In 2016 U.S. Treasury proposed Key Regulations and Legislation to Counter Money Laundering and Corruption, Combat Tax Evasion including but not limited to U.S. Department of the Treasury Financial Crimes Enforcement Network issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.
The Anti Money Laundering program requirement for each category of covered financial institutions will explicitly include risk-based procedures for conducting ongoing customer due diligence, to include understanding the nature and purpose of customer relationships for the purpose of developing a customer risk profile. A customer risk profile refers to the information gathered about a customer at account opening used to develop a baseline against which customer activity is assessed for suspicious activity reporting. This may include self evident information such as the type of customer or type of account, service, or product. The profile may, but need not, include a system of risk ratings or categories of customers.
Join International Tax Law Compliance thought leader R. John Smith and attorney Sheldon Karasik in review of 2016 U.S. Treasury proposed Key Regulations and Legislation to Counter Money Laundering and Corruption, Combat Tax Evasion, developments with FATCA foreign asset reporting, and existing FBAR reporting regime for foreign bank accounts. In addition, they will also discuss some of the U.S. government's enforcement efforts, (both criminal and civil) litigation involving Foreign Operations Tax Compliance.
R. John Smith, Esq., is a tax law expert with over 30 years focus upon Partnership Tax law matters. He is author of the treatise "Practical Insights on Tax Law“, Tax Law Writer and Editor of Tax Law CPE courses; works closely with national subject matter professionals in the design and execution of complex, large-scale partnership transactions, has lectured on complexities of Subchapter K, partnership modeling Debt allocations, distributions, bringing in new partners, sales of partnership shares, terminations, US Treasury proposed partnership regulations on hot assets under Code Sec. 751(b). which mandate bookups (revaluing partnership assets at fair market value) to lock in each partner’s share of Code Sec. 751 property; nuances of joint venture structuring, US Taxation of international transactions, U.S. International Taxation,Cross-Border Transfers,taxation of outbound transfers to, as well as inbound transfer from, foreign corporations is determined under Code Sec. 367; Reorganizations,Outbound Transfers to Foreign Corporations; Acquisitive Reorganizations;Outbound Acquisitive Reorganizations;Inbound Transfers From a Foreign Corporation;Inbound Acquisitive Reorganizations; Foreign-To-Foreign Acquisitive Reorganizations; Foreign currency translations, Hedges of Foreign Currency Risk with Debt Instruments held as Capital Assets; Tax Law Strategy for tax attributes including foreign Qualified Business Unit earnings remittances, foreign corporation actual and deemed distributions, foreign income taxes etc. throughout the US, Israel, Asia etc. He is member of the U.S. Tax Court Bar and the U.S. Supreme Court Bar. Jack is an alumni of Harvard University and New York University School of Law.
Sheldon Karasik began his legal career with the firm of Mayer, Brown & Platt in Chicago, moving on after four years to the firm of Shea & Gould in New York City and then to Sheft & Sheft, where he became a partner in 1989. He then joined the firm of Cozen & O'Connor, also in New York, as a Senior Partner and Attorney in Charge of the New York Office in 1994, emphasizing insurance coverage and defense matters. In 1999, Mr. Karasik formed his own firm.
Mr. Karasik is an AV-rated attorney, the highest peer review standing awarded by attorneys and judges. He has successfully first-chaired the defense of several insurance coverage trials and has handled over 30 appeals in cases involving commercial, environmental, regulatory, employment, insurance and corporate issues. He has developed seminars for insurer clients on pre-litigation case handling, discovery issues and settlement strategies. He has been a regular speaker at defense conferences across the country and is an Honorary Fellow of the Association of Fellows and Legal Scholars at the Center for International Legal Studies. His publications include: "Polaroid - The Sixty Million Dollar Mistake," Summer 1993 issue of Declarations, and "Recent Developments Regarding American Personal Injury Law," Comparative Law Yearbook of International Business, 2004.
Mr. Karasik is a member of the American Bar Association and admitted to practice in New York and Illinois as well as before the Illinois Supreme Court, the U.S. Courts of Appeal for the Second, Fifth and Sixth Circuits and the U.S. District Courts for the Northern District of Illinois, Eastern District of Michigan and the Northern, Southern and Eastern Districts of New York. Mr. Karasik graduated in the top 4% of his class at the Washington University School of Law and was a member and senior editor of the Washington University Law Review as well as a member of the Order of the Coif and a research assistant to renowned constitutional law scholar Professor Jules Gerard. He also holds an A.B.D in English Literature from the University of Virginia and an M.Litt in literature from Edinburgh University, Scotland. He received his BA degree, magna cum laude, from the College of William & Mary, where he was a member of the Phi Beta Kappa society.
You can contact Sheldon at: firstname.lastname@example.org
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Sheldon's review of the Panama Papers situation was particularly helpful and interesting.
Great topic! I would like to see more in this area, please!
R. John Smith and Sheldon Karasik were very informative.
Best written materials and excellent discussion for online content.
Interesting subject particularly with the current international issues going on these days
Most interesting segment that I have viewed so far.
Not my area of interest or practice, but nonetheless extremely competent and thorough.
Thank you for incorporating the Panama Papers issue into the presentation.
Very enjoyable and well done.
I do not practice in this area of the law yet I found the topic far more interesting than I had expected despite its technicalities. I credit my reaction to the faculties' expertise. They really know their material and did a good job presenting it. Thank you!
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