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☆ Before the Fed decision, all eyes will be on this big Treasury debt announcement Wednesday
▼ + stars: | 2023-10-31 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Olivier Douliery | Afp | Getty ImagesAuctions of government debt, normally routine events for the Treasury Department, have suddenly become very important to financial markets. That's why an announcement Wednesday on refunding, entailing the size of auctions as well as the duration mix of the debt that will be issued, is expected to draw even more market interest. Indeed, the two entities are both pivotal in determining how the U.S. is going to manage its mammoth debt load. That symbiotic relationship will be on full display this week when the Treasury Department makes its refunding announcement Wednesday at 8:30 a.m. ET, and the Fed follows with its decision on interest rates that same day at 2 p.m.

Persons: Janet Yellen, Olivier Douliery, Josh Emanuel, Emanuel, Morgan Stanley, Stanley Druckenmiller, Druckenmiller, Alexander Hamilton, Paul Tudor Jones, she's, Dhingra, Thomas Simons Organizations: Treasury, Foreign Investment, United States, Treasury Department, Afp, Getty, Federal Reserve, Duquesne Capital, Robin Hood Foundation, Jefferies Locations: Washington ,, refunding, Wilshire, U.S

☆ Benchmark 10-year Treasury yield could top 7%: Ned Davis Research
▼ + stars: | 2023-10-31 | by ( David Randall | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 31 (Reuters) - Investors should be prepared for long-duration Treasury yields to reach 7% if the U.S. economy skirts a widely anticipated recession, Ned Davis Research warned in a note on Tuesday. Benchmark 10-year Treasury yields, which move inversely to prices, are hovering near 16-year highs of 5% as investors price in rising U.S. federal deficits and the Federal Reserve's guidance that it will keep rates high until it is convinced that inflation is under control. Joseph Kalish, chief global macro strategist at Ned Davis Research, said the Treasury sell-off could continue if the neutral rate of interest - the rate at which monetary policy is neither contractionary nor expansionary - rises due to a prolonged expansion. "So getting comfortable with a 5% 10-year Treasury is actually quite conservative," he wrote. With the potential for a worsening Treasury market sell-off, Kalish is bullish on gold and remains slightly underweight bonds, and favors large-cap equities over small-caps, he noted.

Persons: Ned Davis, Joseph Kalish, Kalish, Powell, Treasury Department's, David Randall, Andrea Ricci Organizations: Ned Davis Research, Ned, Treasury, Federal Reserve, Thomson Locations: U.S, Treasuries

☆ Get ready for more US debt sticker shock as Wall Street sees a bigger wave of Treasurys flooding the bond market
▼ + stars: | 2023-10-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Some Wall Street banks have raised their forecasts for the amount of Treasurys to be auctioned. AdvertisementAdvertisementInvestors are focused on the Treasury Department's upcoming quarterly refunding statement as Wall Street braces for another dose of sticker shock on US debt. After raising auction estimates in August, the department has already hinted that the Treasury supply will need to keep increasing. It's an outlook shared by Wall Street, and institutions are raising their expectations on the size of US debt issuance. AdvertisementAdvertisementJPMorgan also projected higher Treasury issuance ahead, noting that fiscal 2023's deficit surpassed its estimates by $100 billion.

Persons: —, Josh Frost, Morgan Stanley Organizations: Treasury Department, Service, Treasury, Treasurys, Wall, Bank of America, JPMorgan

☆ Where Hamas gets its money and why it's so hard to stop, even as the U.S. steps up efforts
▼ + stars: | 2023-10-25 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +2 min

Nelson had a similar message for officials in Saudi Arabia, with whom he met Tuesday. He wouldn't comment specifically on whom his office might focus on next, but the Treasury Department is hinting more action is on the way. Still, it's a difficult and complicated effort, given the scope and intricacy of the Hamas funding network. Officials at the Treasury Department had been investigating these entities for years but didn't kick into gear until after the brazen attacks earlier this month. "After previous Hamas terror attacks you have big inflows to Hamas from across the globe and we wanted to act urgently to prevent that," Nelson said, pointing to the new urgency from the U.S.

