Featured USA

Humanitarian Groups Face Banking Challenges as Venezuelan Sanctions Escalate

The prospect of hefty fines for skirting U.S. sanctions on Venezuela has made some banks skittish about doing business with the humanitarian organizations distributing food and other supplies in the troubled South American country. Independent nonprofit groups in Venezuela have had U.S. bank accounts closed and transactions frozen as financial… Read More

Court documents show U.S. seeks seizure of Iranian tanker violating sanctions

Newly released U.S. court documents show the United States issued a warrant for the seizure of an Iranian tanker that British Royal Marines had seized last month in Gibraltar, citing evidence that it was transporting oil to Syria in violation of U.S. sanctions. The oil tanker Grace 1, the more… Read More

U.S. Threatens Sanctions Over Iranian Tanker After Court Release

The U.S. is gravely disappointed with the U.K. after a Gibraltar court allowed the release of an Iranian tanker suspected of hauling oil to Syria, and threatened sanctions against ports, banks and anyone else who does business with the ship or its crew, two administration officials said. The court’s decision… Read More
16th August 2019
U.S. prosecutors are seeking to sell three luxury homes linked to the stepson of former Malaysian prime minister Najib Razak, court documents showed, in the latest effort to recover money allegedly stolen from Malaysian fund 1MDB. Malaysian and U.S. authorities allege that about $4.5 billion was misappropriated from 1Malaysia Development… Read More
16th August 2019
Ziraat Bank, Turkey’s largest bank by assets, has stopped offering services to Venezuela’s Central Bank in wake of tougher U.S. sanctions that raise the stakes for companies that do business with the Caribbean nation. The Ankara-based state bank confirmed the closing of its account without providing further details. Venezuela’s… Read More
16th August 2019
Andrea Vella was Goldman Sachs’s top dealmaker in Hong Kong. He had a nose for splashy trades, a fondness for the Bentley Continental, and a vague enough resemblance to George Clooney that there was even a joke among some bankers: “What would George do?” That was almost a year ago. Read More
15th August 2019
US casinos have not been “robust” in reporting suspicious transactions linked to virtual currencies despite the issuance of federal guidance in May, the director of the Financial Crimes Enforcement Network (FinCEN) said Wednesday. In a speech at that the 12thAnnual Las Vegas Anti-Money Laundering Conference, Kenneth Blanco urged casinos… Read More
15th August 2019
Barclays (BARC.L) is no longer providing banking services to major cryptocurrency exchange Coinbase, sources familiar with the matter told Reuters, ending a relationship that started in March last year as the exchange expanded in Europe. The rare deal between the San Francisco-based exchange and the British bank made… Read More
15th August 2019
In guidance published earlier this year (“Framework document”), the US Treasury Department’s Office of Foreign Assets Control (OFAC) lists 10 “root causes” of inadequate sanctions compliance programs (SCPs) derived from historical enforcement actions it has taken: Lack of a formal OFAC SCP Misinterpreting, or failing to understand the applicability… Read More
14th August 2019
In January, as the Senate debated whether to permit the Trump administration to lift sanctions on Russia’s largest aluminum producer, two men with millions of dollars riding on the outcome met for dinner at a restaurant in Zurich. On one side of the table sat the head of sales for… Read More
13th August 2019
The money, tens of millions of dollars of it, would flow among Jeffrey Epstein’s dozens of bank accounts, shell companies and, at times, charities linked to high-powered friends. Where was the money going? What was it for? Who was actually sending and receiving it? A convicted pedophile and accused sex… Read More
13th August 2019
Donald Trump’s executive order last week to shield Venezuelan assets in the U.S. was supposed to be a blow to the Maduro regime. Instead, it’s left Treasury officials grumbling and investors more puzzled than ever. The source of the confusion is Houston-based refiner Citgo Holding, Venezuela’s crown jewel abroad,… Read More
13th August 2019
The B.C. government is suing to seize properties in the B.C. Interior that it alleges were linked to a $200-million-plus international stock fraud. In a lawsuit filed in B.C. Supreme Court this month, the B.C. Civil Forfeiture Office alleges a $1.6-million house on Mission Ridge Road in Kelowna and a… Read More