Fed Gov Warns on Stablecoins’ AML Risks as Agencies Draft Rules
Federal Reserve Governor Michael Barr warned on Tuesday that stablecoins pose risks related to money laundering, financial stability, and reserve quality, as U.S. banking agencies work on regulations to implement new federal rules for the sector.
Ex-Malaysian PM Razak Ordered to Pay $1.3 Billion to 1MDB Unit
A Malaysian court on Tuesday ordered jailed former Prime Minister Najib Razak to pay $1.3 billion to SRC International, a former unit of scandal-linked state fund 1MDB, after finding him liable for losses incurred by the company.
Hungary Secretly Worked with Russia to Water Down EU Sanctions
Hungary’s foreign minister privately shared sensitive European Union discussions with Russia and worked with Moscow to try to remove sanctioned Russian individuals, banks, and companies from EU blacklists.
U.S. Indicts Hacker Allegedly Behind $53-Million Uranium Finance Exploit
U.S. authorities have charged an alleged hacker in connection with a 2021 exploit of decentralized exchange Uranium Finance that drained about $53 million in crypto and helped force the platform to shut down.
U.S. Senators Want Answers on Sudden Departure of SEC Enforcer
Two Democratic U.S. senators pressed Securities and Exchange Commission Chairman Paul Atkins on Monday to explain the abrupt resignation of the agency’s enforcement director and whether it was tied to the SEC’s pullback from cryptocurrency cases linked to Donald Trump.
From Cuba to South Korea, Russian Oil Exports Start Arriving
Cuba was preparing on Monday to receive a sanctioned Russian tanker carrying about 730,000 barrels of oil, offering a temporary lifeline to the island as it struggles through a fuel crisis worsened by a U.S. oil blockade.
UK Fines Apple $500,000 for Russia Sanctions Violations
Britain’s Office of Financial Sanctions Implementation (OFSI) has fined Apple Distribution International Ltd £390,000 for breaching Russian sanctions, saying the subsidiary of Apple instructed a UK bank to make two payments totaling £635,618.75 to a Russian streaming company owned by a designated entity.
FinCEN Warns on Healthcare Fraud, Proposes Whistleblower Pay
The U.S. Financial Crimes Enforcement Network (FinCEN) on Monday issued an advisory urging banks and other financial institutions to step up detection and reporting of healthcare fraud tied to Medicare, Medicaid and other public health benefit programs.
Hungary Continues to Fall Short on Investigating Fraud, EU Data Shows
Hungary has recovered and returned less than a fifth of EU funds flagged for potential fraud over the past decade, according to data from the bloc’s anti-fraud watchdog reported by the Financial Times.
London Has Become an Important Destination for Iranian Funds
Iranian-linked wealth has continued to find its way into London property despite years of Western sanctions, with luxury homes, apartments, and a boutique hotel tied to figures accused by British and U.S. authorities of supporting Tehran’s sanctions-evasion networks.