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Fines for UK firms buying goods linked to Chinese slave labour camps

Companies trading in Britain will face hefty fines and be barred from public sector procurement unless they can prove their supply chains are free from forced labour under new measures intended to pressure Beijing over human rights abuses in Xinjiang. Dominic Raab, the foreign secretary, laid out measures to prevent… Read More

FinCEN Extends Comment Period for Controversial Crypto Wallet Rule

The Financial Crimes Enforcement Network (FinCEN) said Thursday it would reopen its proposed rulemaking period for an additional 15 days for its reporting requirements, and another 45 days for a requirement on recordkeeping and counterparty reporting requirements. First submitted Dec. 18, the proposals would require exchanges to store name… Read More

El Salvador Protects Accounts of Suspected Money Launderers

By Shane Sullivan, InSight Crime, 13 January 2021 InSight Crime – The head of El Salvador’s financial regulatory agency has instructed banks not to close the accounts of suspected or formally accused money launderers, the latest in a long line of incidents that expose the country’s hollow fight… Read More

14th January 2021

No more anonymous home buyers: New law requires shell companies to name their owners

A new federal law is putting an end to anonymous shell companies used to launder dirty money through high-priced real estate, automobiles and works of fine art. Until this year, Limited Liability Corporations — known as LLCs — often used to purchase real estate enabled buyers to block their identity… Read More

13th January 2021

Joint Probes to Continue Post-Brexit—With More Red Tape

The last-minute trade deal between the U.K. and European Union has helped stave off a potentially turbulent disruption in key law enforcement and security priorities between the two sides. The U.K.’s departure from the EU means the country has lost access to certain law enforcement tools… Read More

12th January 2021

Trump returns Cuba to U.S. list of state sponsors of terrorism

The Trump administration on Monday announced it was returning Cuba to the U.S. list of state sponsors of terrorism, a move that could complicate any efforts by the incoming Biden administration to revive Obama-era detente with Havana. Just nine days before Republican President Donald Trump leaves office, Secretary of State… Read More

12th January 2021

U.S. Imposes Sanctions on Ukrainians Linked to Giuliani for Election Disinformation

The Trump administration imposed sanctions on Monday against seven Ukrainians — including two who assisted President Trump’s personal lawyer Rudolph W. Giuliani — for being part of what it called “a Russia-linked foreign influence network” that spread “fraudulent and unsubstantiated allegations” about President-elect Joseph R. Biden Jr. during the 2020… Read More

12th January 2021

Record all your work calls at home, UK watchdog tells bankers

Bankers must record all communications while working from home, Britain’s Financial Conduct Authority said on Friday, ending the leeway it introduced last year when the first pandemic lockdown began. “At the start of the pandemic, if your firm moved to an alternative site or a working from home arrangement, we… Read More

11th January 2021

China hits back at foreign sanctions on Chinese companies and individuals

China on Saturday issued a new order to prohibit firms from complying with foreign laws banning transactions with Chinese companies and individuals, effective immediately. The so-called Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures apply to circumstances that “improperly prohibit or restrict” Chinese individuals, companies, and… Read More

11th January 2021

Bitcoin holders barred from depositing profits in UK banks

Bitcoin has surged to record highs this week but anyone who wants to take profits might struggle to cash in their gains. Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to… Read More

11th January 2021

U.S. to designate Yemen’s Houthi movement as foreign terror group as soon as Monday

The United States plans to designate Yemen’s Houthi movement as a foreign terrorist organization, three sources familiar with the matter said, a move that diplomats and aid groups worry could threaten peace talks and complicate efforts to combat the world’s largest humanitarian crisis. The decision to blacklist the Iran-aligned group,… Read More

8th January 2021

How a New Anti-Money Laundering Law Will Affect U.S. Art Dealers

The US antiquities trade is going to face far stricter oversight in 2021 than it has in the past. On January 1, the Senate overrode President Trump’s veto of the National Defense Authorization Act for 2021, a bill that includes a new law requiring antiquities dealers to comply with the… Read More

7th January 2021

Banks Blast Rule That Would Force Lending to Oil, Gun Firms

Wall Street banks are asking a key regulator to drop a proposed rule that would force them to do business with energy and firearms companies that could subject them to public scorn, questioning the legal basis for a measure they say is being unfairly fast-tracked. The “fair access” rule proposed… Read More

Must Read

Defense Act Expands Scope of Foreign Bank Records U.S. Authorities Can Obtain

After Brexit, the UK is Open to Almost Unrestrained Antiquities Trade

Alleged RCMP mole accused of selling secrets to kingpin money launderer and terror-financier’s network

China Tripled AML Penalties in 2020 Compared to 2019

Fines for UK firms buying goods linked to Chinese slave labour camps