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Recent Editions
Risk Channel
North America
A coalition of 25 Democratic-led states has filed a lawsuit challenging the Trump administration's latest tariffs on imports from 60 trading partners, arguing that the broad measures exceed the president's legal authority under Section 301 of the Trade Act of 1974. The lawsuit, filed in the U.S. Court of International Trade, follows similar legal challenges by small businesses. The states claim the tariffs are an unlawful attempt to reimpose measures that courts have already ruled illegal. The tariffs, introduced on July 24, impose duties of 10% and 12.5% on goods from countries, including members of the European Union, over concerns about forced labor. The Trump administration maintains the measures are a lawful response to unfair trade practices, while the states argue that Section 301 has historically been used to target specific countries or industries, not nearly all U.S. imports, and that the broad tariffs will do little to address forced labor while increasing costs for businesses and consumers.
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Risk Channel
UK/Europe
US regulators have fined UBS a record $125m over the Swiss bank's failure to implement adequate anti-money laundering controls despite being sanctioned for similar shortcomings in 2018. The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) said UBS Financial Services (UBSFS) admitted to willfully violating the Bank Secrecy Act by failing to implement and maintain an anti-money laundering program and by failing to file suspicious activity reports. The settlement - the largest civil fine ever against a broker-dealer for violating the main US anti-money laundering law - resolved related accusations by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority. "Today’s historic action against UBSFS should send a clear message that recidivist financial institutions will face severe repercussions,” FinCEN Director Andrea Gacki said.
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