23rd June 2020
Police have frozen $140 million in bank funds linked to a Russian “computer genius” in the largest ever restraint of funds in New Zealand police history. The money was controlled by a New Zealand registered company and has been frozen as part of a global investigation into a Bitcoin exchange… Read More
22nd June 2020
The recent Civil Monetary Penalty (CMP) imposed by the Office of Foreign Assets Control (OFAC) on BIOMIN America (“BIOMIN”) seems appropriate, although the stated reasons for the penalty’s amount seem strange, given the facts in evidence. However, if you re-examine the entire fact pattern, there are better lessons to… Read More
22nd June 2020
The Mexican government’s financial crime department has frozen the bank accounts of companies and people blacklisted by the United States under accusations of having evaded the sanction regime imposed on Venezuela, its chief said on Friday. Santiago Nieto, chief of Mexico’s Financial Intelligence Unit, did not elaborate on details, but… Read More
22nd June 2020
If criminals have the advantage in the fight against financial crime, that’s due in no small part to how the anti-money laundering sector functions, according to Jim Richards, principal and founder of RegTech Consulting LLC. For one, bank supervisors are focused primarily on technical compliance with AML regulations rather than… Read More
19th June 2020
Malaysian prosecutors will seek to amend charges against three Goldman Sachs Group Inc. units in the case involving troubled state fund 1MDB. Prosecutors will be seeking amendments involving liability, with Goldman’s lawyers arguing the proposed changes would be substantial, according to proceedings at the Kuala Lumpur High Court on… Read More
19th June 2020
The Syrian first lady, Asma al-Assad, has been named in the first round of new US sanctions that are certain to intensify pressure on the embattled regime and its backers as the country’s crippled economy continues to wither. The law, known as the Caesar Act, came into effect on Wednesday,… Read More
19th June 2020
A former aide to Brazilian President Jair Bolsonaro’s eldest son has been arrested as part of an investigation into alleged corruption. Fabrício Queiroz is suspected of being part of a scheme to embezzle the salaries of phantom employees in the Rio de Janeiro assembly when Flávio Bolsonaro was a state… Read More
19th June 2020
China threatened retaliation after U.S. President Donald Trump signed legislation on Wednesday calling for sanctions over the repression of China’s Uighurs, as excerpts from a book by his former national security adviser alleged he had approved of their mass detention. The bill, which Congress passed with only one “no” vote,… Read More
19th June 2020
Kyrgyz lawmakers have approved the findings of a parliamentary commission that concluded Kyrgyzstan was not involved in hundreds of millions of dollars of alleged money laundering uncovered in a bombshell joint journalistic investigation. Seventy-two lawmakers on June 18 approved the conclusion of the commission probing the murder of a businessman… Read More
19th June 2020
The Drug Enforcement Administration laundered tens of millions of dollars in the course of drug trafficking investigations over the past decade without complying with laws governing such operations, according to a newly released review from the Justice Department’s in-house watchdog. Justice’s Inspector General Michael Horowitz found that the DEA failed… Read More