Financial services firms lacking resources and talent to cope with fog of Russian sanctions
Global banks and businesses face unprecedented challenges in applying sanctions, export controls, and prohibitions against providing certain services to Russia since its invasion of Ukraine on 24 February, according to a white paper published by Thomson Reuters. Entitled The fog of sanctions, the paper observes that…
TradeSun’s trade finance compliance platform now integrated with Coriolis’ ESG solution
TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents, and Coriolis Technologies, a trade data and analytics provider, have partnered to launch an integrated solution for banks to measure and verify…
Trade finance retaliation warning as concerns mount over Turkey’s deepening ties with Russia
Trade finance for transactions with Turkey could be restricted amidst mounting alarm in western capitals over Ankara’s deepening ties with Moscow forged last week when Turkish President Recep Tayyip Erdogan met his Russian counterpart, Vladimir Putin. The leaders agreed to boost cooperation in trade and…
EU bans Russian gold imports, tightens export controls and restricts shipping
The EU Council has adopted further sanctions against Russia, effectively banning its most significant export after energy – Russian gold. It has also introduced new measures to prevent circumvention of sanctions by ships and extends the list of dual-use and advanced technology items that may contribute…
EU set to join UK, Canada, US and Japan by banning imports of Russian gold
The European Commission (EC) has set out plans to introduce a new import ban on Russian gold to align with the announcement last month that the UK, Canada, US and Japan would do so in an attempt to stem funding for Moscow’s invasion of the Ukraine….
Designated Russian individuals turning to TBML to evade sanctions
Sanctioned Russian individuals are using a range of methods, including trade-based money laundering (TBML), to evade sanctions imposed on them following Russia’s invasion of Ukraine according to financial intelligence sources consulted by the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT). Other methods include using family…
US urges financial institutions in UAE and Turkey to be vigilant in relations with Russia
The US has reminded banks in the UAE and Turkey to be mindful of international efforts to combat Russian sanctions evasion amidst concerns in Washington that locations such as the Gulf and Turkey could harbour illicit cash linked to the Kremlin, thereby softening attempts to…
WCO, Egmont Group and Interpol successfully conclude first Latin American AML/CFT operation
The World Customs Organisation (WCO), Egmont Group of Financial Intelligence Units (FIUs) and Interpol have successfully concluded their first anti-money laundering and counter financing terrorism financing (AML/CTF) joint investigation in the Western Hemisphere. Operation Tentacle-Latin America revealed extensive illicit movements of gold, silver, diamonds and…
FATF restricts Russia’s role in the task force but stops short of blacklisting
The Financial Action Task Force (FATF) issued a new statement last week at its plenary meetings in Berlin that restricts Russia from playing any significant role in the activities of the task force. But while the global financial watchdog continues to call Russia’s invasion of…
Financial services providers, importers and exporters could face criminal charges for breaching EU restrictive measures
Providers of financial services such as loans and credit as well as importers and exporters who participate in activities sanctioned or otherwise prohibited or restricted by the European Union (EU) could face criminal charges if a proposal by the European Commission (EC) is adopted. The…
