MassPoint Currents | Legal Updates & Analysis

House Bill Would Establish National Strategy for Combating Terrorism Financing

On July 20, 2017, Representative Ted Budd (R-NC) introduced in the House of Representatives H.R. 3321, the “National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act.” The purpose of H.R. 3321 is...

World Bank Accountability Act of 2017

World Bank Accountability Act of 2017 Would Condition Certain U.S. Appropriations on World Bank’s Anti-Corruption and Counter-Violent Extremism Performance and Authorize Trump Administration’s Request to Reduce Funding to IDA  On July 25, 2017,...

Congressional Hearing: Managing Terrorism Financing Risk in Remittances and Money Transfers

Congressional Subcommittee to Hold Hearing on Terrorism Financing Risk in Remittances and Money Transfers  The U.S. House of Representatives Financial Services Committee (the “FSC“) Terrorism and Illicit Finance Subcommittee will on July 18,...

United States to Adopt New Traveler Identity Management, Information Sharing Standards

New U.S. Travel Standards Developed Pursuant to Executive Order 13,780 Are Broad in Scope and Applicability and May Conflict With Privacy and Other Laws  A July 12, 2017 State Department cable to all...

Correspondent Banking and Derisking Update

Financial Stability Board Publishes Action Plan to Address Decline in Correspondent Banking/Derisking Correspondent Banking Update |  July 4, 2017  | Author: Hdeel Abdelhady Ahead of the upcoming G20 meeting, the Financial Stability Board (FSB)...

Maryland Banking Regulation: Commercial Bank Directors State Residency

Commercial banks in Maryland will soon have an added degree of latitude in selecting their directors. On April 18, 2017, Governor Hogan approved Maryland Senate Bill 206, Financial Institutions – Qualifications of Directors of...

State-Owned Enterprises and Anti-Corruption Enforcement

Anti-Corruption Enforcement and State-Owned Enterprises: Understand Unique Risks and Incentivize Compliance State-owned enterprises (SOEs, including sovereign wealth funds) are prominent players in international business. Given their ownership, SOEs have garnered scrutiny for their...

Dana Gas Sukuk Governing Law and Jurisdiction

Legal Silos and Potential Lessons for Deal Teams (Islamic and Conventional) June 30, 2017 | Author: Hdeel Abdelhady  Dana Gas’ statement that its own sukuk are not Shari’ah compliant and therefore are unlawful under...

Dana Gas Deems its Own Sukuk Unlawful: Parsing the Dana Gas Statement

Dana Gas Declares its Own Sukuk “Unlawful:” Issues, Questions, and Observations [1]   June 18, 2017 | Author: Hdeel Abdelhady* As discussed briefly in this June 16 MassPoint blog post, Dana Gas PJSC, the...

Dana Gas Declares its Own Sukuk “Unlawful”: Revisiting The Investment Dar Case and “Shari’ah Risk”

Dana Gas Declares its Own Sukuk Unlawful. Move Reminiscent of The Investment Dar Case. June 16, 2017 I Author: Hdeel Abdelhady  Sukuk in Brief News outlets have reported that Dana Gas, the gas...