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The Guide to Anti-Money Laundering: Trade-Based Money Laundering and Terrorist Financing

Trade-based money laundering (TBML) describes a set of techniques through which drug traffickers, terrorists and other criminals use the veneer of trade to move illicit funds across borders while disguising the origin and...more

DeFi Crypto Platform Not Liable for Scam Tokens

A federal court’s dismissal of claims against a decentralized cryptocurrency platform and its investors for the actions of scam token issuers is a case of first impression with wider significance. On August 29, 2023, the...more

SEC v. Ripple: A Tale of Two Token Transaction Types

A bifurcated decision in a highly anticipated digital assets enforcement action may not provide the clarity that market participants want or need. On July 13, 2023, Judge Analisa Torres of the US District Court for the...more

DOJ’s Updated Corporate Enforcement Policy Aims to Incentivize Compliance

Companies that self-disclose, cooperate, and remediate could benefit from significantly reduced fines and possible declinations even in cases with aggravating factors. In a speech at Georgetown University Law Center on...more

SEC v. Ripple: Approaching Judgment Day

While a conclusion to the much-hyped case may be approaching, market participants should be wary of doomsday prognostications. As a new year begins, the digital assets industry is still enduring a deep and widespread crypto...more

LBRY Ruling: A Nice Read for the SEC

In granting the SEC’s motion for summary judgment, a federal court ruled that sales of LBC tokens were securities transactions. On November 7, 2022, the Securities and Exchange Commission (SEC) prevailed in a motion for...more

US Deputy Attorney General Monaco Announces Revised Policies on Corporate Crime

Updated DOJ policies will continue to focus on individual accountability and corporate recidivism, while aiming to provide additional incentives for voluntary self-reporting, foster greater transparency on use of monitors,...more

CFPB Puts Fintechs in the Crosshairs

The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.  On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more

The Limits of Applying Reves v. Ernst & Young to DeFi and the Perils of Regulating Web3 by Enforcement

The SEC’s reliance on a nebulous US Supreme Court decision raises important questions for the future of decentralized finance. Reves v. Ernst & Young,[1] a 30-year-old US Supreme Court decision on farmers’ co-ops, is...more

DOJ Announces Policy Changes to “Invigorate” Efforts to Combat Corporate Crime - Japanese Version

今回の米国司法省の政策変更において、司法省は個人の責任に一層の重点を置き、また企業の過去の違法行為に対しては包括的な評価を行い、さらに企業との司法解決に対してはより厳格な対応をすることとなる - 2021年10月28日、米国司法省 (United States Department of Justice、以下「DOJ」)...more

DOJ Announces Policy Changes to “Invigorate” Efforts to Combat Corporate Crime

The changes include more focus on individual accountability, more holistic evaluation of prior corporate misconduct, and stricter corporate resolutions. On October 28, 2021, US Deputy Attorney General Lisa Monaco gave the...more

DOJ and Treasury Take Crypto Enforcement to the Next Level

The DOJ’s National Cryptocurrency Enforcement Team and Treasury’s OFAC are setting their sights on cryptocurrency use in cybercrimes. The US Department of Justice (DOJ) is sharpening its focus on combatting...more

FinCEN Looks to Rein In Cryptocurrency Transactions

A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions. In a surprise release in the waning days of the Trump...more

The Anti-Money Laundering Act of 2020: 5 Key Takeaways

Expanded compliance obligations will have far-reaching implications for regulated financial institutions and most companies operating in the US. On January 1, 2021, Congress overrode President Trump’s veto and enacted the...more

DOJ’s Evolving Framework for Cryptocurrency Enforcement

US Department of Justice’s sprawling report reveals regulatory enforcement priorities for cryptocurrencies and highlights multi-agency cooperation. On October 8, 2020, the US Attorney General’s Cyber-Digital Task Force of...more

US Supreme Court Decisions in Presidential Subpoena Cases: Implications for Private Parties

The Court’s recent rulings on state grand jury and congressional subpoenas identify important limitations on the purpose and scope of these investigative tools. Key Points: ..In July 2020, the Court held that the...more

COVID-19: Due Diligence Considerations for M&A Transactions

Buyers in M&A transactions should consider a number of due diligence items in response to COVID-19 and the governmental response thereto. As parties pursue mergers and acquisitions transactions during, and in the wake of,...more

Caring for the CARES Act: The New Oversight and Investigations Landscape for COVID-19 Relief Programs

Economic aid legislation will likely result in increased scrutiny of certain industries, similar to investigations that followed relief efforts in the 2008 financial crisis. Key Points: ..The CARES Act creates multiple...more

Second Circuit Reinforces FCPA’s Jurisdictional Limits

Ruling holds that the government cannot use conspiracy and accomplice liability theories to reach foreign nationals that lack US ties. Key Points: ..Non-resident foreign nationals who are not otherwise subject to direct...more

Supreme Court: SEC ALJs Are Officers Subject to Constitution’s Appointments Clause

Respondents in pending or future proceedings should carefully assess their options until several key legal questions are resolved. The United States Supreme Court recently issued its ruling in Lucia v. Securities and...more

Second Circuit Denies Rehearing on Decision Barring Testimony Compelled by Foreign Governments

Court denies the US government’s petition for rehearing, despite argument the decision will hinder cross-border investigations and prosecutions. Key Points: ..Second Circuit bars government’s reliance on testimony...more

DOJ Expands and Codifies Policy Incentivizing Corporations to Voluntarily Self-Disclose FCPA Violations

The revised FCPA Corporate Enforcement Policy signals DOJ’s emphasis on corporate voluntary self-disclosure, rewarding cooperating companies with a presumption in favor of declination and reductions in penalties. ...more

Deputy Attorney General Announces Comprehensive Review of DOJ Corporate Enforcement Policies

Key Points: - DOJ is reviewing and reevaluating numerous corporate enforcement policies, including the “Yates Memo,” the FCPA Pilot Program, and policies on corporate monitors. - Policies will be codified in official...more

Department of Justice Announces Review of Media Subpoena Policies

DOJ may revise policies on using investigatory tools to procure information about the media, with significant legal and business implications. Key Points: ..The review marks DOJ’s second significant evaluation of media...more

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