Treasury Says Coronavirus Impact on Compliance Could Be a Mitigating Factor in Sanctions Cases
24th April 2020
Treasury Says Coronavirus Impact on Compliance Could Be a Mitigating Factor in Sanctions Cases
The U.S. Treasury Department said it would weigh the effects of the coronavirus pandemic on companies’ ability to comply with sanctions as it evaluates possible enforcement actions. The Treasury’s Office of Foreign Assets Control, which administers and enforces U.S. trade and economic sanctions, issued a notice this week acknowledging… Read More
UN calls for shipping reforms as North Korea escalates sanctions evasion
23rd April 2020
UN calls for shipping reforms as North Korea escalates sanctions evasion
The UN Security Council is calling for digitisation of shipping documents, stricter know-your-customer requirements and restrictions on individual vessels, after uncovering North Korea’s extensive ability to evade sanctions on petrol, coal, sand and other commodities. A UN report finalised in March and seen by GTR says satellite imagery has revealed… Read More
Lebanon’s relaxed cannabis laws ‘could lead to more corruption’
23rd April 2020
Lebanon’s relaxed cannabis laws ‘could lead to more corruption’
Lebanon’s legalisation of cannabis for medical use has been praised by politicians who highlighted its potential to shore up the state’s debt-ridden coffers, but locals and specialists warned that it could increase corruption. MP Antoine Habchi, who worked on a draft version of the bill, said it was a “major… Read More
In Europe’s Scramble to Buy COVID-19 Supplies, Anti-Corruption Measures Fall Away
22nd April 2020
In Europe’s Scramble to Buy COVID-19 Supplies, Anti-Corruption Measures Fall Away
By Ilya Lozovsky, OCCRP, 21 April 2020 OCCRP — In a phone call late last month, an Estonian minister begged a journalist to keep quiet about the details of a large shipment of surgical masks headed for the country. The contract had already been signed, Minister of Public Administration Jaak Aab explained. Read More
Cypriot authorities deny knowledge of how €400,000 went to casino project
22nd April 2020
Cypriot authorities deny knowledge of how €400,000 went to casino project
Cypriot authorities said on Tuesday they had no information from the European anti-fraud office, Olaf, regarding an investigation that revealed more than €400,000 provided by the Commission’s Research Executive Agency (REA) to a consortium of SMEs in France, Romania, Spain and Ireland with the purpose of improving forest-fire detection were… Read More
UN imposes sanctions on Central African Republic rebel leader
22nd April 2020
UN imposes sanctions on Central African Republic rebel leader
The UN Security Council on Monday imposed sanctions on Central African Republic (CAR) former rebel leader Abdoulaye Miskine, who last year was one of the signatories of a peace agreement between the government and armed groups. Under the terms of the February 2019 accord, Miskine, founder and head of the… Read More
U.S. orders Chevron to wind down Venezuela operations by December 1
22nd April 2020
U.S. orders Chevron to wind down Venezuela operations by December 1
The U.S. Treasury Department on Tuesday gave Chevron Corp, the last major U.S. oil company still operating in Venezuela, until Dec. 1 to “wind down” its business in the OPEC member-nation and allowed it to conduct only limited operations there until then. In a move to ratchet up pressure on… Read More
China Rolls Out Pilot Test of Digital Currency
21st April 2020
China Rolls Out Pilot Test of Digital Currency
China’s central bank has introduced a homegrown digital currency across four cities as part of a pilot program, marking a milestone on the path toward the first electronic payment system by a major central bank. Internal tests of the digital currency are being conducted in four large cities around China—Shenzhen,… Read More
UN experts want to blacklist 14 ships over NKorea sanctions
20th April 2020
UN experts want to blacklist 14 ships over NKorea sanctions
AP — U.N. experts have recommended blacklisting 14 vessels for violating sanctions against North Korea in a report that accuses the country of increasing illegal coal exports, imports of petroleum products and continuing with cyber attacks on financial institutions and cryptocurrency exchanges to gain illicit revenue. The 267-page report, obtained… Read More
U.S. Paycheck Protection Program Poses AML Compliance Challenges
17th April 2020
U.S. Paycheck Protection Program Poses AML Compliance Challenges
Promised relief started flowing to small businesses recently under the $350 billion Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security Act, but many lenders releasing funds now face a substantial compliance burden: establishing an anti-money-laundering program that will pass regulatory scrutiny. Fulfilling that obligation may present… Read More
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