Popular, Offshore Funds

Can the controllers of crypto exchanges in offshore jurisdictions be held liable for the funds stolen by crypto fraudsters through...

Walkers on 9/6/2022

Courts in offshore jurisdictions have started to adopt the decisions of the English Courts when granting relief with respect to the dissipation and recovery of crypto-assets. One example is the recent decision in ChainSwap v...more

Lawmakers Propose Crackdown on Money Laundering “Enablers”

Foodman CPAs & Advisors on 12/14/2021

For the first time, a bipartisan group of U.S. lawmakers has proposed legislation that would require trust companies, lawyers, accountants, notaries, real estate agents, dealers in precious metals and stones, art dealers,...more

“Complexity will not hide crime from law enforcement,” California U.S. Attorney on Brockman Indictment

Foodman CPAs & Advisors on 11/3/2020

The U.S. Department of Justice (DOJ) 39 count indictment charging Robert T. Brockman, with tax evasion, wire fraud, money laundering, and other offenses, demonstrates that the DOJ is committed to the investigation and...more

Beware of FATCA Notices of Default After FATCA Certification Deadlines!

Foodman CPAs & Advisors on 10/29/2020

Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS...more

U.S. Financial Institutions and FATCA

Foodman CPAs & Advisors on 8/7/2020

Little is written regarding FATCA and U.S. Financial Institutions (FI). That said, U.S. FIs have FATCA responsibilities. In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of...more

The OVDP is now the VDP

Foodman CPAs & Advisors on 6/24/2020

There was an IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the...more

An IRS “John Doe” Summons is a Powerful Weapon that can Puncture Attorney-Client Privilege

Foodman CPAs & Advisors on 11/8/2019

An individual that provides information to an attorney may normally assume that the information provided to the attorney will be kept confidential under the attorney-client privilege. That said, according to the Internal...more

The New IRS Voluntary Disclosure Regime: Worth The Price Of Admission?

Fox Rothschild LLP on 1/29/2019

Following the termination last fall of its immensely successful Offshore Voluntary Disclosure Program (OVDP), the Internal Revenue Service (IRS) has announced a new regime to govern all voluntary disclosures regarding tax...more

Chinese Authorities Appear to Increase Scrutiny on Marketing of Offshore Wealth Management Products

Morgan Lewis on 10/23/2018

Under recent Chinese banking regulations, which include the increased regulation of asset and wealth management products, licensed commercial banks must have prior approval and licensing to engage in the marketing and sale of...more

“Panama Papers” Law Firm Announces Its Closure Due to Fallout from Massive Data Breach

Ballard Spahr LLP on 3/16/2018

The beleaguered law firm at the center of the international Panama Papers scandal – Mossack Fonseca – has announced that it is closing its doors. It offered no apologies....more

More Data Added To Paradise Papers Offshore Leaks Database

Fox Rothschild LLP on 12/20/2017

Yesterday the International Consortium of Investigative Journalists released information from the corporate registries of four more tax havens that were included in the Paradise Papers investigation: Barbados, the Bahamas,...more

Paradise Papers: The Latest Offshore Leak

Jones Day on 12/1/2017

Hackers leaked approximately 13.4 million confidential client documents from Appleby, Estera, and Asiaciti Trust to the International Consortium of Investigative Journalists....more

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

Fox Rothschild LLP on 11/17/2017

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

Manafort Indictment Alleges High-End International Money Laundering and Tax Fraud Involving Offshore Accounts

Ballard Spahr LLP on 10/31/2017

As the world now knows, an indictment against Paul Manafort, Jr., a former campaign chairperson for now-President Donald Trump, and Manafort’s associate, Richard Gates III, was unsealed yesterday. ...more

Money Laundering Watchdog Criticizes Lax AML Enforcement and “Creative Compliance” in Wake of Panama Papers

Ballard Spahr LLP on 10/27/2017

PANA Issues Recommendations to European Parliament: Tougher Enforcement, Greater Transparency, Improved Information Sharing and Prohibitions Against Outsourcing of Customer Due Diligence....more

Singapore Eases Regulatory Regime for VC Funds to Promote Financing for Start-Ups

Morgan Lewis on 2/27/2017

The Monetary Authority of Singapore has proposed a simplification of the authorisation process and regulatory framework for venture capital managers—with the goal of supporting start-ups....more

2016 Year in Review: Money Laundering (Part One)

Ballard Spahr LLP on 2/3/2017

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

Will the Panama Papers Lead to Criminal Charges Against U.S. Taxpayers?

Perkins Coie on 8/11/2016

The International Consortium of Investigative Journalists (ICIJ), collaborating with German newspaper Süddeutsche Zeitung, in spring 2016 began leaking approximately 11 million internal documents obtained without permission...more

“Spider Webs”, “Panama Papers” and IRS

Foodman CPAs & Advisors on 6/13/2016

IRS has asked involved U.S. taxpayers to come forward before IRS reads and dissects the “Panama Papers”. IRS will “plan how to use the huge trove of leaked documents to catch criminals — and urged Americans to come clean now...more

The Panama Papers and Shell Games – Part II

Thomas Fox - Compliance Evangelist on 6/8/2016

Today I conclude my exploration of some of the issues raised by Ryan Hubbs, a senior manager of fraud investigation and dispute services at Ernst & Young LLP (EY), in the 2014 Fraud Magazine article, entitled “Shell Games”....more

The Panama Papers and Shell Games, Part I

Thomas Fox - Compliance Evangelist on 6/7/2016

One of the more prescient authors I know is Ryan C. Hubbs, a senior manager of fraud investigation and dispute services at Ernst & Young LLP (EY), who, in 2014, wrote an article for Fraud Magazine entitled “Shell Games”. In...more

Panama Papers: Prosecutors Launch Investigations

The Volkov Law Group on 5/9/2016

When a scandal hits the media like the Panama Papers leak of 11.5 million confidential legal records, we all know what to expect. Criminal investigations, regulatory responses, and of course, congressional hearings of some...more

Update on The Panama Papers

Robinson+Cole Data Privacy + Security Insider on 4/28/2016

The International Consortium of Investigative Journalists (ICIJ) announced that on May 9, it will release selected data purported to be leaked or stolen from the internal records of the Panamanian law firm Mossack Fonseca....more

The Panama Papers: Managing Corporate Risk and Uncertainty

Akin Gump Strauss Hauer & Feld LLP on 4/20/2016

On April 3, 2016, it became public that an anonymous source had leaked 11 million confidential documents, known as the “Panama Papers,” belonging to the Panama-headquartered international law firm Mossack Fonseca. As more of...more

The Panama Papers: Taking a New Look at an Old Problem

Alston & Bird on 4/20/2016

On April 3, 2016, the International Consortium of Investigative Journalists (“ICIJ”) published more than 11.5 million documents connected to Mossack Fonseca, a Panama law firm that helped establish offshore financial...more

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