By Marc Empey
The DOJ, the Department of Justice section of financial crimes, the FDIC and other aspects of federal regulation, have made strides in cracking down on money laundering. There are still issues that exist, and enforcement remains a challenge. Here is a brief overview of how this all pans out in the day-to-day life of financial liability and the enforcement placed on compliance officers.
The Yates Memo, by the DOJ, emphasizes the personal responsibility of each individual. This encompasses both civil and criminal accountability. The only problem is, criminals will not be affected, by any of this, the only thing it actually accomplishes is punishing good law-abiding citizens. Considering there was one case against an institution that had liabilities of $140 million, that’s readily apparent.
To help fix this issue, institutions have actually made the issue even worse. They are now going after those innocent people that happen to have a triggering action that the DOJ considers suspicious, to become incarcerated. That is, if the DOJ deems this so. Here’s the problem. Ever heard heard of a country called Korea? Yeah, we don’t want to become that. So what is the next step for the Department of Justice?
They are cracking down on the Chief Financial Reporting Officer of those institutions. What will happen going forward, one can only imagine, but one thing is crystal clear. Having Palm Springs corporate lawyers on your side is imperative. The DOJ is focusing on strong security measures for the United States to avoid money laundering. The goal is to catch the criminals rather than punish the institutions. Will this hold innocent people accountable for things that don’t really apply? Only the future will show the end result of the DOJ’s decision. It is a different approach.