Reported by Alric Lindsay On October 27, 2023, following meetings of the Financial Action Task Force (FATF), the FATF Plenary announced that the Cayman Islands have now been removed from the list of jurisdictions under increased monitoring, otherwise known as the “grey list.” The FATF said it “congratulated” the Cayman Islands and other countries for […]
A must watch video on the international organized crime car theft ring that helps evade Sanctions. The video shows the cars that commonly get stolen, and the role of ports in Baltimore, Boston, and Montreal in shipping these cars to various international locations, including countries under Sanctions. Watch video: youtu.be/nlfVyk641GM
Reported by Scilla Alecci and Brenda Medina The United States has become a destination for the proceeds of environmental crimes, undermining global moves to stem illicit financial flows and combat the climate crisis, according to a new report by a prominent anti-corruption advocacy group. The report by the Financial Accountability and Corporate Transparency (FACT) Coalition, […]
Reported by Carter Pape In recent years, regulators have warmed to the idea of banks using artificial intelligence to comply with anti-money-laundering laws and related regulations for countering the financing of terrorism and preventing other financial crimes. Increasingly, banks have also used this same transaction monitoring technology to protect themselves from fraud. Using AI to monitor transactions […]
Reported by Song Jung-a A top executive at Kakao has been arrested for alleged stock price manipulation during the South Korean internet giant’s heated acquisition battle for K-pop agency SM Entertainment this year. The Seoul Southern District Court issued an arrest warrant for Kakao’s chief investment officer Bae Jae-hyun on Thursday. Financial regulators have accused […]
Reported by YAYA J. FANUSIE Recent reporting about Palestinian terrorist groups accessing crypto assets points to an ongoing challenge: Terrorist organizations continue to exploit weak links across the financial system to raise, hide, and disperse funds. Many gaps exist, both with traditional financial actors and some crypto platforms that don’t effectively enforce the clear legal […]
Reported by PASCAL HANSENS, SIGRID MELCHIOR, MAXENCE PEIGNÉ AND HARALD SCHUMANN Investigation Since Russia’s invasion of Ukraine in February 2022, the 27 EU countries have adopted 11 sanction packages, targeting all kinds of raw materials such as oil, coal, steel and timber. But raw materials that the EU considers “critical” or “strategic” — 34 in […]
Reported by Ebrima Santos Sanneh Treasury’s Financial Crimes Enforcement Network urged financial institutions Friday to vigilantly monitor and report activity suspected of being related to financing the militant organization currently at war with Israel known as Hamas. Fincen’s alert identified several red flags it says banks should watch which could indicate suspicious activity. These include watching for […]
Reported by Rebecca Burns A corporate lobbying group backed by Koch Industries is quietly pressing the Democratic New York governor Kathy Hochul not to sign a landmark transparency bill unmasking the owners of shell corporations involved in financial crimes, wage theft and tenant abuses. High-profile real estate donors to Hochul’s campaign also oppose new disclosure requirements for […]
Reported by Robert Anello In the wake of Russia’s invasion of Ukraine, long-standing economic sanctions have been reinvigorated, with the U.S. committing significant efforts and resources to aggressive sanctions enforcement relating, in particular, to Russian oligarchs. One weapon recently added to the Department of Justice’s arsenal is a little-noticed program enacted in the closing days of 2022. The […]
Financial Crime News Briefs 