Money Laundering

News & Analysis as of

FinCEN Hits Repeat Offender with $20M Penalty

Why it matters - The $20 million civil money penalty assessed by the Financial Crimes Enforcement Network (FinCEN) against Oppenheimer & Co. is intended to send several strong messages to all types of financial services...more

Gulliver’s Travels, Truth or Fiction?

There was once a man named Gulliver who traveled widely and wrote a book about his adventures called Gulliver’s Tales. During his first voyage, Gulliver is washed ashore after a shipwreck and finds himself a prisoner of a...more

Council of the EU Endorses Agreement with the European Parliament Regarding the MLD4

On February 10, the Council of the European Union published a press release stating that agreement had been reached with the European Parliament regarding the Fourth Money Laundering Directive (MLD4) and the proposed revised...more

Eleventh Circuit Upholds the U.S. DOJ’s Expansive Approach to Anti-Corruption Enforcement

On February 9, 2015, the Eleventh Circuit affirmed Jean Rene Duperval’s convictions for money laundering and conspiracy to commit money laundering, approving the U.S. Department of Justice’s (“DOJ”) expansive approach to...more

Conviction of First Foreign Official at Trial for Money Laundering Based on Underlying FCPA Bribery Scheme Upheld

Following on the heels of its landmark 2014 ruling in United States v. Esquenazi, the Eleventh Circuit has issued another important decision addressing the Foreign Corrupt Practices Act (FCPA) in a related case, United States...more

Eleventh Circuit Affirms Conviction of Haitian Telecommunications Executive for Role in a Bribery Scheme

In a case against the recipient of bribes paid in a scheme by executives of US companies to violate the Foreign Corrupt Practices Act (FCPA), the US Court of Appeals for the Eleventh Circuit recently affirmed the conviction...more

SCC Recognizes a Lawyer’s Duty of Commitment to the Client’s Cause

In a decision released on Friday, the Supreme Court of Canada has recognized a new principle of fundamental justice: a lawyer’s duty of commitment to the client’s cause. In Canada (Attorney General) v Federation of...more

Silk Road Operator Found Guilty

On February 4, a federal jury found Ross Ulbricht guilty on all seven federal charges brought against him in connection with his role in operating the Silk Road website, including narcotics and money laundering charges....more

Not So Silky Road

The founder of Silk Road, the black market website where illegal goods were bought with bitcoin, was found guilty on all 7 counts, including money laundering, drug trafficking and computer hacking. While this is an...more

The 1st FCPA Case Of 2015

The U.S. Department of Justice wasted no time announcing its first Foreign Corrupt Practices Act case of 2015. On Jan. 6, 2015, just two days into the first full week of the new year, Dmitrij Harder, the former owner and...more

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

Former Compliance Officer Assessed Million Dollar Penalty For Role In Company's Money Laundering Violations

Corporate officers with compliance duties, take note: you may face personal liability for your role in failing to prevent your company's violations of federal law. This new reality comes courtesy of the U.S. Department of 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

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