Author: gracechurchfcp

Members of alleged Singapore Money Laundering syndicate bought London Properties worth $56M

Money Laundering
Suspected members of a massive money laundering syndicate busted in Singapore last month purchased prestige properties in London in 2021 worth almost $60 million, company and land records reviewed by OCCRP and Radio Free Asia reveal. The investments highlight the global reach of a syndicate that Singapore police say laundered the proceeds of illicit “scams and online gambling.” More than 400 officers swept in on multiple locations in the Southeast Asian city state in mid-August, arresting 10 people. Prosecutors said in a September 5 court hearing that they had seized at least $SG1.8 billion ($1.32 billion) in cash, cryptocurrencies, and…

Missed Red Flags: leak exposes Swiss Asset Management Firms work for clients accused of Fraud and Corruption

Corruption, Fraud
A data leak from Finaport, an asset manager based in Zurich, shows the firm worked with clients that included politically exposed persons, two Russians accused of embezzling funds from a bank they owned, and a businessman accused of insurance fraud. Key FindingsA data leak in 2022 from Finaport shows that this asset management company provided services to clients who were embroiled in legal scandals at the time.A Finaport client withdrew more than $500 million from an account at a Russian bank that later collapsed.Another client established bank accounts under an alternative identity and moved money into it despite concerns raised…

More than 70 years in jail for money laundering and people smuggling network dismantled by the NCA

Money Laundering
Sixteen people who were part of a West London-based organised crime group involved in international money laundering and people smuggling have been given jail sentences totalling more than 70 years. A National Crime Agency investigation identified that members of the network were likely to have smuggled around £70 million in cash out of the UK, making hundreds of trips to Dubai, UAE, between 2017 and 2019. OCG custody imagesCharan Singh; Valjeet Singh; Swander Dhal; Amarjeet Alabadis; Diljan Malhotra;Jackdar Kapoor; Jaginder Singh Kapoor; Jasbeer Malhotra; Jasbir Dhal; Jasbir Kapoor;Joe Round; Louise Smith; Manmon Kapur; Mircea Denes; Pinky Kapur; Sundar Vengadassalam NCA…

New Europol report shines light on multi billion euro underground criminal economy

Financial Crime
The world is getting smaller, as trade, communication and infrastructure on a global scale brings us closer together. However, there is another, darker, side to the coin: our interconnected world is being abused by criminals who have created an underground economy to sustain their illegal operations. Europol’s first ever threat assessment on the topic, ‘The other side of the coin: an analysis of financial and economic crime in the EU’, sheds a light on this system which, from the shadows, sustains the finances of criminals worldwide. The report is based on a combination of operational insights and strategic intelligence contributed…

Criminals and oligarchs are hiding wealth in secretive Dutch foundations, new investigation finds

Money Laundering
A discrete Dutch legal structure, favored by family-owned businesses, has become a popular tool for oligarchs and other bad actors to hide their wealth and evade taxes, a new investigation from Follow the Money found. Over the past two decades, financial service providers worldwide have increasingly touted the use of trust office foundations, or STAKs (short for stichting administratiekantoor), which only reveal the names of company directors, concealing actual stakeholders and their assets. Currently, an estimated 21,000 STAKs are registered in the Netherlands, according to FTM. The investigative outlet used ICIJ’s Pandora Papers leak, which contained nearly 12 million documents…

FinCEN analysis reveals trends and patterns in suspicious activity potentially tied to evasion of Russia Related Export Controls

Sanctions
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on patterns and trends contained in Bank Secrecy Act (BSA) reporting on suspected evasion of Russia-related export controls. The BSA reports analyzed for this FTA were filed in response to previous joint Alerts on this topic and indicate almost $1 billion in suspicious activity. “Following Russia’s invasion of Ukraine, FinCEN and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued two joint Alerts urging vigilance on the part of U.S. financial institutions for potential attempts by Russia to evade U.S. export controls,” said Acting…

Zelenskyy’s Corruption Crackdown Plan Raises Cover-up Fears

Corruption
KYIV — President Volodymyr Zelenskyy’s move to equate wartime corruption with treason is triggering a backlash from officials and watchdogs, who warn the plan could hobble Ukraine’s main anti-graft forces. Two senior officials following the proposal, who were granted anonymity to speak candidly, say concerns are growing within Ukraine’s anti-graft agencies that Zelenskyy’s plan will take top corruption cases away from their oversight and pass them to the Security Service of Ukraine (SBU), which falls under the president’s command. The SBU could, potentially, have the power to bury corruption cases involving top officials. The move, the officials say, could put…

