Grassley: HSBC Should Face Criminal Charges
This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital...more
Last fall, I wrote an article for Carolina Banker magazine excitingly titled “Bank Liability to Non-Customers in a Ponzi Scheme.” The crux of it concerns the potential liability to banks in Ponzi schemes and the precautions...more
Compliance programs depend on accurate and timely information. AML compliance centers on sifting through thousands of transactions and matching them against risk profiles. ...more
On May 28, the DOJ announced the unsealing of an indictment against a global virtual currency service and seven of its principals and employees, alleging that the firm and its employees knowingly facilitated money laundering...more
John C. Tausche, a resident of Blowing Rock, NC, stands accused together with his coconspirator, Helmut Kiener of Aschaffenburg, Germany, of stealing some $311 million. The FBI revealed on February 7th that the two men would...more
In a three-count indictment unsealed on May 28, 2013, the U.S. Attorney’s Office for the Southern District of New York alleged that the owners, founders and managers at Liberty Reserve, an online currency exchange, conspired...more
On Tuesday, May 28, 2013, the Department of Justice (DOJ) announced the unsealing of an indictment against Liberty Reserve, S.A. (Liberty Reserve) in the Southern District of New York for operating a $6 billion money...more
Topics include: - Australia: ..Budget 2013-14: Government Targets Multinationals to Recover from GFC - China: ..Recent Anti-avoidance Cases in China ..SAT Interprets Capital Gains Provisiosn in...more
On May 28, 2013, federal prosecutors unsealed an indictment charging seven men with allegedly operating an organization known as “Liberty Reserve,” which prosecutors allege was established for the sole purpose of creating an...more
Asset Seizures and Arrests Mark Recent Federal Virtual Currency Enforcement Actions - Federal authorities have initiated several recent enforcement actions that are indicative of continuing regulatory changes in the...more
The U.S. Department of the Treasury has targeted Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). According to Financial Crimes...more
Last week, the U.S. Department of Justice (DOJ) announced the indictment of two employees of a U.S. broker-dealer, Direct Access Partners, and a senior official in Venezuela’s state economic development bank, Banco de...more
One of the oft-heard criticisms of the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) is the lack of individual prosecutions under the Foreign Corrupt Practices Act (FCPA). That may well be on its...more
In April 2012, the U.S. Drug Enforcement Administration (DEA) arrested eight people on federal charges of drug trafficking and money laundering. The arrests ended a two-year investigation into a clandestine drug ring with a...more
In This Issue: - Global Banking Group Calls for Several Rates to Replace Libor - U.S. Applies Money-Laundering Rules to "Virtual Currencies" - SEC Says Big Banks Don't Have to Hold Shareholder Break-Up Votes -...more
The Commission de surveillance du secteur financier (the “CSSF”), the Luxembourg supervisory authority, issued a circular on the authorization and organization of Luxembourg UCITS management companies and self-managed SICAVs....more
A United States District Court Judge for the Western District of North Carolina sentenced Gary D. Martin, of St. Augustine, Florida, to a 10-year prison sentence for his participation in a 30 million dollar commodities and...more
In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - As the first full week of the Federal government’s sequestration comes to a...more
My recent article on the marine transportation industry and the Foreign Corrupt Practices Act (FCPA) generated some discussion ranging wider than simply the port agent issue regarding interaction with foreign government...more
A year ago, we wrote about the indictment in the Eastern District of Virginia of the executives and founders of Megaupload, one of the leading file-hosting sites on the Web. The charges were copyright infringement through the...more
In This Article: Federal Government; Alberta; British Columbia; Manitoba; New Brunswick; Newfoundland; Northwest Territories; Nova Scotia; Nunavut; Ontario; Prince Edward Island; Québec/Quebec; Saskatchewan; and Yukon....more
On February 13, 2013, the Government of Canada published in the Canada Gazette certain amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the Regulations). These amendments will come...more
Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more
On February 5, the European Commission published two legislative proposals designed to reinforce the European Union’s existing rules on anti-money laundering and fund transfers....more
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