What are the key changes to the DOJ’s corporate criminal enforcement program? We look at the updated guidance on individual and corporate accountability, independent compliance monitors, and corporate compensation in our latest alert.… Continue Reading
Why is it important to monitor and preserve business communications conducted through instant messaging platforms on employees’ personal devices? In our recent alert, we look at what is behind the SEC and CFTC’s nearly $2 billion fines on companies failing to monitor and retain business communications on messaging platforms, consider enforcement activity in the UK … Continue Reading
Two new data security laws are making it increasingly difficult to obtain discovery materials located in China for U.S. litigants. The Data Security Law (“DSL”) and the Personal Information Protection Law (“PIPL”) require parties to seek approval from the Chinese government before sending any data from China to a foreign court or law enforcement authority. … Continue Reading
On December 2, 2019, the Office of the U.S. Trade Representative (USTR) issued a Section 301 Investigation Report on France’s Digital Services Tax (DST), concluding that France’s DST discriminates against U.S. companies, is inconsistent with prevailing principles of tax policy, and is unusually burdensome for affected U.S. companies. In response, the USTR proposed up to … Continue Reading
CFIUS recently published a summary of their 2015 CFIUS Annual Report to Congress. CFIUS is charged with reviewing foreign investments and advising the President on appropriate actions that may be necessary to suspend or prohibit foreign acquisitions, mergers, or takeovers which threaten to impair the national security of the United States. The Annual Report reflects … Continue Reading
Investment advisers subject to SEC registration would be affected by proposed regulations from the Financial Crimes Enforcement Network. The regulations, proposed in August 2015, would require such investment advisers to create anti-money laundering programs as well as to undertake reporting and recordkeeping responsibilities under the Bank Secrecy Act, including filing suspicious activity reports. For more … Continue Reading
On 24 November 2013, the P5+1 countries (comprising the United States, Russia, China, the United Kingdom, France and Germany) together with Iran, agreed the Joint Plan of Action (JPOA), which relaxed some of the sanctions imposed against Iran by the EU and U.S. The JPOA was intended to provide interim sanctions relief, while the parties worked … Continue Reading
In our alert of 8 July, we reported that the P5+1 and Iran had announced the extension of the Joint Plan of Action Relief Period (the JPOA Relief Period) to today, 10 July 2015. Negotiations with Iran continue. To allow more time for the parties involved to reach a long-term solution, the JPOA Relief Period … Continue Reading
Introduction Stephanie Booker, Associate Director for Enforcement, Financial Crimes Enforcement Network (“FinCEN”) recently gave a speech at the Nevada Bar Association’s Bank Secrecy Act Conference in Las Vegas. Involved in the conference were the State Bar of Nevada’s Gaming Law Section, the American Gaming Association, and the University of Nevada-Las Vegas’ International Gaming Institute. FinCEN … Continue Reading
On June 15, multiple federal agencies issued a $4.5 million penalty against a local bank that admitted to failing to maintain an effective anti-money laundering program. The coordinated enforcement action by multiple agencies and substantial monetary penalty illustrates the significant risks for anti-money laundering compliance for local financial institutions. The coordinated action was announced by … Continue Reading
On June 3, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a $75 million penalty against a Northern Mariana Islands casino for Bank Secrecy Act violations – the largest-ever FinCEN penalty assessed against a casino. FinCEN’s announcement follows an investigation of the casino, Hong Kong Entertainment (Overseas) Investments, Ltd., d/b/a Tinian Dynasty Hotel & … Continue Reading
Amid the often rancorous debate on the Trans Pacific Partnership and the Trade Promotion Authority enabling legislation, both the House and the Senate last week found a common ground in addressing legislation related to the international movement of goods and passed the Trade Preferences Extension Act of 2015 (The Act), reviving the Generalized System of … Continue Reading
On April 21, 2015, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) served a Geographic Targeting Order (GTO) on about 700 electronics exporter businesses in the Miami area as part of an investigation into cash transactions possibly tied to trade-based money-laundering schemes utilized by drug cartels. The GTO goes into effect April 28, 2015 and … Continue Reading
On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and PayPal, Inc. (“PayPal”) agreed to a $7.65 million settlement to settle potential civil liability for 486 apparent violations of various financial sanctions. Between 2009 and 2013, PayPal, a digital payments processor, apparently processed hundreds of transactions in violation … Continue Reading
On February 27, 2015, the Financial Crimes Enforcement Network (“FinCEN”) announced a $1.5 million civil penalty against the First National Community Bank of Dunmore, Pennsylvania (“FNCB”), arising from FNCB’s admission that it violated the Bank Secrecy Act (“BSA”) by failing to detect and report suspicious financial transactions. The penalty is concurrent with a $500,000 penalty … Continue Reading
On February 18, 2015 the Commerce Department’s Bureau of Industry and Security (“BIS”) and Treasury Department’s Office of Foreign Assets Control (“OFAC”) published changes to the Export Administration Regulation (“EAR”) and the Sudanese Sanctions Regulations (“SSR”) in order to advance the free flow of information and facilitate communications by the Sudanese people. OFAC’s changes are … Continue Reading
This post was also written by Alexandra E. Allan and Tom C. Evans This alert follows our previous alerts on the Russia/Ukraine sanctions. U.S. Passes New Sanctions Authorizing Statute – Sends Russia Frigid End of Year Message President Obama: U.S. will “review and calibrate” sanctions in response to Russia’s actions On December 18, 2014, President Obama signed into … Continue Reading
This post was also written by Alexandra E. Allan, Laith Najjar, Tom C. Evans On 24 November 2013, an agreement was reached between the E3+3 (also known as the P5+1, and which includes the United States, United Kingdom, Russia, China, France and Germany) and Iran. This agreement, known as the Joint Plan of Action (JPOA), was … Continue Reading
On September 16, 2014, the Court of Appeals for the Federal Circuit published its long-awaited decision in United States v. Trek Leather Inc., and its opinion may have created an unintended level of concern among compliance professionals and import departments. Trek Leather is an importer of men’s suits. Its business plan called for the importer … Continue Reading
As the United States and Russia continue to clash over Russia’s actions in the Ukraine, on September 12, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued additional sanctions further restricting designated Russian financial institutions’ access to capital markets, targeting Russian defense entities, and prohibiting exports to Russian entities that have been specifically … Continue Reading
On August 13, 2014, the Office of Foreign Assets Control (“OFAC”) revised its guidance on the status of entities owned by persons designated on the Specially Designated Nationals List (“SDN List”). Under the new guidance, OFAC will consider an entity to be blocked if it is 50 percent or more owned, directly or indirectly, in … Continue Reading
Effective August 6, 2014, the United States Department of Commerce’s Bureau of Industry and Security (“BIS”) issued new regulations, identified as the “Russian Industry Sector Sanctions,” restricting exports and other transfers of certain items subject to the Export Administration Regulations (“EAR”) that may benefit Russia’s energy sector. Newly added EAR section 746.5 imposes licensing requirements … Continue Reading
On July 15, the D.C. Circuit held that a presidential order requiring Ralls Corporation to divest its interests in Oregon windfarms because of national security concerns deprived Ralls of its constitutionally protected property interests without due process of law. In doing so, the D.C. Circuit reversed a district court decision that had emphasized the president’s … Continue Reading
On April 28, the U.S. Department of Commerce announced a new licensing policy restricting exports of “dual use” items that could contribute to Russia’s military capabilities. Effective immediately, the Commerce Department’s Bureau of Industry and Security (“BIS”) will deny new and pending export license applications to Russia or occupied Crimea of high-technology items that could … Continue Reading
