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OFAC imposes blocking sanctions on PdVSA
Susannah Cogman (+44 20 7466 2580, susannah.cogman@hsf.com) and Daniel Hudson (+44 20 7466 2470, daniel.hudson@hsf.com) are partners, Jonathan Cross (+1 917 542 7824, jonathan.cross@hsf.com) is of Counsel, and Geng Li (+1 917 542 7828, geng.li@hsf.com) and Christopher Milazzo (+1 917 542 7807, Christopher.milazzo@hsf.com) are associates at Herbert Smith Freehills.
Online Published Date:
04 February 2019
Appeared in issue:
261 - 01 March 2019
UK, Germany and France launch clearing house for non-US dollar trade with Iran
By Keith Nuthall
Online Published Date:
06 February 2019
Appeared in issue:
261 - 01 March 2019
UK£0.5m in suspect funds forfeit by son of Moldova’s ex-PM
Vlad Luca Filat, a 22-year old student in London, has been ordered to pay over nearly UK£500,000 after Judge Michael Snow, on 5 February [2019], determined on the balance of probabilities that the funds derived from criminal conduct by his father,..
Online Published Date:
07 February 2019
Appeared in issue:
261 - 01 March 2019
Deutsche Bank evidence on financial crime investigations frustrates MEPs
By Liz Newmark, in Brussels
Online Published Date:
07 February 2019
Appeared in issue:
261 - 01 March 2019
Pathfinding in Poland
Polish businesses are playing catch-up to comply with delayed local implementation of the Fourth EU Money Laundering Directive, and could do with some guidance, finds Jaroslaw Adamowski in WarsawPoland’s law to implement the European Union’s Fourth..
Online Published Date:
11 February 2019
Appeared in issue:
261 - 01 March 2019
Blockchain and barter – Iran’s route around sanctions?
Selva Ozelli, CPA is an international tax attorney and Certified Public Accountant who frequently writes about tax, legal and accounting issues for Tax Notes, Bloomberg BNA and the OECD. This article first appeared on The FCPA Blog (www.fcpablog.com)
Online Published Date:
12 February 2019
Appeared in issue:
261 - 01 March 2019
EU set to blacklist Saudi Arabia and US territories over AML/CFT failures
By Keith Nuthall
Online Published Date:
13 February 2019
Appeared in issue:
261 - 01 March 2019
EBA examines Danish and Estonian AML supervision of Danske Bank
Danish and Estonian financial services regulators are underinvestigation by the European Banking Authority (EBA) over their roles in
supervising Danske Bank, which revealed last September [2018] that non-resident
customers were able to move €200..
Online Published Date:
20 February 2019
Appeared in issue:
261 - 01 March 2019
Singapore mulls bank licence withdrawal for AML breaches
By Keith Nuthall
Online Published Date:
20 February 2019
Appeared in issue:
261 - 01 March 2019
Rabobank fined over €1m for customer due diligence breaches
Rabobank says it was fined more than €1 million last September [2018] for weaknesses in customer due diligence (CDD), including around beneficial ownership of corporate structures.A Rabobank spokeperson told Dutch newspaper de Volkskrant that the..
Online Published Date:
20 February 2019
Appeared in issue:
261 - 01 March 2019
Guosen Securities fined HK$15.2m for late reporting of suspicious activity
Guosen Securities (HK) Brokerage has been fined a recordHK$15.2 million (US$1.9 million) by the Hong Kong Securities and Futures Commission
(SFC) for failing to file timely reports on suspicious third party deposits
into client accounts. [1] Between..
Online Published Date:
20 February 2019
Appeared in issue:
261 - 01 March 2019
Standard Chartered faces UK£102m fine for correspondent banking control flaws
Standard Chartered Bank has set aside US$900m against possible penalties in the US and UK for past failings in financial crime controls and foreign exchange trading misconduct.The bank said, on 20 February, it was “considering its options” after..