Wise Payments Faces Scrutiny from UK Government Over Alleged Breach of Russian Sanctions

Sanctions
Wise Payments Limited (“Wise”), a UK-based financial services provider, is under scrutiny after an investigation by the UK Office of Financial Sanctions Implementation (OFSI) revealed potential violations of sanctions imposed on Russia. The sanctions in question stem from The Russia (Sanctions) EU Exit Regulations 2019 and are aimed at restricting certain Russian individuals, entities, companies, and their subsidiaries from accessing and using their assets. These measures were put in place in response to Russia’s actions, including its annexation of Crimea and its involvement in conflicts in Eastern Ukraine. The breach in question pertains to a cash withdrawal of £250 made…

Switzerland Proposes to Strengthen Anti-Money Laundering Laws

Money Laundering, Regulation
The Swiss government stated its intentions Wednesday to strengthen its anti-money laundering laws, in a bill that, if passed, would bring its financial due diligence measures closer in line with international standards. Switzerland, which has shielded the wealth of the world’s criminals and corrupt, has now proposed to strengthen its anti-money laundering laws. (Photo: Wally Gobetz, Flickr, License)Switzerland’s seven-member Federal Council, among them Finance Minister Karin Keller-Sutter, proposed a series of reforms meant to restore the country’s integrity as a global banking hub, which has suffered several black eyes over the years for keeping the ill-gotten gains of the world’s…

U.K. Regulator Publishes 5 Top Advices to Ensure Banks and Fintech Adhere to Russian Sanctions Regime

KYC, Sanctions
BRITISH regulator the Financial Conduct Authority has published new advice on an adhering to the country’s sanctions regime. The authority “the unprecedented size, scale, and complexity of sanctions imposed by the UK Government and international partners since Russia’s invasion of Ukraine, has further increased our focus on firms’ sanctions systems and controls.” The FCA said it had been engaged in a substantial programme of work assessing the systems and controls relating to sanctions compliance for over 90 firms across a range of sectors. This has involved proactive assessments of firms’ controls, using a new analytics-based tool, as well as the…

Oligarchs Weaponized Cyprus Branch of Ukraine’s Largest Bank to Send $5.5 Billion Abroad

Fraud
The former chairwoman of Ukraine’s central bank dubbed it one of the biggest financial scandals of the 21st century. Valeria Hontareva was describing the alleged theft of US$5.5 billion from PrivatBank, once the country’s largest commercial lender. The suspected masterminds are the bank’s two oligarch owners: Ihor Kolomoisky and Hennadiy Boholiubov, who stand accused of absconding with an amount roughly equal to 5 percent of the country’s gross domestic product. According to court records, both men are said to have recently been living in Switzerland, though Kolomoisky appears to be spending time in Israel. Reporters also uncovered numerous previously unknown…

Europe’s Massive Money Laundering and Corruption Problem; Crime Gangs Exploit Fintech, vIBANs and DeFi

Corruption, Money Laundering
HE GROWING sophistication of money laundering by organised crime in the EU is exposed in a Europol report today (Monday) – which also highlights the bloc’s increasing public and private sector corruption problem. All new forms of financial services, including fintech, DeFi and vIBANs – as well as Artificial Intelligence – are increasingly being exploited by criminal networks to launder drugs money and commit fraud, says the economic crime report. Starkly, the report also find that more than 60% of the crime gangs operating in the EU use corruptive methods to achieve their illicit objectives. It finds almost 70% of…

Hackers Steal $53m Worth of Cryptocurrency from CoinEx

Digital Currencies, Financial Crime
Global cryptocurrency exchange CoinEX announced that someone hacked its hot wallets and stole large amounts of digital assets that were used to support the platform’s operations. The incident occurred on September 12 and preliminary results of the investigation show that the unauthorized transactions involved Ethereum ($ETH), Tron ($TRON), and Polygon ($MATIC) cryptocurrency. CoinEx has not provided any info about the financial impact incurred, as the investigation has yet to determine the complete losses. However, a report from blockchain security firm PeckShield says that the attack drained CoinEx of about $19 million in $ETH, $11 million in $TRON, $6.4 million in…

