Author: gracechurchfcp

NCA secures first convictions for breach of UK sanctions

Sanctions
Dmitrii Ovsiannikov, the former Russia appointed Governor of the illegally annexed Ukrainian city of Sevastopol, has become the first person to be convicted for breaching the UK’s Russia sanctions. Dmitrii OvsiannikovOvsiannikov was found guilty of circumventing sanctions regulations and money laundering after receiving £76,000 from his wife and a new Mercedes from his brother. His brother Alexei Owsjanikow was also found guilty of circumventing sanctions regulations, having made economic resources available to Dmitrii. These are the first convictions for enabling a designated person. In 2016, Russian President Vladimir Putin appointed Dmitrii Ovsiannikov as governor of the city of Sevastopol in…

France to Seize Villa Owned by Moldovan Politician Charged in $1B Corruption Scandal

Corruption
French authorities have been given the greenlight to seize a villa owned by Vladimir Plahotniuc, a former top Moldovan politician who is on the run from corruption charges stemming from his alleged role in a billion-dollar banking scandal. Plahotniuc, the former leader of the Democratic Party of Moldova, fled the country amid a power shift in June 2019. He has since been implicated in a scandal dubbed the “Theft of the Century,” which saw $1 billion stolen from three national banks between 2012 and 2014, plunging the country into economic crisis. Moldovan prosecutors accuse Plahotniuc of receiving tens of millions…

MGM agrees to pay $8.5 million fine for money laundering violations

Money Laundering, Regulatory Fines
MGM Resorts International executives had suspicions about illegal bookmaker Mathew Bowyer’s source of income as early as 2015, and were notified by a customer in 2018 that Bowyer was attempting to poach gamblers from MGM casinos, alleges a complaint filed Thursday by the Nevada Gaming Control Board. In April of 2018, the complaint says, an MGM customer wrote in an email to a corporate host that his casino hosts may be sharing information about him with Bowyer, including an allegation that “Mr. Bowyer is attempting to steal clients from the MGM, hence he is in the illegal bookmaking business and…

Operation Machinize: Hundreds of barbershops targeted in NCA-coordinated crackdown

Money Laundering
Barbershops and other cash-intensive businesses across England have been targeted by police and other law enforcement officers during a three-week crackdown on high street crime. In total, 265 premises were visited across Operation Machinize, where officers secured freezing orders over bank accounts totalling more than £1m, executed 84 warrants and made 35 arrests. The operation saw 55 individuals questioned about their immigration status and a further 97 individuals safeguarded in relation to potential modern slavery. In addition, officers seized more than £40,000 in cash, some 200,000 cigarettes, 7,000 packs of tobacco, over 8,000 illegal vapes and two vehicles. Two cannabis…

Emerging money laundering and terrorist financing risks from April 2025

Counter Terrorist Financing, Money Laundering
Licence Condition 12.1.1(3) of the Licence Conditions and Codes of Practice (LCCP), requires operators to keep up-to-date with emerging risks information published by the Gambling Commission. This emerging risks publication is a trigger for operators to review their money laundering and terrorist financing risk assessments and related policies, procedures and controls to ensure that they remain appropriate and effective. Money service business activity in remote and non-remote casinos Risk information Some remote and non-remote casinos offer money service business (MSB) facilities, which include: foreign currency exchangethird-party cheque cashingthird-party money transfer (into and out of the casino)We are aware of casino…

Operation Henhouse: 433 arrests and £7.5m seized in national crackdown on fraud

Fraud
433 people have been arrested in a UK-wide campaign against fraud, coordinated by the National Economic Crime Centre and City of London Police. The activity, which was the fourth iteration of the multi-agency Operation Henhouse, ran across February 2025 and resulted in: 433 arrests156 voluntary interviews471 cease and desist noticesaccount freezing orders against £4mseizures of cash and assets worth £7.5m Fraud is the most prevalent crime in the UK, causing victims long-lasting emotional and psychological harm as well as financial loss. It accounts for approximately 41% of all crime reports, and costs an estimated £6.8bn each year in England and…

