How does the “Accounting” for a Forgivable Loan received under the PPP work?

June 2020

The PPP (Paycheck Protection Program) was established by Congress to assist small businesses during the Covid-19 pandemic as part of the $2 trillion CARES Act.  Via the PPP, the U.S. Treasury requires the U.S. Small Business Administration (SBA) to fund

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No deje que el IRS llegue a Usted Primero

June 2020

Los Contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no declarados corren el riesgo de que el Gobierno determine si su conducta fue intencional o no intencional.  La definición de conducta “intencional” o “no intencional” del Contribuyente hace una gran

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Las Instituciones Financieras ya no Pueden Permitirse Sub-Financiar la Contratación y la Capacitación del Cumplimiento

June 2020

La pandemia del Covid-19 y la reducción de la actividad económica que la acompaña ha sido una justificación para que las Instituciones Financieras (IF) vuelvan a analizar sus presupuestos para la capacitación y educación sobre el cumplimiento. Las IF, así

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OFAC no es parte de la BSA, pero la Convergencia está Ocurriendo

June 2020

El 15 de abril de 2020, los miembros del Consejo de Examen de Instituciones Financieras Federales (“FFIEC”) publicaron secciones actualizadas y procedimientos de examen relacionados con el Manual de Examen de la Ley de Secreto Bancario / Antilavado de Dinero

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El FATF identifica las Amenazas de Lavado de Dinero derivadas de la Crisis del Covid-19

June 2020

En mayo del 2020, el FATF (GAFI) publicó nuevas amenazas y vulnerabilidades de lavado de dinero y financiamiento del terrorismo derivadas de la crisis COVID-19. El documento destaca cómo el fraude, el cibercrimen, la mala dirección de los fondos del

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The FATF identifies Money Laundering Threats arising from the Covid-19 Crisis

June 2020

On May, 2020, the FATF published new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis.  The document highlights how fraud, cybercrime, misdirection of government funding and international financial assistance are opening the way for illicit

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FCPA Compliance Report-Episode 482 – Stanley Foodman on the Travel Act and FCPA

June 2020

Thomas Fox has practiced law in Houston for 30 years. He is an Independent Consultant, assisting companies with anti-corruption and anti-bribery compliance and international transaction issues. He specializes in bring business solutions to compliance problems. In the Episode, I am

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The “Affidavit” in the IRS Streamlined Filing Compliance Procedures is a Key Component

June 2020

Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income.  The intention of the program is to provide non-willful uncompliant Taxpayers with a less stressful path toward recovering compliant

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The OVDP is now the VDP

June 2020

There was and IRS termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. On November 20, 2018, following the OVDP notice of termination, there was a release of a Memorandum announcing the Voluntary Disclosure Practice. On May

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What is new in the DOJ Updated Corporate Compliance Program Evaluation Guidance?

June 2020

On June 1, 2020, the Department of Justice (DOJ) Criminal Division published an update to the U.S. Department of Justice Criminal Division Evaluation of Corporate Compliance Programs. The Corporate Compliance Evaluation Guideline assists  prosecutors with making decisions regarding a corporation’s

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Forensic Accountants Should Be an Integral Component of PPP Loan Audits

June 2020

The published goal of the Paycheck Protection Program (PPP) loan program is to assist small businesses to remain open during the Covid-19 crisis and to reduce the rate of unemployment.  The loans   provide a direct incentive for small businesses to

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Financial Institutions Can No Longer Afford to Underfund Compliance Hiring and Training

June 2020

The Covid-19 Pandemic and the accompanying reduction in economic activity has been a rationale for Financial Institutions (FI) to re-analyze their budgets for compliance training and education.  FIs, as well as  businesses in other industries, are seeking to preserve liquidity

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