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March 20, 2023

FINTRAC Advisory Highlights Recent FATF Statements

The Financial Transactions and Reports Analysis Centre (FINTRAC) of Canada issued an advisory informing regulate entities of updated statements issued by the Financial Action Task Force (FATF). The advisory highlights FATF’s Feb. 24, 2023, statements on high-risk jurisdictions subject to a call fo...

March 8, 2023

EU Annuls Two Listings Under DRC Sanctions (in French)

The European Union (EU) General Court annulled the 2021 designations of Emmanuel Ramazani Shadary and Kalev Mutondo under the EU’s sanctions regime concerning the human rights situation in the Democratic Republic of the Congo (DRC). The Court reasoned that neither applicant had continued to occupy positions of power which had

March 7, 2023

HM Treasury Amends DRC Sanctions Entry

HM Treasury's Office of Financial Sanctions Implementation issued a notice concerning amendments made to the sanctions entry for one individual targeted pursuant to the Democratic Republic of the Congo (Sanctions) (EU Exit) Regulations 2019. The amendments mirror changes adopted by the U.N. Security Council on March 1, 2023. Specifically, the

March 2, 2023

Behind the Scenes, US Officials Wield Patriot Act Power Against Corrupt Overseas Banks

The U.S. Financial Crimes Enforcement Network's creation of a new investigatory unit in August 2019 raised hopes that the bureau would target more foreign financial institutions caught handling illicit funds with any one of an array of punitive measures under the Patriot Act. Instead, the 30 or so p...

March 1, 2023

UNSC Amends One Entry on DRC Sanctions List

The United Nations Security Council announced an update to its sanctions regime imposed on the Democratic Republic of Congo pursuant to Resolution 1533 (2004). The press release notes that information concerning the following sanctioned individual was updated: CDi.030 Name: 1: BOSCO 2: TAGANDA 3: na 4: na Title: na Designation: na DOB: Between 1973 and 1974 POB: Bigogwe, Rwanda  Good

March 1, 2023

RBI Highlights Recent FATF Statements on High Risk, Strategic Deficiency Countries

The Reserve Bank of India (RBI) issued a statement concerning the latest decision by the Financial Action Task (FATF) Force with respect to high risk and other monitored jurisdictions that lack sufficient anti-money laundering and counterterrorist financing (AML/CTF) regimes. In particular, the RBI ...

March 1, 2023

OFAC Adds Two Individuals, Three Entities to North Korea Sanctions List

The Office of Foreign Assets Control (OFAC) issued a notice concerning the addition of two individuals and three entities to the Specially Designated Nationals List with respect to North Korea. The following individuals are now subject to U.S. sanctions: HWANG, Kil Su (Korean: 황길수), Congo, Democratic Republic of the; DOB

March 1, 2023

US Treasury Sanctions Network for Generating Revenue for North Korea

The U.S. Treasury Department announced new sanctions targeting three entities and two individuals for illicitly generating revenue in support of North Korea from construction and statue-building projects with local governments in the Democratic Republic of the Congo (DRC). Specifically, the Office of Foreign Assets Control (OFAC) designated Chilsong Trading Corporation

February 28, 2023

Federal Judge Finalizes Glencore Criminal Fine for FCPA Violations

A federal judge in the Southern District of New York ordered Glencore International A.G. (Glencore) to pay a criminal fine of $428,521,173 and to forfeit $272,185,792 as it agreed to in a May 24, 2022, plea agreement, and to pay nearly $29.7 million in restitution. Specifically, the restitution opin...

February 27, 2023

US Releases Latest Country Reports on Terrorism

The U.S. State Department published its latest Country Reports on Terrorism (CTR), summarizing the U.S. efforts to combat terrorism in 2021. The CTR provides a detailed look at the terrorism environment throughout the year and expands on a range of national security challenges, including strategic c...

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