China Insurance Boss Jailed for Life in Corruption Crackdown

Corruption, Prosecutions
The former chairman of China Life Insurance, Wang Bin, has become the latest high-profile boss to be imprisoned as Beijing’s crackdown on the financial industry continues.Mr Wang was sentenced to death with a two-year reprieve, according to a court ruling seen by the BBC. After two years, the sentence will be commuted to life in prison without parole, the ruling says. In April, authorities warned that the crackdown was far from over. A court in Jinan in eastern China’s Shandong province found Mr Wang guilty of taking 325 million yuan ($44.6m; £35.7m) in bribes.Mr Wang, who was the firm’s Communist…

U.S. Authorities Warn of “Pig Butchering” Investment Scam

Fraud
The United States has urged financial institutions to pay attention and recognize an infamous virtual currency investment scam known as “pig butchering,” believed to have cost victims in the U.S. billions of dollars. Cryptocurrency investment scam known as “pig butchering” is estimated to have cost victims in the U.S. billions of dollars. (Photo: Jernej Furman, Flickr, License)The U.S. Financial Crimes Enforcement Network (FinCEN) issued the alert on Friday, detailing the scam’s approach and providing behavioral, financial, and technological red flags to help identify and report associated suspicious activity. The “Pig butchering” fraud, according to FinCEN, is similar to the technique…

Ransomware Attacks Remain Biggest Cyber Menace

Cyber Crime, Fraud
RANSOMWARE attacks remain the most prominent cyber attack menace, European police forces said in a report today. It comes in a comprehensive analysis from Europol, titled “Cyber-attacks: the apex of crime-as-a-service.” The report, a part of the so-called IOCTA 2023 series, examines cyber-attacks, offering insights into emerging threats and evolving methodologies as observed by Europol’s operational analysts. Evolving cybersecurity and online fraud issues will be discussed at the forthcoming ‘Cybersecurity & Online Fraud Summit 2023‘ taking place in Dublin on November 29 next. The key findings of the Europol report include: Malware-based cyber-attacks, primarily ransomware, remain the “most prominent threat”…

UK universities still taking cash payments for fees ‘is money laundering risk’

Money Laundering
A significant number of UK universities are still taking millions of pounds in cash as payment for tuition fees and accommodation, making them vulnerable to criminal gangs and money laundering, according to a study. A fifth of universities who responded to a freedom of information (FoI) request said they had accepted cash payments, while three institutions each accepted more than £1m in cash in 2019-20 alone. Researchers received responses from 110 universities of which 22 were continuing to accept cash payments, while a further 17 stopped taking cash during or after 2019-20. Cash payments across the 39 institutions totalled £12m…

Upcoming UK Reforms: Tackling AML Will Require Consolidation, Not Further Fragmentation

Money Laundering, Regulation
With a series of proposed reforms on the table to improve the effectiveness of the UK’s anti-money laundering and counter-terrorism financing regulatory structure, First AML’s Simon Luke argues it’s essential to find the right fit for the regime going forward. A 2022 review of the UK’s AML/CTF framework determined that while the overall regulatory approach was sound, the regime in place has weaknesses that need to be addressed through structural reform. Four options have been offered for consultation (which closes Sept. 30): an enhanced version of the current model, Office for Professional Body Anti-Money Laundering Supervision (OBPAS), called OPBAS+; a…

Russia sanctions add to insurance financial crime issues

Sanctions
The Financial Conduct Authority (FCA) has continued to see financial crime issues across the wholesale insurance market, buoyed by Russia sanctions, the regulator said on Wednesday. In a letter to wholesale insurance CEOs, Matt Brewis, FCA director of insurance supervision, policy & competition – consumers & competition, said: “We continue to see financial crime problems across the wholesale insurance market, particularly due to the rapid imposition of sanctions from the war in Ukraine. “Wholesale insurance firms have an increased risk of financial crime due to the international nature of business and increased exposure to politically exposed persons.” The regulator zoned…

Pakistan: Imran Khan barred from politics for five years

Bribery, Corruption
The former prime minister of Pakistan, Imran Khan, has been barred from holding public office for five years by the country’s electoral authorities. The decision was announced by the Election Commission of Pakistan three days after Mr Khan was sentenced to three years in prison for corruption. Tuesday’s announcement also means Mr Khan will be dismissed as an MP. He maintains the charges are politically motivated, but the Pakistani government denies this. Marriyum Aurangzeb, Pakistan’s minister of information and broadcasting, told the BBC before the announcement: “You have to be accountable for your deeds in law. This has nothing to…

Dubai’s Financial Services Authority (DFSA) signs MoU with the UAE’s FIU.

