The U.S. Department of Justice (“DOJ”) announced on March 15, 2023 that in a coordinated effort between U.S. Federal Bureau of Investigations, Europol, and German police, the darknet cryptocurrency mixing service ChipMixer has been shut down. The operation involved the U.S. government’s court-authorized seizure of two domains that directed users to the ChipMixer service and
Corporate Finance
The Commission adopts its Temporary Crisis and Transition Framework relaxing State aid rules as a response to the US Inflation Reduction Act
As part of “A Green Deal Industrial Plan for the Net Zero Age” to respond to the US Inflation Reduction Act (IRA) (see our alert), the European Commission (the “Commission”) adopted on 9 March 2023 its Temporary Crisis and Transition Framework for State Aid measures to support the economy following the aggression…
Say Goodbye to DOC
By Greg Barnett
A few years ago, we introduced you to TED and DOC. If you don’t recall, you can read our article Meet TED and DOC.TED and DOC are names given to different forms of wire transfers offered by Brazilian financial institutions. While TEDs can be sent in any amount and arrive the same day if…
What Do Businesses Need to Know About Recent Bank Failures?
The recent failures of Silicon Valley Bank (“SVB”) and Signature Bank have dominated news headlines for the last several days. The seemingly abrupt failure of two large financial institutions and the subsequent revelations that some businesses could lose a substantial amount of deposits have a lot of business owners concerned about the security of their…
It’s Tax Time in Brazil
By Greg Barnett
Tax season for individuals in Brazil is just around the corner. The Federal Revenue Service (Receita Federal) recently announced that the income tax filing period will begin tomorrow. If you were a tax resident in Brazil on December 31, 2022, and meet at least one of the eligibility requirements, you’ll need to file your tax…
Details of the Federal Reserve Board Bank Term Funding Program
As turmoil grips some of the largest banks in the United States, the Federal Reserve Board (“FRB”) has released details of its Bank Term Funding Program (“BTFP”).
As explained by the FRB’s initial release on Sunday evening, the BTFP will offer advances of up to one year to U.S. banks and other eligible institutions.…
Direct Sellers Should Use the FTC’s Recent Distributor Enforcement Actions to Remind Distributors of the Consequences of Deceptive Claims
The lawsuits, filed by the Department of Justice, on behalf of the Federal Trade Commission, alleged that the distributors, who styled themselves as “wellness advocates” and touted their expertise as medical practitioners, made numerous claims during webinars conducted in 2022 that doTERRA’s products could prevent, treat, or cure COVID-19.Distributors in the direct selling channel should…
Register for our 2023 Banking Law Seminar
Mark Your Calendar for September 7th!
Challenges persist in the banking world, from an uncertain economy highlighted by rising inflation and climbing interest rates. These challenges are also an opportunity to test uncharted waters by taking advantage of new technology and ways of doing business. It’s also more urgent than ever that banks find ways to…
FinCEN and USPS Issue Alert on Mail-Theft Check Fraud and SAR Filing Instructions
On February 27, 2023, the Financial Crimes Enforcement Network (FinCEN) in conjunction with the United States Postal Service (USPS) issued a press release and alert concerning the “national surge in check fraud schemes targeting the U.S. Mail.” In what FinCEN Acting Director Himamauli Das called a “disturbing trend,” criminals are increasingly stealing checks from the…
ABA Techshow 2023 Highlights
By Dan Lear
The 2023 American Bar Association TechShow in Chicago was an exciting event for the Gravity Legal team. We were thrilled to attend in person to announce our integration with Fidu Legal, during the event. This powerful integration allows law firms to, among other things, embed subscription payment forms directly into their client intake process,…