Day: September 25, 2020

The FINCEN FILES – live aggregated news

The FinCEN Files – Live Aggregated News

Ukrainian oligarch Dmytro Firtash profited from bailout loans

On 21 September, OCCRP reported that Ukrainian oligarch Dmytro Firtash siphoned off more than $190 million of state loans his bank received in the wake of the global financial crisis, part of which he ploughed into a deal to privatise a titanium manufacturing company.  It is reported that emergency funds from the National Bank of Ukraine (NBU) were immediately shifted from Firtash’s Nadra Bank to private companies he controlled, crippling the bank while enriching the tycoon.  Firtash’s holding company denied all of the allegations, while the NBU did not respond to multiple requests for comment.

https://www.occrp.org/en/the-fincen-files/something-for-nothing-ukrainian-oligarch-dmytro-firtash-profited-from-bailout-loans

Firm owned by top Nigerian lawyer flagged in US for moving millions of dollars abroad

The Premium Times on 25 September was concerned with a law firm owned by Rickey Tarfa, a senior lawyer facing trial over bribery allegations in Nigeria, has appeared in leaked SAR, with 427 suspicious wire transfers, totalling $2,261,181.22, to multiple accounts within the space of 6 months in 2013. 

https://www.premiumtimesng.com/news/headlines/416764-fincen-files-firm-owned-by-top-nigerian-lawyer-flagged-in-u-s-for-moving-millions-of-dollars-abroad.html

Dublin-listed fund sent $23 million to firm suspected of links to Russian crime boss

On 24 September, the Irish Times reported that the Omega Trust Umbrella Fund, a fund that is listed on the Dublin Stock Exchange transferred $23.5 million to a company which a major US bank later became concerned might be linked to Semion Mogelivich.  A SAR was filed in September 2015 by JPMorgan Chase Bank in Columbus, Ohio.

https://www.irishtimes.com/business/financial-services/fincen-files-dublin-listed-fund-sent-23m-to-firm-suspected-of-links-to-russian-crime-boss-1.4363820

Offshore Alert webinar on the FinCEN Files

On 24 September, Offshore Alert hosted this webinar

https://www.bigmarker.com/offshorealert/ICIJ-s-FinCEN-Files

On 25 September, Lovin Malta reported that Brian Tonna and Karl Cini have had their accounting “warrants” suspended by the Accountancy Board in light of their recent arrest on suspicion of money laundering.  This was following the conclusion of a magisterial inquiry into an alleged €100,000 kickback by Tonna to former Office of the Prime Minister chief of staff Keith Schembri.  Firms controlled by Tonna had already had their licence to sell CBI passports suspended.

Accounting Warrants Of Nexia BT Partners Suspended Following Their Arrest

On 25 September, OFAC announced that it has issued new General License 2A (Authorizing certain wind down and divestment transactions and activities related to blocked subsidiaries of the Xinjiang Production and Construction Corps (XPCC)) and an updated FAQ 835 relating to that License.  It also said it had issued a new FAQ 840 relating to Hong Kong and explaining that the designation of an official of the Government of the Hong Kong Special Administrative Region does not itself block the HKSAR government or any government agency where the SDN is an official or otherwise exercises control.

Click to access glomag_gl2a.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/835

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/840

On 24 September, an article from CBC in Canada reported that an appeal court judge in New York had ruled that investors who profited from Bernard Madoff’s massive Ponzi scheme even though they knew nothing of it must still pay back their profits.  The court upheld lower-court decisions in cases filed by Irving Picard, a court-appointed trustee who has recovered money for cheated investors for over a decade.  Picard has reported recovering over $14.3 billion US for investors who lost over $17.5 billion US that they invested.

https://www.cbc.ca/news/world/bernie-madoff-investors-pay-back-1.5738057

On 25 September, EurActiv reported that Cyprus’s audit office has said that thousands of passports could have been granted without proper authorisation under the island’s citizenship-for-investment scheme. For a minimum €2 million investment, Cyprus gives passports that guarantee visa-free travel through the EU.  Cyprus’s audit office, an independent body, said its own investigation suggested the cabinet overstepped its authority in approving citizenship not only to individual applicants but to family too.

Cyprus watchdog raps cash-for-passport process

On 25 September, Free Malaysia Today reported that cigarette producer JTI Malaysia has warned that the share of illegal cigarettes sold in Malaysia may rise to 70% of total sales by the end of the year.  The share of contraband cigarettes in the country is already the highest in the world at 62.3% of total sales last year – an increase from the 58.9% recorded in 2018.  It is said that Malaysia is one of the few countries in the world where illegal cigarette sales continue to thrive, with black market consumption hitting an estimated 12.2 billion sticks last year.  Most of these cigarettes are manufactured in neighbouring countries, and it is said the cigarettes recently smuggled into New Zealand were “undoubtedly” brought in through Malaysian ports in containers, declared as goods in transit and then sent to a third country.

https://www.freemalaysiatoday.com/category/nation/2020/09/25/70-of-all-cigarettes-sold-by-end-2020-will-be-smuggled-stuff-says-tobacco-firm/

ERR reported on 25 September that the Baltic countries have jointly extended sanctions on Belarusian officials responsible for organising the presidential election and the violent crackdown that followed.  The Estonian Ministry of Foreign Affairs unveiled a list of an additional 98 officials, and in total the 3 countries have now sanctioned 128 officials.

https://news.err.ee/1139668/estonia-latvia-lithuania-extend-sanctions-on-belarusian-officials

The list of 128 sanctions officials is at –

https://vm.ee/en/sanctions-government-republic-view-situation-belarus