The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert financial institutions of widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption through the U.S. financial system. The advisory also describes a number of financial red...Continue Reading…
BNA’s Michael J. Bologna and Paul Shukovsky have written a comprehensive article about a pervasive problem facing state tax auditors:  the use by restaurants and other cash-intensive businesses of electronic revenue suppression software, commonly referred to as “Zappers.”  We have previously blogged about efforts by state and federal tax authorities to crack down on the...Continue Reading…
Bill Introduced in Congress to Exempt Small Bitcoin Transactions From Income Tax Two members of Congress have introduced a bill that would exempt from income tax transactions under $600 conducted using Bitcoin or other digital currencies. Currently, the Internal Revenue Service treats digital currencies like Bitcoin as property, meaning that on every transaction using Bitcoin, the taxpayer must recognize either a gain or loss for tax purposes...Continue Reading…
August 29, 2017 – Law360 The U.S. Department of Justice revealed its latest offshore bank resolution by announcing that it had entered into a nonprosecution agreement with a Swiss asset management firm called Prime Partners SA. This means that Prime Partners will not be criminally prosecuted for participating in what prosecutors characterized as a conspiracy to defraud...Continue Reading…
This article is Part II of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions. Part I is available here. On August 22, 2017, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued revised Geographic Targeting Orders (GTOs) requiring title insurance companies, and their subsidiaries and...Continue Reading…
This article is Part I of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions. This week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it was both extending and broadening its anti-money laundering efforts in the luxury real estate area to capture a broader...Continue Reading…
Today the Financial Crimes Enforcement Network (FinCEN) announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used to pay for high-end residential real estate in seven metropolitan areas.  (For prior blog coverage, see here and here.)  Following the recent enactment of the Countering...Continue Reading…