FINCast Ep. 19 - The DPRK Sanctions Program
Le 17 février 2023, le gouvernement fédéral a publié un projet de règlements modificatifs (les « Règlements modificatifs ») modifiant certains règlements (les « Règlements ») pris en vertu de la Loi sur le recyclage des...more
On February 17, 2023, the federal government released draft amending regulations (Amending Regulations) to the regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and...more
The Second U.S. Circuit Court of Appeals, in a recent 27-page decision, held that Halkbank, the state-owned Turkish lender, cannot claim sovereign immunity under the Foreign Sovereign Immunities Act (“FSIA”) in a money...more
Con respecto a los activos que pertenecen a Altos Funcionarios Extranjeros, la Sección 6313 de la Ley ALD del 2020 prohíbe el ocultamiento de la fuente de esos activos en transacciones monetarias o que involucren...more
Regarding assets belonging to Senior Foreign Officials, Section 6313 of the AML Act of 2020 prohibits the concealment of the source of those assets in monetary transactions or involving Institutions of primary Money...more
Indictment Again Highlights the Role of Correspondent Banking in Money Laundering - On May 28, 2020, the U.S. Department of Justice (“DOJ”) unsealed a 50-page indictment against 28 North Korean and 5 Chinese bankers...more
On 25 October the U.S. Departments of the Treasury and State announced the establishment of a new channel for conducting due diligence on humanitarian trade with Iran. Foreign governments and foreign financial institutions...more
On October 25, 2019, FinCEN issued a final rule imposing the Fifth Special Measure against the Islamic Republic of Iran as a “jurisdiction of primary money laundering concern” (“Final Rule”) under Section 311 of the USA...more
Leaders of FinCEN, CFTC and SEC Attempt an Intricate Dance of Competing Oversight of Virtual Currency - On October 11, the leaders of the Financial Crimes Enforcement Network (“FinCEN”), the Commodity Futures Trading...more
The Financial Crimes Enforcement Network (FinCEN) issued a press release yesterday, entitled “New FinCEN Division Focuses on Identifying Primary Foreign Money Laundering Threats.”...more
NYDFS Action Highlights the Need for Good Monitoring – and Good Consultants - In part one of this two-part post, we provided some practical tips for financial institutions to increase the chances that their Anti-Money...more
The Department of Justice (“DOJ”) has secured its first conviction ever under the Foreign Account Tax Compliance Act, or FATCA, through the guilty plea of Adrian Baron, a former executive of Loyal Bank Ltd., a bank with...more
Automatic exchange of information (AEOI) regimes, primarily aimed at curbing tax avoidance through the use of foreign accounts and investment platforms, have recently become a global trend, starting with the adoption of the...more
On August 30, 2016, the U.S. Department of the Treasury and four U.S. federal banking regulators sought to correct a problem—at least in part one of their own creation—by issuing a “Joint Fact Sheet on Foreign Correspondent...more