Colombia says ELN Laundered $225 Million through Front Companies
Colombia’s Prosecutor General’s Office accused the National Liberation Army (ELN) of running a two-decade money-laundering network that washed more than $225 million (COP 885 billion) in illicit proceeds through a web of shell and front companies across the country, according to a statement cited by Colombia Reports.
U.S. Lifts Sanctions on Bosnia’s Milorad Dodik after Lobbying by Trump Allies
The Trump administration has lifted U.S. sanctions on Milorad Dodik, the powerful Serbian nationalist who led Republika Srpska in Bosnia and Herzegovina until earlier this month, following an intensive lobbying effort by figures close to former President Donald Trump.
How a NZ Maritime Insurer Purportedly Helped Provide Cover for Banned Oil Sales
A New Zealand–based marine insurer played a pivotal role in keeping a fleet of tankers carrying Iranian and Russian oil moving to Asian markets despite Western sanctions, according to a Reuters investigation that has prompted scrutiny from authorities in Wellington.
After Years of Compliance Curbs, JPMorgan to Resume Dollar-Clearing in Angola
JPMorgan Chase will provide U.S.-dollar clearing services in Angola, becoming the first major American lender to reengage with the African nation following major corruption scandals and years of anti-money laundering (AML) compliance restrictions, Bloomberg reported.
Growing Mafia Power Puts Belgium at Risk of Becoming ‘Narco-State’: Judge
Belgium is in danger of evolving into a “narco-state” as organized crime penetrates key institutions and exploits Antwerp’s giant port to smuggle cocaine into Europe, an investigating judge warned in an open letter cited by the Financial Times.
Lego Products Still Reach Russia via Europe Despite Company Exit
Lego toys manufactured in the Czech Republic continue to enter Russia through European trading companies more than two years after the Danish group halted direct sales, according to customs data cited in a new investigation by the Czech outlet Page Not Found and reporting by the Kyiv Independent.
HSBC Sets Aside $1.1 Billion for Madoff Litigation
HSBC Holdings Plc will take a $1.1 billion provision in its third-quarter results to cover potential liabilities tied to investor lawsuits linked to Bernard Madoff’s Ponzi scheme, Bloomberg reported.
U.S. Sanctions Colombia’s President, Alleging Aid to Drug Traffickers
The U.S. Treasury Department designated Colombian President Gustavo Petro and several of his family members and associates, alleging his policies have fueled record cocaine production and benefited narco-traffickers.
FATF Removes South Africa, Nigeria, Mozambique and Burkina Faso from ‘Grey List’
Sub-Saharan Africa’s two largest economies, South Africa and Nigeria, were delisted Friday from a global watchdog’s roster of jurisdictions under increased monitoring for illicit money flows, alongside Mozambique and Burkina Faso.
Ex-Citi Banker Jailed in Singapore for Laundering Funds Linked to Chinese Syndicate
A former Citibank relationship manager has pleaded guilty and been sentenced to two years in jail for helping a Chinese criminal network launder money in Singapore, the Financial Times reported.