Financial Regulatory Forum

COLUMN – U.S. Libya sanctions: vendors beware — and beware of your vendors

By Richard J Cellini, Esq, CEO Briefcast analytics. The views expressed are his own.

NEW YORK, March 18 (Complinet) - New Libya sanction rules will have the biggest impact on suppliers and distributors of large U.S. companies. It’s official: the U.S. government has adopted unprecedented emergency regulations blocking property and prohibiting certain transactions connected with Libya and high-ranking Libyan officials. The new rules took effect on February 25, 2011.

These sanctions impose serious and far-reaching legal, financial and operational constraints on a broad range of US-based companies, business executives, investors and private individuals. And that’s the easy part. (more…)

U.S. budget cut seen threatening state, local financial crime-fighting

By Brett Wolf

ST. LOUIS, March 11 (Complinet) – A looming cut to the federal financial crime agency’s budget could cripple state and local investigations that depend on transactions monitored via the anti-money laundering Bank Secrecy Act, worried authorities said.

In a surprise move, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has decided to save nearly $1.4 million by doing away with positions that facilitate state and local law enforcers’ access to the coveted data, often used in fighting drug trafficking, fraud and terrorism finance. (more…)

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