U.S. Mint Bought Gold Mined by Blacklisted Drug Cartel
The United States Mint has for years purchased gold originating from illegal mines controlled by a Colombian drug cartel, violating a federal law requiring that its coins be made from newly mined American gold.
Italian Asset Manager Ordered to Replace CEO, Board over AML Violations
The Bank of Italy has flagged money-laundering risks at DeA Capital Real Estate SGR and is demanding a remedial plan, a new business strategy, and a sweeping overhaul of the asset management firm’s leadership.
Latest OFAC Actions Target ’Shadow Fleet’ and ’Teapot’ Refinery
The U.S. Treasury Department on Friday sanctioned a major Chinese independent oil refinery and roughly 40 shipping firms and vessels tied to what it called Iran’s “shadow fleet,” in the latest action under a campaign Treasury has dubbed “Economic Fury.”
FATF Calls on Italy to Fix Ownership Register, Tighten DNFBP Oversight
Italy has passed a sweeping review of its anti-money-laundering regime but must urgently fix a suspended corporate ownership registry and tighten oversight of non-financial businesses, the Financial Action Task Force (FATF) said in a report published on Thursday.
House Republicans Vote to Roll Back U.S. Beneficial Owner Reporting
A Republican-led U.S. House committee voted on Tuesday to advance legislation that would exempt American limited liability companies and other businesses from reporting on their beneficial owners under the Corporate Transparency Act.
UK Shuts Down Illegal Crypto Trading Operations in London
The Financial Conduct Authority (FCA) and other UK authorities shut down eight sites across London as part of a crackdown on illegal peer-to-peer crypto trading, the agency announced on Wednesday.
Congo to Restrict USD Transactions in Bid to Leave FATF Gray List
The Democratic Republic of Congo will begin restricting cash transactions in U.S. dollars from next April in an effort to curb money laundering, strengthen oversight of the financial system, and rebuild confidence in the Congolese franc.
Ex-Swedbank CEO’s 2024 Conviction Overturned by Swedish Supreme Court
Sweden’s Supreme Court has acquitted former Swedbank chief executive Birgitte Bonnesen, overturning the only prison conviction handed to a senior Nordic banker in connection with one of Europe’s biggest money-laundering scandals.
AMLA Seeks Feedback on Risk Assessments and Cross-Border Compliance
The European Union’s new anti-money-laundering (AML) supervisor on Thursday launched two consultations on draft rules intended to tighten how companies assess their financial-crime risks and apply compliance controls across corporate groups.
Trump Administration Levies ‘Economic Fury’ Sanctions on Iran
The U.S. Treasury imposed a fresh round of Iran-related sanctions on Wednesday, targeting what it described as the illicit oil-shipping empire of Iranian magnate Mohammad Hossein Shamkhani and a Hezbollah-linked oil-for-gold laundering network tied to Venezuela.