The National Money Transmitters Association
 
The NMTA's Daily News Clippings


Wednesday, April 5, 2017

Dear Readers,

The text of HR 1813 has finally been printed.

I can see now why it was delayed. 

Perhaps they should have waited a little longer.

The NMTA is against any sort of remittance tax, but this proposal is especially ham-handed. It looks like not much thought or research was done. It looks like a xenophobe's hallucination, in its first draft, that was scribbled feverishly on the back of an envelope.

It is missing about 90% of what would need to be addressed; it would punish all the wrong people; it would be creating a vast new regulatory 'administrative state' apparatus, and insert government more into people's lives; it does not take into account the various state efforts now pushing for rival taxes.

In its present form, it would no doubt be subject to various court challenges. It violates many civil rights and constitutional principles. It makes no rational distinctions, and offers no logic to support the distinctions it does make. It seems to lack an understanding of all the basic concepts involved.  

Since it was introduced in such a rush, I hope no one is thinking of pushing this bill through Congress in a rush, too.

For your ongoing reference, I have gathered some important legislative strategy-related links, on the NMTA website. Hopefully, this will help you keep a scorecard on matters of legislative interest to money transmitters in various areas, coming from various directions.

And now, please enjoy today's Clippings!

Regards,

-David

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Top Stories - UBO Compliance Trends

Fenergo: FATF Finds US Beneficial Ownership Lacking
[Opinion] - April 3, 2017 - Risk Tech-Forum.Com - Laura Glynn - It has been ten years since FATF published its last Mutual Evaluation Report (MER) of the United States. On December 1st, 2016, as many of us turned our attention to ...

Also See:
[Mutual Evaluations] - Dec 1, 2016 - FATF-Gafi.Org - FATF

[Subscription Required] - April 3, 2017 - Blogs.WSJ.Com - Samuel Rubenfeld

Compare and Contrast With Europe

European Parliament adopts position on transparency of UBO
April 4, 2017 - Lexology.com - The European Parliament adopted on 28 February 2017 its report on the reform of the Anti-Money Laundering Directive ('AMLD 4'), which was proposed by the European Commission on 5 ... 
 
FinCEN

NAFCU raises concerns about FinCEN guidance
April 4, 2017 - NAFCU.Org - NAFCU Senior Regulatory Affairs Counsel Michael Emancipator on Monday raised concerns about the regulatory burden presented by the Financial Crimes Enforcement Network's recently ...

Also See:
April 3, 2017 - NAFCU.Org - NAFCU
 
Denial of Banking Services - Impact on Somalia, Haiti

U.S. sanctions affect remittances in Somalia
[Opinion] - April 4, 2017 - MFW 4 A.Org - With $1.4 billion remittances into Somalia in 2015, accounting for 23 percent of GDP, remittances play a significant role in the economy and livelihood of Somalis. Following new measures imposed ...

Economy : Impacts of remittances from diaspora on the national economy
April 4, 2017 - Haiti Libre.Com - Remittances from the Diaspora have been rising steadily for 20 years, rising from US $ 2.195 billion in 2015 to $ 2.358 billion in 2016, an increase of 7.4% according to preliminary data ...

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Anti-Corruption

Anti-Graft Watchdog Calls for Urgent Action to Keep Corrupt Cash Out of ...
[Report] - April 5, 2017 - CFO Innovation.Com - Transparency International is calling for governments in high risk countries, including China, Japan, the US and the UK, to introduce specific laws to mandate due diligence for high-risk ...

Ukraine: New Law Targets Anti-Corruption Activists, Journalists
[Opinion] - April 5, 2017 - Hrw.Org - Recent legislative amendment requires activists and journalists reporting on government corruption to file public declarations of their personal assets, Human Rights Watch said today. ...

Top Ten International Anti-Corruption Developments For February 2017
[Overview] - April 5, 2017 - Mondaq.Com - In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption ...

[State] Asset Forfeiture

What is a Civil Asset Forfeiture?
[Opinion] - April 4, 2017 - Texomas Homepage.Com - Samaria Terry - In 2014, the state of Texas received more than $33 million in forfeiture assets, some of which go back to counties  to help fund budgets for law enforcement and ...

