Latest News
By Federal Newswire | Jun 28, 2024
The following statement is attributed to Blockchain Association CEO Kristin Smith following the SEC’s lawsuit against Consensys:
By Federal Newswire | Jun 28, 2024
The Blockchain Association has issued a statement following the IRS's finalization of the broker rule. Marisa Coppel, Head of Legal at the Blockchain Association, commented on the decision:
By Federal Newswire | Jun 28, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced a proposed rule aimed at strengthening and modernizing financial institutions' anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While these institutions have long maintained AML/CFT programs under existing regulations, the new rule seeks to amend those regulations to explicitly require that such programs be effective, risk-based, and reasonably designed. This approach aims to enable financial institutions to allocate their resources in line with...
By Federal Newswire | Jun 26, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule under section 311 of the USA PATRIOT Act, severing Al-Huda Bank from the United States financial system. This measure prohibits domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank identified as a conduit for terrorist financing.
By Federal Newswire | Jun 24, 2024
Congressman French Hill (R-AR) has expressed concern over the detention of Tigran Gambaryan, a former U.S. federal agent and current Binance employee, by the Nigerian government. Hill stated that Gambaryan is being "wrongfully detained" and that his health is deteriorating. Hill shared his statement in a June 20 post on X.
By Federal Newswire | Jun 20, 2024
Secretary of the Treasury Janet L. Yellen announced today that the Financial Crimes Enforcement Network (FinCEN) has issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and their illicit procurement of fentanyl precursor chemicals and manufacturing equipment from People’s Republic of China-based suppliers.
By Donna Rolando | Jun 20, 2024
As he fights for his life with malaria in a Nigerian prison, the U.S. has called for the humanitarian release of American citizen and former IRS agent Tigran Gambaryan. Yet that doesn’t go far enough for his home district congressman, Richard McCormick, and other lawmakers seeking direct U.S. intervention as in a priority hostage case.
By Federal Newswire | Jun 19, 2024
Binance CEO Richard Teng stated that Tigran Gambaryan, the company's head of financial crime compliance, is being used as a "tool" by the Nigerian government to charge Binance with crimes. Teng shared his statement in a June 17 episode of the Bankless podcast.
By Federal Newswire | Jun 14, 2024
As the nation recognizes World Elder Abuse Awareness Day, the Financial Crimes Enforcement Network (FinCEN) has reminded financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation (EFE). EFE-related losses affect personal savings, checking accounts, retirement savings, and investments, severely impacting victims’ well-being and financial security as they age. FinCEN has previously published resources to help stakeholders combat EFE.
By Federal Newswire | Jun 13, 2024
Coinbase CEO Brian Armstrong announced that nearly one million people have signed on in support of Stand With Crypto, a nonprofit advocating for clear regulations in the digital asset industry. Armstrong shared his statement in a June 5 post on X.
By Federal Newswire | Jun 13, 2024
On June 11 and 12, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders traveled to Arizona for beneficial ownership reporting outreach events and a counter-fentanyl FinCEN Exchange.
By Federal Newswire | Jun 11, 2024
One hundred and eight former federal agents and prosecutors are urging the State Department to "step up its efforts" in securing the release of Tigran Gambaryan, a former federal agent who has been detained by the Nigerian government since February 26. The former agents and prosecutors shared their statement in a June 6 letter addressed to Secretary of State Antony Blinken.
By Federal Newswire | Jun 10, 2024
A version of the Terrorist Finance Prevention Act (TFPA) has been attached to a must-pass intelligence authorization bill in the Senate. The TFPA requires the President to implement significant secondary sanctions against individuals in the crypto space involved with terrorist financing. These sanctions could apply to regulated financial institutions, such as custodial exchanges, and non-custodial entities referred to as "foreign digital asset transaction facilitators."
By Federal Newswire | Jun 10, 2024
Cryptocurrency exchange Coinbase stated that the U.S. Securities and Exchange Commission (SEC) is seeking to "destroy" digital asset firms rather than regulate them. The statement from Coinbase was made in a May 31 court filing.
By Federal Newswire | Jun 7, 2024
The Financial Crimes Enforcement Network (FinCEN) has issued its Year in Review for Fiscal Year 2023. The document aims to provide stakeholders with insights into the collection and use of Bank Secrecy Act (BSA) data, highlighting FinCEN’s efforts to support law enforcement and national security agencies.
By Federal Newswire | Jun 6, 2024
Sixteen members of Congress are calling on President Joe Biden, Secretary of State Antony Blinken, and Special Presidential Envoy for Hostage Affairs Roger Carstens to intervene on behalf of Tigran Gambaryan, a Binance employee and former U.S. federal agent who has been "wrongfully detained" in Nigeria since February 26. The lawmakers shared their statement in a June 4 letter that was posted on X by Eleanor Terrett.
By Federal Newswire | Jun 4, 2024
The U.S. House of Representatives voted to pass the CBDC Anti-Surveillance State Act proposed by Majority Whip U.S. Rep. Tom Emmer (R-Minn.).
By Federal Newswire | Jun 3, 2024
On May 31, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki and senior FinCEN leaders engaged in two roundtables coordinated with Iowa Representative Zach Nunn’s office in Des Moines, Iowa.
By Federal Newswire | Jun 3, 2024
Andrew Adams, a partner at the New York office of Steptoe & Johnson LLP and a former acting Deputy Assistant Attorney General for the National Security Division of the Department of Justice (DOJ), has called for the US government to halt sharing forfeited property with Nigeria. This statement comes in response to the detention of Tigran Gambaryan, a former US federal agent and current Binance employee, who has been "wrongfully detained" in Nigeria since February 26. Adams shared his views in a May 29 opinion piece titled "The U.S. Response to Binance Exec Tigran Gambaryan's...
By Federal Newswire | May 31, 2024
Carl Szabo is the vice president and general counsel of NetChoice. He is also an adjunct professor of Internet law at the George Mason University Antonin Scalia School of Law.
