Latest news with #MichaelFaulkender
TimesLIVE
3 days ago
- Business
- TimesLIVE
US targets three Mexican financial institutions under fentanyl sanctions
The FinCEN sanctions do not block property or cut off all global dollar-based activities of the Mexican firms as other Treasury sanctions would, but they do prohibit US transactions with their locations in Mexico, a US Treasury official told reporters. The action will have a similar effect of cutting the institutions out of the US financial system, the official added. The Treasury said that commercial banks CIBanco and Intercam have assets of more than $7bn (R123.59bn) and $4bn (R70.62bn) respectively, making them relatively small by global banking standards. But the action against Vector, a brokerage firm that manages nearly $11bn [R194.21bn] in assets and is one of the top 10 securities brokers in Mexico, 'underscores the significance of our actions', deputy US Treasury secretary Michael Faulkender told reporters. 'This is a bold move. Being cut off from the US financial system is a death blow. It's enormously impactful,' said Vanda Felbab-Brown, senior fellow at the Brookings Institution and a specialist on organised crime. 'These are hardly the biggest banks in Mexico, but they are not small entities. These are medium-level banks,' she said, adding that while significant it was unlikely to 'make any kind of dent in the financial flows of Mexican criminal groups'. LAUNDERING MILLIONS The Treasury said all three institutions 'have collectively played a long-standing and vital role in laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to produce fentanyl'. 'Vector categorically rejects any accusation that compromises its institutional integrity,' Vector said in a statement. It reiterated its full willingness to collaborate with Mexican and US authorities to clarify the situation. Intercam said: 'We categorically deny any connection between this institution and any illicit practice.' 'CIBanco has no involvement in illegal activities,' the bank said in a statement, adding it complies with all regulations set by the relevant authorities. Luis Manuel Perez de Acha, a tax lawyer and money laundering expert in Mexico City, said the accusations were a 'bombshell'. 'The entire financial system passes through the US, so they are practically left without operations,' he said.
AU Financial Review
3 days ago
- Business
- AU Financial Review
US Treasury close to deal to make ‘revenge tax' irrelevant
Washington | The US Treasury Department is nearing a deal that would make the so-called 'revenge tax' irrelevant, the agency's second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners. 'We continue to have negotiations with our OECD partners and continue to hope that in the very short run we have a breakthrough that would make conversations about 899 irrelevant,' Deputy Treasury Secretary Michael Faulkender said in an interview, referring to a part of President Donald Trump's signature tax legislation that would impose a levy on foreign companies and investors from countries that the US determines have been unfairly imposing digital taxes on American technology companies.
AU Financial Review
3 days ago
- Business
- AU Financial Review
US Treasury close to deal that would make ‘revenge tax' irrelevant
Washington | The US Treasury Department is nearing a deal that would make the so-called 'revenge tax' irrelevant, the agency's second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners. 'We continue to have negotiations with our OECD partners and continue to hope that in the very short run we have a breakthrough that would make conversations about 899 irrelevant,' Deputy Treasury Secretary Michael Faulkender said in an interview, referring to a part of President Donald Trump's signature tax legislation that would impose a levy on foreign companies and investors from countries that the US determines have been unfairly imposing digital taxes on American technology companies.
Bloomberg
3 days ago
- Business
- Bloomberg
Not Concern With High Prices: Faulkender on Tariffs
US Deputy Treasury Secretary Michael Faulkender, shares that he isn't worried about higher prices as President Trump's tariff deadline looms, and explains how the inflation data is backing his view. He also talks about the Trump Tax Bill and whether or not the legislation is on track to meet its July 4th deadline. Michael Faulkender speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's 'Balance of Power.' (Source: Bloomberg)
Bloomberg
3 days ago
- Business
- Bloomberg
House, Senate Republicans Locked on Key Tax Issues
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, US Deputy Treasury Secretary Michael Faulkender, shares that he isn't worried about higher prices as President Trump's tariff deadline looms. Rep. Erin Houchin (R) Indiana talks about the latest on the Tax Bill as it still is under Senate review and if there is anything the Senate might change that will make her not vote for the legislation. Senator Tammy Duckworth (D) Illinois discusses what she expects to hear from a briefing potentially happening Thursday on last weekend's attack on Iran as reports talk about the impact of the Iran strikes. (Source: Bloomberg)
