Italy Seizes over €200 Million in Assets from Deceased Costra Nostra Boss
Italian authorities are seizing more than €200 million ($232 million) in assets tied to late Mafia boss Matteo Messina Denaro, including funds derived from drug trafficking and laundered across Europe and beyond.
FCA Sees Industry Weaknesses in Sanctions Due Diligence, Trade Compliance
Financial firms have improved their sanctions controls but persistent weaknesses in due diligence, screening, and asset-freezing controls continue to drive compliance violations, the U.K. Financial Conduct Authority (FCA) said in a multi-firm review published Thursday.
Hong Kong Is Now the World’s Largest Hub of Offshore Wealth
Hong Kong has surpassed Switzerland as the world’s largest cross-border wealth-management center for the first time, driven by a surge of investment from mainland China.
Is the Trump Administration Unraveling DOJ’s Landmark FIFA Bribery Case?
A federal court in Brooklyn vacated corruption charges Wednesday against two defendants convicted in the U.S. crackdown on FIFA bribery, after the Trump administration said the cases no longer fit its prosecutorial priorities.
Trump Administration Reimposes Sanctions on U.N. Special Rapporteur Albanese
The Trump administration has re-added a United Nations human rights official to the U.S. sanctions blacklist just one week after quietly removing her, and less than two weeks after a federal judge ruled the original designation unconstitutional.
Russian Airlines Rely on a Shadow Supply Chain for Boeing and Airbus Parts
Russian airlines have largely defied Western sanctions aimed at grounding their fleets by building a shadow supply chain for Boeing and Airbus spare parts routed through India, Turkey, the United Arab Emirates, and Kazakhstan.
Singapore Tells Private Banks to Speed Up Onboarding for Wealthy Clients
Singapore’s financial regulator has directed private banks to reduce account opening wait times to within one month by year-end, as the city-state moves to reassert itself as a global wealth management hub after a series of money-laundering scandals.
Landmark Siemens Case Drove Shift in Enforcement of Foreign-Bribery Laws
Countries where bribes were paid have become the primary drivers of major cross-border bribery enforcement, according to a new OECD report that documents nearly two decades of coordinated multinational prosecutions.
UK Sanctions Crypto Networks for Allegedly Helping Russia Skirt Sanctions
The United Kingdom announced a new package of sanctions Tuesday targeting cryptocurrency exchanges and a Kremlin-backed shadow finance network known as A7 as part of an effort to close off payment routes used by Russia to sustain its war against Ukraine.
How Criminals Their Changed Tactics in Response to EU’s Anti-Mafia Rules
Local governments in southern Italy that colluded with organized crime deliberately avoided large EU-funded projects to stay below anti-mafia certification thresholds, according to new academic research.