Daily News Brief
July 30th, 2016

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Who are you really doing business with?

Until recently you could start up a company or open a bank account in most countries around the world without providing any information on beneficial ownership and factual control. This frustrated forensic investigations substantially.

07.29.16

U.S. expands investigation into money laundering by foreign cash buyers

The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a “significant” portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into several other areas.

07.29.16

U.S. Treasury expands hunt for money laundering in real estate

The U.S. Treasury on Wednesday expanded its hunt for international criminals who launder money through real-estate deals by ordering title insurance companies to report all-cash buyers' identities in parts of California and Texas, as well as greater swaths of New York and Florida.

07.29.16

Brazil's ex-president appeals to UN over abuses of power in corruption case

Former Brazilian president Luiz Inácio Lula da Silva has filed a petition with the UN human rights committee outlining alleged abuses of power in the corruption case he is embroiled in.

07.29.16

What This Court Ruling Means for Bitcoin's Future – and Your Money

On Monday, Miami-Dade Circuit Court Judge Teresa Mary Pooler dismissed all charges against defendant Michell Espinoza for alleged money laundering and illegally transmitting money without a license.

07.29.16

FinCEN Expands Reach of Real Estate “Geographic Targeting Orders” Beyond Manhattan and Miami

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced Geographic Targeting Orders (GTO) that will temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas.

07.28.16

What’s on the global AML/CTF agenda? 8 key messages from the FATF plenary

The global standard-setter on AML/CTF, the Financial Action Task Force (FATF) held its recent plenary meeting in Busan, Korea.

07.28.16

Is bitcoin money? Are Airbnbs hotels? Why courts have trouble deciding

Digital currencies such as bitcoin do not fit classic definitions of 'money' and are therefore difficult to regulate with existing laws. It's one of a number of new technology innovations that regulators are struggling to fit into traditional laws.

07.28.16

Standard Chartered Names Vinals Chairman to Succeed Peace

Standard Chartered Plc named International Monetary Fund executive Jose Vinals its next chairman, ending a 17-month search to find a replacement for John Peace.

07.28.16

RBI slaps Rs 27-cr fine on 13 banks in forex case

The Reserve Bank of India (RBI) has imposed a combined Rs 27-crore penalty on 13 public and private sector banks — including Canara Bank, IndusInd Bank and RBL Bank — for violating Know Your Customer (KYC) and anti-money laundering (AML) norms.

07.28.16

Miami Judge Rules Bitcoin Is Not Money; Dismisses Money Laundering, Transmitting Charges

Miami-Dade Circuit Judge Teresa Pooler has dismissed a money-laundering case involving an alleged “illegal sale” of bitcoins, after declaring that under the laws of the state, the digital currency is not considered to be a form of money.

07.27.16

Russia toughening on hackers' extradition

Russia has served notice to Thailand and the United States to expect another all-out diplomatic and legal fight over the expected attempt to extradite a man arrested in Pattaya for alleged ties to a billion-baht...

07.27.16

Mexico Strengthens Anti-Corruption Laws

Mexico made amendments this week to its anti-corruption laws that will affect those doing business in Mexico and strives to change the way its people, and the world, perceive how business works there.

07.27.16
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