News & Analysis as of September 26, 2024

FinCEN

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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +

The Corporate Transparency Act and its Application to Estates and Trusts: Answers to Frequently Asked Questions

Pullman & Comley, LLC on 6/5/2024

The recently implemented Corporate Transparency Act (the “CTA”) requires that certain entities report information about themselves and their “beneficial ownership” to the Financial Crimes Enforcement Network of the United...more

Corporate Transparency Act: Beware of Filing Scams

Robinson & Cole LLP on 5/1/2024

Since the Corporate Transparency Act took effect on January 1, 2024, scammers have seized the opportunity to send notices to owners of recently formed companies offering “filing services.” In response to these scams, FinCEN...more

FinCEN Issues Notice on Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Industry

Ballard Spahr LLP on 8/17/2023

The Financial Crimes Enforcement Network (“FinCEN”) has issued a notice entitled “FinCEN Calls Attention to Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Sector” (the “Notice”). According to the...more

As Treasury Eyes Crypto in Tax Compliance Agenda, Reporting Obligations May Increase – Including a Crypto “Form 8300” for...

Ballard Spahr LLP on 6/3/2021

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...more

Investigations Newsletter: Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion

ArentFox Schiff on 2/8/2021

Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion - On February 3, a grand jury indicted Sam McCann, former Illinois State Senator and 2018 gubernatorial candidate, for his role in a scheme to misuse...more

Blockchain and Crypto Initiatives Launch in Foreign Markets, Guidance Issued on Ransomware and Crypto Derivatives, DOJ Indictment...

BakerHostetler on 10/12/2020

Crypto Initiatives Launched by Foreign Banks, Exchanges, Apps, Gaming Firms - According to a press release this week, the “Bank of Thailand (BOT) … has successfully launched the world’s first blockchain-based platform for...more

Bitcoin, the IRS, and the Love that was Lost

Rosenberg Martin Greenberg LLP on 3/12/2020

We have all heard the stories. Romeo and Juliet, Cleopatra and Mark Antony, and my personal favorite, Illsa Lund and Rick Blaine. Everyone loves a great love story. A developing romance leading to an emotionally pleasing and...more

Manafort Indictment Alleges High-End International Money Laundering and Tax Fraud Involving Offshore Accounts

Ballard Spahr LLP on 10/31/2017

As the world now knows, an indictment against Paul Manafort, Jr., a former campaign chairperson for now-President Donald Trump, and Manafort’s associate, Richard Gates III, was unsealed yesterday. ...more

Money Laundering Watchdog Criticizes Lax AML Enforcement and “Creative Compliance” in Wake of Panama Papers

Ballard Spahr LLP on 10/27/2017

PANA Issues Recommendations to European Parliament: Tougher Enforcement, Greater Transparency, Improved Information Sharing and Prohibitions Against Outsourcing of Customer Due Diligence....more

New GTO covers Wire Transfers

Foodman CPAs & Advisors on 10/16/2017

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

2016 Year in Review: Money Laundering (Part One)

Ballard Spahr LLP on 2/3/2017

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

Offshore Tax Enforcement Update: Foreign Bank Account Disclosure Deadline Is June 2014

Blank Rome LLP on 6/26/2014

The annual deadline for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (commonly known as the “FBAR” form), is fast-approaching. Any U.S. taxpayer with a financial interest in, or signature or other...more

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