On August 16th, former U.S. Rep. Terrence John Cox was federally indicted on 28 charges, including wire fraud, campaign contribution fraud, and money laundering. The unsealed indictment describes schemes carried out between 2013 and 2019. Cox purportedly diverted payments, investments, […]
The Financial Conduct Authority (FCA) has published a consultation paper outlining proposed changes to the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) sourcebook to improve how professional body supervisors (PBSs) reduce money laundering in the sectors they oversee. The […]
Three Nigerian nationals have been extradited from the UK to the US following their alleged participation in multimillion-dollar cyber-enabled business email compromise (BEC) fraud schemes. The scams allegedly perpetrated by the defendants and their co-conspirators targeted unsuspecting victims, including universities […]
On 15 August 2022, Australia’s Minister of Foreign Affairs announced plans to designate gold as an “import sanctioned good” for Russia under sub-regulation 4A(3) of the Autonomous Sanctions Regulations 2011. The proposed amendment would prohibit the import of gold alongside […]
On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a virtual currency mixer, for enabling cybercriminals to launder USD 7 billion in crypto since 2019. According to OFAC’s press release, […]
The Financial Conduct Authority (FCA) has published policy statement 22/10, “Strengthening our financial promotion rules for high-risk investments and firms approving financial promotions,” as part of the agency’s Consumer Investments Strategy. The policy statement sets out final rules following a consultation […]
On August 5, 2022, defendant Jasminder Singh of Freemont, California, was sentenced to 48 months for bank fraud and money laundering. According to evidence presented at trial, Singh created four businesses and used ten American Express credit cards in those […]
The British Art Market Federation has issued updated guidance on anti-money laundering requirements for UK art market participants (AMPs) and how they can be implemented. Approved by HM Treasury, the advice is designed to provide a detailed explanation of the […]
The Monetary Authority of Singapore (MAS) is currently assessing its approach to stablecoin regulation following the collapse of algorithmic stablecoin TerraUST (UST-USD) in May 2022. According to Central Bank minister Tharman Shanmugaratnam, MAS plans to consult the public in the […]
On July 29, 2022, eight people from New Hampshire and Massachusetts were indicted by a federal grand jury in Boston for their alleged roles in an elaborate money laundering operation and trade-based scheme in the city’s Chinatown area. According to […]
On July 20, 2022, the UK government introduced the Financial Services and Markets Bill to Parliament. To boost the competitiveness of the UK, the Bill proposes significant changes to the regulation of the UK financial services sector. It also addresses […]
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has issued a Finding of Violation (FOV) to MidFirst Bank for violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations (WMDPSR). In the enforcement notice, […]
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