Day: October 11, 2022

On 11 October, OFAC announced a settlement with Bittrex Inc, a private company based in Bellevue, Washington State, that provides an online virtual currency exchange and hosted wallet services.  Bittrex agreed to remit $24,280,829.20 to settle its potential civil liability for apparent violations of sanctions against Cuba, Ukraine-related, Iran, Sudan, and Syria, due to deficiencies in its compliance systems.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221011

https://home.treasury.gov/system/files/126/20221011_bittrex.pdf

https://home.kpmg/us/en/home/insights/2022/10/tnf-us-virtual-currency-exchange-settle-violations-sanctions-anti-money-laundering-obligations.html

https://www.fincen.gov/sites/default/files/enforcement_action/2022-10-11/Bittrex%20Consent%20Order%2010.11.2022.pdf

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

The Egmont Group of FIU has said that a recent Plenary’s Thematic Discussion explored alternative ways to drive FIU effectiveness, including enhancing multilateral information sharing, prioritizing domestic & international cooperation, & enhancing FIUs’ role in the domestic AML/CFT system.

https://egmontgroup.org/wp-content/uploads/2022/10/New-Ways-to-Drive-FIU-Effectiveness-in-a-Risk-Based-Environment_Thematic-Discussion-Outcomes.pdf

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 10 October, OCCRP reported that the UK branch of Transparency International had warned that more than 1 in 10 of all Limited Liability Partnerships (LLP) ever registered in Britain bear the “hallmarks of shell companies used for serious financial crimes”.

https://www.occrp.org/en/daily/16869-transparency-uk-warns-of-widespread-use-of-llps-for-financial-crime

https://www.transparency.org.uk/partners-in-crime-UK-LLP-Limited-Liability-Partnership-money-laundering

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 11 October, ProPublica published an article which was Part 1 of an investigation into a money laundering system involving Chinese organised crime, Latin American drug cartels and Chinese officials, and how one major figure in the scheme managed to meet former President Donald Trump.  It features a Chinese American gangster named Xizhi Li.  It says that, operating with the acumen of a financier and the tradecraft of a spy, he had helped devise an innovative system that revolutionised the drug underworld and fortified the cartels.

https://www.propublica.org/article/china-cartels-xizhi-li-money-laundering

See also Part 2 –

https://www.propublica.org/article/liu-tao-trump-meeting-china-investigation

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 10 October, the New Zealand Herald reported that the Government is targeting New Zealand-linked Russian billionaire oligarch Alexander Abramov in its latest raft of sanctions.  51 oligarchs, including Abramov, have been targeted through the new sanctions, alongside 24 Russian-backed office holders in newly annexed areas of Ukraine.  There were also new bans on exports and imports of luxury goods like New Zealand wine and seafood and Russian vodka and caviar, as well as products like oil and gas.

https://www.nzherald.co.nz/nz/russia-ukraine-war-nz-linked-russian-oligarch-alexander-abramov-targeted-in-latest-sanctions/PHGLBNT5UP4I6CMHKYLXEOILJA/

https://www.stuff.co.nz/national/politics/130134919/government-places-travel-ban-on-nzlinked-russian-businessman-alexander-abramov

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

A news release from HMRC on 10 October said that dozens of estate agents have been fined more than £500,000 for breaching AML requirements.  It hasnamed 68 estate agents that have been fined for not complying with rules designed to stop criminals laundering money from illegal activity.  The fines followed the first prosecution of an estate agent for trading despite not registering with HMRC, to ensure compliance with money laundering regulations.

https://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/pressreleases/hmrc-crack-down-on-unlawful-estate-agents-3209944

UK: THERE HAS BEEN A NOTABLE RISE IN AML FINES IMPOSED ON ESTATE AGENTS

On 10 October, an article from Rahman Ravelli made this point, saying that recently-published figures show that AML fines declined by 19% overall in the 2021-22 financial year, but that fines imposed on estate agents rose by 980%, to reach a total of £772,618.

https://www.mondaq.com/uk/white-collar-crime-anti-corruption-fraud/1239020/there-has-been-a-notable-rise-in-anti-money-laundering-fines-imposed-on-uk-estate-agents

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y