Money Laundering Watch

Insights and news on the world of financial corruption

Blog Authors

AB C DEFG HIJ K L MNO PQR S TUV WXYZ

Richard J. Andreano, Jr.

David L. Axelrod

Latest from Money Laundering Watch

Money Laundering Watch

President Biden Unveils Broad Vision to Crack Down on Foreign and Domestic Corruption

By Henry E. Hockeimer, Jr., Andrew N. D'Aversa & Kaitlin M. Gurney

June 8, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-06-gettyimages-1146003099-656x656-jpg

Agenda Highlights Intersection of National Security, Corruption and Anti-Money Laundering On June 3, 2021, President Biden unveiled a National Security Study Memorandum entitled Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest (the “Memo”). It reveals—as the title might suggest—that the Biden administration views “countering corruption as a core United States national security interest.” Corruption “corrodes public trust” in foreign nations, and—because of its cross-border nature—threatens “United States national…

Money Laundering Watch

DOJ Again Uses Money Laundering Statutes to Charge Alleged Foreign Corruption Scheme — This Time in Brazil

By Brian N. Kearney

June 4, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-05-gettyimages-977992276-656x313-jpg

Indictment Alleges International Scheme Involving Bribes Touching NY Correspondent Bank Accounts The U.S. Department of Justice announced last week that U.K. law enforcement officials arrested, at its request, an Austrian national, Peter Weinzierl, for his alleged participation in a wide-ranging money laundering scheme involving Brazilian construction conglomerate Odebrecht S.A. Odebrecht previously pleaded guilty in December 2016 to a one-count criminal information charging violation of the Foreign Corrupt Practices Act (“FCPA”) anti-bribery provisions. This arrest comes…

Money Laundering Watch

As Treasury Eyes Crypto in Tax Compliance Agenda, Reporting Obligations May Increase – Including a Crypto “Form 8300” for Transactions over $10K

By Nicholas Kato, Peter D. Hardy, Marjorie J. Peerce & Alicia M. Went

June 2, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-05-gettyimages-874349256-656x410-jpg

Treasury Offers Something for Everyone to Comply With: Trades and Businesses, Banks, Crypto Exchangers and Individuals On May 21, 2021, the U.S. Department of Treasury (“Treasury”) released its American Families Plan Tax Compliance Agenda (“Agenda”), a comprehensive set of initiatives to increase tax compliance and close the “tax gap” between the amount taxpayers owe and the amount that is actually paid. While part of the $80 billion plan calls for providing Treasury and specifically the…

Money Laundering Watch

SEC Extracts AML Settlement From Broker-Dealer Based on Alleged Failure to Comply with “Five Essential Elements” of SAR Filings Regarding Cyber Crime

By Jacqueline Mabatah

May 25, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-05-gettyimages-667218148-656x369-jpg

Action Highlights that Even Sophisticated Companies Serious about Compliance are not Immune from AML Enforcement – and the Importance of Cooperation When Cutting a Deal On May 12, 2021, the Securities and Exchange Commission (“SEC”) issued an Order instituting a cease-and-desist proceeding under Sections 15(b) and 21C of the Securities and Exchange Act of 1934 (the “Exchange Act”), and imposed a $1.5 million monetary penalty against broker-dealer, GWFS Equities, Inc. (“GWFS”) for its alleged violations…

Money Laundering Watch

American Bankers Association Weighs in on the Corporate Transparency Act

By Shauna Pierson

May 13, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-05-gettyimages-1299385663-656x437-jpg

As we recently blogged, the Financial Crimes Enforcement Network (“FinCEN”) issued an advance notice of proposed rulemaking (“ANPRM”) on April 5, 2021 to solicit public comment on the implementation of the Corporate Transparency Act (“CTA”). In response, FinCEN received over 200 letters from industry stakeholders. This post will focus on one such letter, from the American Bankers Association (“ABA”), which highlights the industry perspective of large financial institutions. The CTA, passed as…

Money Laundering Watch

DOJ Again Charges Crypto “Mixer” Under the BSA and District of Columbia’s Money Transmitters Act

By Brad Gershel

May 6, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-05-gettyimages-758533823-656x437-jpg

