News & Analysis as of

Money Laundering

Second Circuit Limits Disclosure of Independent Monitor Reports in Deferred Prosecution Cases

by Pepper Hamilton LLP on

On July 12, the U.S. Court of Appeals for the Second Circuit issued an important decision regarding the role of federal courts in cases resolved through deferred prosecution agreements (DPAs) — a settlement avenue that the...more

Top Ten International Anti-Corruption Developments for June 2017

by Morrison & Foerster LLP on

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Alleged Nigerian Oil Industry Corruption and Civil Forfeiture: More Extraterritorial Application of U.S. Law; More High-End Real...

by Ballard Spahr LLP on

On Friday, the Department of Justice (“DOJ”) filed a civil forfeiture complaint in the Southern District of Texas seeking recovery of approximately $144 million in assets that allegedly represent the proceeds of foreign...more

Key Regulatory Topics: Weekly Update - 7 July 2017 – 13 July 2017

by Allen & Overy LLP on

BREXIT - Brexit - EU (Withdrawal) Bill published - On 13 July, the DExEU published the European Union (Withdrawal) Bill (Bill), which: (i) repeals the ECA 1972; (ii) converts EU law into UK law where appropriate; and...more

Farewell to George Romero, Zombies and District Court Supervision of DPAs

by Thomas Fox on

I take a break from my series on the new standard for revenue recognition to honor George Romero who passed away this weekend. If you have watched any monster/zombie picture over the past 50 years, you have witnessed the...more

Money Laundering Regulations 2017: government rush threatens a teething period for property auctioneers

by Hogan Lovells on

New money laundering regulations could prove to be a headache for property auctioneers until those affected get to grips with the changes, according to leading figures in the industry....more

Second Circuit Reinforces Narrow Definition of 'Official Act' in Politician's Fraud Case

by Pepper Hamilton LLP on

On July 13, the U.S. Court of Appeals for the Second Circuit vacated the conviction of former New York State Assembly Speaker Sheldon Silver, who was convicted in 2015 on seven counts of honest services fraud, Hobbs Act...more

Damming the Funding to North Korea: Anticipatory Seizure Warrants as a Tool to Enforce Sanctions and Thwart Money Laundering...

by Ballard Spahr LLP on

Two days after North Korea’s successful long-range ballistic missile test, the U.S. District Court for the District of Columbia unsealed a memorandum opinion which granted the Department of Justice “damming” warrants to seize...more

The Second Circuit Overturns Watershed Conviction Of Sheldon Silvery Based On Recent Supreme Court Decision

by Shearman & Sterling LLP on

On July 13, 2017, the U.S. Court of Appeals for the Second Circuit overturned the high-profile, political corruption conviction of one of the most powerful politicians in New York State— former Speaker of the New York State...more

Silver Conviction Vacated Due To Jury Instructions

Yesterday the Second Circuit (Cabranes, Wesley, Sessions, D.J.) released an opinion vacating the conviction of Sheldon Silver and remanding the case to the district court for further proceedings including a retrial. The...more

European White Collar Crime Report: Views on the key developments across Europe

by Allen & Overy LLP on

Europe at a glance - Across Europe, law makers are steadily expanding the circumstances in which companies can be found liable (whether criminally or otherwise) for the criminal conduct of their employees and other...more

New tax evasion facilitation offences in force 30 September 2017

by Allen & Overy LLP on

Two new corporate criminal offences come into force on 30 September 2017. The new offences can make a company criminally liable if it fails to prevent the facilitation of UK or non-UK tax evasion by an employee, agent or...more

Continued and Unexpected Roadblocks to Serving MRBs: Fourth Corner Credit Union v. Federal Reserve Bank

by Ballard Spahr LLP on

Part Two of a Three-Part Series - In the second part of this series, we explore the practical effects of the FinCEN and DOJ guidance documents on industries attempting to serve marijuana related business (“MRBs”). On June...more

Financial Intelligence – what businesses need to know

by Hogan Lovells on

The Financial Intelligence Centre Amendment Act (the Act) was enacted by President Jacob Zuma, and published in the Government Gazette on 2 May 2017. The Act is designed to make the South African financial system...more

UK Criminal Finances Act 2017: A Dechert "Dirty Money" Trilogy: Part Three "The Good, The Bad and The Wealthy" - The New...

by Dechert LLP on

The Criminal Finances Act 2017 (the “Act”) represents a further significant development in the approach to the investigation and prosecution of financial crime in the UK1. The new offence of failure to prevent the...more

Anti-Corruption Digest - July 2017

by Dorsey & Whitney LLP on

Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. The Digest puts material regarding anti-corruption enforcement from around the world at your fingertips, keeping you ahead of critical events that impact global...more

Lessons in Civil Forfeiture and Attachment: U.S. May Seize 650 Fifth Avenue

by Ballard Spahr LLP on

On June 29, dual trial verdicts in the Southern District of New York paved the way for the government to seize 650 Fifth Avenue, a 36-story building in Manhattan valued at up to $1 billion (“the Property”). The defendants,...more

Criminal Prosecutions of Individuals Outside the FCPA

by Michael Volkov on

When you look outside the FCPA arena and examine DOJ criminal prosecutions in healthcare, antitrust, tax, fraud, and other white-collar areas, there is no shortage of cases against individual violators. I am perplexed, to say...more

AIM companies and Scottish partnerships to be brought within the scope of the PSC register regime

by Dechert LLP on

From 24 July 2017, UK companies whose shares are admitted to trade on the London Stock Exchange’s AIM market, and other companies listed on prescribed markets, will no longer be exempt from the requirements to keep and...more

AML Due Diligence Standards for U.S. Lawyers

by Ballard Spahr LLP on

Increasingly, international bodies are calling for higher standards for gatekeepers, known in the parlance of the Financial Action Task Force (“FATF”) as “designated non-financial businesses and professions” (“DNFBPs”)....more

Regulation Round Up - June 2017

by Proskauer Rose LLP on

2 June - The ESMA published its final report on guidelines on product governance requirements under the MiFID II Directive (2004/65/EU). The guidelines (set out in Annex IV) to the final report aim to promote greater...more

Reporting Burden Increased for UK’s People With Significant Control Regime

On June 26, 2017, The Information about People with Significant Control (Amendment) Regulations 2017 (PSC Amendment Regulations) and The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...more

Changes to the UK PSC Regime

by Seyfarth Shaw LLP on

In April last year, the UK Government introduced changes to the Companies Act 2006 requiring most companies and LLPs to produce, keep and maintain a register of any people or relevant legal entities that have significant...more

Yet Another Lawsuit Alleging Securities Laws Violations – and Individual Liability – Due to AML/BSA Failures

by Ballard Spahr LLP on

Financial institutions face an increasing risk that alleged violations of the Bank Secrecy Act (“BSA”) and Anti-Money Laundering (“AML”) requirements will lead to follow-on allegations of securities law violations. We have...more

Top Ten International Anti-Corruption Developments for May 2017

by Morrison & Foerster LLP on

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

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