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Money laundering remains a fast-growing problem in today’s global economy. The issue of true beneficial ownership of legal entities – which lurks behind the “Panama Papers” scandal and many other money laundering enforcement actions – is perhaps the most critical anti-money laundering (AML) issue today, both in the U.S. and abroad, and has driven the growing focus on the use of shell companies, offshore entities, trusts, and other legal entities to conceal the source or control of funds used to purchase assets and make investments. Further, the field of AML continues to evolve, and the current AML/Bank Secrecy Act regime sometimes competes with the values of reducing regulatory burdens and fostering new industries and technologies, such as the burgeoning cannabis industry and cryptocurrency. Finally, truly enormous AML and money laundering scandals are arising in Europe, Asia and South America. These cases involve unique legal challenges and inevitably will impact U.S. financial institutions and individuals.
What You Will Learn
- Why you and your clients need to worry about money laundering and AML/CFT compliance.
- Offshore entities, shell companies, and trusts – who are you really doing business with?
- “Hot topics” in AML: the move to reduce and improve the regulatory regime, the cannabis industry and financial services, and digital currencies.
- How cases abroad can affect U.S. financial institutions and DOJ enforcement, and what lessons U.S. financial institutions can learn.