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 ›
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary The U.S. Treasury Office of Foreign Assets Control (OFAC) and the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) advisories on… Read More ›
The world’s largest art trade federation is leading the call for a fundamental international review of policy making after a recent report commissioned by the US treasury department indicated that money laundering and terror finance risks associated with shell companies… Read More ›
The UK government has published its proposals to clamp down on the use of anonymous or fraudulent shell companies and partnerships that provide criminals with a veneer of legitimacy to help commit a range of crimes, from money laundering and… Read More ›
A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based… Read More ›
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports… Read More ›
The US treasury department has published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. The study found that banks that regularly transmit payments for the art market… Read More ›