Persons: Brian Nelson, Nelson Organizations: Brigades, Hamas, U.S . Treasury, CNBC, Treasury Department, Foreign Assets Control, West Bank Locations: Gaza City, Gaza, U.S, Israel, Qatar, Saudi Arabia, Sudan, Turkey, Algeria

The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. Washington and Venezuela's political opposition wanted Citgo to anchor the country's economic future under a democratically elected government. The sale could become the biggest court auction ever held. Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. "Citgo will be strategic for Venezuela in the next 20-25 years, not only as a refining company, but with an expanded role," director Medina said.

Persons: Biden, Citgo, Nicolas Maduro's, Matthew Blair, Tudor, Blair, Jose Ignacio Hernandez, Leonard Stark, PDVSA, PDV, Juan Guaido, Natalie Shkolnik, Wilk Auslander, Nicolas Maduro, Stark, Evercore, Conoco, Horacio Medina, Carlos Jorda, Medina, Hernandez, Marianna Parraga, Erwin Seba, Gary McWilliams, Anna Driver Organizations: U.S . State Department, Reuters, Marathon Petroleum, Motiva Enterprises, Valero Energy, Koch Industries, Valero, U.S . Treasury, Holt, U.S, Crystallex International, PDVSA, National Assembly, Citgo, PDV, Supreme, Evercore, ConocoPhillips, Exxon Mobil, Exxon, U.S . Treasury Department's, Foreign Assets Control, Thomson Locations: United States, Petroleum, U.S, Houston, Venezuela, Washington, Saudi, Pickering, Citgo, Delaware, Caracas

☆ The IRS is rolling out a free tax filing pilot in 13 states. Here's where and who's eligible.
▼ + stars: | 2023-10-18 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The IRS is rolling out its pilot of a free direct tax filing program. It's part of the IRS's continued efforts to make tax filing simpler and more cost-effective. AdvertisementAdvertisementThe IRS is rolling out its own free direct tax filing pilot program — and some taxpayers will be able to use it as soon as the 2024 tax filing season. The IRS's ambitious plans for using the billions it got from the Inflation Reduction Act funding include developing a free, direct filing tool for taxpayers . Now, a pilot program is about to become a reality for some across 13 states.

Persons: —, Danny Werfel, filers, Rick Heineman, Werfel Organizations: IRS, Taxpayers, Service, Treasury Department, Child Tax, Social Security, CTC, Intuit TurboTax, Treasury Locations: Arizona California Massachusetts New York Alaska Florida New Hampshire Nevada South Dakota Tennessee Texas Washington Wyoming Arizona , California , Massachusetts, New York, Washington

WASHINGTON (AP) — The U.S. announced sanctions on Wednesday against a group of 10 Hamas members and the Palestinian militant organization's financial network across Gaza, Sudan, Turkey, Algeria and Qatar as it responds to the surprise attack on Israel that left more than 1,000 people dead or kidnapped. President Joe Biden, who arrived in the Middle East late Tuesday to show support for Israel, has tried to tamp down tensions in the escalating war between Israel and Hamas, but those efforts have faced massive setbacks, including a deadly explosion at a Gaza hospital that killed about 500 people. Targeted for Wednesday's sanctions action by the Treasury Department's Office of Foreign Assets Control are members who manage a Hamas investment portfolio, a Qatar-based financial facilitator with close ties to the Iranian regime, a key Hamas commander and a Gaza-based virtual currency exchange. “Enough is enough,” Deif, who does not appear in public, said in the recorded message. He said the attack was only the start of what he called Operation Al-Aqsa Storm, and he called on Palestinians from east Jerusalem to northern Israel to join the fight.

