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China Tripled AML Penalties in 2020 Compared to 2019

The PBOC (People’s Bank of China) issued a total of CNY 628 million (USD 97 million) in AML fines in 2020, nearly three times the amount in the previous year. According to a report from PwC China, about CNY 608 million of the penalties were imposed… Read More

Fines for UK firms buying goods linked to Chinese slave labour camps

Companies trading in Britain will face hefty fines and be barred from public sector procurement unless they can prove their supply chains are free from forced labour under new measures intended to pressure Beijing over human rights abuses in Xinjiang. Dominic Raab, the foreign secretary, laid out measures to prevent… Read More

Thailand’s DSI targets Chinese loan sharks

The Department of Special Investigation (DSI) has ordered frozen 157 bank accounts containing more than 1.5 billion baht belonging to a gang of predatory lenders from China. The illegal gang was found to have offered loans through apps that imitate the names of several well-known legal money lenders, according to… Read More

11th January 2021

China hits back at foreign sanctions on Chinese companies and individuals

China on Saturday issued a new order to prohibit firms from complying with foreign laws banning transactions with Chinese companies and individuals, effective immediately. The so-called Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Other Measures apply to circumstances that “improperly prohibit or restrict” Chinese individuals, companies, and… Read More

11th January 2021

Deutsche Bank Will Pay $125 Million Over Bribery Violations

The German lender will enter a deferred prosecution agreement to resolve charges stemming from its attempts to win business in several countries. For nearly seven years it seemed like a good way to drum up business for Deutsche Bank: pay millions of dollars to consultants in countries like Saudi Arabia,… Read More

11th January 2021

Steinmetz’s Bribery Trial Starts New Chapter of Mining Saga

Beny Steinmetz goes on trial facing bribery charges in Geneva on Monday in the latest chapter of a legal saga that’s dogged the Israeli businessman’s gamble on a multi-billion-dollar mine. Steinmetz and two businesspeople are accused of paying the wife of Guinea’s deceased former president Lansana Conte $8.5 million to… Read More

7th January 2021

U.S. Slaps New Sanctions On Key Iranian Metals Industry

The United States has blacklisted 16 companies and an individual linked to Iran’s metals industry as part of continued efforts by the outgoing administration of U.S. President Donald Trump to deprive the country of revenue. The U.S. Treasury said late on January 5 that it was targeting the Iranian metals… Read More

6th January 2021

U.S. Defense Bill Orders Study of Illicit Finance Risks Posed by China

The U.S. Treasury Department is expected to study the money-laundering risks posed by China—and develop a strategy to defend against them—following the approval last week of the annual defense policy legislation. The directive highlights the continued scrutiny on China from the executive and legislative branches of the U.S. government, policy… Read More

6th January 2021

China Sentences Former Huarong Chairman to Death Over Bribery

China condemned the former chairman of China Huarong Asset Management Co. to death on charges of malfeasance, one of the most severe sentences to stem from President Xi Jinping’s anti-corruption drive. Lai Xiaomin, who was chairman of Huarong before he came under investigation in 2018, was… Read More

5th January 2021

China says US sanctions have no ‘legal effect’ in Hong Kong or China

After China’s banking and insurance regulator claimed US financial sanctions have no “legal effect” in Hong Kong or China, analysts have warned that financial institutions might still face penalties if found providing services to sanctioned entities. Washington has unleashed a swathe of sanctions on Chinese and Hong Kong officials and companies… Read More

5th January 2021

China Makes Rating Firm Pay for Corporate Fraud for First Time

A Chinese court ruled that a local ratings firm should help compensate some creditors for a construction firm’s 1.4 billion yuan ($216 million) bond defaults three years ago, a first in the country as Beijing raises pressure on agencies to improve their due diligence. Dagong Global… Read More

4th January 2021

As Illicit Shipping Becomes More Prevalent, How Banks Can Best Respond

The maritime sanction compliance advisories published by the United Nations Security Council Panel of Experts for North Korea, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) in May 2020 and the UKs Office of Financial Sanctions Implementation (OFSI) in July 2020, have all added to the growing… Read More

31st December 2020

China to expand scope of legislation targeting money laundering, terrorism financing- PBOC

China’s central bank said on Wednesday it will put non-bank payment institutions, internet micro-lenders and consumer finance companies under the scope of anti-money laundering and anti-terrorism financing supervision. The move is in part a response to shortcomings pointed out in 2019 by the Financial Action Task Force, an intergovernmental body… Read More

Must Read

Defense Act Expands Scope of Foreign Bank Records U.S. Authorities Can Obtain

After Brexit, the UK is Open to Almost Unrestrained Antiquities Trade

Alleged RCMP mole accused of selling secrets to kingpin money launderer and terror-financier’s network

China Tripled AML Penalties in 2020 Compared to 2019

Fines for UK firms buying goods linked to Chinese slave labour camps