Regulation
DUBAI’s Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the UAE’s Financial Intelligence Unit (FIU) to advance AML/CFT coordination and cooperation. The MoU was signed by the DFSA’s ceo Ian Johnston and the FIU’s chief Ali Faisal Ba’Alawi last week (August 3). The agreement aims to enhance co-operation, co-ordination, and information sharing between the DFSA and FIU to fulfill their respective obligations related to AML/CFT compliance. This includes ensuring that applicable laws are followed by relevant entities. “It is crucial to work closely with authorities at a local, regional and global level in our interconnected environment,…

FinCEN, IRS warn US banks of $100Ms in tax evasion by construction firms using shell companies, undocumented workers

Fraud, Tax Evasion
FinCEN and the IRS Criminal Investigation unit (CI) today (Tuesday) issued a notice to banks around tax evasion and workers’ compensation insurance fraud in the US residential and commercial real estate construction. Both agencies said hundreds of millions of dollars are lost to these schemes, which are perpetrated by illicit actors primarily through banks and check cashers. The Notice describes how payroll tax evasion and workers’ compensation fraud schemes may involve networks of individuals and the use of shell companies and fraudulent documents. These schemes affect the local and national construction job markets and put legitimate construction contractors and their…

Leading Spanish Banks Launch Fraud Prevention Platform

Fraud
Three of Spain’s top banks have joined forces to develop a platform for exchanging information and data to assist in the fight against and prevention of financial crime. BBVA, Banco Santander, and CaixaBank have launched FrauDfense, a joint business that will unify the three banks’ anti-fraud operations to address “one of the biggest challenges facing the banking sector: financial fraud.” They have presented the project to various Spanish supervisors and regulators. “The project covers the fight against a variety of fraudulent practices, which can be very diverse and sophisticated, such as admission fraud, where customer information is compromised by impersonating…

Banks Slapped with Hefty Fines for Utilizing Messaging Platforms to Evade Regulators

Prosecutions
U.S. regulators have unleashed a barrage of penalties, amassing a total of $549 million against Wells Fargo and a cohort of smaller or non-U.S. firms for their failure to uphold electronic records of employee communications. The Securities and Exchange Commission (SEC) spearheaded this crackdown, unveiling charges and levying $289 million in fines against 11 companies over “widespread and longstanding failures” in record-keeping. In tandem, the Commodity Futures Trading Commission (CFTC) announced fines totaling $260 million against four banks for their noncompliance in maintaining records stipulated by the agency. This move is the latest endeavor by regulators to curb the pervasive…

Why Switzerland is a Haven for the World’s Biggest Money Launderers

Money Laundering
Over the past fifteen years, notable investigations and exposés, such as the Magnitsky Investigation, Laundromats, Offshoreleaks, Panama Papers, and Pandora Papers, have shed light on the staggering scale of global money laundering with trillions of dollars, predominantly originating from kleptocracies like Russia and other former USSR countries. These illicit funds are cleverly disguised and anonymized through laundering mechanisms, infiltrating the Western financial systems via a vast network of banks, lawyers, real estate agents, and have been utilized to purchase influence, garner political support, and secure positions within local establishments. Recently there have been efforts to combat money laundering such as…

Bankman-Fried Used Customer Funds for $100 in U.S. Political Donations

Digital Currencies, Fraud, Prosecutions
Sam Bankman-Fried used stolen customer funds to make more than $100 million in political campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the FTX cryptocurrency exchange’s founder. The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange. He has previously pleaded not guilty to charges of stealing billions in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. Mark Botnick, a spokesman for Bankman-Fried, declined to comment. Sam Bankman-Fried criminal charges unsealed: Conspiracy…