Persons: Joe Biden, Janet Yellen, ”, Brian Nelson, ” Nelson, “, Mohammed Deif, ” Deif Organizations: WASHINGTON, East, Israel, Treasury, Foreign, U.S . Treasury, Deloitte, Hamas Locations: U.S, Gaza, Sudan, Turkey, Algeria, Qatar, Israel, West Bank, Aqsa, Jerusalem

☆ Oil prices rise over 4% after U.S. tightens sanctions on Russian crude sales
▼ + stars: | 2023-10-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Oil prices on Friday rose more than 4% after the U.S. tightened sanctions against Russian crude exports, exacerbating supply concerns in an already tightly balanced energy market. International benchmark Brent crude futures with December expiry traded 4.2% higher at $89.55 per barrel at around 8:15 a.m. ET, while front-month November U.S. West Texas Intermediate crude futures rose 4.2% to trade at $86.38 per barrel. The G7, Australia and the EU implemented a $60-per-barrel price cap on Russian oil on Dec. 5 last year. It came alongside a move by the EU and U.K. to impose a ban on the seaborne imports of Russian crude oil.

Organizations: U.S, Brent, West Texas, U.S . Department of, Treasury, EU Locations: Australia, Ukraine

☆ LG Chem partners with Huayou Group to build joint LFP cathode plant in Morocco
▼ + stars: | 2023-09-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSummaryCompanies LG Chem to build joint LFP cathode plant in Morocco with China's YoushanCompany to enter LFP cathode business for the first timeCompany partners with Huayou Group to build 4 facilities in Morocco and IndonesiaSEOUL, Sept 24 (Reuters) - South Korea's LG Chem Ltd (051910.KS) said on Sunday it has entered into partnership with China's Huayou Group's subsidiary Youshan to build a joint electric vehicle (EV) battery material plant in Morocco in an effort to diversify its portfolio. LG Chem said LFP cathodes produced at the Morocco plant will be supplied to the North American market and receive subsidies from the U.S. Inflation Reduction Act (IRA) as Morocco is a free-trade partner with the United States. LG Chem and Youshan would need to adjust their respective equity share in compliance with the U.S. Treasury Department's guideline of a "foreign entity of concern," a provision aimed at China, LG Chem said in the statement. The size of LG Chem's investments for its four facilities with Huayou Group has not been finalised yet.

Persons: Kim Hong, China's, LG Chem, LFP cathodes, Heekyong Yang, Shri Navaratnam Organizations: LG Chem, REUTERS, China's Youshan Company, Huayou Group, LG Chem Ltd, LG, North, U.S, U.S . Treasury, U.S . Treasury Department, Huayou, Thomson Locations: Seoul, South Korea, Morocco, Indonesia SEOUL, KS, United States, Korea, China, U.S, Indonesia

☆ Hindenburg Research targets $4.6 billion Kazakh brokerage for allegedly helping Russian oligarchs evade sanctions
▼ + stars: | 2023-08-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Timur Turlov, CEO of Freedom Finance brokerage speaks to Reuters during the interview in the office in Moscow, Russia October 10, 2019. Freedom Holding Corp. was founded in Moscow in 2008, before later moving to Kazakhstan, and listed on the Nasdaq in 2019. After Russia invaded Ukraine early last year, U.S. sanctions essentially severed ties between American and Russian banks and companies. But according to a report from Hindenburg on Tuesday, those ties remain tight. One former senior executive alleged to Hindenburg that Russian money laundering was rampant.

Persons: Timur Turlov, Jack Dorsey's Block, Carl Icahn, Freedom, Hindenburg's, Hindenburg, OFAC, I've Organizations: Freedom Finance, Reuters, Hindenburg Research, Freedom Holding, Nasdaq, Freedom, noncompliance, U.S . Treasury Department's, Foreign Assets, SEC, European Union, Freedom's, Ukraine Locations: Moscow, Russia, Kazakhstan, Ukraine, Hindenburg, Russian, United Kingdom, Belizean

Cuban tanker Petion is seen at a shipyard in Veracruz, Mexico April 9, 2021. Mexico has emerged as a top provider, sending oil on a vessel owned by state oil company Petroleos Mexicanos (Pemex) and ships managed by Cuba. The ship previously ferried Venezuelan crude and fuel oil to Cuba, according to Refinitiv Eikon data. Cuba-flagged tanker Delsa also delivered Mexican crude from Pajaritos to Cienfuegos in June, and then sailed to Venezuela, where it loaded oil, the data showed. HELP NEEDEDRussia supplied Cuba with some 12,000 bpd of oil, mostly crude, between February and July, according to the Eikon data.

