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FATF identifies jurisdictions with AML/CFT and counter-proliferation deficiencies

FinCEN alerts U.S. financial institutions that FATF, in its recent plenary meeting, addressed the use of crowdfunding by terrorist groups like Hamas for financing attacks. FATF emphasizes global vigilance against circumventing measures on the Russian Federation to safeguard…

FinCEN issues new rule on Beneficial Ownership information reporting deadline extension for reporting companies created or registered in 2024

As the effective date approaches, FinCEN has issued a new rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.  Once effective, reporting companies created on…

FinCEN joins Harvard Kennedy School event on the role of cryptocurrency in financing terrorism

Participants discussed the analytical tools and anti-money laundering/countering the financing of terrorism authorities available to prevent the use of cryptocurrency for illicit purposes

The White House issues Notice on the continuation of the national emergency with respect to Iran

This renewal, distinct from a previous one on March 10, 2023, ensures that measures taken in response to the Iran-related emergency declared in 1979 remain in effect for an additional year, with the notice to be published in the Federal Register and transmitted to Congress…

FinCEN finalises rule on the use of FinCEN identifiers in beneficial ownership information reporting

The rules responds to concerns that incumbent identifiers did not obscure the identities of beneficial owners in a more transparent manner and the need for more clear criteria.

 

US DoJ sends officials to Mexico to provide capacity building to Mexican prosecutors to counter fentanyl trafficking and organised crime

The workshops highlighted and promoted good practices to investigate fentanyl trafficking networks, provided an understanding of global trafficking trends and the fentanyl criminal market worldwide, and explained how precursors from China arrive to the Americas and are eventually used to make fentanyl that is trafficked throughout the United States.

FinCEN proposes new regulation to enhance transparency in convertible virtual currency mixing and combat terrorist financing

Highlights the risks posed by the extensive use of CVC mixing services by a variety of illicit actors throughout the world and proposes a rule to increase transparency around CVC mixing to combat its use by malicious actors including Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK).

SEC adopts amendments to rules governing beneficial ownership reporting

The amendments accelerate the filing deadlines for initial and amended beneficial ownership reports on Schedules 13D & 13G. The final rules are intended to improve transparency and provide more timely information for shareholders and the market…

SEC division of examinations announces 2024 priorities. AML compliance is one of the top priorities.

SEC’s Division of Examinations announced that its 2024 examination priorities will focus on key risk factors related to information security and operational resiliency, crypto assets and emerging financial technology, regulation systems compliance and integrity, and AML…

US DoJ announces court-authorised action to disrupt illicit revenue generation efforts of Democratic People’s Republic of Korea IT workers

A court order issued in the Eastern District of Missouri seized 17 website domains used by DPRK information technology (IT) workers in a scheme to defraud U.S. and foreign businesses, evade sanctions and fund the development of the DPRK government’s weapons program.

FinCEN holds meeting with Israel’s Financial Intelligence Unit

FinCEN pledges redoubling of its efforts to combat the financing of terrorism alongside IMPA and other strategic FIU partners during this critical time, following Hamas’ brutal terrorist attacks on innocent civilians of October 7.

US DOJ unveils new Safe Harbor Policy for voluntary self-disclosures for M&A deals

The voluntary self-disclosure safe harbor policy is intended to provide significant benefits to companies that promptly self-report and remediate criminal misconduct uncovered in connection with “bona fide, arm’s length M&A transactions”…