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FinCEN

Proposed regs would modify FBAR filing rules for financial professionals

Proposed regs would modify FBAR filing rules for financial professionals

FinCEN news release, “FinCEN Proposes Revising FBAR Rules for Certain Financial Professionals” (Mar. 1, 2016). FinCEN Notice of proposed rulemaking, Amendment to the Bank Secrecy Act Regulations — Reports of Foreign Financial Accounts. The Financial Crimes Enforcement Network (FinCEN) has issued proposed regs that would clarify and revise certain rules relating to the filing of […]

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U.S. House tax writer pushes 2016 tax reform on foreign earnings

U.S. House tax writer pushes 2016 tax reform on foreign earnings

WASHINGTON (Reuters) – The U.S. House of Representatives’ top tax writer wants a vote this year on legislation moving the United States to a territorial-style tax system aimed at exempting the earnings of American companies abroad from U.S. taxation. International tax reform should be tackled as the first step toward a bigger rewrite of the […]

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FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

FinCEN Issues Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

The Financial Crimes Enforcement Network (FinCEN) today issued an advisory to financial institutions based on the Financial Action Task Force’s (FATF) updated lists of jurisdictions with strategic anti-money laundering and counter-terrorist financing deficiencies. These changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions. The advisory can be viewed at […]

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FinCEN Issues Two Administrative Rulings Related to the Definition of an MSB

FinCEN Issues Two Administrative Rulings Related to the Definition of an MSB

FinCEN Issues Two Administrative Rulings Related to the Definition of an MSB   The Financial Crimes Enforcement Network (FinCEN) has issued two administrative rulings related to the definition of a money services business (MSB). The rulings have been posted to FinCEN’s Web site at www.fincen.gov. FinCEN Ruling on Application of the Prepaid Access Rule to […]

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Swiss Banks Prepare to Bow To U.S. Demands, Grudgingly

Swiss Banks Prepare to Bow To U.S. Demands, Grudgingly

Zurich/Washington (Reuters) – Switzerland’s private banks have until Monday to decide whether to bow to U.S. pressure and ditch the centuries-old culture of secrecy that has made the Alpine state a global vault for the world’s rich. Many are leaving it to the last minute to tell the Swiss financial regulator whether they will participate […]

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Form TD F 90-22.1 is now obsolete – replaced by Form 114, Report of Foreign Bank and Financial Accounts

Form TD F 90-22.1 is now obsolete – replaced by Form 114, Report of Foreign Bank and Financial Accounts

As announced by FINCEN, Form TD F 90-22.1 is now obsolete.  Form 114, Report of Foreign Bank and Financial Accounts, must be filed by US persons who have a financial interest in or signature authority over one or more financial accounts in foreign countries with an aggregate value exceeding $10,000 at any time during the […]

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FinCEN Advisory:Update on the Continuing Illicit Finance Threat Emanating from North Korea

FinCEN Advisory:Update on the Continuing Illicit Finance Threat Emanating from North Korea

The Financial Crimes Enforcement Network (“FinCEN”) issued an Advisory to supplement information previously provided on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Democratic People’s Republic of Korea (“North Korea” or “DPRK”), and to provide guidance to financial institutions regarding United Nations Security Council Resolution (“UNSCR”) 2087, adopted on January […]

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FinCEN Releases 23rd Issue of SAR Activity Review – Trends, Tips & Issues

FinCEN Releases 23rd Issue of SAR Activity Review – Trends, Tips & Issues

The Financial Crimes Enforcement Network (FinCEN) released the 23rd issue of The SAR Activity Review – Trends, Tips & Issues. It can be viewed here.  Highlights are as follows: The SAR Activity Review – Trends, Tips & Issues is a product of continual dialogue and collaboration among the nation’s financial institutions, law enforcement officials and […]

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HSBC Holdings Plc. and HSBC Bank USA N.A. Admit to Anti-Money Laundering and Sanctions Violations, Forfeit $1.256 Billion in Deferred Prosecution Agreement

HSBC Holdings Plc. and HSBC Bank USA N.A. Admit to Anti-Money Laundering and Sanctions Violations, Forfeit $1.256 Billion in Deferred Prosecution Agreement

As announced by the Department of Justice press release, “HSBC Holdings Plc. and HSBC Bank USA N.A. Admit to Anti-Money Laundering and Sanctions Violations, Forfeit $1.256 Billion in Deferred Prosecution Agreement,” HSBC is the latest casualty in the law enforcement efforts to combat crime.  Here’s the press release. WASHINGTON – HSBC Holdings plc (HSBC Group), […]