Persons: Yahir, Vilma, Pemex, Delsa, Esperanza, Washington, Marianna Parraga, David Sherwood, Adriana Barrera, Marguerita Choy Organizations: REUTERS, HOUSTON, Cuban, U.S . Treasury Department's, Foreign Assets Control, U.S . State Department, Reuters, San, Thomson Locations: Veracruz, Mexico, Venezuela, Mexico Mexican, Cuba, Russia, Washington, Mexico's, Cienfuegos, Havana, U.S, San Jose

☆ Fitch's downgrade of U.S. debt unlikely to have much economic impact — for now
▼ + stars: | 2023-08-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

While financial markets on Wednesday took a break from their monster rally of 2023, economists largely expect the impact on the economy to be minimal. Some even questioned the timing of Fitch's action, saying it seems to come after the biggest scare to whether the U.S. would meet its debt obligations has passed. Overall, this announcement is much more likely to be dismissed than have a lasting disruptive impact on the US #economy and #markets." It also cited the battles that warring congressional factions have had over the debt ceiling as well as budget standoffs. Goldman also said it does not see a meaningful impact on holders of Treasurys or other government-sponsored or municipal debt.

Persons: Mohamed El, Erian, Fitch, Veronique de Rugy, de Rugy, that's, Goldman Sachs, Goldman, There's Organizations: Poor's, Fitch, Allianz, Twitter, AAA, Mercatus, George Mason University, Treasury, Federal Reserve, Congressional, Moody's, Service Locations: U.S

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

RBI has not yet outlined its plan to supervisors at the European Central Bank (ECB), two people with knowledge of its dealings with the central bank said, making a spin-off unlikely by September. Furthermore, the approval of Russia's central bank, finance ministry and, in the event of a sale, even Russian President Vladimir Putin, will be needed before RBI acts. The ECB urged RBI not to pay a dividend this year because of its concerns over Russia, one of the people said. Austria's central bank and the ECB declined to comment. Another source said he has urged the U.S. not to pressure RBI.

Persons: Raiffeisen, Vladimir Putin, UniCredit, month's Wagner, Robert Holzmann, Christine Lagarde, Magnus Brunner, Brian Nelson, Francesco Canepa, John O'Donnell, Alexander Smith Organizations: Raiffeisen, Reuters, Austrian, European Central Bank, ECB, Treasury, Foreign Assets, OFAC, U.S, Thomson Locations: VIENNA, Russia, Austria, Moscow, U.S, Ukraine, Europe, Washington, Vienna, Soviet, Austrian, United States, Frankfurt

☆ The Treasury Department and the Fed have drained $150 billion in market liquidity since the debt ceiling deal
▼ + stars: | 2023-06-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Liquidity has fallen by $150 billion since Congress suspended the debt ceiling, Strategas said. The debt deal earlier this month cleared the way for the Treasury Department to issue more T-bills. The debt ceiling deal cleared the way for the Treasury Department to auction more T-bills, which will restore the government's cash balance. And the outflows are only accelerating, the note found, with half of the $150 billion liquidity drain occurring over the past three days. Meanwhile, the Treasury Department is expected go on a big debt spree, and Strategas expects 50% of the issuance will come from bank reserves, which reduces liquidity.

