In a news conference today President Obama addressed rules and proposed regulations announced Thursday intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The announcements come after a month of intense review by the administration following the first release of the so-called Panama Papers, millions of documents stolen or leaked from Panamanian law firm Mossack, Fonseca. The papers have revealed a who’s who of international politicians, business leaders, sports figures and celebrities involved with financial transactions accomplished through anonymous shell corporations.
With more flights, relaxing regulations, a historic presidential trip to Cuba, and news of hospitality services expanding into Cuba, the pathway into Cuba for hotels and hospitality companies seems smooth. But businesses should look out for the potential hurdles and compliance risks. Don’t fret – we can help you welcome your guests.
Mr. Mauricio Macri was sworn-in as President of Argentina on December 10, 2015. Four business days after taking office, Mr. Alfonso Prat-Gay, the new Minister of Finance, announced the fulfilment of the campaign promise to end the severe restrictions regarding currency exchange, exports and imports that stagnated the country’s economy over the last four years and made a daunting, if not impossible, task for foreign companies to remit proceeds outside of Argentina, and for national companies to make transfers abroad. Continue Reading
On December 4, 2015, the President signed into law HR 22, which requires the IRS to notify the State Department of any U.S. citizen who owes more than $50,000 in federal taxes. The State Department is then directed to revoke the person’s U.S. passport and to deny issuance of any new passport until the debt is paid. Continue Reading
On December 17, 2014, President Barack Obama announced a set of diplomatic and economic changes aimed at normalizing relations between the United States and Cuba after nearly 55 years of barriers between the two countries. Obama stated that diplomatic relations would be re-established with Cuba, and on May 29 his administration removed Cuba from the U.S. list of state sponsors of terrorism. New regulations issued by the U.S. Department of Treasury and U.S. Department of Commerce on January 16, 2015, allow certain U.S. exports of telecommunications, construction materials and farming equipment, and allow U.S. banking transactions in Cuba.
Click here to read the full article originally published by Corporate Counsel.
On June 5, new EU’s anti-money laundering (AML) rules, namely the Fourth EU Anti-Money Laundering Directive (“4AMLD”) and a new Regulation on the information accompanying transfer of funds were published in the Official Journal of the European Union. Together, this legislation represents the revised EU framework on anti-money laundering and terrorist financing. Member States have until June 26, 2017 to transpose the requirements of the 4AMLD into national law. Continue Reading
As more and more workers acquire temporary legal status in the U.S. and receive new work authorization, employers will be faced with the following common scenario.
An employee has recently legalized their status and acquired an employment authorization document (work permit) from U.S. Citizenship & Immigration Services (USCIS). She then goes to the Social Security Administration and obtains a new social security number. Continue Reading
Your essential guide to the legal and regulatory challenges facing US organizations entering the Cuban market
Tourism. Aviation. Infrastructure. Hospitality. Agriculture. Food. Retail – Every industry will have its own set of Cuban regulatory hurdles that will need to be overcome in order for U.S. businesses to successfully stake a claim. Momentum’s U.S. – Cuba Corporate Counsel Summit will bring together GC’s from major US corporations charged with the task of navigating through the regulatory landscape. They will be joined by outside counsel from the US and Cuba who have the expertise they need. Drawing lessons from European and Asian companies already operating in Cuba, you will receive a detailed strategic roadmap and essential network which will enable their organizations to chart a path to success.
Earlier this month, the U.S. Department of Justice filed a civil forfeiture action seeking to recover certain Louisiana real estate allegedly purchased with funds traceable to a $2 million bribe paid to a former Honduran government official in the Central American country. The DOJ’s action in United States of America v. Real Property Located at 1404 North Highway 190, No. 2:15-cv-00074 (E.D. La. Jan. 13, 2015), reiterates its commitment to seizing proceeds of foreign official corruption as part of its Kleptocracy Initiative, and underscores the U.S. Government’s potentially expansive jurisdiction over foreign entities based on bribes with little connection to the United States.
“So you are the great lawyer I’ve been told about! But, you are so young! I was expecting an old lawyer.”
With those words, the silver-haired senior-level executive of the customs broker I was investigating for bribery let me know that his guard was down. In fact, he seemed relieved and almost eager to help me, a young lawyer that reminded him of his nephew.
This was exactly the reaction I wanted. We exchanged pleasantries in Spanish over a cup of coffee and proceeded to have a friendly free-flowing conversation. That conversation revealed that his company was bribing government officials in Latin America, he was a liar, and he had no idea that he had just given me the evidence I needed when I went up the chain to confront his boss. He never saw it coming.