The U.S. Department of Justice (“DOJ”) announced last week that it was disbanding the Financial Fraud Enforcement Task Force, established under the Obama Administration. In its place, pursuant to an Executive Order, the DOJ plans to establish the Task Force on Market Integrity and Consumer Fraud (“Task Force”). The purpose—according to a DOJ press release—is to deter fraud on consumers and the government. Additionally, the Task Force will focus on money laundering, “including the recovery of proceeds;” fraud related to digital currency; tax fraud; health care fraud; securities and commodities fraud; and other financial crimes.

The Task Force is a multiagency effort. Although the DOJ will lead the group under Deputy Attorney General Rod Rosenstein, the Executive Order directs him to include a host of other federal agencies, including the Secretary of the Treasury, the Comptroller of the Currency, and the Chairperson of the Board of Governors of the Federal Reserve System.

This is a potentially important development regarding government enforcement, including as to money laundering. We and our colleague Alan Kaplinsky therefore discuss the new DOJ task force in detail here.

If you would like to remain updated on these issues, please click here to subscribe to Money Laundering Watch. To learn more about Ballard Spahr’s Anti-Money Laundering Team, please click here.

Marjorie J. Peerce

peercem@ballardspahr.com | 646.346.8039 | view full bio

Margie is a litigator who, in her more than 30 years of practice, has handled matters across the criminal and regulatory spectrum including white collar criminal defense, regulatory matters, and complex civil litigation. Her work includes…

peercem@ballardspahr.com | 646.346.8039 | view full bio

Margie is a litigator who, in her more than 30 years of practice, has handled matters across the criminal and regulatory spectrum including white collar criminal defense, regulatory matters, and complex civil litigation. Her work includes cases arising from alleged violations of the Internal Revenue Code, the FCPA, the BSA, and a broad range of fraud investigations.

She represents numerous individuals in several AML/BSA investigations by the U.S. Department of Justice and has represented a financial institution in a matter implicating BSA issues. She has handled matters involving Suspicious Activity Reports and Currency Transaction Reports and structuring-related offenses and she has represented individuals accused of money laundering offenses. Margie has also handled a significant number of matters with the SEC, FINRA, and the CFTC.

Andrew N. D'Aversa

daversaa@ballardspahr.com | 215.864.8113 | view full bio

Andrew focuses his practice on white collar defense. He has experience in matters involving the criminal money laundering statutes and the application of federal and state AML regulations, including as to virtual currency and related products.

daversaa@ballardspahr.com | 215.864.8113 | view full bio

Andrew focuses his practice on white collar defense. He has experience in matters involving the criminal money laundering statutes and the application of federal and state AML regulations, including as to virtual currency and related products. Andrew maintains an active pro bono practice working with the Pennsylvania Innocence Project.