Terrorism Funding

News & Analysis as of

December 2014: Securities and Structured Finance Litigation Update

Recent Cases Signal That Victims of Terrorist Attacks May Be Able to Collect Damages from Financial Institutions. A pair of decisions from the United States Court of Appeals for the Second Circuit and United States District...more

InfoBytes Special Alert: Lessons Learned From Arab Bank’s U.S. Anti-Terrorism Act Verdict

On September 22, 2014, following a two-month trial, a federal jury in the Eastern District of New York ruled in favor of a group of 297 individual plaintiffs in a civil suit accusing Arab Bank PLC, headquartered in Amman,...more

Accounts and Accountability: Arab Bank Found Liable for Transactions Under the Anti-Terrorism Act

On September 22, 2014, a Brooklyn jury found Arab Bank, Jordan’s largest lender, guilty of violating the U.S. Anti-Terrorism Act for providing financial services to individuals and entities linked to Hamas. Hamas is currently...more

Warning: Banks Need to Re-Examine KYC Risk Evaluation Procedures

A federal jury in New York recently handed down a verdict against the Arab Bank, Jordan’s largest bank, for funding Hamas terrorism acts against Israel. The verdict is precedent setting and will encourage other plaintiffs to...more

Spain: New AML regulations have been approved

Yesterday the Spanish Official National Gazette published a new regulation developing the Spanish AML legislation (Royal Decree 304/2014, of 5 May 2014, approving the regulation developing Law 10/2010, of 28 April 2010, on...more

Bipartisan Group of Senators Introduce Measure to Reauthorize and Extend the Terrorism Risk Insurance Program

Yesterday, Sens. Chuck Schumer (D-NY), Mark Kirk (R-IL), Mike Johanns (R-NE), Dean Heller (R-NV), Jack Reed (D-RI), and Chris Murphy (D-CT) introduced a measure to reauthorize and extend the Terrorism Risk Insurance Act...more

NFA Issues Notice to Members Regarding FATF Update

On April 2, the National Futures Association (NFA) issued a notice to its members informing them that the Financial Action Task Force (FATF) has updated its list of jurisdictions with strategic anti-money laundering and...more

FinCEN Issues Advisory Regarding the FATF’s Updated List of Jurisdictions with AML/CTF Strategic Deficiencies

FinCEN issued an advisory (the “Advisory”) regarding the issuance by the Financial Action Task Force (the “FATF”) of an updated list of jurisdictions that the FATF has identified as having strategic deficiencies in their...more

Council of the EU Presidency Compromise Proposal on MLD4

On March 3, the Council of the EU published a compromise proposal (dated January 28, 2014) on the European Commission’s proposed Directive on the prevention of the use of the financial system for the purpose of money...more

Gaming Legal News - February 2014 • Volume 7, Number 4: Digital Currency Identified As An “Emerging Risk” In The Canadian Federal...

On February 11, 2014, the Canadian Federal Government released its 2014 Budget. In the 2014 Budget, the Federal Government pledged to introduce legislative amendments to strengthen Canada’s anti-money laundering and terrorist...more

BCBS Finalizes Risk Management Guidelines on AML and Terrorist Financing

On January 15, the Basel Committee on Banking Supervision (BCBS) issued risk management guidelines relating to anti-money laundering (AML) and terrorist financing. ...more

Orrick's Financial Industry Week in Review - January 20, 2014

BCBS Finalizes Risk Management Guidelines on AML and Terrorist Financing - On January 15, the Basel Committee on Banking Supervision (BCBS) issued risk management guidelines relating to anti-money laundering (AML) and...more

UK House of Commons Scrutinizes MLD4 and Revised Wire Transfer Regulation Proposals

On January 2, the United Kingdom House of Commons Scrutiny Committee published its 28th Session 2013-2014 report. In particular, the report considers the European Commission’s proposed MLD4 Directive on money laundering and...more

NFA Notifies Members of FinCEN Advisory

The National Futures Association has notified member futures commission merchants (FCMs) and introducing brokers (IBs) that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory containing guidance with...more

FinCEN Encourages Information Sharing Between Financial Institutions

On October 31, FinCEN issued a fact sheet to highlight Section 314(b) of the USA PATRIOT Act, which provides financial institutions with the ability to share information with one another under a safe harbor that offers...more

Emerging: Crime exposed in the currency exchange industry

U.S. prosecutors have recently filed an indictment against the operators of the Costa Rica-based currency exchange, Liberty Reserve, accusing it of helping criminals around the world to launder more than US$ 6 billion. ...more

Financial Services Quarterly Report - First Quarter 2013: Developments in the Luxembourg Financial Sector

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

European Commission: Anti-Money Laundering

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

European Commission: Anti-Money Laundering

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

New Reporting Requirements Under the Iran Threat Reduction and Syria Human Rights Act of 2012

On August 10, 2012, the United States delivered its latest economic blow to Iran by enacting the Iran Threat Reduction and Syria Human Rights Act of 2012. U.S. companies have long been forbidden from engaging in most...more

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