Online Published Date:
21 February 2019
Appeared in issue:
261 - 01 March 2019
After effect
The United Kingdom’s top marks [1] in its latest mutual evaluation by the Financial Action Task Force (FATF) left not a few observers stunned against repeat findings of London as a world centre for money laundering: HM Government’s own estimates..
Online Published Date:
25 February 2019
Appeared in issue:
261 - 01 March 2019
Swedbank under investigation by Swedish and Estonian authorities
Swedish and Estonian financial services regulators have joined forces to investigate suggestions by Swedish Television SVT that Swedbank may have engaged in “extensive, systematic money laundering for nearly a decade”. [1]The public service..
Online Published Date:
25 February 2019
Appeared in issue:
261 - 01 March 2019
US SEC quizzes Danske Bank
DanskeBank is under investigation by US authorities in relation to €200 billion moved through its Estonian branch by
non-resident customers, mainly from Russia and ex-Soviet states.The bank said, on 21 February, that it has been contacted by
the..
Online Published Date:
25 February 2019
Appeared in issue:
261 - 01 March 2019
Orphan black box
Eric
A. Sohn, CAMS (eric.sohn@dowjones.com), global market strategist and product director, Dow Jones Risk
& Compliance, New York, USA.
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
Twin track – Hong Kong & Singapore
Vying for precedence in trade and finance, Hong Kong and Singapore (in purely alphabetical order) are both also ratcheting up financial crime controls. Jens Kastner compares their AML performance.The dynamic east Asian powerhouses of Hong Kong and..
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
The best government that money can buy
Susan Grossey may be contacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com, www.thinkingaboutcrime.com
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
UK limited partnerships – an exercise in restraint
Eamon McCarthy-Keen (+44 (0)20 7822 7733, emkeen@petersandpeters.com) is an associate at Peters & Peters.
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
KSA & UAE – compare and contrast
The Kingdom of Saudi Arabia (KSA) and theUnited Arab Emirates (UAE) - political and economic heavy-weights in the Middle
East, while they have much in common are also distinguished by their anti-money
laundering/combating the financing of terrorism..
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
Delayed effect – beneficial ownership registers in the EU
European Union member states are draggingtheir feet implementing the Fourth Money Laundering Directive’s beneficial
ownership rules. Only five countries met the 26 June 2017 deadline for having
an ultimate beneficial ownership (UBO) register under..
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
Beyond words – Malaysia post 1MDB
Embezzlement on agrand scale at the highest level of government has prompted soul-searching over
how the anti-money laundering regime, respectable on paper, could fail so
catastrophically in practice. Poorna
Rodrigo reports.
Sovereign..
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
UK & Ireland – back to back
Nearest neighbours and primary trading partners, the United Kingdom and Ireland share a largely common approach to illicit finance, but with some important distinctions, as Rose Pengelly explains.With their large financial services industries and..
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
UK sanctions office levies first penalty on Raphaels Bank
On 21 January [2019], the UK Office of Financial SanctionsImplementation (OFSI), part of HM Treasury, fined R. Raphael & Sons plctrading as Raphaels Bank UK£5,000 for handling funds, value UK£200, for a partydesignated under the Egypt..
Online Published Date:
26 February 2019
Appeared in issue:
261 - 01 March 2019
UK police seek to freeze multiple student bank accounts
Ninety-five bank accounts suspected of laundering millions of pounds are the subject of freezing orders, pending court approval on 28 February, in an operation by police forces across the UK and HM Revenue & Customs, coordinated by the National..
Online Published Date:
28 February 2019
Appeared in issue:
262 - 01 April 2019
UK police seek multiple freezing orders on student bank accounts
Ninety-five bank accounts suspected of laundering millions of pounds are the target of freezing orders in a nationwide operation by police forces and HM Revenue & Customs, coordinated by the National Economic Crime Centre (NECC).The accounts,..
Online Published Date:
28 February 2019
Appeared in issue:
262 - 01 April 2019