Rather than bringing criminal charges based on a specific underlying transaction in which a bank or other financial institution failed to file a Currency Transaction Report or Suspicious Activity Report, federal prosecutors are charging financial institutions with an overall failure to maintain an effective program to prevent money laundering.
For one thing, the licensed federal firearms dealer who presides over a private sale could be required to report the transaction to the state without giving the name of the buyer.
The report said the transaction could be done in the next month.
For years, financial institutions have had to report when a transaction looks suspicious - but now that responsibility is extended not only to lawyers and accountants, but also to estate agents, casinos and other places dealing in high-value assets and deals.
Oxfam has also released a report advocating a financial transaction tax, which it refers to as a Robin Hood Tax.
The broker-dealers are required to maintain transaction records for each large trader and report that information to the SEC upon request.
FORBES: New Large Trader Rules Adopted; SEC Hopes To Better Monitor High-Frequency Trading
If the stock sale is a qualifying transaction, then the employee will only report a short or long-term capital gain on the sale.
An employee who exercises a non-statutory option must report the bargain element of the transaction as earned income that is subject to withholding tax.
The only additional items that broker-dealers will be required to maintain and report are the LTID and the time a transaction occurs.
FORBES: New Large Trader Rules Adopted; SEC Hopes To Better Monitor High-Frequency Trading
The report said in a sample of 31 authorised credit card transaction logs covering a three month period, 25 (80%) included expenditure which was either not in accordance with the council's guidelines or supported by invoices or receipts.
Until the transaction is complete, Dell remains a public company and is scheduled to report Q4 2013 earnings on Feb. 19 after the market closes.
FORBES: Michael Dell, Spurred By 'Reputation, Greed,' Takes Dell Private: 20 Talking Points
One of the last blows, the valuation of Smith Barney that favored joint venture partner Morgan Stanley and made the transaction look like yet another blunder for Pandit, gets no mention in the latest report, but certainly could not have helped his case.
FORBES: Inside The Citi Shakeup: NYT Explains How O'Neill Pushed Out Pandit
According to the Nilson report, cards issued in the U.S. account for 47% of the global purchase transaction volume while Europe accounts for 23%.
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