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Each year, the U.S. government secures more than 1,200 money-laundering convictions. Now, the Federal Bureau of Investigation (FBI), at least, is setting its sights with renewed vigor on those who help criminal organizations and terrorists conceal billions in illicit funds. Last October, the FBI announced that it would prioritize money-laundering investigations of “third-party facilitators,” such as attorneys, accountants, investment managers, trust companies and real estate professionals. Specialized FBI Unit Focuses on Disrupting Professional Money Launderers (Oct. 24, 2016). This comes amidst growing international pressure for countries to close regulatory gaps in anti-money laundering (AML) and counter-terrorist financing rules. The Financial Action Task Force (FATF), for example, recently urged the United States to improve its regulation of designated non-financial businesses and professions, as well as of shell companies. FATF, Anti-Money Laundering and Counter-Terrorist Financing Measures, United States (Dec. 1, 2016).
By Paige Ammons and Preston Burton
In any investigation where a client is deposed or interviewed by a government agent, experienced lawyers should be wary of potential false statement liability and likely will have advised their clients of the paramount need to be truthful. Voluntary communications, initiated by a company or individual, with government officials are of a different ilk, however
By Harry Sandick and Tara Norris
Part Two of a Two-Part Article
In Part One of this article last month, we discussed several of the key business crimes cases from the recently concluded October Term 2018. We resume this discussion in Part Two of our article and offer some concluding thoughts about where the Court may go next in the years to come.
By Michael J. Rivera and Abby I. Yi
Cybersecurity has been a high priority topic for the SEC the past few years. In September 2017, the SEC created a Cyber Unit within its Enforcement Division. This Cyber Unit had over 225 active investigations at the SEC’s 2018 fiscal year end. The SEC has focused in particular on cybersecurity risks facing public companies.
By Juliet Gunev
Maryland’s Largest Ever Ponzi-Scheme: Kevin Merrill Sentenced to 22 Years in Prison for $396 Million Consumer Debt Fraud