Reported by the FACT Coalition On Friday, March 1, a federal district judge in Alabama issued an opinion finding that the Corporate Transparency Act (CTA), a landmark U.S. anti money laundering law, is unconstitutional on the grounds that Congress supposedly exceeded certain limits on its powers. The decision was handed down in a challenge brought […]
Reported by Dominic Chopping Swedbank has been cleared of money laundering by Estonian prosecutors, ending a years-long probe into the Swedish bank. Swedbank had been under investigation for governance deficiencies related to anti-money laundering measures in its Baltic subsidiaries after a Swedish TV show reported in 2019 that billions of dollars of potentially illicit funds […]
Reported by Kelly Phillips Erb Months after the Corporate Transparency Act—or CTA—went into effect, a federal court has found it unconstitutional. The ruling resulted from a lawsuit filed by the National Small Business United (also known as the National Small Business Association, or NSBA) and Isaac Winkles. On March 1, 2024, U.S. District Judge Liles C. […]
Reported by Deborah Connor, Mark Edelstein, Thomas Fileti, Marc-Alain Galeazzi, Kaleb Keller, Malka Levitin, and Laura Linda Miller of Morrison & Foerster LLP On February 16, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, which would require certain real estate professionals to report certain transaction information to FinCEN in connection […]
Financial Crime News Briefs 