Featured Extractive Industries

European Parliament Calls For Harsh Economic Sanctions On ‘Criminal’ Belarusian Regime

The European Parliament has called for sweeping economic sanctions and a raft of other measures against Belarus in response to growing repression and the forced landing of a plane flying between two EU capitals to arrest opposition activist Raman Pratasevich. Economic sanctions should target Belarus’s state-run companies in the oil,… Read More

U.S. Lifts Some Sanctions on Iranians Before Nuclear Talks

The Biden administration on Thursday lifted sanctions on three former Iranian government officials and two Iranian companies involved in the country’s oil industry, a conciliatory gesture days before a potentially decisive round of nuclear talks in Vienna. The administration cautioned against reading too much into the move. Ned Price, the… Read More

Nasrallah defies Lebanese state, says he will import Iranian oil

In a speech seen as an act of defiance against the Lebanese state and the US, Hezbollah leader Hassan Nasrallah on Wednesday insisted that Lebanon should be “negotiating with Iran to buy gasoline and diesel with the Lebanese currency if Lebanon’s shortages persist.” Seemingly unconcerned about the possibility that this… Read More
10th June 2021
The Anti-Money Laundering Council (AMLC) has issued the anti-money laundering and counterterrorism guidelines for Philippine offshore gaming operators (POGOs), real estate brokers, and dealers of jewelry and precious metals and stones. Mel Georgie Racela, executive director of the AMLC Secretariat, said the financial intelligence unit issued Resolution 109 last May… Read More
9th June 2021
The UK’s fraud watchdog has seized £247k of dirty money from an account linked to Virendra Rastogi, a puppeteer in an around £493m global fraud case. Once one of the UK’s richest men, Rastogi was one of three former directors of RGB Resources convicted of running an international metal trading… Read More
8th June 2021
The Justice Department said on Monday that it had seized much of the ransom that a major U.S. pipeline operator had paid last month to a Russian hacking collective, turning the tables on the hackers by reaching into a digital wallet to snatch back millions of dollars in cryptocurrency. Investigators… Read More
3rd June 2021
Authorities in Brazil are investigating senior employees at Connecticut-based trading house Freepoint Commodities for their alleged role in a bribery scheme involving state-run oil company Petrobras, Reuters has learned. Federal police here suspect Freepoint, through an intermediary, routed bribes to Petrobras employees for a roughly seven-year period ending in 2018. Read More
2nd June 2021
China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope. The draft, which updates proposals first made in 2006,… Read More
1st June 2021
The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries. Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the… Read More
31st May 2021
Economists, legal practitioners as well as other professionals and civil society organisations have expressed concerns over the poor management of returned looted funds, especially the money stolen by former Head of State, Gen. Sani Abacha. Disturbed by increasing wave of corruption across the country, despite the much-talked about anti-corruption campaign… Read More
30th May 2021
Authorities on Thursday arrested a local gold shop owner on allegations he was laundering money for border drug smugglers, and impounded assets worth about 30 million. Police and soldiers raided the Phet Thong Sap Thawee Lae Nalika Thong Thae Yaowarat gold shop on U-Thong Road in Muang district. There they… Read More
27th May 2021
The European Union is aiming to hit Belarus with a new round of sanctions by June over the forced landing of Ryanair flight FR4978 and the arrest of a journalist, with tougher economic measures to follow by the summer, according to an EU official familiar with the matter. The more… Read More
26th May 2021
Russian oil companies are illegally disposing of millions of tons of contaminated drilling waste, a practice that is wreaking environmental havoc by polluting northern rivers that drain into the Arctic Ocean, a new RFE/RL investigation has found. The investigation by RFE/RL’s Russian Service found that regulations… Read More