Press release by: Department of Justice, U.S. Attorney’s Office, Eastern District of New York A 12-count indictment was unsealed today in federal court in Brooklyn, New York charging five Russian nationals, Yury Orekhov, Artem Uss, Svetlana Kuzurgasheva, also known as “Lana Neumann,” Timofey Telegin and Sergey Tulyakov with various charges related to a global procurement, […]
Reported by: Terence Grugan, Peter Hardy, Wendi Kotzen, Beth Moskow-Schnoll, and Michael Robotti of Ballard Spahr LLP The CTA (Corporate Transparency Act) and the Final Rule seek to maximize corporate transparency in order to deter money laundering, tax evasion, and other illicit activity by so-called “shell companies.” The net that has been cast, however, is […]
Reported by: Tony Lange Charges against three former cannabis executives in Ontario could set a legal precedent for publicly traded cannabis companies that fail to comply with provincial regulations—notably securities offenses—in Canada. Legal proceedings are expected to begin Oct. 17 in the Ontario Court of Justice involving CannTrust Holdings Inc.’s (now doing business as Phoena […]
Reported by: James Politi The US and UK have agreed to bolster their co-operation in implementing and enforcing financial sanctions as they try to make it harder for Russia and other countries to elude economic punishment imposed by the west. In a joint announcement due to be published on Monday and obtained by the Financial […]
Reported by: JOE PATRICE Dechert’s long-running Neil Gerrard headache continues. It all started when the firm’s former white collar practice chief Gerrard began working for the Eurasian Natural Resources Corporation (he began working for ENRC at DLA Piper, but brought the engagement with him when he lateraled to Dechert). ENRC hired Gerrard to conduct an […]
Reported by: Nancy J. Allen Bittrex, a cryptocurrency exchange, agreed to pay just under $30 million in fines and keep a closer eye on its compliance program as part of a settlement with the United States Treasury Department over allegations that it had accidentally violated federal sanctions. The settlements were made public on Tuesday by the […]
Reported by: Robert Anello , Richard Albertand Courtney Morphet Cryptocurrency has been touted as a more transparent form of investing, as the information needed to price digital assets is generally available to the public, and in theory no “inside” information is available to exploit before public releases of information, such as earnings announcements and SEC […]
Reported by : NL Times One of the subsidiaries of the bank ING is suspected of money laundering in a criminal investigation. The company, an online payment service provider, is thought to have violated the Financial Supervision Act, according to the FD. It is the second time for ING to be connected to a money […]
Reported by: Rommel Lontayao The Financial Conduct Authority (FCA) has fined Gatehouse Bank £1,584,100 for failure to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing between June 2014 and July 2017. The regulator said Gatehouse also failed to undertake the correct checks when some […]
Reported by: Brian McGleenon Russians are selling rubles (RUBUSD=X) for crypto in an effort to evade sanctions and settle cross-border payments, a money laundering expert has claimed. Due to the sanctions that prohibit Russian businesses from making international settlements in US dollars, companies and individuals are now turning to crypto as an alternative. Cryptocurrency activity in both […]
Financial Crime News Briefs 