Category: Banking

Foreign Bank Account Reporting, commonly known as FBAR now has a close cousin named CTA.

CTA is being created as of the beginning of the year 2021 and named the Corporate Transparency Act, to flush out Beneficial owners of Foreign Entities such as Corporations, LLC, and others where ownership is 25% as well as other criteria that includes tax fraud.

We will have a series of articles on CTA and the development as it applies to U.S. Citizens owning foreign assets and foreign entities. Please mark your calendar for upcoming information.

United States Financial Action Task Force

(FATF)

List of Jurisdictions with Strategic Deficiencies in 

Anti-Money Laundering

Introduction:

In 2020, the United States’ Financial Crimes Enforcement Network (FinCEN) issued their advisory to financial institutions of updates to FATF’s list of jurisdictions with strategic anti-money laundering and counter-proliferation financing deficiencies.  FATF continues to monitor compliance with its international standards and identify jurisdictions having strategic deficiencies in their own regimes.

Background:

The FATF is a 39-member intergovernmental body, including the U.S., that establishes international st

On February 3, 2017, U.S. Magistrate Judge Thomas Rueter ruled that Google must provide emails stored overseas to the FBI for their domestic fraud investigation, despite an earlier decision finding no such obligation for Microsoft.

The ruling was made in Philadelphia that transferring emails from a foreign server so the Federal Bureau of Investigation (FBI) can read them as a part of a domestic fraud probe was a legally sound position. Judge Rueter noted that the emails, which are routinely stored overseas by Google, would only be read in the United States, causing “no meaningful interference.” “Google regularly transfers user data from one data center to another without the customer’s knowledge,” further Judge Rurter stated:

“Such transfers do not

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11.5 Million Documents Leaked: The Crippling Panama Papers Transmuted Overnight From Privileged Attorney Information To Forever In The Hands of the Public And The Feared U.S. Treasury. As you the Reader must suspect or know by now, this epic leak has attracted all the wrong attention and interest of