Is Section 314 of the USA PATRIOT Act Working?

November 2020

Section 314 of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money laundering and terrorist

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“Complexity will not hide crime from law enforcement,” California U.S. Attorney on Brockman Indictment

November 2020

The U.S. Department of Justice (DOJ) 39 count indictment charging Robert T. Brockman, with tax evasion, wire fraud, money laundering, and other offenses, demonstrates that the DOJ is committed to the investigation and prosecution of the costliest and most sophisticated

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Are you purchasing Real Property from a Foreign Person?

November 2020

On 9/14/20, the IRS announced 4 New Compliance Campaigns . One Campaign addresses FIRPTA (Foreign Investment in Real Property Tax Act of 1980) Reporting Compliance for Non-Resident Aliens (NRAs).  FIRPTA authorized the United States to tax foreign persons on dispositions

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GAFILAT Identifies Money Laundering/Terrorist Financing Emerging Threats

October 2020

GAFILAT (Financial Action Task Force of Latin America) published a Second Update to the Money Laundering Regional Threat Report (2017-2018) that includes:  ANNEX VI: THREATS RELATED TO THE COVID-19 PANDEMIC.   Considered to be a regional money laundering threat analysis, the

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Erroneous FACTA Withholding?

October 2020

What if a U.S. Withholding Agent  of a Foreign financial Institution (FFI) erroneously applies a 30% Internal Revenue Code (IRC) Chapter 4 FATCA Withholding to a payment to the FFI? What can be done to recover the funds?      Who

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¿Sabías que el IRS está Involucrado en la Investigación y el Enjuiciamiento del Soborno?

September 2020

En 1977, los Estados Unidos promulgó la Ley de Prácticas Corruptas en el Extranjero (FCPA).  El FCPA prohíbe una oferta, pago, promesa o la autorización de un pago de dinero o cualquier cosa de valor (también conocido como soborno) a

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Did you know that the IRS is Involved with Investigating and Prosecuting Bribery?

September 2020

In 1977, the United States enacted the Foreign Corrupt Practices Act (FCPA).  The FCPA prohibits an offer, payment, promise or the authorization of a payment of money or anything of value (a/k/a bribery) to a foreign official for the purpose

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¿Sabías que la OFAC y el IRS tienen un Entendimiento?

September 2020

En Noviembre del 2019, el IRS y la Oficina de Control de Activos Extranjeros (“OFAC”) firmaron un Memorando de Entendimiento (“MOU”).  El MOU describe un entendimiento entre el IRS y la OFAC con respecto a las revisiones realizadas por el

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An Interagency Statement from Regulators and a FinCEN Statement provide clarity Regarding Enforcement Actions

September 2020

On August 13, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency issued a  JOINT STATEMENT ON ENFORCEMENT OF BANK

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Violating the FCPA may Trigger other U.S. Laws such as the Travel Act

September 2020

There are other U.S laws that intersect with the FCPA.   A violation of the FCPA may also constitute a violation of the characteristics of another U.S. Law – in this case the Travel Act.  If the conduct of an Entity

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U.S. Financial Institutions and FATCA

August 2020

Little is written regarding FATCA and U.S. Financial Institutions (FI).  That said, U.S. FIs have FATCA responsibilities.  In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of U.S. source withholdable income to non-U.S.

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How does IRS Identify Cases with Audit Potential?

August 2020

Understanding how the IRS identifies cases that have audit potential can be learned from the CONGRESS OF THE UNITED STATES (CONGRESSIONAL BUDGET OFFICE) Report released on July, 2020: Trends in the Internal Revenue Service’s Funding and Enforcement.  This report addresses

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