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FinCEN Expands Efforts Against Graft in Venezuela, Trafficking and Cybercrime

Ken Blanco, now director of the U.S. financial intelligence unit, speaks to reporters in New York City on Friday, Jan. 20, 2017. During a speech at New York University on Wednesday, June 12, 2019, Blanco outlined his bureau’s efforts to track corrupt proceeds from Venezuela. (Getty Images)

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June 17 2019

Brexit: Bane of Banks and Bank Regulators Alike

By : Gabriel Vedrenne

If the U.K.’s planned exit from the EU has complicated the lives of bankers, perhaps they can enjoy a little schadenfreude at the expense of the frequent bogeyman of their profession: bank regulators, who must now supervise the partial or wholesale relocation of scores of financial institutions.

June 17 2019

Legal Brief: Global Opposition to US Sanctions Solidifies, Expands

By : Silas Bartels, moneylaundering.com legal writer

On June 4, the U.S. Treasury Department disclosed amendments to the Cuban Assets Control Regulations that revoke an authorization granted under the administration of then President Barack Obama for group people-to-people educational travel to Cuba.

June 14 2019

Weekly Roundup: Baltic Banks Still Vulnerable to Illicit Finance, Latvia to Oust Top AML Regulator, and More

Switzerland joins global task force against graft in Venezuela, U.K. fines online casino, and more, in this week’s roundup.

June 12 2019

European Regulators Support Centralized Approach Against Financial Crime

By : Gabriel Vedrenne

Senior regulators from financial crime-plagued Malta and Estonia on Wednesday appeared to back the creation of a centralized authority to enforce anti-money laundering rules across the European Union.

From the Editor: Compliance Officers Still Routinely Ignored

January 30 2019

Jho Low, right, attending the Grammy Awards in Los Angeles, California on Monday, Jan. 26, 2014. “Billion Dollar Whale,” a book covering the 1MDB scandal, describes how Low, now a fugitive, relied on global banks to launder billions of dollars stolen from Malaysia’s sovereign wealth fund.

According to the Financial Crimes Enforcement Network, possible red flags related to corrupt Venezuelan senior political figures, their family members and associates include:

A. Cash deposits instead of wire transfers in the accounts of companies involved in Venezuelan government contracts originating from Nicolás Maduro's regime.
B. Payments involving government contracts of Nicolás Maduro's regime that originate from non-official Venezuelan accounts, particularly those located in jurisdictions outside of Venezuela.
C. Export businesses operating in South Florida that are engaged in the trade of heavy equipment, auto parts and electronics from Florida to Venezuela.
D. All of the above.

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Legs & Regs

OSCE Organizes AML, Cybercrime Training Seminar in Kyrgyzstan

The Organization for Security and Co-operation in Europe announced that its Program Office in Bishkek organized a five-day training seminar for customs officers in Kyrgyzstan to improve methods for tracking and disrupting drug trafficking, cybercrime and money laundering.

June 17 2019

OSCE, UNODC Organize CTF Training Event in Kazakhstan

The Organization for Security and Cooperation in Europe announced that it organized a five-day training course aimed at further strengthening the capacity of Kazakhstan to combat terrorist financing and implement international standards, in particular United Nations Security Council Resolutions.

June 17 2019

RUSI Publishes Report on Gaps in Corruption, Fraud Data Gathering

June 17 2019

OFAC Amends Maximum Civil Monetary Penalties to Account for Inflation

June 14 2019

EIOPA Highlights Efforts to Step Up Fight Against Money Laundering in 2018 Annual Report

June 14 2019

Enforcement Actions

OFAC Fines Expedia Group, Inc. $325,406 to Settle Liability for Facilitating Cuba-Related Travel

The U.S. Treasury Department's Office of Foreign Assets Control ordered Expedia Group, Inc. to pay $325,406 in order to settle potential civil liability for assisting 2,221 persons with Cuba-related travel services in apparent violation of the Cuban Assets Control Regulations.

June 13 2019

OFAC: Hotelbeds USA, Inc. Pays $222,705 to Settle Cuba Sanctions Violations

The Office of Foreign Assets Control of the U.S. Treasury Department issued a $222,705 civil penalty against the Florida-based subsidiary of Hotelbeds Group to settle potential violations of the Cuba Assets Control Regulations.

June 13 2019

OFAC: Cubasphere, Inc., Company’s President Agree to Pay $40,320 to Settle Sanctions Violations

June 13 2019

UK Gambling Commission: Platinum Gaming Limited to Pay Over £1.6 Million for Money Laundering Failures

June 13 2019

UK Gambling Commission Settles with Gamesys Limited for £1.15 Million for Social Responsibility, Money Laundering Failures

June 12 2019