Topic: Terrorism Risk and Insurance

TRIA Extension Bill Proposed in Congress

Legislation was recently introduced in the House of Representatives to extend the federal Terrorism Risk Insurance Program through 2019. The lead sponsors of the bill, the TRIA Reauthorization Act of 2013 (H.R. 508), are Rep. Michael Grimm (R-NY) and Carolyn Maloney (D-NY), both of whom sit on the House Financial Services Committee. 

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Ninth Circuit Affirms Foreign Nationals’ Standing to Challenge “No-Fly List” Inclusion

In a decision likely to impact foreign nationals as well as airlines, airports, and related insurers, the 9th Circuit Court of Appeals recently affirmed a lower court ruling which held that a Malaysian citizen studying in the U.S. has legal standing to sue in U.S. courts to challenge the mistaken presence of her name on the No-Fly List. 

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New York Court Compels Treasury Department to Release Identity of OFAC Licensees

The New York Times and its reporter Ron Nixon (collectively the “Times”) brought an action pursuant to the Freedom of Information Act (the “Act”) against the United States Treasury in the New York Southern District court.  The Times sought to compel the Treasury Department to release the names of individuals who had been granted licenses by the Department’s Office of Foreign Assets Control (“OFAC”) to conduct business in or with foreign countries that would otherwise be unlawful under OFAC’s economic sanctions programs. 

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Treasury Department Proposes a Plan that Would Require US Banks to Report All Overseas Money Transfers

On September 29, the Washington Post and New York Times reported that the United States Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a proposal this week that would require US banks to report all electronic money transfers into and out of the United States. James Freis Jr., director of the FinCEN, explained that the proposal would “greatly assist law enforcement in detecting and ferreting out transnational organized crime, multinational drug cartels, terrorist financing and international tax evasion.” 

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