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FinCEN Issues Mortgage Loan Fraud Update for 2012 Q2 – SARs Regarding Foreclosure Rescue Scams Increase

FinCEN Issues Mortgage Loan Fraud Update for 2012 Q2 – SARs Regarding Foreclosure Rescue Scams Increase

Suspicious activity reports (SARs) regarding foreclosure rescue scams continued to grow in the first half of 2012, even as the total number of SARs indicating mortgage loan fraud declined, the Financial Crimes Enforcement Network (FinCEN) announced in its latest Mortgage Loan Fraud Update. This update to FinCEN’s prior reports looks at SAR filings from April […]

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FinCEN Releases Latest SAR Activity Review -Trends, Tips & Issues

FinCEN Releases Latest SAR Activity Review -Trends, Tips & Issues

FinCEN released the 22nd issue of the SAR Activity Review – Trends, Tips & Issues at the Bank Secrecy Act Advisory Group’s Semi-Annual Plenary Meeting. The complete report is here. Here are some of the highlights: Introduction: Each year FinCEN conducts a survey of readers of Trends, Tips & Issues, along with its companion publication […]

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FINCEN Reports that California, Nevada, Florida Top Mortgage Fraud SAR List – Criminals Continuing Debt Elimination and Foreclosure Rescue Scams

FINCEN Reports that California, Nevada, Florida Top Mortgage Fraud SAR List – Criminals Continuing Debt Elimination and Foreclosure Rescue Scams

VIENNA, Va. – The Financial Crimes Enforcement Network reported on June 26, 2012, released its First Quarter 2012 Update of mortgage loan fraud suspicious activity reports (MLF SARs) that shows California, Nevada, and Florida leading the nation in the number of MLF SAR subjects per capita. Of the 50 most populous Metropolitan Statistical Areas (MSAs) […]

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Treasury, Japan Agree to Pursue Framework for Cooperation for Implementing FATCA

Treasury, Japan Agree to Pursue Framework for Cooperation for Implementing FATCA

6/21/2012 New Agreement to Strengthen Cooperation in Combating Tax Evasion,Reduce Administrative Burden on Financial Institutions   WASHINGTON –  The U.S. Department of the Treasury today jointly issued a statement with Japan expressing mutual intent to pursue a framework for intergovernmental cooperation to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA) and improve […]

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Treasury, Switzerland Agree to Pursue Framework for Cooperation for Implementing FATCA

Treasury, Switzerland Agree to Pursue Framework for Cooperation for Implementing FATCA

New Agreement to Strengthen Cooperation in Combating Tax Evasion, Reduce Administrative Burden on Financial Institutions WASHINGTON –  The U.S. Department of the Treasury on June 21, 2012,  jointly issued a statement with Switzerland expressing mutual intent to pursue a framework for intergovernmental cooperation to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA) […]

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IRS Says Offshore Effort Tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole

IRS Says Offshore Effort Tops $5 Billion, Announces New Details on the Voluntary Disclosure Program and Closing of Offshore Loophole

Editor’s Note:  a separate article will discuss the FAQ update to the IRS Offshore Voluntary Disclosure Program. WASHINGTON — The Internal Revenue Service announced on June 26, 2012, that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the […]

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FINCEN marches on – say goodbye to attorney-client confidentiality?

FINCEN marches on – say goodbye to attorney-client confidentiality?

A proposed federal rule aimed at reducing money laundering and terrorist financing could put the confidentiality of law firm clients at risk, according to the American Bar Association, in published comments.  Under the proposed rule, law firms that open new bank accounts on behalf of clients or deposit advanced legal fees in firm trust accounts […]

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Rand Paul Seeks to Block Tax Treaty Account on Swiss Accounts

Rand Paul Seeks to Block Tax Treaty Account on Swiss Accounts

Editor’s Note:  I read an interesting article entitled “Rand Paul Seeks to Block Tax Treaty Account on Swiss Accounts,” as noted by Bloomberg Businessweek.com.  The article provides a good overview of what has been happening with the exchange of information between the U.S. and Swiss taxing authorities.  We have written many articles and pages on […]

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FinCEN Allows Taxpayers More Time To E-File FBARs If Certain Conditions Are Met; New Filing Date Is June 30, 2013

FinCEN Allows Taxpayers More Time To E-File FBARs If Certain Conditions Are Met; New Filing Date Is June 30, 2013

The Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that electronic filing (e-filing) of TD F 90-22.1, Report of Foreign Bank and Foreign Accounts (FBAR), won’t be required until June 30, 2013.  FinCEN also announced it will grant limited exemptions for certain financial institutions that can’t meet the general FinCEN July 1, 2012, filing deadline. […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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