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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

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

FinCEN Enforcement Demonstrates Commitment

FinCEN recently flexed its enforcement muscles by bringing criminal charges against a New Orleans man for failing to register his money transmitting business. Money Transmitting Business The U.S. Treasury Financial Crimes Enforcement Network has jurisdiction under the Bank Secrecy Act to fight money laundering.  Under that authority, FinCEN has adopted regulations that prohibit persons from engaging in a

By |2021-10-02T20:03:28+00:00July 3rd, 2021|Categories: FinCEN, Money laundering|Tags: , , , , |Comments Off on FinCEN Enforcement Demonstrates Commitment

How America Became the Money Laundering Capital of the World

Peter Stone, an investigative journalist, claims that America has become of the "money laundering capital of the world."   Stone claims that the U.S. earned this title because it lacks controls over money flows and financial accounts in his recent article in The New Republic. Stone describes some notorious examples, such as the "Russian Laundromat" case.  In

By |2021-10-02T20:03:29+00:00May 8th, 2021|Categories: corporate transparency act, FinCEN, Money laundering, Uncategorized|Comments Off on How America Became the Money Laundering Capital of the World
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