Month: June 2025

Bargain Hunt expert jailed for selling art to suspected Hezbollah financier

Counter Terrorist Financing
A former Bargain Hunt art expert has been jailed for two years and six months for failing to declare art he sold to a suspected financier of Hezbollah. In the first prosecution of its kind, Oghenochuko Ojiri, 53, admitted eight counts under the Terrorism Act 2000 of failing to make a disclosure during the course of business before his sentencing at the Old Bailey on Friday. Hezbollah is a group proscribed as a terrorist organisation by the UK.  Judge Mrs Justice Cheema-Grubb said Ojiri had been aware the art he had sold was to Nazem Ahmad, who had been sanctioned in 2019…

Czech bitcoin scandal sparks fears of state role in money laundering

Digital Currencies
PRAGUE – The Czech government is scrambling to contain the fallout from a €40 million bitcoin donation linked to a convicted drug trafficker, which forced Justice Minister Pavel Blažek to resign and triggered a National Security Council meeting over fears the state was used to launder criminal proceeds. Prime Minister Petr Fiala confirmed intelligence services would be involved, warning of new threats posed by cybercrime and the need for institutional resilience. “There is a publicly expressed suspicion that the state may have been misused through the justice ministry, possibly in connection with serious international crime,” Fiala said. The donation came…

FinCEN Issues Advisory Highlighting Iranian Oil Smuggling, Shadow Banking, and Weapons Procurement Typologies

Counter Terrorist Financing
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing an Advisory to assist financial institutions in identifying, preventing, and reporting suspicious activity connected to Iranian illicit financial activity, including oil smuggling, “shadow banking,” and weapons procurement. The Advisory replaces FinCEN’s 2018 Iran Advisory, which FinCEN is rescinding today. The Advisory supports the implementation of the U.S. maximum pressure campaign against Iran outlined in National Security Presidential Memorandum (NSPM-2) and provides updated red flags and information on current trends and typologies for Iranian sanctions evasion and other illicit activity. Concurrently, Treasury’s Office of Foreign Assets Control…

Environmental crimes are often hidden by ‘flying money’ laundering schemes (commentary)

Money Laundering, Wildlife Trafficking
In the Tang dynasty, Chinese merchants began buying rice on credit with a system that relied on trust and trade to sidestep the authorities — and taxes — to deliver goods immediately. In China it’s called, feiqian, and across the Middle East and South Asia, it’s known as hawala. These days it’s about more than rice. It’s called “flying money,” and it’s the tool for concealing financial crimes: tax-free remittances, washing dirty money, even funding terror and concealing wildlife crime. “Flying money is often used to denote Chinese money laundering or paying in-kind with a commodity instead of cash,” explains…

Man who tried to smuggle £1.2m in suitcases out of UK jailed

Money Laundering, Prosecutions
A man who tried to smuggle £1.2m in suitcases out of the United Kingdom to Lebanon has been jailed for 21 months, following a National Crime Agency investigation. Mazen Al Shaar custodyMazen Al Shaar, 48, was stopped by Border Force officers on Saturday 15 March this year as he was about to fly from Terminal Three at Heathrow Airport to Beirut in Lebanon. The supermarket worker, of Marsworth Close, Middlesex, said he only had £500 in cash on him and that he was leaving the UK to visit family. But officers searched his three suitcases and two of them contained…

OFAC Slaps $215 Million Penalty on GVA Capital for Russia Sanctions Violations

Prosecutions, Sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a hefty penalty of $215,988,868 against GVA Capital, a San Francisco-based venture capital firm. The firm is being held accountable for knowingly managing investments linked to Suleiman Kerimov, a Russian oligarch already under sanctions, and for failing to respond properly to an OFAC subpoena. This is a case that underscores the immense risks involved when gatekeepers like venture capital firms fail to uphold sanctions compliance. Between April 2018 and May 2021, GVA continued managing investments for Kerimov, after the Russian official had been added to the…

Alleged ‘Albanian Mafia Leader’ in Ecuador Accused of Laundering Cocaine Cash Via UAE Firm

Money Laundering
An alleged Albanian cocaine kingpin based in Ecuador and arrested last week in the United Arab Emirates is accused of using the Middle Eastern country as a money laundering hub, according to court documents obtained by OCCRP. The documents come from a case in Ecuador, where Dritan Gjika is charged with leading a powerful drug trafficking organization. Gjika, 48, was arrested on May 26 in the UAE city of Abu Dhabi on an Ecuadorian warrant. In February, the State Attorney General’s Office named Gjika “the leader of Albanian mafia operations in Ecuador.” The court documents obtained by OCCRP reveal details…

EU Strengthens Financial Crime Fight with Updated High-Risk Country List

Regulation
The European Commission is once again raising the stakes in the fight against financial crime by updating its list of high-risk countries. These jurisdictions, which exhibit significant gaps in their anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks, will now face increased scrutiny from EU financial institutions. In short, EU entities dealing with these countries will need to tread carefully, applying enhanced vigilance when engaging in financial transactions. The goal is simple: keep the EU’s financial system secure and ensure it doesn’t become a conduit for illicit activity. A closer look at the newly added names on…

Justice Department Resumes Foreign-Bribery Investigations with Focus on U.S. Competitiveness & National Security

