Reported by Huw Jones Britain’s Financial Conduct Authority said on Monday it will ask lawmakers to report any problems they have opening or maintaining a bank account ahead of a formal investigation. The review is part of a wider look at “debanking”, which recently became a political issue after former Brexit Party leader Nigel Farage […]
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 […]
Reported by Max Colchester Over a year ago the West launched a new foreign-policy weapon to pressure the Kremlin to halt its war in Ukraine: It sanctioned more than a hundred leading Russian businessmen and their families, hoping that they would prod Russian President Vladimir Putin to give up his expansionist plans. So far the strategy hasn’t worked. The […]
Reported by Ari Redbord A recent tweet by venture capitalist and Coinbase board member Kathryn Haun, responding to Senator Elizabeth Warren’s AML bill, called out the ineffectiveness of AML in traditional finance. Haun, a former federal prosecutor, wrote: “We need something better. Senators that genuinely care about national security will work collaboratively with TradFi and crypto to […]
Reported by CHARLIE POGACAR Works of art have long been identified, and sometimes even romanticized, as ideal ways for racketeers to launder money. There’s a thread of logic here: the art world typically accommodates those that want to anonymously buy high-dollar paintings, and on top of that, the industry allows large cash deals. For those looking […]
Reported by Robert Johnston Jr., Jimmy Kang, Paula Ladd, Scott Moss, and Samantha Sigelakis-Minski of Lowenstein Sandler LLP U.S. hedge funds, private equity funds, and venture capital funds (collectively, the Private Funds)2 and their U.S. general partners, sponsors, and managers (Advisers) are not directly subject to the Bank Secrecy Act of 1970 and its amendments (BSA), […]
Reported by Miles Brignall Banks are closing more than 1,000 accounts every working day, according to new data that has fuelled the growing row over so-called “debanking” and prompted Nigel Farage to call for a royal commission to investigate what he said was a scandal. The figures, obtained through a freedom of information (FoI) request made to […]
Reported by Gregory Fryer Most private companies in the United States will soon need to disclose sensitive ownership and control information to FinCEN, a bureau of the U.S. Treasury Department. The new reporting regime arises under the Corporate Transparency Act (CTA), enacted on January 1, 2021 to strengthen existing anti-money laundering statutes. Rulemaking under the […]
Reported by FACT Coalition (Summary version reported below) The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing regarding the implementation of the Corporate Transparency Act (CTA). The act requires certain entities operating within the U.S. to report their true beneficial owners to FinCEN. Witnesses, including Gary Kalman […]
Reported by Frederick L. Block, Kelly L. Gibson, Susan D. Resley, Daniel B. Tehrani, Justin D. Weitz, Alyse (“Ali”) J. Rivett, and Michelle M. Arra The SEC filed four separate complaints in the US District Court for the Southern District of New York alleging insider trading by 13 defendants. Simultaneously, the US Attorney’s Office for […]
Financial Crime News Briefs 