The Office of Financial Sanctions Implementation (OFSI) has issued guidance for service providers in the crypto market, stating relevant firms must report suspected sanctions breaches to authorities. The updated guidance brings crypto exchanges and wallet providers in line with the […]
On September 1, 2022, the co-founder and chief investment officer of UK hedge fund Glen Point Capital was charged with committing foreign exchange (FX) market manipulation and fraud. According to the US Department of Justice press release, the defendant has […]
Investigations by the Department of Justice and Senate Finance Committee into a $2 billion tax evasion scheme by Robert Brockman, former CEO of a major software company, have led to the discovery of a serious loophole in the Foreign Account […]
Germany has made strides toward combatting money laundering and terrorist financing, but still has serious shortcomings to address, according to the Financial Action Task Force’s (FATF) 2022 Mutual Evaluation Report (MER). The report highlights specific money laundering and terrorist financing […]
Australia’s government has announced it will prioritize “token mapping” as part of its review of crypto-assets. Treasurer Jim Chalmers and Assistant Minister for Competition, Charities, and Treasury Andrew Leigh argued that “regulation is struggling to keep pace and adapt with […]
The European Central Bank (ECB) has issued a new statement on the licensing of crypto-asset activities, reinforcing the commitment of Europe’s legislators and supervisors to harmonize regulations across the continent. The ECB highlights that crypto-asset markets are “developing apace.” As […]
On August 16th, former U.S. Rep. Terrence John Cox was federally indicted on 28 charges, including wire fraud, campaign contribution fraud, and money laundering. The unsealed indictment describes schemes carried out between 2013 and 2019. Cox purportedly diverted payments, investments, […]
The Financial Conduct Authority (FCA) has published a consultation paper outlining proposed changes to the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) sourcebook to improve how professional body supervisors (PBSs) reduce money laundering in the sectors they oversee. The […]
Three Nigerian nationals have been extradited from the UK to the US following their alleged participation in multimillion-dollar cyber-enabled business email compromise (BEC) fraud schemes. The scams allegedly perpetrated by the defendants and their co-conspirators targeted unsuspecting victims, including universities […]
On 15 August 2022, Australia’s Minister of Foreign Affairs announced plans to designate gold as an “import sanctioned good” for Russia under sub-regulation 4A(3) of the Autonomous Sanctions Regulations 2011. The proposed amendment would prohibit the import of gold alongside […]
On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a virtual currency mixer, for enabling cybercriminals to launder USD 7 billion in crypto since 2019. According to OFAC’s press release, […]
The Financial Conduct Authority (FCA) has published policy statement 22/10, “Strengthening our financial promotion rules for high-risk investments and firms approving financial promotions,” as part of the agency’s Consumer Investments Strategy. The policy statement sets out final rules following a consultation […]
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