UK, France, & Switzerland Join Forces in New Anti-Corruption Taskforce Amid U.S. FCPA Pause

Bribery, Corruption
Key Takeaways New Anti-Corruption Taskforce: The UK’s Serious Fraud Office, France’s Parquet National Financier, and Switzerland’s Office of the Attorney General have formed a taskforce to strengthen collaboration and tackle international bribery and corruption. Timely Announcement: The taskforce was announced amid the U.S. decision to pause FCPA enforcement for 180 days, creating potential shifts in global anti-corruption efforts and enforcement priorities.Cross-Border Cooperation: The three agencies will work together more closely, leveraging their expertise and jurisdiction to target cross-border corruption and financial crime.Commitment to Combating Crime: Officials from the UK, France, and Switzerland emphasized the importance of international partnerships in tackling…

Proposed Law Would Attract Dirty Money to Northern Cyprus, Experts Warn

Money Laundering
A draft law allowing offshore funds to be brought into northern Cyprus with little oversight could turn the breakaway territory into a money laundering hub, experts warn. The draft law was discussed on Tuesday by the assembly that governs the territory, which is recognized as a state only by Turkey. The proposed legislation — which would charge 3 percent interest on imported funds until the end of 2025 — still needs to be voted on by the Turkish Cypriot assembly. But the proposal has already raised concerns. “Once the 3 percent tax is paid and the money is deposited in…

Arms Dealer Dadak Indicted in New York for Fraud

Fraud
French-Polish arms dealer Pierre Konrad Dadak, previously exposed for fraudulent arms schemes, has been indicted in the U.S. for allegedly running a luxury goods scam and extortion scheme, using stolen identities to fund his lavish lifestyle. Pierre Konrad Dadak, 48, was indicted by a grand jury in New York’s Southern District for an alleged scheme in 2021 and 2022 that saw him impersonate an unnamed luxury goods retailer, tricking customers to send him money into a bank account that he opened using a stolen identity. He allegedly spent the proceeds on himself, including a diamond-encrusted watch and a vintage 1960s-era…

Now Live – Updates to the Land Conversion and Financial Crime Risk Assessment

Counter Terrorist Financing
Cattle-laundering, conflict, and terrorist financing in the Lake Chad Basin Recent reports have found that cattle rustling – the forceful theft of livestock for illicit commercial gain – has become increasingly prevalent in the Lake Chad Basin in Africa, linking the cattle industry with conflict and terrorist financing. Between 2015 and 2024, the incidences of cattle rustling by Boko Haram at the borders of Cameroon and Chad have increased nearly 800%, from two incidences reported in 2015 to 158 in 2024. These incidences have also been accompanied by increased fatalities, with 20 deaths linked to cattle rustling in 2024. According…

Ukrainians Linked to $13M International Crypto Fraud Scheme

Digital Currencies, Fraud
Ukrainian law enforcement, working with international agencies, have uncovered a scheme in which suspects convinced people to invest in a fake cryptocurrency mining project, officials said Wednesday. Three Ukrainian nationals allegedly helped orchestrate the scheme, which defrauded victims of about $13 million in the United States, Latvia, Israel, Malta, Spain, and other countries, according to Ukraine’s National Police. Since early 2021, the suspects had advertised cryptocurrency “cloud mining” services, mainly targeting European internet users. Victims were persuaded to pay to rent computing power from third-party companies, which were supposedly generating virtual assets to be paid out as dividends. The group…

‘Several people’ arrested in EU bribery investigation linked to Huawei

Bribery
Several people have been arrested and homes searched as part of an investigation into alleged bribery and corruption at the European parliament relating to the Chinese technology giant Huawei, Belgian prosecutors have said. The investigating judge in charge of the case has asked for seals to be fixed to the offices of two European parliament assistants alleged to be involved. “The alleged bribery is said to have benefited Huawei,” Belgium’s federal prosecutor said in a statement on Thursday afternoon, after an earlier statement that did not mention the company. The first statement said that several individuals had been arrested for…

