Washington sanctions Wagner-linked illicit gold companies
Four companies in the United Arab Emirates (UAE), Central African Republic (CAR) and Russia have been sanctioned by the US treasury department’s Office of Foreign Assets Control (OFAC). It accuses them of engaging in illicit gold deals to help finance the mercenary military abilities of…
Former mayoral candidate sanctioned by OFAC for operating TBML scheme for Mexican drug cartel
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated a former candidate for mayor of the Mexican municipality of Vega de Alatorre in 2017, Mary Cruz Rodriguez Aguirre, for allegedly running a trade-based money laundering (TBML) operation for the Jalisco New Generation…
OFAC sanctions vast network of Hezbollah-linked traders in precious gems, art, and luxury goods
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated what it describes as a vast international money laundering and sanctions evasion network of 52 individuals and entities in the UAE, Lebanon, South Africa, Angola, Côte d’Ivoire, the Democratic Republic of the Congo,…
Vessel ownership, trade finance and regulatory compliance
A new statistical review has been published to help financial institutions that are increasingly expected to monitor suspicious vessel behaviour in line with regulations to combat sanctions and financial crime compliance evasion. The review based on data obtained by S&P Global Market Intelligence looks at…
New US sanctions target Russian banks, metals and mining sector, and third-country actors linked to sanctions evasion
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining sector. It is also imposing…
Companies in several jurisdictions sanctioned by US for facilitating business with Iran
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination of the US treasury department’s…
Whitepaper: Sanctions advisories for the maritime industry
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary
Illicit cryptocurrency transaction activity reaches all-time high in value, all-time low in share of all cryptocurrency activity
Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving US$14 billion over the course of the year, up from US$7.8 billion in 2020 according to blockchain analysis firm Chainalysis. Evidence suggests that cryptocurrencies have been and will be used in trade-based…
Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
Dubai-based Mashreqbank’s agreement to pay US$100 million in penalties for its deliberate omission of payment transactions with ties to Sudan in violation of US sanctions against the African country may serve as a warning to banks with US operations to diligently monitor their correspondent networks….
Romanian bank and US parent settle with OFAC for trade finance sanctions violations
Romania’s First Bank and its parent company, US investment firm J C Flowers, have entered into a US$862,318 settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) for apparent violations of the Iran and Syria sanctions programmes. The bank, which provides letters…
