The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more
6/18/2024
/ Anti-Money Laundering ,
CFTC ,
Cross-Border Transactions ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
International Trade Commission (ITC) ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Recordkeeping Requirements ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
UK ,
Virtual Currency
The Financial Action Task Force ("FATF") is the global standard-setter on anti-money laundering ("AML"), countering terrorist financing ("CFT") and counter proliferation financing. FATF's standards, also referred to as...more
10/31/2023
/ AML/CFT ,
Anti-Money Laundering ,
Cross-Border Transactions ,
EU ,
FATF ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Popular ,
Terrorism Funding ,
Terrorist Financing Regulations
Firms that act as financial gate-keepers have obligations to report suspicions or knowledge of money laundering via Suspicious Activity Reports to the National Crime Agency ("NCA"). SARs have been filed for almost 20 years...more
There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael...more
4/5/2022
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Disclosure ,
Economic Sanctions ,
EU ,
FATF ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
UK
Key considerations for banks engaging with governments and peer institutions to improve financial crime compliance systems -
Every year, banks spend billions of dollars on core financial crime compliance systems and are...more
11/18/2021
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Germany ,
Public Private Partnerships (P3s) ,
Suspicious Activity Reports (SARs) ,
UK ,
United States
Governments worldwide are sharpening their focus on money laundering executed through international trade. Anti-money laundering obligations on entities beyond traditional financial institutions continue to expand. Companies...more
The Law Commission has published its much anticipated report on reform of the UK's anti-money laundering and terrorism financing regime, and in particular of the system of suspicious activity reports ("SARs"). The proposed...more
6/20/2019
/ Amended Rules ,
Anti-Money Laundering ,
Commingling ,
Corporate Crimes ,
Criminal Liability ,
Financial Institutions ,
Money Laundering ,
National Crime Agency (NCA) ,
Proceeds of Crime Act 2002 (POCA) ,
Ring-Fencing ,
Risk Mitigation ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
UK
Canada legalised recreational cannabis in October 2018 and it may be that other countries follow suit. UK and US investors, and those who facilitate investments in legal recreational cannabis businesses overseas, need to be...more
3/25/2019
/ Anti-Money Laundering ,
Canada ,
Criminal Liability ,
Criminal Proceeds ,
Cross-Border Transactions ,
Decriminalization of Marijuana ,
Financial Institutions ,
Foreign Investment ,
Investor Protection ,
Marijuana Related Businesses ,
National Crime Agency (NCA) ,
Proceeds of Crime Act 2002 (POCA) ,
Suspicious Activity Reports (SARs) ,
UK
Financial firms play an integral role in preventing, identifying, investigating and reporting criminal activity, including terrorist financing, money laundering, and many other finance-related crimes. It is a critical role...more
2/2/2019
/ Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
Banking Sector ,
Confidentiality Policies ,
Distributed Ledger Technology (DLT) ,
EU ,
Financial Institutions ,
FinCEN ,
General Data Protection Regulation (GDPR) ,
Information Sharing ,
Innovative Technology ,
Money Laundering ,
Patriot Act ,
Privacy Laws ,
Suspicious Activity Reports (SARs) ,
Technology Sector ,
Terrorist Financing