In a move that echoes the approach of CEO Brad Garlinghouse, also implicated in the court action, Chris Larsen’s representatives set out four arguments for dismissal in a letter to the court.
The Corporate Transparency Act combats the laundering of illicit funds through anonymous "shell" companies. The CTA will require certain corporations and limited liability companies to file reports with FinCEN, identifying all of the reporting entity's "beneficial owners."
Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion - On February 3, a grand jury indicted Sam McCann, former Illinois State Senator and 2018 gubernatorial.
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In perhaps the last major legislative action under this presidential administration, on New Year’s Day 2021, Congress passed over President Trump’s veto what could be the most significant anti-money laundering (AML) statute since the Patriot Act of 2001, as part of the annual National Defense Appropriations Act (NDAA). Among many changes to the existing AML regime, the legislation creates a new whistleblower reward program, administered by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which resembles similar programs set up in other agencies over the past decade. Those pre-existing whistleblower programs have led to a vast flow of tips from company insiders and outsiders alleging various forms of unlawful conduct, leading to an increase in enforcement actions. The new program similarly provides enormous incentives to report violations of the Bank Secrecy Act, 31 U.S.C. § 5311