UBS to Pay $1.4 Billion in Civil Penalties for Mortgage-Backed Securities Fraud

Fraud, Prosecutions
Swiss banking giant UBS has reached a landmark settlement, agreeing to pay a combined $1.4 billion in civil penalties to address allegations of fraud and misconduct related to its offering of mortgage-backed securities during the lead-up to the global financial crisis. The announcement was made by federal prosecutors on Monday, marking a significant development in the aftermath of the financial turmoil. The settlement effectively concludes the last remaining case brought by the United States Department of Justice against major financial institutions regarding deceptive statements made to investors who purchased mortgage-backed securities. The cumulative recoveries resulting from these cases now stand…

Goldman Sachs Could be in Trouble Again Over Its Malaysian Money Laundering Settlement

Money Laundering, Prosecutions
Goldman Sachs agreed to pay Malaysia $3.9 billion in July 2020 to settle a money laundering scheme involving its bankers, Malaysia’s new Prime Minister Anwar Ibrahim says it wasn’t enough. In 2018, Malaysian prosecutors sued the investment bank, accusing bankers of helping to raise billions of dollars for 1Malaysia Development Berhad, known as 1MDB. The funds were part of an international money laundering scheme involving major financial institutions in the United States, Switzerland, Singapore, Luxembourg and others. “We’ll have to reopen this negotiations with Goldman Sachs, because they were complicit to the crime,” Anwar, who was took office in November,…

Coinbase Cleared to Offer Regulated Crypto Futures to Eligible U.S. Customers

Digital Currencies
Despite its ongoing legal battles with the SEC, Coinbase has gained approval from another regulator to offer eligible US customers access to crypto futures directly from its platforms. The clearance to operate as a futures commission merchant (FCM) came from the National Futures Association, a self-regulatory organization designated by the Commodity and Futures Trading Commission (CFTC), Coinbase revealed Wednesday. “Offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the crypto economy,” Coinbase Financial Markets CEO Andrew Sears told Blockworks in an email. Coinbase filed an application to the NFA…

3M Agrees to Pay Over $6.5 Million to Settle Foreign Corrupt Practices Act Charges

Bribery, Corruption, Prosecutions
n a move to resolve allegations of violating the Foreign Corrupt Practices Act (FCPA), the Securities and Exchange Commission (SEC) has announced that 3M will pay more than $6.5 million. The charges stem from violations of the books and records as well as internal controls provisions of the FCPA. The SEC’s order outlines that employees of a 3M wholly owned subsidiary located in China were involved in orchestrating arrangements for Chinese government officials, who were employed by state-owned health care facilities, to attend conferences, educational events, and health care facility visits overseas. These arrangements were purportedly a part of the…

E.U.’s Regulators Warn of Money Laundering Threat in Deal for Closer Economic Ties with Monaco, San Marino and Andorra

Money Laundering
THE CHAIR of the European Banking Authority (EBA) has warned of the money laundering risks of closer financial relatonships with Monaco, San Marino and Andorra. In a letter to the European Commission, the EBA chair warned that the trio of tiny states “historically maintained less rigorous financial regulations” and “may be prone to money laundering and other illicit activities.” The letter says that companies might be tempted to set up in the so-called microstates in a deliberate attempt to benefit from lighter financial standards, which would create “significant risks to consumers” if they sold their wares across the bloc. Monaco…

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

Digital Currencies, Regulation
WASHINGTON – As part of the Biden-Harris Administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), the U.S. Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) today released proposed regulations on the sale and exchange of digital assets by brokers, in an effort to crack down on tax cheats while helping law-abiding taxpayers know how much they owe on the sale or exchange of digital assets. This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays…

Cash, cars and homes seized in $735m Singapore anti-money laundering raids

Money Laundering
Singapore police have seized about S$1bn ($735m; £578m) – including luxury homes, cars and watches – in one of its biggest anti-money laundering probes.Gold bars, designer handbags, wine and S$23m in cash were among the items seized in the raids.Police arrested ten people in the operation, all of whom held foreign passports.Raids of this size are rare in Singapore, which has one of the lowest crime rates in the world.The Singapore Police Force said in a statement that simultaneous raids were held across the city-state on Tuesday.It added that 94 properties, including houses in some of the country’s most sought…

