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OFAC Transaction Blocking and Rejection Compliance: What Financial Institutions Need to Know

Financial institutions in the United States have an obligation to avoid processing transactions in violation of the Office of Foreign Assets Control’s (OFAC) sanctions programs. These sanctions programs prohibit transactions involving Specially Designated Nationals (SDNs) as well as transactions that have the end result of sending funds or property to...

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Evaluating Risk, Choosing Counsel, and Other Key Considerations for OFAC Sanctions Investigations

The Office of Foreign Assets Control (OFAC) administers various sanction programs to prevent transactions with certain foreign nations, entities, and individuals. Financial institutions, companies, and individuals in the United States must strictly comply with OFAC's sanctions; and, if they fail to do so, they can face steep consequences. These consequences...

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What is the Statute of Limitations for an IRS Audit?

The statute of limitations for audits conducted by the Internal Revenue Service (IRS) is the window of time during which the IRS can conduct an audit. Once the window closes, the IRS cannot initiate an audit of your taxes. The duration of that window, though, depends on the situation. However,...

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The Ultimate Guide to the Federal Tax Evasion Statute

Tax evasion is a serious federal crime. Individuals convicted of violating the federal tax evasion statute can face fines and prison time, while corporate tax evaders can face fines far in excess of those imposed for individuals. Due to its breadth, the federal tax evasion statute covers nearly all forms...

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The Ultimate Guide to the Federal Mail Fraud Statute

The federal mail fraud statute is one of the most potent weapons in the U.S. Department of Justice's (DOJ) law enforcement arsenal. Not only is the federal mail fraud statute extremely broad in scope, but it also imposes substantial penalties. As a result, the DOJ can pursue charges under the...

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The Ultimate Guide to the Federal Phone and Telemarketing Fraud Statutes

Phone and telemarketing fraud remain top priorities for the U.S. Department of Justice (DOJ), Federal Trade Commission (FTC), and other federal agencies. As the Legal Information Institute (LII) explains, "Phone and telemarketing fraud refers to any type of scheme in which a criminal communicates with the potential victim via the...

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The Ultimate Guide to the Federal False Claims Act

The False Claims Act is a broad federal statute that allows for both civil and criminal enforcement in appropriate cases. As the U.S. Department of Justice (DOJ) explains, the statute was "originally enacted in 1863 in response to defense contractor fraud during the American Civil War." Today, the DOJ continues...

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The Ultimate Guide to the Federal Bribery and Public Corruption Statute

Bribery and public corruption are serious federal crimes. While the Foreign Corrupt Practices Act (FCPA) addresses bribery, gratuities, and other corrupt activities involving foreign entities, the federal bribery and public corruption statute, 18 U.S.C. Section 201, focuses on bribery and public corruption at home. Specifically, it addresses bribery and corruption...

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The Ultimate Guide to the Federal Wire Fraud Statute

When prosecuting defendants for white-collar crimes, the U.S. Department of Justice (DOJ) will often file charges under the federal wire fraud statute. This statute is one of the DOJ's most potent weapons, as it is both extremely broad and imposes substantial penalties. How substantial? In a typical case, a defendant...

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The Ultimate Guide to the Federal Securities Fraud Statute

Federal securities laws allow for both civil and criminal prosecution of entities and individuals suspected of defrauding investors. While there are several laws that regulate the securities industry (alongside the SEC’s and FINRA’s Rules), there is one primary federal statute that applies in criminal cases. This is the federal securities...

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