PwC settles with New York bank regulator over anti-money laundering and sanctions advice

The New York Department of Financial Services (“NYDFS“) has announced that it has entered into a settlement with the advisory firm of PricewaterhouseCoopers Regulatory Advisory Services (“PwC“) over anti-money laundering and sanctions compliance advice it provided to the Bank of Tokyo Mitsubishi (“Bank of Tokyo“). PwC is suspended for two years from accepting consulting work [...]

New beneficial ownership rules in the US to require disclosure of shareholders of private entities in a move towards G20/G8 financial transparency

New Beneficial Ownership Rules By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime FinCEN has released draft rules under the Bank Secrecy Act to identify the legal and beneficial shareholders (the natural persons) of private corporate entities (also known as legal persons). In other words – the disclosure of natural persons involved in [...]

News report says that $125 million paid to listed terrorist groups for ransom payments

According to this article in the New York Times, governments of the European Union have paid at least $125 million to terrorist organizations, mostly Al Qaeda, since 2008 and $66 million of that was paid last year. The US Treasury Department estimates the figure is closer to $165 million and believes that ransom payments are [...]

UN Security Council calls on ban of oil trades from listed terrorist groups

Listed terrorist group takes over energy infrastructure By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime The Security Council of the United Nations today called on its members not to engage in financial or commercial transactions with listed terrorist groups, in particular involving the sale of oil from Syria or Iraq [...]

Canada implements world’s first national Bitcoin law

New Bitcoin Law By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime At the end of this week, the Parliament of Canada approved what is likely the world’s first national Bitcoin law, and certainly the world’s first treatment in law of Bitcoin under national anti-money laundering law. Late Thursday, Canada’s Governor [...]

Vietnam improves its government anti-corruption and anti-money laundering supervision

By Christine Duhaime Follow @cduhaime Slowing Addressing Money Laundering Issues The Government of Vietnam, through its State Bank, announced late last week that it was improving its anti-money laundering and anti-corruption supervisory regime by implementing changes to the functions, responsibilities and structure of the Banking Supervision Agency (“BSA“). Effective August 1, 2014, a separate higher [...]

Billionaire banker executed in $2.6B money laundering case and two co-defendants in Canada

Billionaire money launderer executed According to the Washington Post, billionaire banker Mahafarid Amir Khosravi was executed today in Tehran for bank fraud and money laundering. He is alleged to have forged letters of credit with the assistance of bank managers from the Melli Bank to start a private bank called Aria Bank. Iranian courts found that US$2.6 [...]

Canada makes its first corporate prosecution for economic sanctions violations

Although Canadian economic sanctions have been in place for years, until now Canada has never prosecuted any company for sanctions violations. That changed earlier this month when Lee Specialities Ltd., a Calgary based company, was charged with violating Canadian (and UN) economic sanctions by exporting goods to Iran that could be used for nuclear devices. The [...]

Foreign firm hit with $1.5 million fine for sanctions violations & failing to have compliance regime

The Office of Foreign Asset Control (“OFAC“) has assessed a penalty of $1.5 million against Alma Investment LLC, a foreign investment firm and fund, for violating U.S. sanctions by sending electronic wires totaling $103,283 through U.S. financial institutions for the benefit of persons in Iran. The electronic wires are a prohibited export to Iran under [...]

Camorra mafia added to list of blocked transactions

Mafia funds must be frozen The U.S. Department of the Treasury today added several members of the Camorra mafia to its Specially Designated Nationals List (“SDNL“). As a result of the designation to the SDNL, all property (money, securities, and other property) of the designated Camorra in the U.S. or in the possession or control [...]