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On January 23, 2023, federal prosecutors announced the arrest of former FBI Special Agent, Charles F. McGonigal, and former Soviet and Russian diplomat, Sergey Shestakov, on criminal charges related to sanctions violations and money laundering.
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The Thai Bankers’ Association (TBA) is discussing how to accelerate the establishment of a new investigative authority that will monitor deceptive and fraudulent transactions linked to criminals.
On January 13, 2023, the FinCEN published an alert on human smuggling focused on smuggling activity along the US’ southwest border, which generates an estimated $2 billion to $6 billion annually for illicit actors.
On January 12, 2023, the French Ministry of the Economy announced a “punch action” is currently underway to verify compliance with asset-freezing measures by real estate professionals in the Alpes-Maritimes.
The Bangko Sentral ng Pilipinas (BSP) has released a draft circular outlining proposed amendments to the country’s money laundering (ML), terrorist financing (TF), and proliferation financing (PF) risk reporting and notification requirements for banks and non-bank financial institutions. The BSP […]
On January 6, the Crown Prosecution Service (CPS) reported that six defendants, including a senior manager and two drivers of a road haulage business, have been imprisoned for operating a large-scale money laundering scheme involving over £30 million in cash. […]
On January 5, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a joint action with the Turkish Ministry of Treasury and Finance against two entities and four individuals with ties to the Islamic State […]
On December 29, controversial online influencer Andrew Tate was detained by Romanian police as part of a human trafficking investigation that began in early 2021. According to Romania’s Directorate for Investigating Organised Crime and Terrorism (DIICOT), Tate’s brother and two […]
On December 30, 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with Danish multinational Danfoss for apparent Iran, Syria, and Sudan sanctions violations. According to the enforcement release, Danfoss agreed to […]
On December 7, 2022, the Legislative Council of Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) that introduces a licensing regime for virtual asset service providers (VASPs). According to the Secretary for Financial Services […]
As we head into the New Year, our regulatory affairs team explores some of the trends they expect compliance teams to grapple with in the year ahead. Deepfakes will fuel synthetic identity fraud As a global recession looms, fraud and […]
Without a doubt, the biggest story of 2022 centered around Russia’s invasion of Ukraine. As a result, record global sanctions made headlines, with the UN becoming sidelined as a major sanctions power. Away from the war, we saw a number […]