The Cayman Islands Receive “Top Honors.” But, Global Financial Transparency is Reportedly Improving in General -
The United States has overtaken Switzerland as a financial secrecy haven, according to the latest rankings –...more
2/21/2020
/ Beneficial Owner ,
Cayman Islands ,
Common Reporting Standard (CRS) ,
Corruption ,
FATCA ,
Financial Crimes ,
Financial Services Industry ,
Hedge Funds ,
International Tax Issues ,
Money Laundering ,
Non-Residents ,
OECD ,
Offshore Banks ,
Offshore Funds ,
Shell Corporations ,
Tax Avoidance ,
Tax Evasion ,
Transparency ,
White Collar Crimes
The United States continues to be plagued by mass shootings, which appear to be increasing in both frequency and lethality. Certain businesses have reacted by adjusting their business models, such as the recent decision by...more
9/6/2019
/ Ammunition ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Department of Justice (DOJ) ,
FDIC ,
Federal Contractors ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
Firearms ,
Gun Laws ,
Gun Manufacturers ,
Legislative Agendas ,
Mass Shootings ,
Operation Choke Point ,
Proposed Legislation ,
Regulatory Requirements ,
Risk Management ,
Second Amendment ,
Suspicious Activity Reports (SARs)
The U.S. Government Accountability Office (“GAO”) issued a statement earlier this week regarding testimony before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit Committee on...more
A recent anti-money laundering (“AML”) enforcement action reminds us of the increasing risk of individual liability for alleged violations of the Bank Secrecy Act (“BSA”), a key issue about which we have blogged....more
A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more
Attorney General Sessions Announces Rescission of Obama Administration Policies on Marijuana Enforcement; Financial Institutions Lose Grounds to Permit Financial Transactions with Marijuana Businesses....more
1/5/2018
/ Banking Sector ,
BSA/AML ,
Cole Memorandum ,
Criminal Prosecution ,
Decriminalization of Marijuana ,
Department of Justice (DOJ) ,
Dispensaries ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
Money Laundering ,
Policy Memorandums ,
Regulatory Standards ,
Suspicious Activity Reports (SARs) ,
Trump Administration
Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more
12/7/2017
/ Bitcoin ,
Coinbase ,
Currency Exchange ,
Customer Information ,
Digital Currency ,
Financial Services Industry ,
Financial Transactions ,
IRS ,
John Doe Investigation ,
Know Your Customers ,
Money Laundering ,
Popular ,
Summons ,
Tax Avoidance ,
Virtual Currency
Under Internal Revenue Code section 7609(f), the IRS may issue a “John Doe” administrative summons to discover the identities of unknown taxpayers. A “John Doe” summons can be a powerful enforcement tool because it allows the...more
2/7/2017
/ Bitcoin ,
Department of Justice (DOJ) ,
Digital Currency ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Internal Revenue Code (IRC) ,
IRS ,
John Doe Investigation ,
Money Laundering ,
Summons ,
Swiss Banks ,
Tax Evasion ,
Technology ,
Virtual Currency