This focus of this paper is the regulation of one segment of modern Islamic finance: Islamic banking, whether conducted by stand-alone Islamic banks or “Islamic windows” within conventional interest-based banks. Consideration is given to a select group of illustrative issues that arise in connection with the regulation of Islamic banks.
see International Financial Law Prof Blog
Friday, February 13, 2015
Thursday, February 12, 2015
Banking giant HSBC sheltered murky cash linked to dictators and arms dealers
Secret documents reveal that global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws.
read the story at International Financial Law Prof Blog
read the story at International Financial Law Prof Blog
The Financial Industry Regulatory Authority: Not Self-Regulation after All
Broker-dealers in the United States are regulated by the Financial Industry Regulatory Authority (FINRA). Although commonly perceived to be a self-regulator, FINRA is not accountable to the industry in the way a self-regulator would be. Nor is it accountable to the public, Congress, the president, or the courts. FINRA’s structure and monopoly status shield it from close oversight. http://lawprofessors.typepad.com/intfinlaw/2015/02/the-financial-industry-regulatory-authority-not-self-regulation-after-all.html
Monday, January 26, 2015
Is Insider Trading Still a Crime after U.S. v Newman?
read about the case and the most recent pleases thrown out on International Financial Law Prof Blog
FINRA Changes Regulatory Priorities - Pushing "Best Interest of Client" in 2015 Over "Suitability Standard"
FINRA stated that a central failing FINRA has observed is firms not putting customers’ interests first.
Read the analysis of FINRA's 2015 Regulatory Priorities on International Financial Law Prof Blog
Read the analysis of FINRA's 2015 Regulatory Priorities on International Financial Law Prof Blog
Offshore Voluntary Disclosure Program's "Non-Willful" Narratives - "I Didn't Know It Was Against the Law"
read about constructing the narrative on International Financial Law Prof Blog
Friday, January 16, 2015
Luxembourg's Amazon Deal is State Aid Because of Lack of Diligence, EU Commission Decision Released. How Much Must Amazon Pay Back in Tax Relief?
down load the decision and read the analysis at International Financial Law Prof Blog
Thursday, January 15, 2015
OFAC Makes It Easier for Banks to Detect & Avoid Persons & Companies on the International Black List With Newly Released Global Format
This new sanctions list format was jointly developed by the United Nations (U.N.) and the Wolfsberg Group of International Banks in an effort to create a universal sanctions list format that can be efficiently used by governments worldwide and enhances sanctions compliance. The new format incorporates a variety of features that ensure maximum flexibility for sanctions list creators, while also limiting the need for future changes to the underlying data specification due to the standard’s adaptability.
New capabilities associated with the advanced sanctions list format are discussed on International Financial Law Prof Blog
Tuesday, January 13, 2015
Comparison of the 8 FATCA GIIN Lists (June 2014 -> January 2015): BRIC, EU, NAFTA, and Caribbean
full analysis is available at http://lawprofessors.typepad.com/intfinlaw/2015/01/more-analysis-of-fatca-giin-list-of-january-2015.html
The June 2, 2014 GIIN list contained 77,353 registrations from 205 countries and jurisdictions. Of the June registrations, 74 percent were from Model 1 IGAs that had been either signed or recognized as agreed in substance by the IRS. Approximately 20 percent of these total registrations were from Cayman Islands firms, and 37 percent of the total from the UK and its Crown dependencies and overseas territories. Cayman Islands remains the FATCA registration leader. ....
continued from Saturday's post
The June 2, 2014 GIIN list contained 77,353 registrations from 205 countries and jurisdictions. Of the June registrations, 74 percent were from Model 1 IGAs that had been either signed or recognized as agreed in substance by the IRS. Approximately 20 percent of these total registrations were from Cayman Islands firms, and 37 percent of the total from the UK and its Crown dependencies and overseas territories. Cayman Islands remains the FATCA registration leader. ....
BRIC Registrations
BRIC remains disappointing For the initial June list, Brazil led the BRIC countries with 2,258 FFI registrations, followed by Russia (514), India (246) with China only having 211. Based upon the most recent data, the BRIC countries have thus far shrugged off FATCA.
During October, India and China competed for FATCA lethargy with only ten FFIs registering from China moving it from 599 to 609 (658 as of the December list, and now 927 for 2015's initial list), and merely two from India for a total of 393 as of the November 1 GIIN list (401 as of December, 442 for January 2015). Brazil experienced the largest amount of registrations, jumping approximately 400 to 2,841 (3,179 as of December, 3,594 for 2015), whereas only 40 Russian entities registered (961 in November, 993 as of December, and 1,050 for 2015's start). .... read the full story at the International Financial Law Professor
3rd edition of Lexis' FATCA Compliance book is ready - Lexis Guide to FATCA Compliance and out soon with substantial more analysis – 1,200 pages over 54 chapters. Over 50 FATCA compliance experts from tier 1 institutions, former government officials, and professional firms have contributed to create this detailed and robust guide, filled with numerous practical examples and several chapters written specifically for the non-legal, compliance operations officer. No filler pages of publicly available documents and regurgitated regulations – it’s all beef. See the Lexis website to order a copy of this 3rd edition.
Monday, January 12, 2015
Used Motor Vehicle Odometer Tampering Leads to Money Laundering Indictment
read the full post at International Financial Law Prof Blog
The indictments charge that the Galis used fictitious dealer names to purchase high-mileage, used motor vehicles from a national vehicle leasing company. The defendants are charged with conspiring to alter the odometers in these vehicles, which they purchased in Florida, Maryland, Missouri and elsewhere, to reflect false lower mileages. The EDPA indictment alleges that in some instances, the title indicated mileage more than 100,000 miles less than the true mileage of the vehicle and as a result, the defendants received inflated sales prices for the vehicles they sold.
