The US treasury department’s Financial Crimes Enforcement Network (FinCEN) on Friday published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information reporting requirements taking effect on… Read More ›
Financial institutions have so far not been provided the relief from the burdens of onboarding and customer due diligence they had hoped for as a result of the final version of the beneficial ownership rule issued in September by the… Read More ›
The US treasury department and South Africa’s national treasury have made a commitment to form a US-South Africa task force on combatting the financing of wildlife trafficking. The task force will work to combat illicit finance linked to illegal wildlife… Read More ›
Russian oligarchs are increasingly purchasing high-value goods or property as they reroute their finances in response to their country’s invasion of Ukraine and the subsequent slew of international sanctions imposed on them, according to new analysis from the US treasury… Read More ›
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) is seeking comments on a notice of proposed rulemaking (NPRM) published on 15 December 2022 that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and… Read More ›
International banks and audit firms were used by a company involved in an “aggressive profit shifting” trade-based money laundering (TBML) scheme to understate its taxable income and tax liability due to the Zambian government by over US$700 million according to… Read More ›
The head of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a reminder in a congressional committee of two alerts related to recent sanctions imposed on Russia that provide financial institutions with information about red flags and… Read More ›
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has for the first time ever fined a business in the Los Angeles Fashion District for failing to comply with a geographic targeting order (GTO). A&S World Trading, operating under the… Read More ›