The U.S. Treasury Department’s Office of Foreign Assets Control used a settlement agreement Thursday to set out management’s role in creating and running an effective sanctions compliance program.… Continue Reading
The UK used its new Magnitsky-style law for the first time last week to sanction 47 individuals and two organizations for their alleged involvement in “some of the most notorious human rights violations and abuses in recent years.”… Continue Reading
Amid the coming post-Covid-19 resizing wave, when chief compliance officers request bigger budgets, don’t laugh, and don’t blame them. This time, it’s OFAC’s fault.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control fined a California-based cosmetics company nearly $1 million for importing fake eyelash kits that contained materials from North Korea.… Continue Reading
A Singaporean commodities trader has been put on the FBI’s most wanted list and sanctioned by the U.S. Treasury Department for allegedly laundering North Korean money through his family’s trading company.… Continue Reading
Assuming OFAC someday lifts the trade sanctions, and business between American companies and North Korea becomes legally possible, what does the initial due diligence look like?
No country in the world raises more red flags.… Continue Reading
Latvia’s independent anti-corruption agency detained the governor of the central bank Saturday after a raid on his home and office.
Ilmars Rimšēvičs, 52, is also a member of the European Central Bank’s rate-setting committee.… Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Tuesday proposed designating a leading Latvian bank as a primary money laundering concern because of alleged connections with North Korea and with criminals in Russia and other countries.… Continue Reading
The U.S. Treasury Department’s Office of Foreign Assets Control Tuesday put more entities and individuals from China, Russia, Singapore and Namibia on the North Korea sanctions list.
OFAC said the blocked companies and people bought coal, minerals or oil from North Korea or supported its weapons programs.… Continue Reading
In November, the Department of Justice confirmed the rumors that had circulated all fall about an appointment it was making in its Fraud Section: Hui Chen was selected to occupy the new role of in-house compliance counsel.… Continue Reading
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) Thursday imposed “special measure five” against Tanzania-based FBME Bank Ltd, formerly known as the Federal Bank of the Middle East.… Continue Reading