House needs to close civil forfeiture loophole
[Opinion] - April 4, 2017 - Sentinel Source.Com - Ross Connolly - Civil asset forfeiture laws allow law enforcement agencies to take people's property that they suspect is connected to criminal activity - all without even convicting ...

CFPB

It's time to rein in the CFPB
[Opinion] - April 5, 2017 - Washington Examiner.Com - Rep. Dennis Ross - Since I was first elected to Congress, I have fought to hold government agencies and Washington bureaucrats more accountable to Floridians and all ...

Companies Challenging Increasingly Vulnerable CFPB
April 4, 2017 - Breit Bart.Com - Sean Moran - The Consumer Financial Protection Bureau (CFPB) faces increasingly dire legal challenges. One court case could eliminate the consumer finance agency altogether...

What Is The 'Prepaid Card Rule,' And Why Is Congress Likely To Disapprove It?
[Opinion] - April 4, 2017 - Benzinga.Com - Shanthi Rexaline  - In another move toward deregulation, Congress is on the verge of passing a bill intended to disallow the Prepaid Card Rule submitted by the Consumer ...

Will Payday Lenders Sink Or Swim?
[Opinion] - April 4, 2017 - D Magazine.Com - Jeff Bounds - With legislators convening in Washington and Austin, the next few years could be make-or-break for Texas' $5.8 billion payday loan market. In Washington, the ...

Company Announcements

First Global Adds New State License and 15 Countries to Distribution Network
[Press Release] - April 4, 2017 - Stock House.Com - First Global Data ("First Global" or the "Company") is pleased to announce that it has added one new US State license and 15 new countries to its distribution network from Canada...

The Global Forum on Remittances GFRID2017 has been announced for ...
[Awards] - April 4, 2017 - BTC.ICYMI.Email - Brian - The Forum coincides with the celebration of the International Day of Family Remittances (IDFR) on June 16 which will be held at the United Nations headquarters in New York...

WhatsApp to launch Payment Services in India
[India] - April 5, 2017 - Indian CEO.In - Shariq Hussain - Instant Messaging Application, WhatsApp owned by Facebook Inc, is now looking to expand their arms in the Indian market. Reports are that, within next 6 months, Whatsapp will ...

Compliance - Other

FINRA President and CEO Robert Cook Examines Self-Interest in Self-Regulation
April 4, 2017 - Center For Financial Stability.Org - Steven Lofchie - FINRA President and CEO Robert Cook examined the advantages and disadvantages of self-regulatory organizations ("SROs"), and addressed the "core question" of self-...

FATCA

Americans abroad lobby for tax changes
[Opinion] - April 5, 2017 - Origin-NYI.Thehill.Com - Naomi Jagoda - Advocates for U.S. citizens living abroad see a big opportunity in the GOP's push for tax reform. A number of fiscally conservative groups are pushing ...

Financial Services

Fintech in the US: the state of the union is questionable
[Opinion] - April 5, 2017 - Banking Tech.Com - "Fintech" is a portmanteau of financial and technology and refers to the vast swath of emerging financial products and services relying on new technology. These include, but are not limited ...

Diversifying and transforming Rwanda's financial services sector
[Rwanda] - April 5, 2017 - New Times.Co.Rw - Moses Nyabanda - Financial services organizations are a significant driver of growth in Rwanda. Rising financial inclusion - powered by innovation - is contributing directly to growth ...

Financial services sector gets boost from solid economy
[UK - Opinion] - April 5, 2017 - East Midlands Business Link.Co.Uk - Ian Evans - Sentiment in the UK's financial services sector stabilized in the three months to March, having deteriorated throughout 2016, according to the latest...

Fines, Crimes & Cases

April 5, 2017 - calvin ayre.com - Steven Stradbrooke - US federal authorities shut down California's venerable Bicycle Hotel & Casino on Tuesday but still haven't explained exactly what precipitated the closure...

India

India, UK vow to fight tax evasion, up fin service synergy
April 4, 2017 - PTI News.Com - India and the UK today pledged to combat cross border tax evasion, enhance cooperation in financial services and boost investments by encouraging Indian companies to raise funds through ...

Jamaica

Consumer protection agency in the works for banking customers
April 5, 2017 - Jamaica-Gleaner.Com - McPherse Thompson - The Bank of Jamaica, the Financial Services Commission and the Consumer Affairs Commission have been tasked with its creation. The plan for the agency was ...

