Reported by DEBORAH LEHR On February 23, a day before the second anniversary of the invasion of Ukraine and a week after the suspected murder of Alexei Navalny, President Joe Biden imposed over 500 new sanctions targeting “Russia’s war machine”.  Unfortunately, this strengthened sanctions regime is undermined by a major oversight: the exemption of the American art […]

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 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 Holly Deaton FinCEN proposes that RIAs and exempt reporting advisors (ERAs) — advisors that are not required to register with state or federal regulators but still pay fees and report public information — would now fall under the Bank Secrecy Act. The rule would require that advisors create risk-based AML/CFT programs as well […]

Reported by Chris Cumming Under the rules—which can take effect following a 60-day comment period—fund advisers including private-equity managers will have to start programs to prevent money laundering and keep records of customer cash flows. Most significantly, lawyers say, they will have to report suspicious transactions to the government. The rule is part of the […]