The International Enforcement Law Reporter

The International Enforcement Law Reporter is a monthly print and online journal covering news and trends in international enforcement law.

Since September 1985, the International Enforcement Law Reporter has analyzed the premier developments in both the substantive and procedural aspects of international enforcement law. Read by practitioners, academics, and politicians, the IELR is a valuable guide to the difficult and dynamic field of international law.

U.S. House Passes ENABLERS Act to Impose AML/CFT Requirements on Gatekeepers

Thursday, July 28, 2022
Author: 
Bruce Zagaris
Volume: 
38
Issue: 
8
Abstract: 

On July 13, 2022, the U.S. House of Representatives passed the 2023 National Defense Authorization Act (“NDAA”), which included an amendment to the Establishing New Authorities for Business Laundering and Enabling Risks to the Security Act (ENABLERS Act).  The latter would add to 31 U.S.C. § 5312 categories of service provides in the code’s § 5337(a) regulations.  It would require the U.S. Treasury to classify and require persons performing financial advice, forming entities, processing  payments, rendering investment advice, servicing trusts, and attorneys and accountants providing certain types of work to conduct anti-money laundering due diligence.

President Biden Issues Executive Order to Deter Wrongful Detention of Americans Abroad

Thursday, July 28, 2022
Author: 
Alex Mostaghimi
Volume: 
38
Issue: 
8
Abstract: 

On July 19, President Biden signed a new executive order meant to deter hostage taking and wrongful detentions and help bring Americans wrongfully detained abroad back home.  The executive order builds on the Robert Levinson Hostage Recovery and Hostage-taking Accountability Act, which spelled out who is considered wrongfully detained, and expanded tools to help free American hostages.

 

Austria Extradites Turkish Businessman to Face Charges Linked to Biofuel Tax Credit Fraud

Friday, July 22, 2022
Author: 
Bruce Zagaris
Volume: 
38
Issue: 
8
Abstract: 

On July 15, 2022, Sezgin Baran Korkmaz arrived in Utah in the custody of the U.S. Marshals Service.  He is facing an indictment in Salt Lake City, charging him with laundering more than $133 million in illegal proceeds through bank accounts he controlled in Turkey and Luxembourg.  The April 2021 superseding indictment alleges that the proceeds concern a scheme organized in Plymouth, Utah, by Jacob Kingston, Isaiah Kingston, and Levon Termedndzhyan to defraud the U.S. Treasury by filing false claims for more than $1 billion in tax credits allegedly for the production and sale of biodiesel by their company, Washakie Renewable Energy LLC.[1]



[1]    U.S. Department of Justice, Turkish Businessman Extradited from Austria to Face Money Laundering and Wire Fraud Charges Allegedly Connected to $1 Billion Washakie Biofuel Tax Credit Fraud, Press Rel. 22-760, July 15, 2022.

 

Cape Verdean Central Bank Orders Administrative Liquidation of Offshore Bank Owned by Isabel dos Santos

Friday, July 22, 2022
Author: 
Bruce Zagaris
Volume: 
38
Issue: 
8
Abstract: 

On July 14, 2022, an article in an Angolan paper revealed that the Cape Verdean Central Bank ordered the “administrative liquidation” of the BIC Cabo Verde bank (BIC-CV) for which Angolan businesswoman Isabel dos Santos was a majority owner.  The Central Bank appointed a liquidation commission that immediately started managing the bank.[1]



[1]    Cabo Verde:  Central Bank determines “administrative liquidation” of BIC Cabo Verde held by Isabel dos Santos, Angola Telegraph, July 14, 2022 https://angolatelegraph.com/economy/cabo-verde-central-bank-determines- administrative-liquidation-of-bic-cabo-verde-held-by-isabel-dos-santos.

 

U.S. Agrees to Increase Enforcement Assistance to Haiti in Meeting with Foreign Partners

Friday, July 22, 2022
Author: 
Bruce Zagaris
Volume: 
38
Issue: 
7
Abstract: 

On July 12, 2022, in a Ministerial-level virtual meeting with over 17 countries and several international organizations, the United States government has reaffirmed and provided additional commitments with respect to supporting Haiti with respect to police and security assistance, including investigating the assassination of President Moïse and combating gang activity.  The U.S. also made commitments with respect to migration.

 

Briefcases of cash and Smurfs – Credit Suisse Guilty in Bulgarian Money Laundering Case

Friday, July 22, 2022
Author: 
John Kennamer
Volume: 
38
Issue: 
7
Abstract: 

On June 27, 2022, a court in Switzerland ordered Credit Suisse to pay 21 million francs in connection to money laundering offences between 2007 and 2008.  During that period, a bank employee aided Bulgarian drug smugglers in laundering millions of dollars’ worth of cash through a process known as “smurfing.”  The ruling is the latest in a line of legal woes faced by the bank in recent years.

CFTC Imposes Penalties on 2 Firms for Swap Reporting and Daily Mark Disclosure Violations

Friday, July 15, 2022
Author: 
Bruce Zagaris
Volume: 
38
Issue: 
7
Abstract: 

On July 5, 2022, the Commodity Futures Trading Commission issued an order filing and simultaneously settling charges against BNP Paribas (BNPP), an international financial services corporation and swap dealer, for violations of the Commodity Exchange Act (CEA) and Commission regulations concerning swap reporting and daily mark disclosures.[1]



[1]    CFTC, CFTC Orders Swap Dealer to Pay $6 Million for Swap Reporting and Daily Mark Disclosure Violations, July 5, 2022.

 

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