No action against ex-Tory worker in £1m VAT scam

Fraud, Money Laundering
A former Conservative party branch treasurer involved in a £1m VAT fraud and money laundering scheme will have no further action taken against him. Malcolm Macaskill – who has a brain tumour and was unfit to stand trial – filed bogus forms to HMRC which grossly overstated the sales from his sandwich businesses to reclaim more than £800,000. He also laundered £200,000 through his local Conservative parties in Glasgow and Rutherglen, Lanarkshire where he was treasurer as well as deputy chairman. Further money was then funnelled through the bank accounts of his current and ex-wives. Because of Macaskill’s illness, an…

UK Art Businesses Fined for Money Laundering Compliance Failures

Art Dealers, Art Market, Money Laundering
Nearly 50 UK art businesses have landed on a newly published list of Art Market Participants (AMPs) that failed to comply with money laundering regulations, according to a disclosure by HM Revenue & Customs (HMRC) last week. The fines were first reported by the Art Newspaper. Galleries such as Opera and Carl Kostyál made the HMRC list, as did a fundraising initiative led by White Cube. The penalties, issued between January 1 and September 30, 2024, average over £3,000 and peak at £13,000. All stemmed from failure to register by the June 2021 deadline. One gallerist, speaking anonymously to the…

Penalty issued against subsidiary of major law firm for breaches of sanctions linked to Russia’s invasion of Ukraine

Regulatory Fines, Sanctions
The Office of Financial Sanctions Implementation (OFSI) has imposed a monetary penalty against Herbert Smith Freehills CIS LLP (“HSF Moscow”) for breaches of UK financial sanctions imposed on Russia, linked to its illegal invasion of Ukraine. HSF Moscow was the subsidiary office to the UK registered Herbert Smith Freehills LLP (“HSF London”) until its closure by HSF London on 31 May 2022 as a consequence of Russia’s invasion of Ukraine in February 2022. The monetary penalty relates to six payments made by HSF Moscow with a collective value of £3,932,392.10 to designated persons subject to an asset freeze. The designated…

2025 International Narcotics Control Strategy Report

Money Laundering
he 2025 International Narcotics Control Strategy Report (INCSR) is an annual report by the Department of State to Congress prepared in accordance with the Foreign Assistance Act. It describes the efforts of key countries to attack all aspects of the international drug trade in Calendar Year 2024. Volume I covers drug and chemical control activities. Volume II covers money laundering and financial crimes. Article Credit: https://www.state.gov/2025-international-narcotics-control-strategy-report

Combatting insurance fraud together

Fraud
As the newly appointed head of the City of London Police’s Insurance Fraud Enforcement Department (IFED), I am eager to continue our strong partnership with the ABI and its members. By working together, we will advance our strategic priorities of enforcement, disruption, protection and prevention. IFED tackles all forms of insurance fraud, including motor, commercial and public liability. We tackle threats such as illegal insurance intermediaries, also known as ghost brokers. We are committed to bringing organised criminal groups and opportunistic fraudsters to justice. Achieving these goals relies on strong collaboration and partnership with the insurance industry. IFED serves as…

Seized golf course and home up for sale for £19.5m

Asset Seizure, Fraud
A Berkshire golf club and Knightsbridge house forfeited by a jailed banker’s wife have been put up for sale for a total of £19.5m. Zamira Hajiyeva agreed to give up Mill Ride Golf Club in Ascot and the home, which is on the market for £14.75m, external, after a six-year National Crime Agency (NCA) fraud investigation. It resulted in the UK’s first unexplained wealth order and a trustee was appointed by the High Court to sell the assets in the autumn. Online adverts for them went live last month. Mrs Hajiyeva’s husband, Jahangir, was the chairman of the state-controlled International…