Persons: Strategas, —, Dan Clifton, it's, Clifton Organizations: Treasury Department, Service, Treasury, Fed, Deutsche Bank

☆ The tech trade is back, driven by A.I. craze and prospect of a less aggressive Fed
▼ + stars: | 2023-05-26 | by ( Ari Levy | ) www.cnbc.com time to read: +5 min

Patrick T. Fallon | Bloomberg | Getty Imageswatch nowTo start the year, the main theme in tech was layoffs and cost cuts. But investors have shifted their focus to AI now that companies are showcasing real-world applications of the long-hyped technology. Google, meanwhile, is touting its rival AI model at every opportunity, and Meta CEO Mark Zuckerberg would much rather tell shareholders about his company's AI advancements than the company's money-bleeding metaverse efforts. The chipmaker, known best for its graphics processing units (GPUs) that power advanced video games, is riding the AI wave. The next three top gainers in the index are also tech companies: Meta, Advanced Micro Devices and Salesforce .

☆ Republicans question June 1 debt ceiling deadline as talks zero in on potential trade-offs
▼ + stars: | 2023-05-23 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +4 min

Andrew Caballero-Reynolds | AFP | Getty ImagesWASHINGTON — A significant group of House Republicans raised questions Tuesday about whether the Treasury Department's June 1 deadline to avoid a potential U.S. debt default was accurate. "We'd like to see more transparency on how they come to that date," House Majority Leader Rep. Steve Scalise said Tuesday at a news conference. "We're getting closer," McCarthy told reporters late Monday, adding that the "circle" of issues was becoming "smaller, smaller, smaller." A Republican negotiator, Rep. Patrick McHenry, N.C., told reporters that spending was still the biggest hurdle to an agreement. Rep. Garret Graves, R-La., left, and Rep. Patrick McHenry, R-N.C., speak to reporters about debt ceiling negotiations as they leave the House Republicans' caucus meeting at the Capitol Hill Club in Washington, May 23, 2023.

Persons: Kevin McCarthy, Joe Biden, Andrew Caballero, Reynolds, Steve Scalise, Scalise, Janet Yellen's, Nathan Howard, Biden, We're, McCarthy, Karine Jean, Pierre, Jean, Pierre said, Katherine Clark, Elise Stefanik, Patrick McHenry, Garret Graves, Bill Clark Organizations: White, AFP, Getty Images WASHINGTON, House Republicans, Treasury, Republican, Bloomberg, Getty, CNBC, US, Democratic, Courage for America, Capitol, Getty Images House Republicans, Rep, Republicans, Capitol Hill Club, CQ, Inc Locations: Washington ,, United States, California, Washington , DC, U.S, N.C, R, Washington

☆ US House hardliners could try to block debt-ceiling deal without 'robust' cuts
▼ + stars: | 2023-05-18 | by ( David Morgan | ) www.reuters.com time to read: +4 min

WASHINGTON, May 18 (Reuters) - President Joe Biden and Republican U.S. House Speaker Kevin McCarthy have voiced growing confidence about striking a debt-ceiling deal to avoid a catastrophic default, but they could be tripped up by last-minute opposition from the hardline House Freedom Caucus. We need something that's going to work," said Representative Chip Roy, a prominent Freedom Caucus member. Freedom Caucus members are demanding greater spending austerity than some Democrats will accept. Something tepid won't do," said Representative Dan Bishop, a Freedom Caucus member. "There should be no further discussion until the Senate passes the legislation," the Freedom Caucus statement said.

☆ Here's when the government's bills are due as U.S. tries to avoid default
▼ + stars: | 2023-05-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

After that date, the Treasury will have to decide which obligations don't get paid, even as multiple critical bills are due. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default. The think tank Bipartisan Policy Center modeled the Treasury Department's cash flow, noting what day bills are paid. The Treasury has taken extraordinary steps to keep paying the government's bills, and expects to be able to avoid a first-ever default at least until early June. Treasury Secretary Janet Yellen demurred when asked in an interview with CNBC this month what bills would be prioritized in the event of a default.

