences and...more

A Primer on Canadian Sanctions Legislation

Canada, like other major jurisdictions, has introduced a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations. Given that Canada is in...more

What Days of the Week Present the Biggest Corruption Risks?

There are many different types of risk that an entity may face. However I confess I had rarely thought about a day of the week as a risk until I read a story on the Wall Street Journal (WSJ), by Syed Zain Al-Mahmood and Cris...more

UK Financial Regulatory Developments - March 2016 #14

ECJ confirms breadth of MLD3 due diligence - ECJ has given its judgment in the case of Safe Interenvíos S.A. v. Liberbank S.A. and others (see FReD 18 September 2015 for a summary of its opinion). In this matter, three...more

Leader of International Pump-and-Dump Sentenced to 216 Months

The man who orchestrated a large international microcap market manipulation involving at least 34 persons was sentenced to serve 216 months in prison after pleading guilty. Harold Gallison, pleaded guilty to two counts of...more

Two Acquitted of Money Laundering

James Campbell Sutherland and Jack William Flader were found not guilty of money laundering by a jury at Southwark Crown Court. The nine week trial was the last in a series of three "boiler room fraud" trials. The trial...more

Pennsylvania District Court Addresses “Public International Organization” Aspect of FCPA

The relatively sparse judicial caselaw on the FCPA expanded last week with a new opinion interpreting the “public international organization” language in the statute. In an opinion denying the defense’s Motion to Dismiss an...more

OCC Releases Bulletin Outlining BSA Noncompliance Enforcement Process

On February 29, the OCC released Bulletin 2016-6, supplementing information in Bulletin 2007-36, “BSA Enforcement Policy,” and rescinding Bulletin 205-45, “Process for Taking Administrative Enforcement Actions Against Banks...more

FinCEN Withdraws Findings and Proposed Rulemakings

On February 19, FinCEN withdrew three findings and proposed rulemakings under Section 311 of the USA PATRIOT Act. FinCEN determined that the three entities subject to the proposed rulemakings “no longer pose a money...more

Draft Report on Virtual Currencies Published by EU Committee on Economic and Monetary Affairs

On February 25, a draft report on the subject of virtual currencies was published by the European Parliament’s Committee on Economic and Monetary Affairs (“ECON“). The draft report consists of a motion for a European...more

European Parliament Draft Report Calls for the Creation of Task Force Devoted to Digital Currencies

A new report published by the European Parliament’s Committee on Economic and Monetary Affairs calls for the establishment of a task force, with its own budget and dedicated staff, that would study digital currencies and...more

Corporate Investigations & White Collar Defense - February 2016

Eye on the Courts—Recent Opinions and Rulings of Note - Why it matters: From a white collar and securities fraud standpoint, there has been a lot of noteworthy activity in the courts of late. The Supreme Court granted...more

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