News
Critics Say Lungren Bill Goes Too Far in Reversing Supreme Court Rulings
By Matt Squire
printA Congressional bill that would overturn two 2008 U.S. Supreme Court decisions that narrowed the definition of money laundering goes too far in expanding the meaning of concealment, say consultants. On June 2, the Supreme Court ruled in Regalado Cuellar v. United States that concealment of money alone does not constitute money laundering. The court also ruled in United States v. Efrain Santos that laundering laws could only be applied to the net profits of a crime, and not the gross receipts of a criminal operation. On Monday, Rep. Dan Lungren, a California Republican, introduced a bill that would effectively...
TO READ THE FULL STORY
Related News
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
As the compliance expectations of European regulators grow, banks should proactively move to adopt future changes outlined in proposals for the EU's Fourth Money Laundering Directive, according to the former global head of compliance at ABN Amro.
Some jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
The Reserve Bank of India confirmed that it is investigating three banks for potential money laundering violations, a forthcoming industry survey points to rising compliance salaries, and more, in this midweek news roundup.
The U.S. Treasury Department is nearing completion of a plan to use predictive analytics software to analyze regulatory data and identify possible financial crimes, an official said Tuesday.
The director of the U.S. financial intelligence unit and prominent Bank Secrecy Act officers have formed a group to discuss whether efforts to combat money laundering at times miss their mark.
The U.S. Treasury Department has launched a taskforce to evaluate the effectiveness of America's anti-money laundering regulations - the first ever such review of the 1970 Bank Secrecy Act and related laws.
A former director of the nation's financial intelligence unit will join the Washington, D.C. office of Cleary Gottlieb Steen & Hamilton LLP as of counsel, the law firm said Monday.
U.S. officials are weighing whether to expand the use of specialized financial analysis units beyond America's theaters of war as part of an effort to fight transnational crime groups, governmental sources say.
The Supreme Court is likely to reverse a decision by a lower court that deemed parts of the country's counterterrorism laws unconstitutional and overly vague, say former federal investigators.
The U.S. Senate is considering an anti-fraud bill that would broaden the application of money laundering laws to include the gross receipts of crimes and money funneled offshore to avoid taxes.
A Congressional bill intended to counter a Supreme Court decision that scaled back the definition of money laundering will likely become a law, say legal experts.
A recent U.S. Supreme Court decision is likely to keep some money laundering charges from being filed, delay current trials and bring a wave of appeals for just-closed cases, according to compliance professionals.
A U.S. Supreme Court ruling that narrowly interprets federal money laundering laws will make white-collar money laundering prosecutions more difficult but will have little effect on narcotics-related laundering cases, legal experts say.
The pair of decisions restricts the use of laundering charges by prosecutors in drug and organized crime cases.