Money Laundering

News & Analysis as of

White Collar Crime and Securities Enforcement: 2014 in Review

Results yielded in 2014 were mixed for the Department of Justice in the white collar arena. The government suffered a large setback in its crackdown on insider trading when the U.S. Court of Appeals for the Second Circuit...more

Trade-Based Money Laundering: What You Don’t Know Can Hurt You

Lauren Connell, Managing Associate at The Volkov Law Group, joins us again with a posting on AML trends. They say that when one door closes another will open. Unfortunately, that appears to hold true for criminal money...more

FinCEN Highlights Information Sharing Program Among Regulatory, Law Enforcement Agencies

On January 6, FinCEN released a fact sheet highlighting its Section 314(a) Program of the USA PATRIOT Act. Under the Section 314(a) Program, federal, state, local and foreign law enforcement are able to contact, through...more

As American as Duck Soup, the Marx Brothers and Stepping In It

I am at the end of my week of Marx Brothers themed posts. As you can tell, I am a huge fan and several of you have asked which is my favorite film. Before answering I must confess that I much prefer their Paramount films to...more

DOJ Kicks Off 2015 with an FCPA Enforcement Action Against a Former President of a Philadelphia Consulting Company

The U.S. Department of Justice (“DOJ”) wasted no time announcing its first Foreign Corrupt Practices Act (“FCPA”) case of 2015. On January 6, 2015, just two days into the first full week of the new year, Dmitrij Harder, the...more

The DOJ Charges Another Individual With FCPA Violations

FCPA enforcement officials have repeatedly emphasized that a key focus is individuals who violate the Act. This week the Department of Justice announced the filing of a multi-count indictment against the owner of a privately...more

Attacking the Money-Laundering Problem in Mexico

According to the Los Angeles Times, Mexican officials have estimated the amount of laundered money in the Mexican economy at $50 billion annually—three percent of the legitimate Mexican economy. The CIA World Fact Book...more

Due Diligence and The Holy Grail — Red Flags

Compliance professionals love to bandy about the term “red flag.” It is a term with infinite meanings depending on the context. A red flag in a money-laundering context is different than a red flag in a corruption context....more

Operation Fashion Police Fights Money Laundering in L.A.'s Fashion District

On September 10, approximately 1,000 federal agents raided Los Angeles' fashion district, seizing documents, electronic data and approximately $90 million in cash, with nine people arrested for alleged money laundering...more

Money Laundering in the News: Los Angeles Fashion District Raid Puts Trade-Based Money Laundering and Black Market Peso Exchange...

On September 10, 2014, federal and local law enforcement officials raided the Los Angeles Fashion District in an effort to combat alleged money laundering for Mexican drug cartels which was occurring within the District. The...more

Bridging the Week - November 2014

CFTC Staff Authorizes University to Offer Election and Economic Indicator Binary Options Without Registration as an Execution Facility: The Division of Market Oversight of the Commodity Futures Trading Commission...more

New UK Sentencing Guidelines - What Does This Mean For Corporates?

The Sentencing Council’s Definitive Guidance for Fraud, Bribery and Money Laundering Offences (the “UK Guidelines”) came into force on 1 October 2014. The UK Guidelines set out a ten step process for sentencing and apply to...more

Digital Insights and Trends: Can Bitcoin Support Money Laundering Charges?

Bitcoin owners and exchange operators are coming face-to-face with prosecutors focused on money laundering crimes, leading to novel legal arguments about whether the virtual currency is money, or sufficiently “money-like” to...more

FinCEN Issues Geographic Targeting Order Focused on Money Laundering in L.A.’s Fashion District

In the latest development in a probe by U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) targeting alleged money laundering activities in Los Angeles’ garment trade, the Financial Crimes...more

Bit Bites: Latest Legal Developments in Digital Currencies

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

FATCA Violation Underlies Latest US Tax and Securities Fraud Charges

Indictment demonstrates the strength of US law enforcement efforts to combat offshore fraud and is the first to charge a FATCA violation. On September 9, 2014, in US v. Robert Bandfield, et al., federal prosecutors in...more

Banking & Financial Services E-Note - August 2014

In This Issue: - Lawmakers Urge Fed to Clarify Emergency Lending Rules - CFPB Pushing Colleges to Be More Transparent in Bank Deals - Report Finds Reversal in Trend Toward Subprime Auto Loans - CFPB Concerned...more

FedEx Money Laundering Charges Provide an Alternative Avenue for Prosecution if Drug Charges Fail

The Department of Justice's ("DOJ") commitment to expanding the scope of criminal enforcement of the money laundering statutes was shown in a recent indictment targeting FedEx Corporation. ...more

Bitcoin Equal to Money According to District Court Ruling

Is it possible to commit money laundering with virtual currency? At least one federal judge thinks so. Last month, U.S. District Judge Katherine Forrest refused to dismiss a money laundering charge premised on the use of a...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

FinCEN Designates Foreign Private Bank Under Patriot Act

On July 17, FinCEN named FBME Bank Ltd., formerly known as the Federal Bank of the Middle East, as a foreign financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act....more

Bank of Italy warns on Bitcoin and its illegal usage

Bitcoin and its potential usage as part of money laundering crimes as well as of crimes associated with terrorism has been the subject of concerns raised by the UIF, the harm of the Bank of Italy dedicated, among others, to...more

Anti-Bribery and Corruption Compliance Practices

Compliance Week published its 2014 Anti-Bribery and Corruption Benchmarking Report, a survey of over 180 executives involved in ethics and FCPA compliance and internal audit. The Survey focused on risk, dealing with third...more

Council of EU Agrees on General Approach on the Fourth Money Laundering Directive and Revised Wire Transfer Regulation

On June 15, the Council of the EU published a note (dated June 13, 2014) outlining the general approach of the Presidency of the Council of the EU to the proposed Fourth Money Laundering Directive (MLD 4). On June 15,...more

Court Orders Bank To Forfeit Funds Laundered With Assistance Of Branch Teller

On June 18, the U.S. Attorney for the District of Maryland announced that a federal judge ordered a bank to forfeit $560,000 in drug proceeds laundered through the bank on which the bank failed to file currency transaction...more

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