News & Analysis as of

Shell Corporations

Cozen O'Connor

DC AG Settles with Title Insurance Companies over Referral Payments

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District of Columbia AG Brian Schwalb has settled with Allied Title & Escrow, LLC, KVS Title, LLC, Union Settlements, LLC, and Modern Settlements, LLC, along with affiliate entities to resolve an investigation into...more

American Conference Institute (ACI)

Making Victims Whole in a Multi-Jurisdictional Civil Fraud Case

Multi-jurisdictional civil fraud matters often present multiple challenges that make the tracing and recovery of assets a complex, costly, and time-consuming investigative process. Making a fraud victim whole again requires...more

Akin Gump Strauss Hauer & Feld LLP

The New UK Listing Rules - The Most Significant Change to the UK’s Listing Regime in 40 Years

The new reforms to the UK listing regime (Listing Rules) published by the Financial Conduct Authority (FCA) came into force on Monday 29 July 2024, marking the most significant change to the UK’s listing regime in 40 years as...more

Akin Gump Strauss Hauer & Feld LLP

EU Publishes New Best Practices Guidance, including Updated Ownership Test and Additional Control Guidance

Key Takeaways - On 3 July 2024, the Council of the European Union (the “EU Council”) published its revised Update of the EU Best Practices for the effective implementation of restrictive measures (“Best Practices”).This...more

Proskauer - Regulatory & Compliance

UK Listing Rules Reform: Seeking to Boost Competitiveness

On 11 July 2024, the United Kingdom’s Financial Conduct Authority (“FCA”) published its final rules (PS24/6) for a new, simplified and more competitive UK listing regime (the “Rules”).The FCA’s overall aim is to create a more...more

Axinn, Veltrop & Harkrider LLP

FRCP 45 Does Not Apply to the Court’s Lit-Funding Orders That Were Reasonable and Within the Court’s Inherent Authority

5 On July 16, 2024, the Federal Circuit affirmed both the sua sponte order issued by the District of Delaware requiring Lori LaPray, the purported owner of all of the plaintiff LLCs created by the patent monetization firm, IP...more

Latham & Watkins LLP

FCA Publishes Final Rules for Reformed Listing Regime

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The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity. On 11 July 2024, the FCA released the final rules for the new UK listing regime, which...more

K2 Integrity

Sanctions Against Russia: U.S. Increases Secondary Sanctions Risks for Foreign Financial Institutions, Expands Sanctions and...

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On 12 June 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued new measures to further isolate Russia’s...more

Ruder Ware

The CTA’s Large Operating Company Exemption in Focus

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The Corporate Transparency Act (the “CTA”), part of the federal government’s effort to curtail money laundering by means of shell company structures, imposes disclosure requirements on most entities registered to do business...more

Holland & Hart LLP

Corporate Transparency Act Deadlines Loom: Are You Ready?

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As we’ve noted in earlier bulletins, in an effort to gain visibility into ownership and control of business entities operating in the United States, the federal Corporate Transparency Act (“Act”) went into effect January 1,...more

Mintz - Securities & Capital Markets...

Recent SEC Rules and Guidance Impose New Obligations on SPACs and Reverse Mergers

On January 24, 2024, the US Securities and Exchange Commission (SEC) adopted final rules relating to special purpose acquisition companies (SPACs) and other shell companies. The new rules are effective on July 1, 2024....more

Wiley Rein LLP

Congressman Henry Cuellar’s Federal Charges Include Acting as a Foreign Agent

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Representative Henry Cuellar (D-TX) and his wife, Imelda Cuellar, are facing federal charges of bribery, money laundering, and violations of the ban against public officials serving as foreign agents required to register...more

Orrick, Herrington & Sutcliffe LLP

FinCEN renews real estate GTOs

On April 17, FinCEN renewed its Geographic Targeting Orders (GTOs) which require title insurance companies to identify the real owners of shell companies involved in cash real estate purchases. This renewal is effective from...more

Health Care Compliance Association (HCCA)

What's wrong with this company?

I’m not talking about your organization. I’m talking about that company in your vendor master files. A recent report from Moody’s found some downright silly attributes about shell companies. One that jumped out at me was the...more

Bowditch & Dewey

The Corporate Transparency Act – FinCEN Filing Reminders and Legal Updates

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The Corporate Transparency Act (the “CTA”) became effective on January 1, 2024. In March 2024, a U.S. District Court from the Northern District of Alabama held that the CTA was unconstitutional [Nat’l Small Business United...more

Guidepost Solutions LLC

Investment Advisers and Generative AI

Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...more

The Volkov Law Group

Gunvor’s Bribery Schemes — Third-Parties, Shell Companies and Evasion of Controls (Part II of III)

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Gunvor’s bribery scheme is not very surprising nor ingenious.  After all, a number of energy trading companies have been prosecuted for bribery over the years, including Glencore, Vitol, Freepoint.  Numerous individuals have...more

Thomas Fox - Compliance Evangelist

The Gunvor FCPA Enforcement Action: Part 2 – The Bribery Schemes

We continue our exploration of the resolution of the FCPA enforcement action involving the Swiss trading firm Gunvor S.A. The enforcement action came in with a $661 million penalty against the company, which has pleaded...more

UB Greensfelder LLP

Corporate Transparency Act Update

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On March 1, 2024, the U.S. District Court for the Northern District of Alabama, Northeastern Division published an opinion finding that the Corporate Transparency Act (the “CTA”) is unconstitutional as exceeding the U.S....more

Venable LLP

Alabama Federal District Court Declares CTA Unconstitutional: Here's What You Need to Know

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The Corporate Transparency Act (CTA), which became effective on January 1, 2024, was enacted to combat the use of shell companies by those seeking to evade anti-money laundering laws and economic sanctions. ...more

Holland & Hart LLP

The Corporate Transparency Act Isn't Dead Yet

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Congress has enacted legislation over the decades aimed at curbing money laundering and the financing of terrorism. Increased legislation has been necessary to ensure that the federal government is able to address evolving...more

American Conference Institute (ACI)

Sanctions Compliance Measures to Mitigate Russia Trade Sanctions Evasion Tactics

The various and elusive tactics used by Russia to evade global sanctions and export controls have grown increasingly sophisticated over the last several months, putting the onus on multinational entities to become equally...more

PilieroMazza PLLC

Weekly Update for Government Contractors and Commercial Businesses – February 2024 #5

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Federal Acquisition Regulation (FAR) Council - Final Rule: FAR, Trade Agreements Thresholds: On February 23, the Department of Defense, General Services Administration, and National Aeronautics and Space Administration...more

Wyrick Robbins Yates & Ponton LLP

SEC Adopts Final Rules Relating to SPACs, Shell Companies, and De-SPAC Transactions

On January 24, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and guidance affecting initial public offerings (“IPOs”) of special purpose acquisition companies (“SPACs”) and business...more

Akin Gump Strauss Hauer & Feld LLP

SEC Adopts Final Rules on SPACs, Shell Companies and Projections

The Securities and Exchange Commission (SEC) recently adopted final rules (available here; also see the fact sheet and press release) representing significant changes to  special purpose acquisition companies (SPACs), shell...more

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