Compliance Perspectives: The FBI on Why and How to Work with the Office of the Private Sector
During the first quarter of 2024, there were significant developments in the U.S. sanctions framework. This report summarizes the key developments and provides links to the relevant sources....more
In its latest attempt, the U.S. Department of Treasury, Financial Crimes Enforcement Network (“FinCEN”), will require certain investment advisers to implement compliance measures to detect and report suspected money...more
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has issued a new notice of proposed rulemaking (NPRM), referred to herein as the "Proposed Rule," that would subject SEC-registered...more
The sanctions world experienced another action-packed year in 2023. Sanctions against Russia dominated the year in terms of the number of designations and new restrictions, and the attacks perpetrated by Hamas in Israel on 7...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. ...more
Immediately following the October 7 attack by Hamas on Israel, the United States Financial Crimes Enforcement Network (FinCEN) announced the creation of the Counter Terrorist Financing Taskforce— Israel (CTFTI)—a coalition of...more
Welcome to Holland & Knight's monthly data privacy and security news update that includes the latest in policy, regulatory updates and other significant developments. ...more
On September 27, 2023, Secretary of State, Antony Blinken and Secretary of Homeland Security, Alejandro Mayorkas announced that Israel will join the Visa Waiver Program (VWP). Pursuant to the designation, beginning on...more
In our previous alert, we provided an overview of the new Dual Licensing Regime and highlighted the consequences of relevant breaches of Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), as amended...more
Summary - In June 2023, the Financial Action Task Force (FATF) issued a report addressing the progress made by the UAE in improving its level of compliance with the FATF Standards, since the FATF’s previous Mutual...more
The UAE is the Middle East’s leading financial center and a global hub for trade, particularly in gold and precious metals. This large presence within the global financial system makes it a target for financial crime,...more
In addition to the market uncertainty caused earlier this year as a result of the European Commission (the “Commission”) adding the Cayman Islands to its list of jurisdictions that have “strategic deficiencies” in the area of...more
In response to the Executive Order on Ensuring Responsible Development of Digital Assets issued on March 9, 2022, both the White House Office of Science and Technology Policy (OSTP) and the Treasury Department (Treasury) have...more
Since 9/11, countering the financing of terrorism (CFT) has been a focus of U.S. and international security policy, and an evolving feature of the regulatory and risk environment for authorities and the private sector. In the...more
AML (Anti Money Laundering) reforms led to the Corporate Transparency Act. On January 1, 2021, Congress enacted the National Defense Authorization Act for Fiscal Year 2021 (the NDAA), after overriding a presidential veto....more
The Financial Action Task Force has published a report on the effectiveness of FATF member states' efforts to tackle money laundering and counter terrorism financing. The report is part of the FATF's 2019 Strategic Review...more
Outlook for This Week in the Nation’s Capital - Congress. The House and Senate are both in recess this week. Once they return, they will continue their work on FY22 appropriations, the reconciliation bill, election reform,...more
In January of 2021, the Anti-Money Laundering Act of 2020 (AMLA) went into effect, marking the most significant changes to federal anti-money laundering laws since the USA Patriot Act of 2001. The AMLA represents an attempt...more
On 14 October 2021, the Office of Financial Sanctions Implementation (“OFSI”) published its annual review for the financial year 2020-2021 (the “Annual Review”). Under the leadership of its new Director, Giles Thomson,...more
The Financial Action Taskforce has published a report on issues of anti-money laundering and counter-terrorism financing in relation to global stablecoins and stablecoins. The report was mandated by the G20 in October 2019,...more
US Developments - Federal and State Regulatory Developments - OCC Announces a New Acting Comptroller of the Currency - On May 21, 2020, current Comptroller of the Currency Joseph M. Otting announced that he is stepping...more
The 2014 Global Summit to End Sexual Violence in Conflict was hosted by former Foreign Secretary William Hague and Angelina Jolie, Special Envoy for the United Nations ("UN") High Commissioner for Refugees. It was...more
The Hong Kong Financial Secretary announced in his 2019-20 Budget speech that the government was seeking to establish a limited partnership regime for funds (LPF), in order to facilitate industry development while maintaining...more
Bank Accused of Being Asleep at the AML-CTF Switch - On November 20, 2019, AUSTRAC, Australia’s anti money-laundering (“AML”) and counter-terrorism financing (“CTF”) regulator, initiated an action in the Federal Court of...more
The FBI wants you, but it’s not why you think. Spencer Evans, the Section Chief in the Office of the Private Sector (OPS), explains that the OPS is here to help and wants you to get involved. He begins the podcast by...more