Reported by Lukas I. Alpert A European tax advisor to a global set of star DJs and supermodels has been arrested on charges that he created a network of illegal tax shelters to help his clients avoid paying U.S taxes on over $100 million of earnings. Frank Butselaar, 63, of the Netherlands, is accused of […]
Reported by Keith Blackman In the span of 24 hours, the Securities and Exchange Commission opened fire against two cryptocurrency giants. On June 5, it fileda wide-ranging, 13-count complaint against Binance—the world’s largest cryptocurrency exchange—along with its founder Changpeng Zhao. The SEC alleged that Binance failed to register as a securities exchange, conducted unregistered securities offerings, […]
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 Jack Schickler The European Union formally signed its landmark Markets in Crypto Assets (MiCA) regulation into law on Wednesday, taking the bloc closer to becoming the first major jurisdiction in the world with tailored rules for the sector. The law was signed by the European Parliament President Roberta Metsola and Swedish Rural Affairs […]
Reported by Reuters France’s ACPR financial regulator’s sanctions commission has decided to fine BMW Finance 500,000 euros ($550,400) for shortcomings in its money-laundering and terror-financing controls, the ACPR said on Friday. “BMW Finance took too long to devote sufficient human resources to these controls and comply with regulation, especially since it is part of a […]
Reported by Grace Schepis When President Biden signed the Anti-Money Laundering (AML) Whistleblower Improvement Act on December 29th, 2022, the Treasury Department had its work cut out for them. In the shadow of the highly successful Securities and Exchange (SEC) and Commodity Futures Trading Commissions (CFTC), the new program is expected to process money laundering, sanctions busting, and Bank Secrecy Act […]
Reported (Opinion) by Chris Grieco The anti-money-laundering bill sponsored by Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-KS) purports to close loopholes in the risk of cryptocurrencies being used for illicit activity that even the Biden administration agrees is small. But the ill-conceived bill is a useful harbinger for the crypto community of a coming […]
Reported by Vanda Felbab-Brown A bag of what is likely fentanyl, San Francisco, California, February 2020 Shannon Stapleton / Reuters The United States is suffering the deadliest drug epidemic in its history. Overdoses claimed the lives of more than 100,000 Americans between August 2021 and August 2022 alone. Over the span of just a few […]
Reported by DYLAN LOH Foreign and local banks in Singapore will be required to share information with one another on a digital platform that will make it easier to raise red flags on potential money laundering acts, as the city-state tightens oversight on illicit capital flows. The tiny nation’s lawmakers on Tuesday passed a bill […]
Reported by Editorial Staffq A Grand Court judge ruled largely in favor of financial services group Maples in a complex legal ruling after it challenged the regulator, CIMA, over new rules surrounding the recording of clients’ details under regulations rolled out in 2020 as part of the enhanced local anti-money laundering regime. The decision comes […]
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