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SEC Continues Crackdown On Initial Coin Offerings With Cease-And-Desist Order

The Securities and Exchange Commission announced yesterday that a California-based company selling digital tokens to investors to raise capital for its blockchain-based food review service halted its initial coin offering...more

SEC Announces Three Whistleblower Awards, Totaling More Than $20 Million, In Single Week

The Securities and Exchange Commission today announced an award of more than $4.1 million to an individual who alerted the agency to a widespread, multi-year securities law violation and continued to provide important...more

SEC’s Cyber Unit Files Its First-Ever Charges To Halt Alleged Initial Coin Offering Scam

The Securities and Exchange Commission announced yesterday that its new Cyber Unit obtained an emergency asset freeze to halt a “fast-moving” Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of...more

FinCEN Launches “FinCEN Exchange” To Enhance Information Sharing With Financial Institutions

The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched the “FinCEN Exchange” program today in order to enhance information sharing with financial institutions and to strengthen...more

Another Restaurant And Its Owners Nabbed For Using Zapper Software

Earlier this week Michigan Attorney General Bill Schuette announced that a sushi restaurant outside Detroit has been ordered to pay nearly $1 million in restitution and to serve a five-year sentence of probation for...more

Senator Rand Paul Once Again Takes Aim At FATCA

In the midst of the tax reform debate currently embroiling Congress, Senator Rand Paul (R-Kentucky) has introduced an amendment seeking to repeal the Foreign Account Tax Compliance Act (FATCA), an anti-tax evasion law enacted...more

Coinbase Ordered To Turn Over Bitcoin Trading Records Of Over 14,000 Customers To Internal Revenue Service

The Internal Revenue Service has prevailed in its long-running dispute with Coinbase, the largest U.S.-based Bitcoin exchange, with a federal judge ordering Coinbase to comply with a “John Doe” summons seeking customer...more

California Card Club Plagued By Allegations Of Criminal Activity Fined $8 Million For AML Violations

Today the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe’s Casino, $8 million for numerous willful violations of the Bank Secrecy Act...more

On Eve Of “Paradise Papers” Release, At-Risk Individuals Should Consider Immediate Action To Mitigate Potential For Criminal...

Tomorrow morning (November 17) the International Consortium of Investigative Journalists (ICIJ) is set to release publicly the first set of comprehensive data from the recent “Paradise Papers” leak. The initial data will...more

Indictment Of Day Trader For Hacking And Securities Fraud Demonstrates How Bitcoin Can Be Used For Money Laundering

Earlier this week, a federal grand jury in Brooklyn returned an indictment criminally charging a self-described “day trader” with various offenses in connection with an alleged computer hacking scheme involving more than 50...more

With Another Veteran Criminal Prosecutor At FinCEN’s Helm, Aggressive AML Enforcement Expected To Continue

Today the U.S. Department of the Treasury announced Kenneth A. Blanco as Director of the Financial Crimes Enforcement Network (FinCEN), a bureau in Treasury’s Office of Terrorism and Financial Intelligence. The leading...more

IRS Large Business & International Division Rolls Out 11 Additional Compliance Campaigns For Audits

On Friday, November 3, 2017, the IRS Large Business and International division (LB&I) announced the identification and selection of 11 additional compliance campaigns. In January 2017, LB&I unveiled its first 13 campaigns to...more

Transnational Criminal Organizations Increasingly Using Bitcoin As Money Laundering Vehicle

In its recently-published 2017 National Drug Threat Assessment (NDTA), the Drug Enforcement Administration reports that drug trafficking organizations are turning to Bitcoin and other virtual currencies to enable easy...more

Could U.S. Tax Reform Include An End To Citizenship-Based Taxation?

With tax reform a hot topic in Washington, key Republican lawmakers in Congress are considering a major change to the U.S. tax system: eliminating citizenship-based taxation and moving to a residence-based system, according...more

10/27/2017  /  FATCA , FBAR , Income Taxes , Tax Reform

FinCEN Provides FBAR Relief To Victims Of The California Wildfires

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced today that California wildfire victims in affected areas of California have until January 31, 2018, to file their Report of Foreign Bank and...more

10/20/2017  /  FBAR , FEMA , FinCEN , Natural Disasters , Wildfires

Treasury Hints That Regulatory Review May Target FATCA Regulations

In a report to the President recommending actions to eliminate or mitigate burdens imposed on taxpayers by eight specific tax regulations, the Treasury Department indicated that it is considering possible reforms of...more

IRS Delays Start Date For Program To Revoke Passports For Tax Delinquents

The Internal Revenue Service has once again delayed the start date for implementation of a new law authorizing the State Department to revoke the passports of taxpayers with sizeable tax debts. According to an IRS web site...more

FinCEN Provides Updated FBAR-Filing Relief To Victims of Hurricanes Harvey, Irma, And Maria

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today updated two previous notices regarding FBAR-filing relief to victims of the recent hurricanes. Extension filers have until January 31, 2018 to...more

SEC Continues Its Focus On EB-5 Immigrant Visa Fraud

Earlier this year we wrote about the Justice Department’s continuing efforts to combat fraud in the EB-5 immigrant visa program, with the filing of several federal lawsuits seeking the forfeiture of nine real properties...more

FinCEN Warns U.S. Financial Institutions Of Venezuelan Money Laundering Threat

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert financial institutions of widespread public corruption in Venezuela and the methods Venezuelan senior political figures...more

BNA Reports That Tax-Zapping Software Costs States $21 Billion In Taxes Annually

BNA’s Michael J. Bologna and Paul Shukovsky have written a comprehensive article about a pervasive problem facing state tax auditors: the use by restaurants and other cash-intensive businesses of electronic revenue...more

IRS Urges Foreign Financial Institutions To Renew Their FATCA Registrations

The Internal Revenue Service has issued a reminder to foreign financial institutions to renew their Foreign Financial Institution (FFI) agreement if required. These FFIs have until October 24, 2017 to complete their renewal....more

Bill Introduced In Congress To Exempt Small Bitcoin Transactions From Income Tax

Two members of Congress have introduced a bill that would exempt from income tax transactions under $600 conducted using Bitcoin or other digital currencies. Currently, the Internal Revenue Service treats digital currencies...more

FinCEN Extends FBAR Relief To Victims Of Hurricane Irma

We previously reported that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) had granted FBAR filing relief to the victims of Hurricane Harvey. FinCEN announced today that Hurricane Irma victims in...more

Complying With FinCEN’s Revised GTOs: What Real Estate Professionals Need To Know About Anti-Money Laundering

This article is Part II of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions....more

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