Featured Extractive Industries

By Suitcase And By Wire: How Reza Zarrab Smuggled Russia’s Money

By Tom Stocks, Daniela Castro, Kelly Bloss and Adam Klasfeld, OCCRP, 20 September 2020 OCCRP — Best known for laundering billions of dollars for Iran, notorious gold smuggler Reza Zarrab’s ties to Russia received only passing mention when he was prosecuted in the U.S. in 2016. That was a huge… Read More

Court unfreezes accounts of Mexican firm sanctioned by U.S.

A Mexican court has unfrozen the bank accounts of a local company blacklisted by the United States for trading in oil with Venezuelan state oil firm PDVSA despite U.S. sanctions, Mexico’s anti-money laundering unit said on Saturday. In a statement, Mexico’s Financial Intelligence Unit (UIF) said it disagreed with the… Read More

US moves to seize $330m of alleged 1MDB assets held by UK law firm

The US Department of Justice (DoJ) has moved to seize $330m (£256m) held in the bank account of a major London law firm which prosecutors allege is derived from the proceeds of one of the world’s largest financial frauds. The DoJ has filed civil forfeiture proceedings against funds… Read More
17th September 2020
Dutch prosecutors have begun a criminal investigation into how a company owned by Sindika Dokolo, the husband of billionaire Angolan businesswoman Isabel dos Santos, managed to acquire a lucrative shareholding in the Portuguese oil and gas firm, Galp. The Public Prosecution Service has also frozen the assets of the company,… Read More
14th September 2020
A U.S. unit of Deutsche Bank AG paid a fraction of the maximum penalty it could have faced to settle alleged sanctions violations, as the Treasury Department pointed to the bank’s compliance efforts and cooperation as mitigating factors. Deutsche Bank Trust Co. Americas agreed to pay $583,100 in settlements… Read More
11th September 2020
The U.S. Department of Treasury announced on Wednesday that the largest German investment and financial services provider Deutsche Bank has agreed to pay two settlements totaling US$583,100 for facilitating transactions that violated Ukraine-related sanctions. According to the department’s Office of Foreign Assets Control (OFAC) enforcement release, Deutsche Bank would… Read More
11th September 2020
Fraudsters in Europe are increasingly targeting European Union funds intended for environmental and sustainable projects. It came as the bloc planned to unlock €1 trillion in green investments over the coming years. In its latest report released on Thursday, the European Anti-Fraud Office (OLAF) said that it concluded 181 investigations… Read More
11th September 2020
A Petrobras manager was among the subjects of search warrants issued to police on Thursday, part of a years-long investigation into alleged corruption at the Brazilian state-controlled oil firm, according to court documents seen by Reuters. Brazil’s federal police served 25 search warrants as part of the sweeping “Car Wash”… Read More
10th September 2020
Register-General Jemima Oware has announced the deployment of a new Central Beneficial Ownership Register for all companies operating in the country. “We will start with the extractive industry and other high risk sectors like banks and other financial institutions,” she noted. According to her, a lack of information about who… Read More
10th September 2020
A whistleblower who exposed massive bribery at a Monaco-based oil firm is now being hunted in Europe, in a test of its extradition system. Jonathan Taylor, back in 2013, revealed that his former employer, SBM Offshore, had routinely paid bribes to foreign governments, for instance in Angola, Brazil, and Equatorial… Read More
9th September 2020
The Federal Government on Tuesday re-arraigned an oil magnate, Aliyu Abubakar, and seven others on a 67-count criminal charge over their alleged involvement in the disputed Oil Processing License (OPL) 245 otherwise known as Malabu Oil. Abubakar was in July arraigned on a 48-count criminal charge bordering on money laundering,… Read More
8th September 2020
Swiss banks first surfaced as handlers of illicit Venezuelan oil money in 2016, when U.S. Attorney Preet Bharara sought records from more than 18 of them on of bribery at PDVSA, a state-owned oil and natural gas company. Precisely two weeks later, Switzerland’s financial regulator built its annual meeting… Read More
7th September 2020
Shark fin soup, considered a delicacy in some countries, has long fueled demand for illegally harvested fins. But federal authorities in Georgia announced this week that they had dismantled at least one source for the ingredient: a multimillion-dollar organization they described as an international money laundering, drug trafficking and illegal… Read More