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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).
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Biden Administration Corporate Enforcement Policies More Symbolism than Effective Reform
By Robert J. Anello and Richard F. Albert
By undoing some of the higher profile policy changes of the prior administration that many perceived as business-friendly, the current administration has served notice on the business and financial community of a return to practices characteristic of a more aggressive enforcement regime.
With ‘Great Resignation’, Corporations Need to Prepare for the Great Investigation
By Veeral Gosalia
Major crisis events, such as political uprisings or financial downturns, are typically followed by an increase in fraud in the business sector and heightened risk to corporate IP and other sensitive information. Anecdotally, this seems to be proving out again in the recent and ongoing fallout from the pandemic. Even before this Great Resignation movement, corporations across the globe were reporting increases in suspicious activity, data leakage, IP theft and other data risks stemming from departing employees and remote workers.
Potential Criminal and Civil Penalties of Digital Asset Exchanges
By Nola B. Heller and Samson Enzer
This article discusses the potential criminal and civil penalties that companies can face if their employees engage in insider trading in digital assets, and suggests several measures that exchanges can take to reduce their exposure from such risks.
Feds Jumping Into Corporate Privacy and Cybersecurity Enforcement
By David Saunders and Julian L. André
The past 12 months have seen a steady drumbeat of action by federal law enforcement and regulatory agencies of which in-house counsel should take note. Whether new guidance, regulation, investigations, or enforcement activity, the message is clear: The federal government is paying close attention to how companies are handling and protecting their data — especially consumer and sensitive data.
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