17th March 2020
Former Pilatus Bank chair Ali Sadr has been convicted of bank fraud, conspiracy to commit bank fraud, defrauding the United States and busting sanctions against Iran. He was, however, cleared of conspiracy to commit money laundering and faces a maximum of 85 years in jail. Sadr, 40, or Iran, was… Read More
13th March 2020
The United States on Thursday imposed sanctions on another subsidiary of Rosneft, ramping up pressure on the Russian state oil giant that the Trump administration has said provides a financial lifeline to Venezuelan President Nicolas Maduro. The U.S. Treasury Department blacklisted TNK Trading International, a Swiss-based unit of Rosneft. Washington… Read More
12th March 2020
AP — A University of Miami professor who is a top expert on money laundering in Latin America is scheduled to plead guilty for trying to hide $3 million in proceeds from a corruption scheme with Venezuela’s socialist government. Bruce Bagley, 73, was arrested in November on three counts of… Read More
6th March 2020
A contract signed between Iran and Venezuela in 2006 for the development of a 12,000 housing project in Zulia state was presented at the second hearing of the trial of Pilatus Bank owner Ali Sadr Hasheminejad. The 39-year-old banker, whose bank in Malta ran bank accounts for members of the… Read More
2nd March 2020
Switzerland’s financial watchdog will probe the actions of individuals at Julius Baer after it reprimanded the bank for ignoring money-laundering risks in payments linked to corruption in Venezuela and world soccer body FIFA. FINMA Chief Executive Mark Branson said the regulator would look at the behaviour of individuals at the… Read More
28th February 2020
For two years federal investigators in Miami have patiently waited for reams of Swiss bank records to be turned over so they could bring a monumental money-laundering case against a wealthy circle of Venezuelan businessmen and ex-government officials. Finally, those secret bank records have arrived, due to a major decision… Read More
27th February 2020
The Trump administration’s campaign of “maximum pressure” on Cuba has hit the country so hard that foreign companies refuse to sell planes to the island’s government and ships refuse to dock at its ports, the Cuban minister of transportation says. In a remarkably candid appearance on Cuban television Tuesday night,… Read More
26th February 2020
The United States is preparing to impose more sanctions on Venezuela’s oil sector, President Donald Trump said on Tuesday, in an attempt to choke financing to President Nicolas Maduro’s government. “You will be seeing something on that in the not too distant future,” Trump told a news conference in Delhi… Read More
25th February 2020
State-run PDVSA has shifted several oil cargoes from Rosneft Trading SA, which was hit by U.S. sanctions last week, to another affiliate of the Russian oil giant, internal documents from the Venezuelan company showed, prompting the U.S. special envoy to warn that more firms could be penalized if they “play… Read More
24th February 2020
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the Swiss multinational private bank is now doing to enhance its risk management and AML compliance controls. The shortcomings were uncovered by the Swiss Financial Market Supervisory Authority,… Read More