Friday, January 9, 2015
112 Intergovernmental Agreements and counting .... only 123 countries left out in the FATCA cold
from the headlines of International Financial Law Prof Blog
read the full post at -
http://lawprofessors.typepad.com/intfinlaw/2015/01/112-intergovernmental-agreements-and-counting-only-123-countries-left-out-in-the-fatca-cold.html
read the full post at -
http://lawprofessors.typepad.com/intfinlaw/2015/01/112-intergovernmental-agreements-and-counting-only-123-countries-left-out-in-the-fatca-cold.html
Wednesday, January 7, 2015
FATCA International Data Exchange Service Guide Now Available via IRS
International Financial Law Prof Blog:
The main function of IDES is to provide authorized users with secure exchange services for FATCA data transmissions, with the additional protection of a Public Key Infrastructure (PKI). The primary features of IDES are: read the post at International Financial Law Prof Blog
The main function of IDES is to provide authorized users with secure exchange services for FATCA data transmissions, with the additional protection of a Public Key Infrastructure (PKI). The primary features of IDES are: read the post at International Financial Law Prof Blog
Tuesday, December 16, 2014
FATCA's Impact on Brazil-USA Cross Border Activities
Friday, December 19 (10 am until noon) at the OAB-SC in Florianapolis - FATCA's Impact on Brazil-USA Cross Border Activities, and the OECD's Common Reporting Standards ("GATCA").
Com o apoio da OAB/SC, Comissão de Direito Tributário, ESA, CRC e IBET-SC, lá vamos nós fechar o ano com chave de OURO!!!
Tradução simultânea na palestra com o Prof. William Byrnes, bestselling author of 30 books for LexisNexis and Wolters Kluwer; Associate Dean, Graduate & Distance Education, International Tax & Financial Services; Fellowship, International Bureau of Fiscal Documentation; LL.M. Universiteit van Amsterdam. Vagas limitadíssimas para os primeiros 40 VIP guests. Corre: http://www.academiatributaria.com.br/?opcao=ver_curso&id=8
Tuesday, December 9, 2014
Former Islanders co-owner sentenced to 10 years for billion dollar ponzi scheme
see International Financial Law Prof Blog
The U.S. Commodity Futures Trading Commission (CFTC) announced that Paul Greenwood operated a $1.3 billion investment scam where he and a co-Defendant misappropriated at least $554 million from commodity pool participants, was sentenced to 10 years in federal prison for charges related to his participation in the scam. Earlier, on July 28, 2010, Greenwood pled guilty to a six-count criminal indictment on the charges, including a commodities fraud charge in violation of the Commodity Exchange Act (CEA). see International Financial Law Prof Blog
The U.S. Commodity Futures Trading Commission (CFTC) announced that Paul Greenwood operated a $1.3 billion investment scam where he and a co-Defendant misappropriated at least $554 million from commodity pool participants, was sentenced to 10 years in federal prison for charges related to his participation in the scam. Earlier, on July 28, 2010, Greenwood pled guilty to a six-count criminal indictment on the charges, including a commodities fraud charge in violation of the Commodity Exchange Act (CEA). see International Financial Law Prof Blog
Tuesday, December 2, 2014
OECD Releases 1st Foreign Bribery Report today!
read the full story with links at International Financial Law Prof Blog
An analysis of the crime of bribery of foreign public officials
Most international bribes are paid by large companies, usually with the knowledge of senior management, according to new OECD analysis of the cost of foreign bribery and corruption.
An analysis of the crime of bribery of foreign public officials
Most international bribes are paid by large companies, usually with the knowledge of senior management, according to new OECD analysis of the cost of foreign bribery and corruption.Bribes in the analysed cases equalled 10.9% of the total transaction value on average, and 34.5% of the profits – equal to USD 13.8 million per bribe. But given the complexity and concealed nature of corrupt transactions, this is without doubt the mere tip of the iceberg ...
read the full story with links at International Financial Law Prof Blog
Analysis of the 2014 FATCA GIIN Registration Lists
excerpted from International Financial Law Prof Blog ...
Haydon Perryman and I have sifted through the GIIN lists of June through December. I present Part 1 initial analysis below. Part 2 on Thursday.
read the analysis and specific country based numbers at International Financial Law Prof Blog
Haydon Perryman and I have sifted through the GIIN lists of June through December. I present Part 1 initial analysis below. Part 2 on Thursday. By the way, the 3rd edition of my Lexis Guide to FATCA Compliance will be out soon with substantial more analysis – 1,200 pages over 54 chapters. Over 50 FATCA compliance experts from tier 1 institutions, former government officials, and professional firms have contributed to create this detailed and robust guide, filled with numerous practical examples and several chapters written specifically for the non-legal, compliance operations officer. No filler pages of publicly available documents and regurgitated regulations – it’s all beef. See the Lexis website to order a copy of this 3rd edition.
Origin Registrations (Nov 1) (Dec 1)
Model 1A IGA 66,619 71,334
Model 1B IGA 25,847 27,550
Model 2 IGA 16,902 17,098
US & US Territories 777 795
Non-IGA 5,959 6,094
Total 116,104 122,881
GIIN List (2014) Total Registrations
June 77,354
July 82,994
August 95,239
September 99,861
October 104,344
November 116,104
December 122,881
read the analysis and specific country based numbers at International Financial Law Prof Blog
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