The EBA consults on new rules related to the anti- money laundering and countering the financing of terrorism package

Law, Regulation & Guidance
The European Banking Authority (EBA) launched today a public consultation on four draft Regulatory Technical Standards (RTS) that will be part of the EBA’s response to the European Commission’s Call for Advice. These technical standards will be central to the EU’s new AML/CFT regime and will shape how institutions and supervisors will comply with their AML/CFT obligations under the new AML/CFT package. The consultation runs until 6 June 2025. The proposed RTSs focus on the following aspects for which the EBA is providing its advice: the way the new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism…

FCA bans former Credit Suisse executives following US criminal convictions

Bribery, Corruption, Money Laundering
The FCA has banned Andrew Pearse and Surjan Singh from the UK financial services industry. The former Credit Suisse managing directors have been banned for lacking integrity, following US convictions for arranging corrupt loans to the Republic of Mozambique. In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over US$45m in unlawful kickbacks in connection with the loans. In September 2019, Mr Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him…

Former Art Advisor Lisa Schiff Sentenced To 30 Months In Prison For Defrauding Clients

Art Dealers, Art Market, Fraud
Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced today that LISA SCHIFF, a Manhattan-based art advisor focused on contemporary art, was sentenced today to 30 months in prison by U.S. District Judge J. Paul Oetken for perpetrating a multi-year scheme in which she defrauded the clients of her art advisory business of approximately $6.5 million in connection with the purchase and sale of approximately fifty-five artworks. Acting U.S. Attorney Matthew Podolsky said: “For five years, Lisa Schiff breached the trust of her art advisory clients by diverting millions of dollars to pay her…

HSBC and the Salameh affair: alarm bells ignored for a decade

Corruption
Facing prosecution in a dozen countries including Switzerland, Riad Salameh is suspected, in collaboration with his brother Raja, of having defrauded the Central Bank of Lebanon (BDL), which he headed from 1993 until 2023, of hundreds of millions of dollars. In Geneva, allegedly illegal funds amounting to almost 330 million dollars have been identified in accounts at HSBC Private Bank (Switzerland). Public Eye has obtained unpublished court documents showing that, for more than a decade, the bank chose to ignore all the warnings issued by its own compliance department. This case clearly highlights the flaws in the Swiss anti-money-laundering system.The…

Switzerland fines former Credit Suisse executive over Mozambique case

Regulatory Fines
ZURICH (Reuters) – Switzerland’s finance ministry has fined Lara Warner, former compliance chief of collapsed lender Credit Suisse, 100,000 Swiss francs ($114,000), according to a Swiss government order seen by Reuters on Wednesday. The bank executive failed to notify Switzerland’s anti-money laundering authorities of a suspicious 2016 transaction for 7.9 million francs handled by Credit Suisse and involving the finance ministry of Mozambique. The case related to the $1.5 billion-plus “tuna bond” scandal that triggered a default crisis in Mozambique, the order said. Warner, who worked at Credit Suisse between 2015 and 2021, is challenging the fine and assumed the…

Mastercard Launches Tool to Help Firms Trace Money Laundering

Money Laundering
Mastercard is bringing its TRACE financial crime-fighting and anti-money-laundering tool to the Asia-Pacific region. TRACE uses “timely and large-scale payments data from multiple financial institutions” to provide intelligence beyond a “financial institution’s siloed view,” allowing financial crime tracing across payment networks, according to a Thursday (Feb. 13) news release. Consumers and businesses in APAC are increasingly using real-time payments to settle accounts within seconds rather than days, per the release. “However, this speed has also made it a target for money launderers and ‘mules,’ who try to evade detection by moving funds rapidly between multiple accounts,” the release said. “Oftentimes,…

Canadian Businessman Sentenced for Obstruction of Justice for Hiding and Laundering Millions After His 2020 Money Laundering Conviction

