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Financial Services Law Insights and Observations

President, Congress Extend Cross-Border Fraud Enforcement Law

Fraud FTC

Fintech

On December 4, President Obama signed a bill, H.R. 6131, that extends through December 2020, a law that enhances the FTC’s ability to address cross-border fraud, and particularly to fight spam, spyware, and Internet fraud and deception. Originally passed in December 2006 and set to expire in December 2013, the U.S. SAFE WEB Act amended the FTC Act to include within the definition of "unfair or deceptive acts or practices" certain acts or practices involving foreign commerce. Further, the law authorizes the FTC to (i) disclose certain privileged or confidential information to foreign law enforcement agencies, and (ii) provide investigative assistance to a foreign law enforcement agency pursuing violations of laws prohibiting fraudulent or deceptive commercial practices or other practices substantially similar to practices prohibited by laws administered by the FTC without requiring that the conduct identified constitute a violation of U.S. laws.