Money Laundering

News & Analysis as of

Normandie Casino Operator Pleads Guilty to Charges Stemming from Protection of High-Rollers

Despite the old saying “the customer is always right,” the law places limits on customer service in the casino industry. Normandie Casino has found this out the hard way. The operator of the casino has agreed to plead guilty...more

U.S. Treasury Department to Scrutinize Certain All Cash Real Estate Transactions in New York City and Miami-Dade County

On January 13, 2016, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two temporary Geographic Targeting Orders (the Orders) that will require title insurance companies to identify...more

BCBS Finalizes Revised General Guide to Account Opening

On February 4, the Basel Committee on Banking Supervision (“BCBS“) published a revised draft of its guidelines on “sound management of risks related to money laundering and financing of terrorism” which comprises the...more

European Commission Releases Fact Sheet on Plan to Strengthen the Fight Against Terrorist Financing

On February 2, the European Commission issued a fact sheet regarding its plan to strengthen the fight against terrorist financing, posing and answering questions on topic areas including, but not limited to: (i) the measures...more

MLD4: Here at Last: What does it Mean?

After many years of negotiation, the fourth Money Laundering Directive (MLD4) and the accompanying revised Funds Transfer Regulation (FTR2) were adopted in May 2015 and made it into the Official Journal of the EU a month...more

Singapore’s Income Tax (Amendment) Bill 2016

Upcoming changes to the Exchange of Information framework hints at future adoption of the Organisation for Economic Co-operation and Development’s Common Reporting Standards. The crux of Singapore’s Income Tax...more

Disclose of Cash Real Estate Purchases

The purchase of real estate without bank financing presents an opportunity for those with unclean funds to launder those funds and make them appear legitimate, at least in the opinion of the Financial Crimes Enforcement...more

[Webinar] White Collar Crimes in Indo-U.S. context: Do’s and Don’ts - Meritas Capability Webinar - Feb. 3rd, 10:00am EST

While emerging markets represent untapped growth potential and investment opportunities, there is often a sharp contrast between global best practices and compliance requirements and accepted business practices prevalent in...more

FinCEN Announces MOU with China Anti-Money Laundering Monitoring and Analysis Center

On December 11, FinCEN announced that Director Jennifer Shasky Calvery and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) Director-General Luo Yang of the People’s Republic of China signed an MOU “to...more

Former Russian Government Official Sentenced For Nuclear Energy Conspiracy Involving FCPA Violations

On December 15, a former Russian government official, Vadim Mikerin, was sentenced to 48 months in prison for conspiracy to commit money laundering in connection with $2 million in bribe payments he accepted to award...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

Financial Regulatory Developments Focus - December 2015 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

DOJ Announces Racketeering Indictment Alleging Money Laundering Schemes

On December 10, the DOJ announced three unsealed indictments of a total of 20 defendants in connection with various money laundering schemes. Fifteen of the defendants were arrested and taken into custody, while the remaining...more

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

HM Treasury Publishes Draft Technical Legislative Amendments for UCITS V - HM Treasury published a consultation on 23 October 2015, including a draft statutory instrument, on technical changes to the Financial Services...more

DOJ Announces Sentencing of Former Secret Service Agent for Involvement in Silk Road Investigation

On December 7, the DOJ announced that a former Secret Service agent was sentenced to 71 months in prison on charges of money laundering and obstruction of justice. Between 2012 and 2014, the former agent conducted forensic...more

Crowdfunding – Old-Fashioned Potato Salad or New-Fangled Money Laundering Tool?

Have you ever been depressed when a Kickstarter project to make potato salad proceeded to rake in more than your annual salary? Felt a sense of despair as an Indiegogo campaign to develop an X-rated card game went on to...more

White Collar Crime in Europe Themes and Trends: November 2015

There continues to be an increasing appetite amongst authorities around the world to investigate corporates and banks for a range of criminal offices. Governments are also introducing new criminal offences aimed at...more

Anti-Money Laundering Update: HM Treasury Advisory Notice on Money Laundering and Terrorist Financing Controls

On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action...more

DOJ Unveils “Yates Memo” Revisions to US Attorneys’ Manual

Speaking to a November 16 Money Laundering conference jointly sponsored by the American Banking and Bar Associations, Deputy AG Sally Yates unveiled revisions to the Department of Justice’s U.S. Attorneys’ Manual (“USAM”)....more

Treasury updates ML advisory

Treasury has updated its advisory on money laundering (ML) and terrorist financing controls in overseas jurisdictions. It continues to advise that North Korea, Iran and Myanmar are high risk, and firms should apply enhanced...more

FSB reports on correspondent banking

FSB has published a report to G20 on actions taken to assess and address the decline in correspondent banking. It claims correspondent banking is essential for individuals, businesses and banks themselves. The report updates...more

ICO upholds FCA FOI disclosure refusal

ICO has upheld the FCA decision to refuse to disclose certain information under the Freedom of Information Act 2000 (FOI) relating to countries FCA deems to present a high money laundering risk. FCA had been asked to disclose...more

The Supreme Court Preview, Part III: A Couple Spare Parts

While the Court’s review of bedrock principles of class action litigation and the continuing struggle to enforce arbitration clauses in the face of hostile state law are two important topics to watch, they are not the only...more

Is Money Being Laundered Through Your Financial Institution Using Daily Fantasy Sports Sites?

This alert addresses the explosion in popularity of daily fantasy sports (“DFS”) sites and the money-laundering potential that DFS sites may offer to criminals around the world. It then explains potential legal liability...more

DOJ Announces Sentencing of Former DEA Agent for Criminal Involvement in Silk Road Investigation

On October 19, the DOJ announced that a former DEA agent was sentenced to 78 months in prison for crimes he committed while working as an undercover agent in the Silk Road investigation. On July 1, the former DEA agent...more

237 Results
|
View per page
Page: of 10

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×