On January 26, 2023, the US Department of Justice (DOJ) announced the outcome of a months-long coordinated operation to dismantle the ransomware-as-a-service (RaaS) network, Hive. Having targeted more than 1,500 victims in over 80 countries, threat actors have previously used […]
State of Financial Crime 2023 Report
On January 23, 2023, federal prosecutors announced the arrest of former FBI Special Agent, Charles F. McGonigal, and former Soviet and Russian diplomat, Sergey Shestakov, on criminal charges related to sanctions violations and money laundering.
On January 13, 2023, the FinCEN published an alert on human smuggling focused on smuggling activity along the US’ southwest border, which generates an estimated $2 billion to $6 billion annually for illicit actors.
On January 5, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a joint action with the Turkish Ministry of Treasury and Finance against two entities and four individuals with ties to the Islamic State […]
On December 30, 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with Danish multinational Danfoss for apparent Iran, Syria, and Sudan sanctions violations. According to the enforcement release, Danfoss agreed to […]
On December 15, 2022, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published an Operational Alert that lists terrorist activity financing indicators concerning domestic and international terrorist groups. Specifically aimed at businesses subject to the Proceeds of Crime […]
On December 7, 2022, the US Senate voted not to include the Establishing New Authorities for Businesses Laundering and Enabling Risks to Security (ENABLERS) Act in the 2023 defense budget. Initially introduced by a group of bipartisan lawmakers following the […]
On November 30, 2022, the Financial Action Task Force (FATF) issued its inaugural report on money laundering from fentanyl and synthetic opioids. Co-led by the US and Canada, the report includes recommendations for prosecutors and law enforcement authorities on countering […]
On November 21, 2022, Delaware drug trafficker, Omar Morales Colon, was sentenced to 45 years in prison for conspiracy to commit money laundering, conspiracy to distribute cocaine, and multiple other drug and money laundering offenses. Described by the court as […]
The Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury, Elizabeth Rosenberg, has addressed the need for additional regulatory clarity and more public-private engagement between the government and the virtual assets industry. Rosenberg’s remarks follow the end […]
On November 15, 2022, the US-China Economic and Security Review Commission (USCC) released its annual report to Congress. Among the report’s concluding recommendations, the committee proposed creating a cross-agency body tasked with drafting sanctions against China in the event of […]
On November 9, 2022, the New York Department of Financial Services (DFS) proposed amendments to its Part 500 Cybersecurity Rules in response to increasingly sophisticated technologies and threats to financial institutions. Building on draft amendments released in July, the formally announced […]