TOP STORY

Aug

US Prosecutors Tie ‘Glaring’ Money Laundering Scheme to Ukrainian Oligarchs

U.S. officials petitioned federal courts on Thursday, August 7, 2020, to seize hundreds of millions of dollars worth of commercial properties from Ukrainian oligarchs Gennadiy Boholiubov and Igor Kolomoisky, above, the former owners of the now-defunct Privatbank. (Alamy)

Legs & Regs

HM Treasury Publishes Updated Version of Asset Freeze Sanctions List

HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.

August 11, 2020

HM Treasury Corrects 20 Listings on Guinea-Bissau Sanctions List

HM Treasury’s Office of Financial Sanctions Implementation issued a notice concerning corrections made to 20 listings on its consolidated list following amendments to Council Regulation (EU) No 377/2012, which imposes sanctions against Guinea-Bissau.

August 11, 2020

HMT Issues Corrections for 14 Entries on Burma Sanctions List

HM Treasury’s Office of Financial Sanctions Implementation issued a notice on corrections made to 14 listings following amendments to Council Regulation (EU) No 401/2013, which imposes financial sanctions on Burma.

August 11, 2020

OFAC Issues Guidance on Sudan, Darfur Sanctions Programs

The Office of Foreign Assets Control of the U.S. Treasury Department issued guidance on the Sudan program and Darfur sanctions, noting that U.S. persons are allowed to engage in transactions with Sudan that were previously prohibited under the Sudanese Sanctions Regulations.

August 11, 2020

Financial Crime Matters: Edward Kitt and the Benefits of Public-Private Partnerships

July 30, 2020

In the latest episode of “Financial Crime Matters,” Kieran Beer, editor in chief of ACAMS moneylaundering.com, and Edward Kitt, illicit finance policy lead at the British Embassy in Washington, D.C., discuss public-private partnerships and the fight against transnational financial crime.

On April 8, 2020, the Financial Action Task Force of Latin America, GAFILAT, warned the public regarding the following emerging risks associated with COVID-19:

A. Ponzi schemes that seek to take advantage of economic fears and loss of jobs.
B. Criminals seeking to recruit people experiencing financial distress to launder funds and commit other crimes.
C. Schemes involving fake loans or other financial assistance programs seeking to steal personal data.
D. All of the above.

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More News

Powerful Bank Executives Increase Money Laundering Risk: Study

By : Valentina Pasquali

U.S. lenders led by tenured, deeply connected and influential chief executives have proven more likely to become embroiled in illicit finance over the past two decades than their more weakly led peers, and thus warrant enhanced regulatory scrutiny, a trio of U.K. analysts has found.

August 11, 2020

Interactive Brokers Fined $38 Million After Missing Suspicious Offshore Payments

By : Daniel Bethencourt

Three securities regulators assessed a combined $38 million in penalties against one of the largest traders of microcap stocks in the U.S. for missing dozens of potentially fraudulent schemes and failing to screen hundreds of millions of dollars worth of high-risk transactions.

August 10, 2020

FinCEN Walks Back Designation of Macau Lender for Aiding North Korea

By : Daniel Bethencourt

U.S. officials on Friday reversed their decision to blacklist a lender in the Chinese gaming hub of Macau 15 years ago for serving as "a willing pawn" of North Korea's government.

August 7, 2020

Weekly Roundup: FinCEN Revokes Banco Delta Asia Blacklisting, US Prosecutors Target Kolomoisky Properties, and More

August 7, 2020

Europe’s Match-fixing Problem Facilitates Global Money Laundering: Europol

By : Koos Couvée

August 6, 2020

Enforcement Actions

OFAC: Former Civilian Employee of US Army to Pay $5,000 for Apparent Kingpin Sanctions Violations

The Office of Foreign Assets Control of the U.S. Treasury Department entered into a settlement agreement with an unnamed individual requiring the person to pay $5,000 for apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations.

August 11, 2020

SEC: Interactive Brokers LLC to Pay $11.5 Million for SARs Failures

The U.S. Securities and Exchange Commission issued a cease and desist order against the Greenwich, CT-based broker-dealer requiring it to pay a penalty and address the failure to file suspicious activity reports pursuant to Section 17(a) of the Exchange Act and related Rule 17a-8.

August 10, 2020