Regulatory Initiatives Archives - Page 5 of 5

December 2013 – February 2014, Europe, Featured Articles for App Home, Regulatory Initiatives

Reining in Tax Evasion

December 18, 2013June 3, 2024 /Leave a comment

The road to FATCA and the Fourth EU Directive – Customer Due Diligence Requirements Revisited Offshore tax evasion is widely recognized as a global issue requiring global solutions. Some of the regulation emerging from ongoing discussions on an international level will impact directly upon financial...

June – August 2013, Regulatory Initiatives

Dealing with financial sanctions – The Libyan asset freeze regime

May 30, 2013June 3, 2024 /Leave a comment

The obligations placed upon the financially regulated sector are many and various, and most are governed by the risk-based approach, in which the risk of dealing with a particular person, company or transaction must be assessed, and the level of due diligence to be applied...

March – May 2012, Regulatory Initiatives

Revenue Enhancing Legislation: FATCA or Fiction

February 29, 2012June 3, 2024 /Leave a comment

The U.S. Foreign Account Tax Compliance Act (FATCA) is designed to stop the flow of money from the United States into untaxed offshore accounts and raise revenue by collecting unreported earnings. But, while FATCA takes a giant step in closing the loophole through which tax...

March – May 2012, Regulatory Initiatives

Iran Sanctions: A Big Deal

February 29, 2012June 3, 2024 /Leave a comment

Those who have visited the northern Tehran suburb of Lavizan can attest to the magnificent beauty of its park. Lavizan is home to one of the finest parks in Iran's capital city. But its natural beauty belies its military significance: Lavizan is the epicenter of...

Regulatory Initiatives, September 2011 – November 2011

Analyzing the Impact of FinCEN Rules for Foreign MSBs

September 2, 2011June 3, 2024 /Leave a comment

On July 18, 2011, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) issued a final rule clarifying the definition of a Money Services Business (MSB) and applying Bank Secrecy Act (BSA) regulations to foreign entities doing business in the United States. Under the rule,...

June 2011 – August 2011, Regulatory Initiatives

Summary of Egmont Group Enterprise-Wide STR Sharing White Paper

August 29, 2011June 3, 2024 /Leave a comment

On February 3, 2011, the Egmont Group of Financial Intelligence Units (FIUs) published "Enterprise-wide STR Sharing: Issues and Approaches," a white paper on the sharing of suspicious transaction reports (STRs) by financial institutions that operate in multiple jurisdictions. The paper notes that it is important...