Reported by Sabrina Willmer and Patricia Hurtado Summary version of report featured below Recent rulings by the US Supreme Court and a lower appellate panel have made it more difficult to bring charges related to certain types of white-collar fraud cases. These decisions have narrowed the use of federal fraud statutes, limiting the ability to […]
Reported by Peter D. Hardy The Corporate Transparency Act (“CTA”) takes effect on January 1, 2024. On that date, the Financial Crimes Enforcement Network (“FinCEN”) needs to have implemented a working data base to accept millions of reports of beneficial ownership information (“BOI”) by newly-formed companies required to report BOI under the CTA, as well […]
Reported by Ryan Browne and MacKenzie Sigalos Major banks and fintech companies claim to be piling into generative artificial intelligence as the hype surrounding the buzzy technology shows no signs of fizzling out — but there are lingering fears about potential pitfalls and risks. At the Money 20/20 fintech conference in Amsterdam, Netherlands, executives at […]
Reported by Rachel Shin Bitcoin is an ineffective cult that not even “bad guys” want to join anymore, said the author of The Black Swan, a bestselling book on the extreme impact of outlier events. Cryptocurrency falls short on its claim to streamline payments, and doesn’t even facilitate illegal transactions well, Nassim Taleb told Bloomberg on Thursday. “It’s not […]
Reported by Buck Wargo New proposed regulations by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury might put more pressure on U.S. commercial real estate professionals, including fund managers, to address money laundering in the industry. Starting in December 2021, FinCEN solicited input from industry professionals on how best to address the […]
Reported by Jacqueline Chervak, Edward Imperatore, and Brian Kidd On May 24, 2023, Edward A. Imperatore, a partner in Morrison Foerster’s Investigations + White-Collar Defense group and former Assistant U.S. Attorney for the Southern District of New York, moderated a panel, entitled “Market Abuse and Trading Related Prosecutions – Recent Developments and What Comes Next,” […]
Reported by Emily Flitter and Matthew Goldstein Binance, the giant cryptocurrency exchange accused of mishandling customer funds, used two American banks to move billions of dollars around the world, the Securities and Exchange Commission said on Wednesday, detailing how huge sums of cash flowed in and out of the accounts sometimes within a span of […]
Reported by Nana Ama Sarfo In April the International Monetary Fund released a working paper explaining how tax authorities can better leverage anti-money-laundering (AML) measures to improve tax compliance and boost domestic revenue mobilization. The idea is not new, but it’s been a challenging concept for tax authorities to execute. Why? Well, tax crimes and money laundering […]
Reported by Jonathan Browning An ex-Austrian bank chief wanted in the US over his alleged role in a giant Brazilian corruption scandal lost a bid to halt his extradition from the UK. Peter Weinzierl, the former chief executive officer of Meinl Bank AG, had attempted to argue in a London court that he was “lured” to the UK […]
Reported by TRD staff Summary of original article featured below Former Wisconsin nurse anesthetist, Matt Onofrio, who turned to real estate after quitting his job in 2020, is now facing charges of bank fraud in Minnesota. Onofrio stands accused of orchestrating multiple fraudulent real estate deals, convincing buyers to purchase properties at inflated prices while […]
Financial Crime News Briefs 