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Fallout from Pandora Papers

Fallout from the Pandora Papers continues as the President of Ecuador is under investigation and European leaders are criticizing the U.S. for its lack of money laundering controls. Investigation in Ecuador Ecuadoran President Guillermo Lasso is under investigation in his country for tax fraud.  Documents in the Pandora Papers linked Lasso to two private foundations

FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data

FinCEN has issued a report on ransomware trends in Bank Secrecy Act data. The report was coordinated with a separate press release from the Treasury Department on its continuing campaign to combat ransomware. The FinCEN Report FinCEN - the Financial Crimes Enforcement Network - analyzed ransomware-related suspicious activity reports (or "SARs") filed during the first

By |2021-10-16T13:48:19+00:00October 16th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , |0 Comments

Pandora Papers Draw Attention to Corporate Transparency Act

The Pandora Papers are drawing attention to the Corporate Transparency Act. Opinion writers in The Washington Post credit the bombshell investigative reporting for underscoring the need to implement this new law. Pandora Papers Writers from the International Consortium of Investigative Journalists last week published thousands of pages of documents.  The trove, known as the Pandora

By |2021-10-10T13:10:44+00:00October 10th, 2021|Categories: corporate transparency act, FinCEN, Money laundering, Pandora Papers|Tags: , , |Comments Off on Pandora Papers Draw Attention to Corporate Transparency Act

Pandora Papers Spark Call to Accelerate FinCEN Regulations

Over the weekend, a group of investigative journalists dumped thousands of pages of confidential documents they called the Pandora Papers.  These pages implicate dozens of world leaders in money laundering.  The bombshell Pandora Papers has sparked calls for FinCEN to accelerate the implementation of the Corporate Transparency Act. The Pandora Papers dig into the shell companies

By |2021-10-10T12:40:51+00:00October 5th, 2021|Categories: corporate transparency act, FinCEN, Pandora Papers|Tags: , , |Comments Off on Pandora Papers Spark Call to Accelerate FinCEN Regulations

Pandora Papers Highlight Money Laundering Risks

World leaders and high net worth individuals are responding to a massive document dump over the weekend being called the "Pandora Papers." Several major news organizations published the massive haul of documents on Sunday.  The documents appear to tie world leaders to secret stores of wealth.  The papers name King Abdullah of Jordan, Czech Prime

By |2021-10-08T10:51:22+00:00October 4th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , , |Comments Off on Pandora Papers Highlight Money Laundering Risks

CTA May Impose New Ethical Duties on Attorneys

Some real estate attorneys are questioning whether the Corporate Transparency Act will impose new ethical obligations on attorneys. The Corporate Transparency Act (“CTA”) requires companies to disclose their beneficial ownership through a report filed with FinCEN, the Treasury Department’s Financial Crimes Enforcement Network. The rules of legal ethics, however, compel attorneys not to disclose their

By |2021-10-02T20:03:28+00:00October 2nd, 2021|Categories: corporate transparency act, FinCEN, legal ethics|Tags: , , |Comments Off on CTA May Impose New Ethical Duties on Attorneys

Five Things Your Business Can Do Now to Prepare for the Corporate Transparency Act

The Corporate Transparency Act requires the U.S. Treasury Department's Financial Crimes Enforcement Network - FinCEN - to adopt regulations before the end of the year to implement the law.  FinCEN has not yet released those regulations.  But, there are five things your business can do now to prepare for this new law. 1. Understand What

By |2021-10-02T20:03:28+00:00September 26th, 2021|Categories: corporate transparency act, FinCEN|Tags: , , , , |Comments Off on Five Things Your Business Can Do Now to Prepare for the Corporate Transparency Act

Money Laundering Surges During Pandemic

Reuters is reporting that the United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, in reporting over the weekend. The central bank claimed that illicit actors have increased their use of unlicensed money service providers during the coronavirus crisis.  The central bank

By |2021-10-02T20:03:28+00:00September 20th, 2021|Categories: corporate transparency act, FinCEN, Money laundering|Tags: , , |Comments Off on Money Laundering Surges During Pandemic

What the Biggest Law Firms are saying about the Corporate Transparency Act

The biggest law firms are calling their clients' attention to the Corporate Transparency Act of 2020. Sidley & Austin's memorandum to clients identifies many of the key issues that are undefined in the new law. Defining "Other Similar Entities" The 2,000+ lawyer firm suggests that FinCEN will apply FinCEN's "customer due diligence" (CDD) rules to interpret the

By |2021-10-02T20:03:29+00:00June 1st, 2021|Categories: corporate transparency act, FinCEN, Uncategorized|Tags: , , , , |Comments Off on What the Biggest Law Firms are saying about the Corporate Transparency Act

ABA Comments on CTA Regulations

The American Banking Association made three big points in their comment letter to FinCEN on its pending ANPRM to implement the Corporate Transparency Act. U.S. Banks have been tracking the beneficial ownership of their corporate customers for years under the KYC and AML rules. Banks to collect beneficial ownership information regarding their customers and to report cash transactions over $10,000.  The

By |2021-10-02T20:03:29+00:00May 15th, 2021|Categories: corporate transparency act, FinCEN, makes public comments|Tags: , , |Comments Off on ABA Comments on CTA Regulations
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