Day: August 10, 2022

On 9 August, a new report from Transparency International catalogues conflict and corruption around the word – harm it says is caused by leaving the privatisation of national security to grow and operate without proper regulation.  It argues that exploitation of global conflicts is becoming a bloodier business.  Most private military and security firms are registered in the US, so Transparency International is calling on Congress to take a leading role in pushing through meaningful reforms under its jurisdiction when draft legislation faces review in September. The time has also come, it says, for accreditation standards to be enforced rather than only encouraged, at both a national and international level.

https://ti-defence.org/wp-content/uploads/2022/08/Hidden-Costs-US-Private-Military-and-Security-Companies-and-the-Risks-of-Corruption-and-Conflict-Web-PDF.pdf

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On 9 August, Elliptic issued a Q&A outlining some key questions and issues related to the Tornado Cash sanctions imposed by OFAC, and offering thoughts on how compliance teams can respond. 

https://hub.elliptic.co/analysis/complying-with-ofac-s-tornado-cash-sanctions-key-questions-and-challenges/

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On 10 August, CNBC said that a new report claimedthat RenBridge had been used to launder at least $540 million in crime-related crypto cash since 2020, with cross-chain bridges being used to send digital assets across blockchains, bypassing a centralised service that can trace transactions.

https://www.cnbc.com/2022/08/10/crypto-criminals-laundered-540-million-using-renbridge-elliptic-says.html

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On 9 August, the EU Sanctions blog reported on the case involving XTX Markets.  The owner in question is Alexander Gerko, who is a dual Russian and UK citizen and is not designated under any sanctions regime.

https://www.europeansanctions.com/2022/08/xtx-markets-alleges-discrimination-against-russian-owner/