Sunday, May 16, 2021

sanctions

South Africa Gupta business family face US sanctions for significant corruption activities

The U.S. Department of the Treasury’s Office of Foreign AssetsControl (OFAC) sanctioned members of a significant corruption network in South Africa that leveraged overpayments on government contracts, bribery, and other corrupt acts to fund political contributions and influence government...

General Electric Settles $2.7 Million Fine for Violations of Cuba Sanctions Program

OFAC’s aggressive enforcement program continues to bear fruit.  The latest settlement involved General Electric and three of its subsidiaries, which agreed to pay $2.7 million for 289 alleged violations of the Cuba Sanctions Program.  (Copy of Settlement Notice Here). ...

Kenya risks money laundering sanctions on cash handling rules

Kenya now risks being declared a hub for money laundering after Parliament thwarted a bid to compel lawyers to report on clients’ money that they handle. This as MPs failed to amend Proceeds of Crime and Anti-Money Laundering Act. The...

Quad/Graphics Pays $9.9 Million to Settle U.S. Bribery, Sanctions Charges

Quad/Graphics Inc, a Wisconsin marketing and printing services company, will pay $9.9 million to settle U.S. Securities and Exchange Commission charges it conducted bribery schemes in Peru and China and violated U.S. sanctions by dealing with a Cuban state-owned...

Standard Chartered to pay $1.1B for violating Iran sanctions

Financial services giant Standard Chartered Bank agreed Tuesday to pay U.S. and British authorities more than $1 billion to resolve allegations that it processed transactions for customers in Iran and other countries under U.S. sanctions. The London-based bank, which previously...

US sanctioned Singapore firms director over money laundering for North Korea

The Department of Justice is accusing a Singaporean trader of helping North Korea circumvent sanctions, saying Tan Wee Beng laundered millions of dollars through the U.S. and Singapore. "Tan Wee Beng and his co-conspirators made deliberate efforts to launder money...

What is Sanction?

Sanctions are tools used to protect national or international security and help to stop financing crimes like terrorism, narcotics trafficking, illegal arms dealing and proliferation of weapons of mass destruction.  They are restrictions imposed by countries and international organizations...

Latest News

UK’s financial crime unit probes suspected fraud in Sanjeev Gupta’s business ties to Greensill Capital

Britain’s financial crime unit is investigating suspected fraud and money laundering involving the businesses of Sanjeev Gupta, whose global...