justice-dept-seal The DOJ's Expanded Subpoena Powers Are Not Without Limits
Section 6308 of the Anti-Money Laundering Act of 2020 expands the authority of the Departments of Treasury and Justice to seek and obtain banking records located abroad, while limiting the ability of foreign financial institutions to oppose production of those documents. In this article, the authors discuss why they believe §6308 was not intended to upend traditional processes designed to respect the sovereignty of foreign nations.
August 03, 2021 at 10:00 AM
8 minute read
Congress enacted the Anti-Money Laundering Act of 2020 (AMLA) in January of this year, and much has been written about how it constitutes the most significant change to the U.S. anti-money laundering regime since the passage of the USA PATRIOT Act almost 20 years ago. However, one provision of the AMLA was added with little fanfare and minimal discussion, yet it could have a significant impact on foreign financial institutions doing business in the United States.
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