China to Introduce Law Targeting Cross-Border Corruption
China said Monday it plans to enact a new law this year aimed at combating cross-border corruption, marking another stage in Beijing’s long-running anti-graft campaign.
Oversight
FinCEN Hits Canaccord Genuity with $80-Million Penalty
FinCEN said on Friday it had assessed an $80-million civil penalty against Canaccord Genuity LLC over AML failures tied to suspicious trading in OTC securities.
SEC Drops Its Case Against Crypto Investor Justin Sun
The U.S. Securities and Exchange Commission (SEC) is dropping its civil-fraud case against crypto billionaire and World Liberty Financial investor Justin Sun.
Future of U.S. Crypto Bill in Doubt as Calendar Becomes ‘Enemy’
Efforts to pass proposed landmark legislation for the U.S. crypto market have stalled to the point that some question whether the measure could still get passed this year, even with White House support.
Ex-Star CEO Faces Millions in Fines for AML Lapses
Star Entertainment’s ex-chief executive Matthias Bekier and former in-house lawyer Paula Martin breached their directors’ duties during the casino operator’s “Chinese money-laundering era”, the Australian Federal Court found.
When a U.S. Anti-Bribery Law Is a Statecraft Weapon, Not a Domestic Deterrent
Washington is increasingly turning U.S. anti-corruption enforcement into an instrument of economic statecraft—a shift that threatens to undercut decades of American efforts to fight illicit activity abroad.
UK Oversight of Professional Services Falls Short on Enforcement
The UK’s current system of supervisors overseeing the anti-money-laundering (AML) programs of law firms, accountancies, and other professional bodies is failing to take “sufficiently dissuasive disciplinary measures” against those that fail to meet compliance standards, according to a new report.
Guernsey Mulls Granting More BO Access
Guernsey’s government is weighing new transparency rules that would let approved applicants access information on the beneficial owners of companies registered on the island.
FinCEN Levies Sec. 311 Against Switzerland’s MBaer Bank
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed a Section 311 “special measure” that, if finalized, would cut MBaer Merchant Bank AG off from the American financial system.
TFI’s Hurley to Exit After Objecting to Minneapolis Crackdown
A senior Treasury Department official is preparing to resign after privately raising objections to a White House-backed initiative aimed at alleged fraud tied to the Somali immigrant community in Minnesota.