Kenya

Kenya ups the battle against money laundering with search for substantive CEO
April 5, 2017 - The-Star.Co.Ke - Cynthia Ilako - Candidates interested in heading the Financial Reporting Centre, the state agency charged with identifying proceeds of crime and fighting money laundering, have three days ...

Also See:
April 4, 2017 - Business Daily Africa.Com - Brian Ngugi.

Mobile money dominates diaspora remittances to Kenya
[Opinion] - April 3, 2017 - CT Live.Info - Ismail Ahmend - Mobile money is becoming a preferred channel for diaspora remittances to Kenya, with one company WorldRemit reporting that 93 per cent of its transactions to ...

Libya

CBL kicks off anti-money laundering and terrorism sponsoring campaign
April 4, 2017 - Libya Observer.Ly - Abdulkader Assad - The Central Bank of Libya (CBL) announced Monday that the first meeting for the national committee for combating the phenomena of money laundering and terrorism sponsoring ...

Netherlands

Transparency International Netherlands: Unmask anonymous owners behind...
April 5, 2017 - Diplomatic Intelligence.Eu - One year after the revelations of the Panama Papers there is still a lot of work to do for the Netherlands to effectively prevent and fight widespread international money laundering ...

Switzerland

Swiss watchdog: Probes of money laundering jump in 2016
[Opinion] - April 4, 2017 - Crossroads Today.Com - Jamey Keaten - Switzerland's financial markets watchdog says it investigated 22 breaches of money laundering requirements last year, from nine in 2015, as the Alpine country seeks to ...

United Kingdom

Why small businesses need to be more aware of money laundering
[Opinion] - April 5, 2017 - Small Business.Co.Uk - Owen Gough - For the majority of small sized legal firms, money laundering may seem like an issue confined to the headlines of newspapers. However, the reality is that small ...

Virtual Currencies

Blockchain remittance firm Wyre offers Alipay and WeChat through Remitsy...
[Announcement] - April 5, 2017 - IB Times.Co.Uk - Ian Allison - Blockchain-enabled cross-border payments company Wyre is expanding its footprint in China through the acquisition of Remitsy, the Beijing-based business payments ...

Indian government to make Bitcoin legality decision
April 4, 2017 - IBS Intelligence.Com - The Indian government could make a decision on the legality of Bitcoin as early as the end of the month. According to a report from MoneyControl, a government official close to developments ...

Growing Regulatory Framework and Challenges in the Emerging FinTech ...
[Opinion] - March 2017 - Fried Frank.Com - V. Gerald Comizio - University of North Carolina School of Law Banking Institute published an article by corporate partner V. Gerald Comizio that discusses various issues surrounding virtual ...

Remittance agents can advance with Blockchain technology
[Opinion] - April 5, 2017 - The National.Ae - M R Raghu - Traditional business models are being challenged by new disruptive technologies whose speed of development makes the "catch-up" act very difficult. However, if something ...

The whys and hows of banks and the blockchain
[Opinion] - April 4, 2017 - ATM Market Place.Com - Natallia Babrovich - Soon after the mysterious Satoshi Nakamoto released Bitcoin: A Peer-to-Peer Electronic Cash System, the term bitcoin became a buzzword making the ...

The Myth Of Using Cryptocurrencies For Asset Protection
[Opinion] - April 4, 2017 - Forbes.Com - Eric Boughman - The Great Recession of the mid-2000s forced us to view economics, banking, wealth and security in new ways. The concept of asset protection, already a growing ..

The Future May Owe Itself to Blockchain Technology. Here's Why
[Opinion] - April 4, 2017 - Futurism.Com - This sharing economy in space could give even those not employed by large corporations or governments access to real-time, trustworthy data about everything from weather ...

How Will Finance Approach the Regulation of Blockchain?
[Opinion] - April 4, 2017 - Nasdaq.Com - Peter Chawaga - Whether you see Bitcoin as the key to a free, utopian form of economy, or as a regulation-free mystery of the digital age, it has, to this point, thrived outside of the ...

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Editorial Note

We try to mark those stories that stray from factual reporting into the expression of opinions. Opinions expressed, including mine, are those of the respective authors and do not necessarily reflect those of the NMTA or its members.

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