Bribery
The U.S. Department of Justice (DOJ) just announced that it will resume its foreign-bribery investigations, but with a narrowed focus aimed at protecting American businesses’ ability to compete on the global stage and safeguarding national security. This decision follows a four-month review prompted by an executive order from President Trump, which had paused such investigations earlier this year. Deputy Attorney General Todd Blanche made the announcement, according to the Wall Street Journal, revealing that nearly half of the ongoing Foreign Corrupt Practices Act (FCPA) cases would be closed to align with new enforcement guidelines. Under the revamped framework, investigations will…

EU Urged to Toughen Anti-Corruption Directive

Corruption
Civil society groups are urging the European Union to adopt stronger anti-corruption measures as negotiations over the proposed EU Anti-Corruption Directive enter their final phase. An open letter released June 2 calls on EU leaders to show “genuine political will” and support the robust provisions already backed by the European Parliament. The directive aims to create a common framework for preventing and tackling corruption across member states and is now under negotiation between the Parliament and the Council of Ministers. The letter is backed by 57 organizations, including 23 national chapters and partners of Transparency International. Transparency International’s research highlights…

Cyprus Court Reinstates Abramovich-Linked Firm in VAT Probe

Tax Evasion
A Cypriot court this week ordered that a defunct company owned by sanctioned Russian billionaire Roman Abramovich’s offshore trust be reinstated so it can pay the 14 million euros in VAT it failed to pay before it was closed.. Blue Ocean Yacht Management Limited, BOYM, which operated for more than two decades before its dissolution last July, was ultimately owned by a Cyprus trust that benefited Abramovich. For more than a decade before it folded, Blue Ocean contested in court a 2012 order by Cyprus’ tax authority compelling the firm to pay the multimillion-euro tax bill. Details of the unpaid…

EU Cuts UAE From Money Watchlist, Flags Monaco

Regulation
Two days after the European Commission overhauled its list of high-risk countries for money laundering, removing the United Arab Emirates (UAE) while adding several others, including Monaco, Lebanon, and Venezuela, a Member of the European Parliament said that the Parliament will examine the commission’s decision. “The members of the ECON committee will now engage with the Commission to clarify the evidence underlying the decisions for listing and de-listing of individual countries,” Markus Ferber, a German MEP with the European People’s Party (EPP) told OCCRP commenting on the updated list. “At this stage, it is too early to give a clear…

New Corporate Enforcement Policies Focus on Transparency & Cooperation in White-Collar Crime Cases

Regulation
At the 2025 SIFMA Anti-Money Laundering and Financial Crimes Conference in Washington, D.C., Matthew R. Galeotti, the head of the U.S. Department of Justice’s Criminal Division, unveiled significant changes to the Department’s approach to white-collar crime enforcement. In his speech, Galeotti underscored a shift towards increased transparency and fairness for businesses, with an emphasis on self-reporting and cooperation in exchange for more predictable outcomes in investigations and penalties. The focus of these revisions, Galeotti explained, is to eliminate the punitive overreach that has historically deterred businesses from engaging in proactive compliance and reporting efforts. Highlighting the Department’s role in tackling…

Ex-Georgian Minister Detained in $920k Corruption Probe

Corruption
A court in Tbilisi on Monday ordered two months of pre-trial detention for Georgia’s former deputy economy minister, who is accused of systematically abusing his position to amass more than 2.5 million lari (US$920,000) in illicit funds with the help of accomplice Some of the money he made this way was invested in property abroad, which he declared only after reporters uncovered it. Romeo Mikautadze, who served as Deputy Economy Minister, was arrested Friday evening by Georgia’s State Security Service (SSS). According to an official statement, Mikautadze allegedly used his position, connections, and experience for personal gain—providing unfair advantages to…

Italy Arrests 11 in €520m ‘Moby Dick’ VAT Fraud Case

Fraud, Tax Evasion
Authorities in Italy have arrested 11 people suspected of laundering hundreds of millions of euros from a Europe-wide tax fraud scheme that exploited cross-border trade and relied on mafia-style protection. The suspects, detained in coordinated raids across Milan and Palermo, are accused of operating a criminal network behind what investigators call one of the most complex VAT fraud cases ever uncovered in the European Union. The operation, code-named Moby Dick, centers on a carousel scheme that used shell companies to move electronic goods — such as AirPods and laptops — across borders, issuing fake invoices worth more than €1.3 billion…

SFO Deepens Global Anti-Corruption Alliances with US & International Partners

Corruption
SFO Joins Global Anti-Corruption Alliance: The Serious Fraud Office has become a member of the International Anti-Corruption Coordination Centre to strengthen its international enforcement capabilities.Enhanced Intelligence Access: Membership provides the SFO with greater access to intelligence on overseas corruption involving politically exposed persons and multinational firms.Autonomy Maintained: While collaborating internationally, the SFO will retain full control over its investigations.Part of Broader Strategy: The move follows the formation of a tri-national taskforce with France and Switzerland and updated corporate guidance on reporting misconduct.Proven Global Impact: Since 2017, the IACCC has helped identify over £1.8 billion in stolen assets and aided investigations…

UK Drops Sanctions on Controversial Serbian Arms Dealer

Sanctions
Three years after blacklisting him, the United Kingdom has lifted sanctions on Slobodan Tešić, one of the Balkans’ most powerful arms dealers, Serbian investigative outlet KRIK reported. Tešić remains under U.S. sanctions imposed in 2017 for alleged corruption and illegal arms deals. The British government did not disclose why it removed the restrictions against him last week. The arms dealer was added to the U.K. sanctions list in December 2022 for allegedly bribing Bosnian officials, including the late chief prosecutor Milorad Barašanin and former security minister Selmo Cikotić. The longtime arms broker has denied the accusations, calling them part of…