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US DoJ on Venezuelan ML scheme

US DoJ charges two financial asset managers in relation to alleged $1.2bn Venezuelan ML scheme. The conspirators laundered the illicit proceeds in connection with a corrupt foreign currency exchange scheme involving bribery of Venezuelan officials….

US DoJ, SEC, CFTC charge 6 individuals for cryptocurrency fraud

The US DoJ together with federal law enforcement partners, announced criminal charges against six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud, including the largest known Non-Fungible Token (NFT) scheme charged to date, a fraudulent investment

SEC orders UBS to pay $25m to settle fraud charges

SEC announced that UBS has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy. UBS did not provide its financial advisors with adequate training and oversight in…

US DoJ on FIFA corruption case

US DoJ announces additional distribution of approximately $92m to victims in FIFA corruption case. The funds, which were remitted following the Justice Department’s recognition of losses and grant of remission up to a total of $201 million in August 2021…

FinCEN advisory on Elder Financial Exploitation

FinCEN warns FIs about rising trend of elder financial exploitation (EFE), which involves the illegal or improper use of an older adult’s funds, property, or assets and urges financial institutions to detect, prevent, and report suspicious financial transactions…

Ericsson confirms SEC Investigation over Iraq conduct

Swedish firm says it is “fully co-operating” with the US SEC, after it opened an investigation of Ericsson’s conduct in Iraq in 2019…

Panama Intermediaries sentenced for bribery & ML

US DoJ sentences ex-Panamanian president’s sons to 36 months in prison for laundering $28m in a scheme involving Odebrecht, a Brazilian construction conglomerate. The defendants were also ordered to forfeit more than $18.8 million, pay a $250,000 fine…

US/Mexico agree to work on anti-corruption

The US and Mexico committed to establish a working group on anti-corruption, focused primarily on a high-level strategic response to public corruption and in line with current Treasury efforts and the Biden Administration’s December 2021…

US Treasury on anti-corruption roundtable

US Treasury hosted an anti-corruption roundtable with leaders of NGO’s to discuss Treasury’s anti-corruption strategy and priorities, which longstanding commitment to identifying and countering corruption, particularly the way it intersects with the U.S…

IDB settlement with Construtora on corrupt practices

The IDB announced the debarment for 3 years of Construtora COESA S.A. in connection with allegations of collusive and corrupt practices relating to the execution of road construction contracts…

OFAC designates Lukashenko and wife for corruption

OFAC designated four individuals and one entity pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012 (the Russia Magnitsky Act). These Russia Magnitsky Act targets were involved in concealing events surrounding the death of renowned…

Venezuelan prosecutors charged with ML for receiving bribes

Two former senior Venezuelan prosecutors have been charged with money laundering for their receipt of bribes in exchange for agreeing not to pursue criminal charges against certain individuals in Venezuela…