Featured Extractive Industries

Court documents show U.S. seeks seizure of Iranian tanker violating sanctions

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

U.S. Threatens Sanctions Over Iranian Tanker After Court Release

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

Court Rules Leaked Documents Are Fair Game in Tax Case Against Glencore

Australia’s top court has rejected a move by one of the world’s most profitable companies to stop government officials from using leaked documents to assess its tax bill. Australia’s High Court ruled unanimously on Wednesday that commodity giant Glencore could not rely on “legal privilege” to prevent the Australian Tax… 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
In January, as the Senate debated whether to permit the Trump administration to lift sanctions on Russia’s largest aluminum producer, two men with millions of dollars riding on the outcome met for dinner at a restaurant in Zurich. On one side of the table sat the head of sales for… Read More
14th August 2019
Kazakh mining company Eurasian Natural Resources Corp. asked a British court to stall the U.K.’s pursuit of corruption charges following a six-year bribery investigation. ENRC, once listed on the FTSE 100 Index, asked London’s High Court in a filing this month to force the Serious Fraud Office to withhold… 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
13th August 2019
French-Israeli diamond magnate Beny Steinmetz will go on trial in Geneva over his alleged role in a corruption scandal involving mining deals in Guinea, Swiss prosecutors said Monday. Geneva prosecutor Claudio Mascotto, in charge of an investigation that began in 2013, has opened a case against the businessman and two… Read More
12th August 2019
It was a typically hot Saturday afternoon in Aruba when Rafael González Zambrano thought he had completed a routine operation, one he had been doing for about seven years already. After declaring the goods he was carrying, the Venezuelan-born man with a Dutch passport was escorted to his plane by… Read More
12th August 2019
Five years ago, everything changed in Latin America—or so it seemed. Investigations into a money-laundering operation in Brazil beginning in 2014 revealed a massive bribery scheme involving energy and construction companies. The “Car Wash” scandal saw dozens jailed and billions of dollars in fines—and implicated politicians in Argentina, Colombia, Peru and… Read More
8th August 2019
Miami’s Seybold building is a famous jewelry marketplace that attracts customers from across the globe. But investigators say it was also home to a crew of money launderers who are illegally smuggling in gold from Argentina — sometimes disguised as buttons on jackets. Three people were arrested this week, two… Read More
5th August 2019
China and other countries are receiving oil shipments from a larger number of Iranian tankers than was previously known, defying sanctions imposed by the United States to choke off Tehran’s main source of income, an investigation by The New York Times has found. The Times examined the movements of more… Read More
5th August 2019
Four senior managers at a multinational oil firm have been accused in a court document of taking part in a scheme to pay multimillion-pound bribes to land contracts. The accusation has been made by the Serious Fraud Office, which is investigating suspected corruption and money laundering involving the multinational… Read More