Too Big To Fail in the Dodd-Frank Era
The UK Financial Conduct Authority (FCA) launched in September a review of the treatment of domestic politically exposed persons (PEPs) by UK-regulated financial services firms. This review will look at firms’ arrangements...more
Summary - In June 2023, the Financial Action Task Force (FATF) issued a report addressing the progress made by the UAE in improving its level of compliance with the FATF Standards, since the FATF’s previous Mutual...more
El Grupo de Acción Financiera de Latinoamérica (GAFILAT) publicó el séptimo informe de seguimiento intensificado y el segundo informe de recalificación de cumplimiento técnico para Colombia. Lo anterior, para efectos de...more
In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more
The rise of cryptocurrency and other virtual assets has pushed regulatory and supervisory bodies responsible for anti-money-laundering rules around the world to develop new guidance and regulations for persons and businesses...more
Binance Holdings Limited (Binance), the world’s largest cryptocurrency exchange platform by trading volume, is facing growing legal and regulatory scrutiny across many jurisdictions, signaling increasing pressure on the...more
Earlier this month, the Department of Justice (“DOJ”), through its Cyber Digital Task Force (hereinafter the “Task Force”), published its 83-page crypto guidance report titled “Cryptocurrency: An Enforcement Framework.”...more
The Financial Action Task Force (“FATF”) held its 31st plenary meeting during February 19-21, 2020. Among other things, the FATF classified Iran as a “high-risk jurisdiction” and called for certain countermeasures to be...more
In September 2019 Qatar issued Law No. (20) of 2019 (Law 20) on combating money laundering and terrorism financing which replaces Law No. (4) of 2010....more
On June 21, 2019, the Financial Action Task Force (“FATF”), a multi-national, inter-governmental body established in 1989 “to set standards and promote effective implementation of legal, regulatory and operational measures...more
The Financial Action Task Force has published a report on professional money laundering. The report is intended to assist authorities to target professional money launderers and the structures that they set up and use to...more
The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more
On February 27, the Financial Action Task Force (FATF), which is an inter-governmental body established to set standards and promote effective implementation of legal, regulatory and operational measures for combating money...more
My recent article on the marine transportation industry and the Foreign Corrupt Practices Act (FCPA) generated some discussion ranging wider than simply the port agent issue regarding interaction with foreign government...more
Financial businesses operating in the European Union will need to consider implementing stricter anti-money-laundering and anti-terrorism-financing controls or face a potential fine of up to 10 percent of their annual...more