22nd August 2019
The U.S. Treasury on Wednesday imposed sanctions on three Chinese men accused of illegally trafficking fentanyl, acting three weeks after President Donald Trump accused Beijing of reneging on pledges to stem a flood of the highly addictive synthetic opioid into the United States. The trio included a father and son… Read More
19th August 2019
The nation’s anti-money laundering regulator warns it is likely to take more action against Australia’s top financial institutions after being “flooded” with reports of potential breaches following its landmark case against the Commonwealth Bank. Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of… Read More
19th August 2019
Newly released U.S. court documents show the United States issued a warrant for the seizure of an Iranian tanker that British Royal Marines had seized last month in Gibraltar, citing evidence that it was transporting oil to Syria in violation of U.S. sanctions. The oil tanker Grace 1, the more… Read More
16th August 2019
The U.S. is gravely disappointed with the U.K. after a Gibraltar court allowed the release of an Iranian tanker suspected of hauling oil to Syria, and threatened sanctions against ports, banks and anyone else who does business with the ship or its crew, two administration officials said. The court’s decision… Read More
16th August 2019
The Latvian lender which accused the country’s central bank head of corruption is failing and will be shut down, European banking authorities said on Thursday. PNB Banka, one of the smallest lenders under ECB supervision with just 550 million euros of assets, has seen “significant deterioration in its capital situation… Read More
15th August 2019
Canadian PM Justin Trudeau violated federal conflict of interest rules in the handling of a corruption inquiry, the federal ethics tsar has found. The ethics commissioner says Mr Trudeau improperly tried to influence a former minister in the SNC-Lavalin affair. The prime minister says he accepts the commissioner’s report but… Read More
15th August 2019
In guidance published earlier this year (“Framework document”), the US Treasury Department’s Office of Foreign Assets Control (OFAC) lists 10 “root causes” of inadequate sanctions compliance programs (SCPs) derived from historical enforcement actions it has taken: Lack of a formal OFAC SCP Misinterpreting, or failing to understand the applicability… Read More
14th August 2019
The British territory of Gibraltar will not yet release an Iranian oil tanker seized by Royal Marines in the Mediterranean despite an Iranian report that it could do so on Tuesday, an official Gibraltar source said. The commandeering of the Grace 1 on July 4 exacerbated frictions between Tehran and… Read More
13th August 2019
Latvia’s financial regulator, the Financial and Capital Markets Commission (FKTK) on August 12 said it had deleted the register entries of two firms dealing with electronic money transfers. The firms, called ‘Complete Payment Systems’ and ‘Money Express’ have had their entries in the credit register of payment institutions annulled, suspending their provision of… Read More
13th August 2019
Donald Trump’s executive order last week to shield Venezuelan assets in the U.S. was supposed to be a blow to the Maduro regime. Instead, it’s left Treasury officials grumbling and investors more puzzled than ever. The source of the confusion is Houston-based refiner Citgo Holding, Venezuela’s crown jewel abroad,… Read More