The International Enforcement Law Reporter is a monthly print and online journal covering news and trends in international enforcement law.
Since September 1985, the International Enforcement Law Reporter has analyzed the premier developments in both the substantive and procedural aspects of international enforcement law. Read by practitioners, academics, and politicians, the IELR is a valuable guide to the difficult and dynamic field of international law.
On November 28, 2018, Morten Niels Jakobsen, the Danish general prosecutor, announced the filing of preliminary criminal charges against Danske Bank for alleged violations of Denmark’s anti-money laundering law concerning its Estonian branch.
On November 20, 2018, the Internal Revenue Service issued a memorandum, setting forth guidance for processing all voluntary disclosures (domestic and offshore) (hereafter Voluntary Disclosure Practice (VCP) procedures following the closing of the Offshore Voluntary Disclosure Program (2014 OVDP) on September 28, 2018.
On November 29 and 30, 2018, 170 German police officers conducted a search of five Deutsche Bank office buildings and the private home of an employee for suspected violations of tax transparency and money laundering arising from allegations that Deutsche Bank helped taxpayers establish offshore entities to evade tax in Germany.
On November 20, 2018, Macedonia’s fugitive former Prime Minister Nikola Gruevski said Hungary has granted him political asylum and accused the Macedonian government of conspiring to assassinate him in jail if he remained in the country.
On November 16, 2018, the Extraordinary Chambers in the Courts of Cambodia (ECCC), also known as the Khmer Rouge Tribunal (KRT), handed down a guilty verdict against the two surviving senior leaders of the Democratic Kampuchea (DK) regime, Nuon Chea and Khieu Samphan, which ruled Cambodia from April 17, 1975 to January 7, 1979.
On November 20, 2018, U.S. law enforcement announced the unsealing of an indictment on November 19 against Raul Gorrin Belisario (Gorrin), 50, a Venezuelan billionaire and owner of the Globovision news network, for his role in a billion-dollar currency exchange and money laundering scheme. Gabriel Arturo Jimenez Aray (Jimenez), 50, a former Venezuelan national treasurer, and Alejandro Andrade Cedeno (Andrade), 54, a former owner of Banco Peravia bank in the Dominican Republic, both pleaded guilty in proceedings unsealed on November 20 for their roles in the scheme.[1]
Yesterday, the Commerce Department’s Bureau of Industry and Security (“BIS”) published in the Federal Register an advance notice of public rulemaking concerning the U.S. Government's review of controls for so-called emerging technologies.
The future of crypto-assets has captured the attention of investors, consumers, global financial institutions, and regulators. On January 8, 2018, crypto-assets reached an estimated total market capitalization of $830 billion. Currently, crypto-assets only account for a small piece of the global financial system, but markets are changing rapidly. Researchers estimate the amount of cryptoasset market value needed to support economic activities to expand from an estimated $500 billion next year to $3.6 trillion in 2028. More than 90% of cryptoasset value will be derived from penetration of offshore deposits in the next decade. In the face of the growth of cryptoasset trading platforms, the introduction of new financial products, and the growing interest by investors, private and public institution must evaluate the implications of consumer, cybersecurity, and privacy risks.
