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US DOJ sentences 2 Chinese nationals for trafficking counterfeit Gift Cards to Belleville

The defendants retained the access numbers to 6,100 gift cards with intent to place the altered gift cards on the sales racks at Target. Once a gift card was loaded with funds by an unsuspecting patron, the fraudsters would have the codes needed to steal the funds…

 

FinCEN proposes a rule to combat money laundering and promote transparency in residential real estate

The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts.

US DoT has published the 2024 National Risk Assessments on money laundering, terrorist financing, and proliferation financing

Russia and the Democratic People’s Republic of Korea (DPRK) presented heightened risk since the 2022 assessment. To support its unlawful war in Ukraine, Russia has expanded efforts to illegally acquire U.S.-origin goods with military applications using a variety of obfuscation techniques, such as the use of front companies and transshipment points around the world…

 

US Treasury publishes 2024 National Money Laundering Risk Assessment

The report details recent, significant updates to the illicit finance risk environment. These include the ongoing fentanyl crisis, foreign and domestic terrorist attacks and related financing, increased potency of ransomware attacks, the growth of professional money laundering, and continued digitization of payments and financial services.

FinCEN proposes rule to combat money laundering and promote transparency in residential real estate

The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal is tailored to target residential real estate transfers considered to be high-risk for money laundering…

FinCEN Exchange in Los Angeles brings together public and private sectors to share information on combating fentanyl trafficking

FinCEN and law enforcement representatives highlighted the significant value that suspicious activity reports contribute to law enforcement efforts to combat fentanyl trafficking. They also shared views on ways the financial industry can further increase the effectiveness of suspicious activity reporting involving suspected fentanyl trafficking and related money laundering in Southern California and beyond.

US DoJ charges Utah man in $2.8m wire fraud scheme

The US DoJ charged a Utah man with wire fraud, making a false statement, impersonating a federal officer and aggravated identity theft. Garcia Gutierrez allegedly falsely promised his victim that he could acquire at discounted prices exotic cars, planes and vessels that had been seized by the U.S. govt through forfeiture…

$150m cryptocurrency seizure following US-UK cooperation

The head of a multi-million-dollar drug enterprise has pleaded guilty to supplying hundreds of kilograms of illegal drugs on a global scale. Singh, 40, of Haldwani, India, sold the drugs on dark web marketplaces, before personally shipping or arranging their shipment from Europe to destinations across the world. The investigation into Singh was led by the US Drug Enforcement Administration (DEA) and supported…

 

 

SEC adopts rules to enhance investor protections relating to SPACs, shell companies, and projections

The rules address investor protection concerns more broadly with respect to shell companies and blank check companies, including SPACs.

US Beneficial Ownership Information Registry now accepting reports

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

FinCEN issues analysis of identity-related suspicious activity

This report reveals the existence of significant identity-related exploitations through a large variety of schemes,” said FinCEN Director Andrea Gacki. “Robust customer identity processes are foundational to the security of the U.S. financial system, and critical to the effectiveness of financial institutions’ programs to combat money laundering and counter the financing of terrorism. Financial institutions are encouraged to work across their internal departments to address these schemes…

FinCEN issues a factsheet on beneficial ownership information access and safeguards the final rule

The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. This Access Rule follows the final BOI Reporting Rule FinCEN issued on September 30, 2022, which requires certain corporations, limited liability companies, and other similar entities created in or registered to do business in the United States to report to FinCEN information about themselves, their beneficial owners, and, in some cases…