Estonia’s FSA fines LHV bank €900K for AML/CFT failings

Money Laundering, Regulatory Fines
ESTONIA’s Financial Supervision Authority (FSA) has fined LHV Pank €900,000 for AML/CFT shortcomings, the watchdog announced today (Tuesday). The FSA said that LHV fell short in the fields of establishing business relations and their monitoring, as well as its obligation to store data. The watchdog has also issued an order, obligating the Estonian bank to improve its AML/CFT risk control systems. Kilvar Kessler, head of the authority, suggested that it was LHV’s rapid growth coupled with a high-risk environment that led to deficiencies and violations at the bank. “Rapidly developing payments intermediaries could experience a situation where their risk management…

Nigeria’s ex-oil minister Diezani Alison-Madueke charged with bribery in the U

Bribery
Nigeria’s former oil minister Diezani Alison-Madueke has been charged with bribery offences in the UK.She is suspected of accepting financial rewards for awarding multi-million dollar oil and gas contracts.A key figure in ex-President Goodluck Jonathan’s administration, she also served as the first female president of the oil exporters group Opec.The 63-year-old, who has been on bail since her arrest in London in 2015, has denied corruption allegations.BBC Africa Live: Updates from the continentAssets worth millions of pounds relating to the alleged offences have been frozen as part of an ongoing probe by the UK’s National Crime Agency (NCA).“These charges are…

FINMA publishes guidance on money laundering risk analysis

Money Laundering, Regulation
The Swiss Financial Market Supervisory Authority today published guidance on the money laundering risk analysis. It repeatedly identified shortcomings in this area during on-site supervisory reviews. It sets out its observations in the guidance.FINMA is publishing guidance on the money laundering risk analysis. By doing so, it is creating transparency about its observations and experiences gained from supervisory practice in this area. FINMA has repeatedly identified shortcomings in the area of the money laundering risk analysis during on-site supervisory reviews. This prompted it to conduct an in-depth review of the money laundering risk analyses of more than thirty banks in…

Former J.P. Morgan Precious Metals Traders Sentenced to Prison

Fraud
Defendants Were J.P. Morgan’s Former Head of Global Precious Metals Business and J.P. Morgan’s Former Head Gold Trader in New YorkTwo former precious metals traders at JPMorgan Chase & Co. (JPMorgan) were sentenced today for engaging in fraud, attempted price manipulation, and spoofing as part of a market manipulation scheme that spanned over eight years, involved tens of thousands of unlawful trading sequences, and resulted in over $10 million in losses to market participants. Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine. Michael Nowak, 49, of Montclair, New Jersey, was…

MAS Will Not Tolerate the Abuse of Our Financial System for Illicit Activities

Money Laundering, Prosecutions
Singapore, 16 August 2023… The Monetary Authority of Singapore (MAS) said today that it had worked closely with the Commercial Affairs Department (CAD) to facilitate the development of the case that led to the Police’s arrest, on 15 August, of 10 individuals for suspected involvement in offences including forgery and/or money laundering and resistance to lawful apprehension [1] . MAS has also been collaborating closely with CAD to identify potentially tainted funds and assets in our financial system and prevent their dissipation. 2 Intelligence and information from suspicious transaction reports (STRs) filed by financial institutions (FIs) in Singapore had earlier…

Abramovich ally Eugene Shvidler fails in attempt to overturn UK sanctions

Sanctions
A billionaire and close ally of Roman Abramovich has failed in his attempt to overturn UK sanctions, ending a challenge that had been seen as a crucial test of the government’s response to Russia’s invasion of Ukraine. The high court in London on Friday rejected the effort by Eugene Shvidler to have the sanctions on him declared unlawful. Shvidler’s lawyers immediately said he would appeal. The UK government imposed sanctions on Shvidler in March 2022, a month after Vladimir Putin ordered the full-scale invasion of Ukraine. The UK government targeted Russia-linked oligarchs and officials as part of its effort to…

The Caspian Sea is a Sanctions busting paradise

Sanctions
While everyone is watching the latest drama unfold in the Black Sea, mysterious shipping journeys are taking place in the Caspian Sea. The massive lake—the world’s largest—is bordered by Kazakhstan, Turkmenistan, Azerbaijan, Russia, and Iran. And these days, the ocean-like sea is the scene of enormous volumes of hush-hush shipping involving primarily Russian and Iranian vessels. The past three months have each seen more than 600 AIS gaps by Russian-flagged vessels alone, up from just over 100 per month during the same period last year. (AIS is the automatic identification system, which virtually all commercial vessels are obliged to use;…