Sunday, August 14, 2022

sanctions

Understanding Sanctions Evasion Schemes, Prevent and Detect

As U.S. multinationals expand their reach, it’s important for executives and compliance teams to understand how sanctions violations and avoidance schemes can play out in practice and what steps to take to mitigate risk. In the face of rising trade...

Inter dealer broker Tullett Prebon fined £15.4m for control failures and lack of transparency

The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be...

South Sudanese businessmen sanctioned for fraud, bribery – US Treasury

The United States on Friday imposed sanctions on two South Sudanese businessmen, Ashraf Seed Ahmed Al-Cardinal and Kur Ajing Ater, for their involvement in bribery, kickbacks and procurement fraud with senior government officials, the Treasury Department said on Friday. After...

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

US sanctions cryptocurrency service allegedly used by North Korea for money laundering

The US Treasury on Monday sanctioned Tornado Cash, a virtual currency mixer, for its use by cybercriminals, including those...