☆ The federal government's bank account just saw a sharp drop in cash as the default deadline looms
▼ + stars: | 2023-05-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

The federal government's bank account just saw a sharp drop in cash as the default deadline looms. The Treasury General Account had $87.4 billion on Monday, down from $140 billion on Friday. Treasury Secretary Janet Yellen reaffirmed this week that the government could run out of money as soon as June 1. The Treasury General Account had $87.4 billion on Monday, down from $140 billion on Friday, according to the latest update. The Treasury General Account is used to pay for debt service on government bonds — preventing the US from defaulting — among the myriad other outlays like federal employee salaries.

☆ Good news for markets next week. Everyone agrees the debt ceiling 'X-date' is not here yet
▼ + stars: | 2023-05-12 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

Good news for markets next week: no default, no credit agency downgrade, no apocalypse. Worrying 2011 precedent Recent history tells investors that stocks will move more violently during a debt ceiling standoff. Retail sales update Debt negotiations aside, investors get updates next week on the state of American consumer spending when April retail sales are reported Tuesday alongside earnings from Home Depot. Deutsche Bank estimates that April retail sales expanded month over month by 0.7%, the market consensus. Credit Suisse is less optimistic, forecasting that April retail sales grew by 0.6%, but, excluding vehicles, were unchanged.

☆ Parents and graduate students taking on new student loans are about to experience the highest interest rates in over a decade
▼ + stars: | 2023-05-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Treasury set the new interest rates for federal student loans in the 2023-2024 school year on Wednesday. They're the highest rates for student loans in over a decade. For graduate and PLUS loans in particular, the interest rate is surging to 8.05%. When it comes to the PLUS loans, this increase is particularly notable given that interest rates on those loans have not been this high since 2006. Insider has previously reported on the burden PLUS loans can bring, especially for parents.

☆ Crypto exchange Bittrex files for bankruptcy after SEC complaint
▼ + stars: | 2023-05-08 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Cryptocurrency exchange Bittrex Inc filed for bankruptcy protection on Monday, three weeks after the U.S. Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange. Seattle-based Bittrex ceased operations in the United States on April 30, and it said the bankruptcy filing would not impact Bittrex Global, which serves customers outside the United States. Bittrex said that it was still holding crypto assets of U.S. customers who did not withdraw funds before April 30. Bittrex has denied the SEC's allegations, saying the crypto assets on its platform were not securities or investment contracts. Bittrex's other largest creditors were mostly customers of the crypto exchange.

☆ US Treasury's top international official heads to Europe, Asia for talks on economy
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 4 (Reuters) - The U.S. Treasury Department's top international official is heading to Europe and Asia this week for talks on current macroeconomic trends and events, and a G7 finance officials meeting, Treasury said in a statement on Thursday. Treasury Undersecretary for International Affairs Jay Shambaugh will attend meetings of the Organization for Economic Cooperation and Development in Paris on Friday, before traveling on to Singapore and Japan, Treasury said. The meeting takes place a month after the International Monetary Fund trimmed its 2023 global growth outlook slightly and warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. Shambaugh will join U.S. Treasury Secretary Janet Yellen at the G7 meeting in Niigata, Treasury said. Reporting by Andrea Shalal; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ US Treasury's financial crimes unit hits state-chartered trust with penalty
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - The U.S. Treasury Department's Financial Crimes Enforcement Network on Wednesday hit a South Dakota-chartered Kingdom Trust Company with a $1.5 million civil penalty for willfully violating a law requiring banks report suspicious transactions. From February 2016 through March 2021, Kingdom Trust processed billions of transactions without proper controls aimed at preventing money laundering, FinCEN said in its consent order. The firm admitted to the willful violations in what FinCEN described in a statement as its first enforcement action against a trust company. Kingdom Trust did not respond immediately to a request for comment. "Kingdom Trust had virtually no process to identify and report suspicious transactions, resulting in it processing over $4 billion in international wires with essentially no controls," FinCEN’s acting director Himamauli Das said in the statement.

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