The U.K.’s Criminal Finances Act 2017 provides law enforcement with new powers to obtain orders to freeze bank accounts and apply for forfeiture orders, permanently depriving the account holder of the funds contained in the account. These draconian new powers have received little publicity and contain fewer safeguards than unexplained wealth orders and the civil
Prove It or Lose It! Parts I and II: Unexplained Wealth Orders and Civil Recovery Orders in the United Kingdom
Unexplained Wealth Orders (UWOs) extend the powers available to UK law enforcement authorities under the Proceeds of Crime Act 2002 (POCA), enabling investigators to ask people who are holding assets, which based on their legitimate income they would not be able to afford, to prove that such assets were obtained from legitimate sources. If the…
GT’s Carl Fornaris Moderates Panel at IAGA, Featured in Gambling Compliance
By Greenberg Traurig on
Posted in Gaming
The International Association of Gaming Advisors (IAGA) held its 36th annual International Gaming Summit May 30-June 1, 2017. The IAGA Summit brings leaders from all global gaming sectors together, providing a unique opportunity to discuss recent and significant issues and challenges facing the gaming industry. At the Summit, Greenberg Traurig’s Carl A. Fornaris, co-chair…
High-End, Cash-Only Real Estate Sales in Six Major Metropolitan Areas Remain Subject to Mandatory AML Reporting Requirements
By Marina Olman-Pal, Danielle N. Garno & Greenberg Traurig on
Posted in Financial Crimes Enforcement Network, Real Estate
On Feb. 23, 2017, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) extended by an additional six months its existing Geographic Targeting Orders (GTOs) that require U.S. title insurance companies, their subsidiaries and agents (collectively, the Title Insurance Companies) to identify the natural persons behind shell companies used to pay…
10 TRENDS: Getting Better All the Time
By Greenberg Traurig on
When Jennifer Shasky-Calvery, at the time the director of the Financial Crimes Enforcement Network (FinCEN), addressed attendees at G2E 2013, she brought a stern message to the industry. She called for a complete culture change in the industry with a dedication to rooting out financial crimes… or else.
Since then, Bank Secrecy Act (BSA) and…
Greenberg Traurig is Proud to Sponsor and Participate in the 16th Annual FIBA AML Compliance Conference
By Greenberg Traurig on
Posted in Events
Greenberg Traurig is proud to sponsor the 16th Annual FIBA AML Compliance Conference that will be held in Miami, FL, from March 7-9, 2016. Carl Fornaris, Shareholder in the GT Miami office, will participate as a moderator in the breakout session titled “Section 311 and Unintended Consequences – the Curious Cases of Banca Privada d’Andorra…
Manhattan and Miami Residential Real Estate Sales – What Are the New Treasury Department Anti-Money Laundering Requirements All About?
By Greenberg Traurig on
Posted in Financial Regulation, Real Estate
In January 2016, the Treasury Department announced “geographic targeting orders” (GTOs) that will require title insurance companies and their agents to obtain representative and ultimate beneficial ownership information when a legal entity purchases residential real estate in Manhattan or Miami-Dade County with purchases prices that exceed $3 million and $1 million, respectively. It is expected…
Proposed AML Program and SAR Reporting Requirements Nearing for Investment Advisers
By Greenberg Traurig on
Posted in Anti-Money Laundering
On July 23, 2015, the Office of Management and Budget (OMB) completed its review of a proposed regulation submitted to OMB by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury that, when finalized into a final regulation, would require investment advisers to adopt and implement anti-money laundering (AML) program and file suspicious activity reports (SARs). The clearance by the OMB means a proposed AML program/SAR regulation for investment advisers could be published by FinCEN as early as within the next several weeks. It remains unclear whether such publication would resuscitate the prior FinCEN proposals of over a decade ago which would have required unregistered investment companies and commodities trading advisers to adopt an AML program.
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