The Credit Suisse Group has reached a settlement with U.S. authorities related to U.S. dollar payments involving parties subject to U.S. sanctions. The $536 million global settlement with Credit Suisse represents by far the largest sanctions settlement in the history of US Treasury’s Office of Foreign Assets Control. The settlement arises out of Credit Suisse’s [...]
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Amendment to the Global Terrorism Sanctions Regulations
The Office of Foreign Assets Control (OFAC) amended the Global Terrorism Sanctions Regulations, 31 C.F.R. part 594 to define the term “financial, material, or technological support,” as used in sanction regulations. Section 594.201(a)(4)(i) of the regulations implements section 1(d)(i) of Executive Order 13224, as amended, by blocking the U.S. property of persons who assist in, [...]
Real Estate and OFAC Compliance
The tale of 650 Fifth Avenue is one that should be closely watched by compliance professionals dealing with real estate. Last year, the Department of Justice filed a forfeiture proceeding against a 40% interest in the property held by the Assa Corporation. They recently filed a forfeiture proceeding against the other 60% held by the [...]
Money Laundering Awareness Handbook
The Organization for Economic Cooperation and Development issued a handbook that provides guidance designed to help tax examiners and tax auditors detect and deter money laundering: The Money Laundering Awareness Handbook for Tax Examiners and Their Auditors. The purpose of this handbook is to raise the awareness level of tax examiners and auditors on money [...]
Money Laundering with a Washing Machine
What better way to launder money than with an actual washing machine? Law enforcement in Dover, England broke up an international money laundering racket. They found £600,000 stuffed inside a washing machine that had come from the Port of Dover. Money Laundering by Simon Hughes in The Sun
OFAC: Are You In Compliance?
ATTUS Technologies was kind enough to host a webinar on OFAC compliance. Bradley Allen, CAMS, gave the presentation and these are my notes. The mission of Office of Foreign Assets Control is to administer and enforce economic and trade sanctions based on U.S. foreign policy and national security goals against selected targets. It really came [...]
Financial Crimes Enforcement Network 2008 Annual Report
The Financial Crimes Enforcement Network 2008 Annual Report (.pdf) has been released. Outcome Goal 1: Financial systems resistant to abuse by money launderers, terrorists and their financial supporters, and other perpetrators of financial crime Outcome Goal 2: Detection and deterrence of money laundering, terrorism financing, and other illicit activity. Outcome Goal 3: Efficient management, safeguarding, [...]
Government Seizes 650 Park Avenue
According to the Wall Street Journal, the United States Attorney for the Southern District of New York has filed a forfeiture proceeding against 650 Fifth Avenue in New York. In its press release: United States files civil forfeiture action against ASSA corporation’s interest in Manhattan office tower (.pdf), the DOJ claims that a 40% interest [...]
Canadian Real Estate Developers and Money Laundering
Eli Udell of Perley-Robertson, Hill and McDougall LLP penned a summary of the effect of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act on Canadian real estate developers: Real Estate Developers And Money Laundering Law – What You Need To Know. What Must a Developer Do To Comply? 1) Implementation of a “Compliance [...]
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