The Financial Action Task Force published RBA Guidance for Legal Professionals. (October 23, 2008) The report outlines the Risk Based Approach to combating money laundering and terrorist financing for lawyers and law firms. Read more »
FATF on Money Laundering and Terrorist Financing Through the Real Estate Sector
The Financial Action Task Force published their report on Money Laundering & Terrorist Financing Thorugh the Real Estate Sector (June 29, 2007). I was disappointed in the report. I have a history of structuring complex real estate transactions. The report did little to help distinguish between legitimate and illegitimate structures. All of the structures and … Read more »
Ignorance Is No Excuse When It Comes to the FCPA
Paul R. Berger, Bruce E. Yannett, Erin W. Sheehy, and Emily S. Pierce of Debevoise & Plimpton LLP wrote an article: Fair Warning: Ignorance Is No Excuse When it Comes to the FCPA (March 2008). The article focused on some of the implications of Unites States V. Kay, 513 F.3d 432. [See Kay v. United … Read more »
Sovereign Wealth Funds That Are Part of the IWG and Santiago Principles
The following sovereign wealth funds are part of the Internal Working Group of Soverign Wealth Funds and the Santiago Principles: Australia The Future Fund Azerbaijan State Oil Fund of the Republic of Azerbaijan Botswana Pula Fund Canada Alberta Heritage Savings Trust Fund Chile Economic and Social Stabilization Fund / Pension Reserve Fund China China Investment … Read more »
The Santiago Principles
The International Working Group of Sovereign Wealth Funds created a set of 24 best practices called the Generally Accepted Principles and Practices (GAPP) or the Santiago Principles: GAPP 1. Principle The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s). GAPP 1.1 Subprinciple The … Read more »
Committee on Foreign Investment in the United States
The Foreign Investment and National Security Act of 2007, Pub. L. 110-49, which amends section 721 of the Defense Production Act of 1950 (50 USC §2170) authorizes the President to review merger, acquisitions and takeovers by or with any foreign person which could result in foreign control of any person engaged in interstate commerce in … Read more »
Sovereign Wealth Funds Adopt Voluntary Best Practices
Adam O. Emmerich of Wachtell Lipton Rosen & Katz put together a summary published on The Harvard Law School Corporate Governance Blog on the Santiago Principles and the potential impact of these on investments by sovereign wealth funds: Sovereign Wealth Funds Adopt Voluntary Best Practices. Intended to demonstrate that SWFs are soundly established and that … Read more »
Key Principles for Strengthening Corporate Governance
Holly Gregory of Weil, Gotshal & Manges LLP posted on The Harvard Law School Corporate Governance Blog about the release of Key Agreed Principles for Strengthening Corporate Governance by The National Association of Corporate Directors, with the support of the Business Roundtable. The Principles identify the core areas that boards, management and shareholders agree should … Read more »
Computer System Requirements for New Massachusetts Privacy Regulations
As discussed in earlier alerts (Additional Guidance on the Massachusetts Privacy Regulations, Privacy and Security Alert: Massachusetts Has New Data Security Regulations and New Massachusetts Privacy Laws), starting on January 1, 2009, businesses will be held to a higher standard regarding the protection of Massachusetts residents’ personal information. The regulations set out in detail the … Read more »
Effects of FinCEN’s Withdrawal of Rule-Making on Anti-Money Laundering
Last week, FinCEN withdrew a proposed rulemaking for anti-moneylaundering procedures for unregistered investment companies. [See: FinCEN Withdraws Proposed Rulemaking for Unregistered Investment Companies] FinCEN warned that they have not abandoned plans for rule-making. They merely felt that after six years the notice had gone stale. FinCEN may come out with AML program rule proposal, but would … Read more »