FinCEN Advisory on Funnel Accounts
On May 28th, the Financial Crimes Enforcement Network (“FinCEN”) issued an advisory concerning the use of funnel accounts as part of trade-based money laundering conducted by criminal actors following U.S. currency restrictions in Mexico.
FinCEN Advisory on Abuse of Citizenship Program
On May 20th, the Financial Crimes Enforcement Network issued an advisory alerting financial institutions that certain foreign individuals are abusing the Citizen-by-Investment program sponsored by St. Kits and Nevis (“SKN”) to obtain SKN passports and engage in illicit financial activity.
FSOC Asset Management Discussion
On May 19th, the Financial Stability Oversight Council (“FSOC”) hosted a conference on the asset management industry. An archived webcast of the conference is available. FSOC Press Release. On May 22nd, Reuters summarized the comments of SEC Chair Mary Jo White concerning the Financial Stability Oversight Council. White lamented the lack of capital markets expertise on the Council, noting that of the 10 voting members only two, the SEC and CFTC members, have capital markets experience. Minority Report.