Sanctions and War are Fueling China’s Efforts to Bypass SWIFT
China’s two-decade effort to build an international financial system anchored by its currency, the renminbi, is gaining traction as wars and Western sanctions push U.S. adversaries to seek alternatives to the dollar.
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.”
Tether Freezes $344mn in USDT in Coordination with OFAC
Tether froze more than $344 million in USDT across two addresses Thursday in coordination with the U.S. authorities, the stablecoin issuer announced, in one of the largest compliance actions in the company’s history.
Explainer: What’s in the EU’s 20th Russia Sanctions Package?
The European Union on Thursday formally adopted its much delayed 20th package of restrictive measures against Russia and the bloc’s biggest package of designations in two years. Here’s what’s in it.
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.
EU to Adopt New Russia Sanctions Package after Hungary Lifts Veto
European Union member states have agreed a new sanctions package against Russia after Hungary lifted its veto, clearing the way for measures targeting Russian oil transport, banks, crypto platforms, and trade in restricted goods.
Moldovan Oligarch Heads to Prison for Role in ‘Theft of the Century’
A Moldovan court on Wednesday sentenced oligarch and former political leader Vladimir Plahotniuc to 19 years in prison for his role in a massive bank fraud scheme that siphoned funds from three lenders in 2014.
China Counters Sanctions Threats with Tougher Trade Rules
China has rolled out tough new rules aimed at countering foreign sanctions, explicitly linking the measures to U.S. threats of secondary sanctions on Chinese banks over Iranian oil purchases and warning that further retaliation tools are likely to follow.
Brazil’s PCC Has Grown from a Prison Gang to a Cocaine Superpower
Brazil’s First Capital Command, or PCC, has expanded from a prison gang founded in Sao Paulo state in 1993 into what authorities describe as the largest criminal group in the Americas, with some 40,000 members and affiliates operating in nearly 30 countries.
U.S. Blacklists Network Allegedly Linked to Iran’s Arms Procurement
The U.S. Treasury on Tuesday imposed sanctions on 14 individuals, entities, and aircraft in Iran, Turkey, and the United Arab Emirates that it said were involved in arming Iran with missiles and drones.