Fraud, money laundering and cybercrime: how Covid-19 has changed the threat to banks
16th July 2020
Fraud, money laundering and cybercrime: how Covid-19 has changed the threat to banks
In early May, border force officers at the UK’s bustling Dover port intercepted a shipment described as “medical supplies”, apparently addressed to a London hospital. However, concealed under medical dry ice, police found more than a quarter of a tonne of cocaine, carrying a street value of as much as… Read More
U.S. Imposes Sanctions on Network for Allegedly Helping Blacklisted Russian Businessman
16th July 2020
U.S. Imposes Sanctions on Network for Allegedly Helping Blacklisted Russian Businessman
The U.S. imposed sanctions on a network of individuals and entities it claims helped Russian businessman Yevgeniy Prigozhin evade U.S. sanctions. The Treasury Department blacklisted Mr. Prigozhin in 2018 for his alleged involvement in interfering with U.S. elections and the alleged financing of the Internet Research Agency. IRA, a… Read More
Trump signed law slapping sanctions on China for interference in Hong Kong
16th July 2020
Trump signed law slapping sanctions on China for interference in Hong Kong
President Donald Trump said Tuesday that he signed legislation to impose sanctions on China in response to its interference with Hong Kong’s autonomy. Trump also said that he signed an executive order ending the preferential treatment that Hong Kong has long enjoyed. “Hong Kong will now be treated the… Read More
Dark activity: As sanctions pressure rises, maritime trade turns to tech
16th July 2020
Dark activity: As sanctions pressure rises, maritime trade turns to tech
A long-awaited advisory from the US’ Office of Foreign Assets Control (OFAC) has changed the rules of the game for maritime trade. The sanctions regulator – which sits within the Department of the Treasury and has the power to hand out multi-billion dollar fines to entities anywhere in the world… Read More
FBI concerned over laundering risks in private equity, hedge funds – leaked document
16th July 2020
FBI concerned over laundering risks in private equity, hedge funds – leaked document
The U.S. Federal Bureau of Investigation believes firms in the nearly $10-trillion private investment funds industry are being used as vehicles for laundering money at scale, according to a leaked intelligence bulletin prepared by the agency in May. “Threat actors” — including criminals in it for the money and foreign… Read More
Regulators plot path for cross-border payments to counter Facebook
15th July 2020
Regulators plot path for cross-border payments to counter Facebook
Streamlining anti-money laundering checks, longer central bank opening hours and linking national systems would cut cross-border payment costs, global regulators said on Monday. Payments have come under the spotlight since Facebook proposed its Libra digital stablecoin, prompting central banks to think about launching their own digital currency. A report by… Read More
UK fraud office launches review after judge says director fell for flattery
15th July 2020
UK fraud office launches review after judge says director fell for flattery
The UK Serious Fraud Office (SFO) said on Monday it would launch a review after its head was rebuked by a London judge for being vulnerable to flattery from a freelance agent during a high-profile bribery investigation into oil consultancy Unaoil. Judge Martin Beddoe said SFO head Lisa Osofsky and… Read More
Botched Iran case adds to woes of SDNY, office upended by Barr
15th July 2020
Botched Iran case adds to woes of SDNY, office upended by Barr
The story line seems familiar. U.S. prosecutors win a significant conviction. Then evidence emerges that suggests possible misconduct by investigators, and the prosecution asks the judge to dismiss the charges. It happened to Michael Flynn, the onetime Trump aide who’s on the verge of walking away from his guilty pleas. Read More
These Are the Deutsche Bank Executives Responsible for Serving Jeffrey Epstein
15th July 2020
These Are the Deutsche Bank Executives Responsible for Serving Jeffrey Epstein
Jeffrey Epstein, the sex criminal and financier, didn’t act alone. Now we know in vivid detail who some of his financial enablers were: executives and bankers at Deutsche Bank. Last week the New York Department of Financial Services laid bare at least some of the financial underpinnings of… Read More
China trades sanctions with U.S. over Uighur Muslims
14th July 2020
China trades sanctions with U.S. over Uighur Muslims
China announced “corresponding sanctions” against the United States on Monday after Washington penalised senior Chinese officials over the treatment of minority Uighur Muslims in the western region of Xinjiang. China’s move comes as relations between the world’s two biggest economic powerhouses have slumped over disagreements on issues including the coronavirus… Read More
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