In Related Case, Federal Court Holds that Bitcoin-to-Bitcoin “Tumbler” Can Represent “Money Transmission” On April 27, IRS CI and FBI Special Agents arrested Roman Sterlingov, a dual citizen of Russia and Sweden, for his alleged role as the founder and operator of Bitcoin Fog, a cryptocurrency “tumbler” or “mixer” aimed at concealing the source of funds. The criminal complaint and accompanying Statement of Facts, filed in the District of Columbia, alleges that over the…

Money Laundering Watch

FinCEN Again Extends GTO Regarding Real Estate and Money Laundering

By Peter D. Hardy, Richard J. Andreano, Jr. & Mary K. Treanor

April 29, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2017-02-new-york-city-2-jpg

Meanwhile, Congress Wants a Report on Russian Money Laundering and Its Relationship to the Real Estate Industry FinCEN announced today that, once again, it is extending the Geographic Targeting Order, or GTO, regarding real estate transactions. FinCEN’s press release is here. The new GTO is here. It is identical to the most recently issued GTO. FinCEN has issued FAQs on the GTOs here. This is a topic on which we previously have blogged…

Money Laundering Watch

Ballard Spahr Offers Cannabis Legislation Tracker

By Beth Moskow-Schnoll

April 26, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-04-cannabis-photo-656x437-jpg

As more states legalize cannabis to some degree, the resulting patchwork of laws becomes ever more difficult to navigate for financial institutions, regulators, entrepreneurs, legislators, journalists, and consumers. Some states continue to wrestle with legalization, while others have moved on to addressing labeling, marketing, and financial concerns. The Cannabis Group at Ballard Spahr therefore created the Cannabis Legislation Tracker, a technology solution to keep all current and aspiring stakeholders in this multibillion-dollar market up…

Money Laundering Watch

PLI Anti-Money Laundering Conference to Address Key Issues in BSA/AML

By Peter D. Hardy

April 25, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2021-04-pli-2021-jpg-656x175-png

Art & Antiquities; Beneficial Owners; Foreign Corruption — and More We are really pleased to be moderating, once again, the Practising Law Institute’s 2021 Anti-Money Laundering Conference on May 11, 2021, starting at 9 a.m. This year’s conference again will be entirely virtual — but it will be as informative, interesting and timely as always. Our conference co-chair, Nicole S. Healy of Ropers Majeski Kohn & Bentley PC in San Francisco, will conduct a…

Money Laundering Watch

The New BSA Whistleblower Law: A Podcast

By Peter D. Hardy, Meredith S. Dante & Diana M. Joskowicz

April 23, 2021

https-www-moneylaunderingnews-com-wp-content-uploads-sites-12-2020-03-microphone-656x437-jpg

As we have blogged, the Anti-Money Laundering Act of 2020 (“AMLA”) amended the Bank Secrecy Act (“BSA”) to expand greatly the options for whistleblowers alleging anti-money laundering (“AML”) violations and potentially create a wave of litigation and government actions, similar to what has occurred in the wake of the creation of the Dodd-Frank whistleblower program. As we also have blogged, the AMLA’s new whistleblower provision (“the Act”) has attracted great interest from the plaintiffs’ …

Money Laundering Watch

Insights and news on the world of financial corruption

Blog Authors

President Biden Unveils Broad Vision to Crack Down on Foreign and Domestic Corruption

DOJ Again Uses Money Laundering Statutes to Charge Alleged Foreign Corruption Scheme — This Time in Brazil

As Treasury Eyes Crypto in Tax Compliance Agenda, Reporting Obligations May Increase – Including a Crypto “Form 8300” for Transactions over $10K

SEC Extracts AML Settlement From Broker-Dealer Based on Alleged Failure to Comply with “Five Essential Elements” of SAR Filings Regarding Cyber Crime

American Bankers Association Weighs in on the Corporate Transparency Act

DOJ Again Charges Crypto “Mixer” Under the BSA and District of Columbia’s Money Transmitters Act

FinCEN Again Extends GTO Regarding Real Estate and Money Laundering

Ballard Spahr Offers Cannabis Legislation Tracker

PLI Anti-Money Laundering Conference to Address Key Issues in BSA/AML

The New BSA Whistleblower Law: A Podcast

Stay Connected

Company

Products

Support

New to the Network