When are Casinos Financial Institutions?
According to the IRS and FinCEN, Casinos licensed to do business as casinos and which have gross annual gaming revenues in excess of $1,000,000 are Financial Institutions subject to the requirements of the Bank Secrecy Act, which is known as
- Foodman Website and JD Supra
Beneficiarios Reales Bajo la Regla Final de FinCEN
El 29 de septiembre del 2022, FinCEN emitió la muy esperada Regla Final (Final Rule) que establece un requisito de reporte de información sobre los beneficiarios reales, en conformidad con la Ley de Transparencia Corporativa (“Corporate Transparency Act” o “CTA”)
- Foodman Website and JD Supra
EL FATCA “Loophole” Traerá Más Acciones de Cumplimiento
Después de una investigación de un año, el Comité de Finanzas del Senado de los EE. UU. investigó una escapatoria (FATCA Loophole) y entregó un Reporte de investigación titulado “The Shell Bank Loophole” que expone un esquema de evasión de
- Foodman Website and JD Supra
IRS-CI Amplía Asociaciones con Contrapartes Extranjeras
El 3/11/22, el IRS-CI (Investigación Criminal del IRS) publicó su Reporte del Año Fiscal 2022 que destaca más de 2550 investigaciones criminales, una tasa de condena del 90%; acciones de cumplimiento enfocadas en el fraude fiscal, lavado de dinero, delitos
- Foodman Website and JD Supra
IRS-CI Expands Partnerships with Foreign Counterparts
On 11/3/22, IRS-CI (IRS Criminal Investigation) released it FY2022 Annual Report highlighting more than 2,550 investigations, 90% conviction rate; enforcement actions focused on tax fraud, money laundering, cybercrimes, and important partnerships. During its Fiscal Year 2022, which began Oct. 1,
- Foodman Website and JD Supra
Crimen Corporativo a la Vanguardia del DOJ
El 15 de septiembre del 2022, la Fiscal General Diputada del Departamento de Justicia (DOJ), Lisa Monaco, pronunció comentarios sobre la ejecución penal corporativa en el Programa de Cumplimiento y Cumplimiento Corporativo de “NYU” y anunció una nueva Guía para
- Foodman Website and JD Supra
Sponsoring Entities under IRS FATCA scrutiny
On 10/11/22, the IRS issued Notice Number 2022-05: FATCA Registrations: Sponsoring Entities with no Registered Sponsored Entities. The IRS has identified Sponsoring Entities that do not appear to have Sponsored Entities registered in the FATCA Registration System. A Sponsored Entity
- Foodman Website and JD Supra
Crypto-Asset Activities Not Paired with Regulation
The U.S. Department of the Treasury through its Financial Stability Oversight Council issued a press release presenting its Report on Digital Assets Financial Stability Risk and Regulation on 10/3/22 highlighting how crypto-asset activities could pose risks to the stability of
- Foodman Website and JD Supra
Beneficial Ownership under FinCEN’s Final Rule
On 9/29/22 FinCEN issued the very anticipated Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The Final Rule will require most corporations, limited liability companies, and other entities created in or
- Foodman Website and JD Supra
Corporate Crime at the Forefront of the DOJ
On September 15, 2022, Department of Justice (DOJ) Deputy Attorney General Lisa Monaco delivered remarks on Corporate Criminal Enforcement at the NYU Program on Corporate Compliance and Enforcement and announced new guidance for the DOJ’s corporate enforcement policies. The new
- Foodman Website and JD Supra
IRS Whistleblower Program – Exposing Tax Law Violations
The IRS Whistleblower Program helps boost the “fair and effective enforcement of our nation’s tax laws and the success of our voluntary tax system.” The IRS Whistleblower Program is dependent on people who become aware of tax fraud and tax
- Foodman Website and JD Supra
White House follows up with Digital Assets Priorities Identified in Executive Order
President Biden’s Executive Order (EO) on Ensuring Responsible Development of Digital Assets was signed on 3/9/22 acknowledging how the rise in digital assets creates an opportunity to reinforce the leadership of the U.S. in the global financial system as well
- Foodman Website and JD Supra