The Financial Crimes Enforcement Network, Treasury’s financial intelligence unit has been trying to impose anti-money laundering obligations on private funds for years. On September 26, 2002, FinCEN issued a notice of proposed rulemaking, proposing to require unregistered investment companies to establish and implement anti-money laundering programs. (Anti-Money Laundering Programs for Unregistered Investment Companies, 67 FR … Read more »
Tag: Senator Levin
Stop Tax Haven Abuse Act
Senator Levin of Michigan has introduced the Stop Tax Haven Abuse Act (S.506). It is a wide ranging bill that would require disclosure of beneficial ownership of foreign entities, implementation of anti-money laundering by formation agents, limit patents on tax planning inventions, change the tax opinion standard for penalties, and many other changes. There is … Read more »