Fraud, Prosecutions
Firoz Patel, 50, of Montreal, Canada, was sentenced to 41 months in federal prison today in connection with his efforts to conceal and launder 450 Bitcoin, currently valued at over $43 million, that he hid from the U.S. District Court handling his 2020 conviction and sentencing for conspiring to operate an unlicensed money transmitting business and to commit money laundering. The sentence was announced by U.S. Attorney Edward R. Martin, Jr., HSI Acting Special Agent in Charge Kai Wah Chan of Homeland Security Investigation’s Washington, D.C., Field Office. Patel plead guilty on September 17, 2024, to one count of obstruction…

Guidance on the failure to prevent fraud offence (ECCTA 2023)

Fraud, Law, Regulation & Guidance
Section 199 of the UK’s Economic Crime and Corporate Transparency Act 2023 sets out a corporate criminal offence for failure to prevent fraud. UK Finance has developed financial services guidance on behalf of our members to supplement guidance issued by the Home Office under section 204 of the Act. This UK Finance sector-specific guidance is not statutory guidance and is advisory only. If there is a conflict between this sector-specific guidance and the Home Office guidance, the Home Office guidance will take priority. The document sets out sector-specific guidance for the purposes of interpretation of the failure to prevent fraud…

Former Bangladesh Securities Commission Chair Denied Bail in Corruption Case

Corruption
A court in Bangladesh denied bail on Thursday to the former head of the country’s capital markets regulator, who is accused of money laundering and receiving $361,000 in bribes. Police arrested Shibli Rubayat ul Islam, the ex-chair of the Bangladesh Securities and Exchange Commission, on Tuesday. A court in the capital, Dhaka, has now ordered him to remain in jail to face further questioning. “The allegations made against him in the case file are baseless,” said Rubayat ul Islam’s lawyer, Borhan Uddin. “The money for which the case has been filed against him is not illegal money. There has been…

Former George W. Bush aide says an Uzbek businessman hired him to lobby for US sanctions on a local business rival

Sanctions
AU.S. political strategist says an Uzbek businessman asked him to lobby for sanctions against a huge cement manufacturer owned by a political and business rival over the business’s alleged Russia links. Stephen Payne, a top partner in Texas lobbying firm Linden Strategies, says that at his Uzbek client’s behest, he briefed Congressman Wesley Hunt, a Texas Republican, last year about possible sanctions violations by the Uzbek cement company, known as the United Cement Group. Payne, a one-time aide to former President George W. Bush, said he and his staff didn’t urge any specific action, but left it to Hunt and…

PNG Central Bank Chief Appointed Amid Money Laundering Investigation

Money Laundering
The acting head of Papua New Guinea’s central bank was the subject of a police investigation for suspected money laundering when she was permanently appointed to the position in early 2024, according to court documents obtained by OCCRP. Officers from the country’s National Fraud and Anti-Corruption Director executed a series of searches on the offices of the Bank of PNG (BPNG) in August and September of 2023 as part of inquiries into its then-acting governor, Elizabeth Genia. The documents, from PNG’s National Court, show that Genia lodged a legal challenge later that year that managed to temporarily freeze the probe.…

Romania: EPPO arrests ringleader of €100 million fraud scheme with mafia ties

Fraud
(Luxembourg, 10 February 2025) – A suspected ringleader of a €100 million subsidy fraud was arrested last week, following an investigation by the European Public Prosecutor’s Office (EPPO) in Bucharest (Romania) into a criminal organisation believed to have mafia ties. According to the investigation, the suspect, an Italian citizen, operated a criminal group dedicated to systematic fraud involving EU funding. He was detained on Tuesday, 4 February 2025, in Bucharest “Henri Coanda” International Airport while trying to flee Romania, and placed in pre-trial detention by the Bucharest Tribunal, on EPPO’s request. Two other suspected members of the criminal organisation were…

EXCLUSIVE: Montenegro Will Extradite Convicted Money Launderer to China

Money Laundering, Prosecutions
Montenegro will extradite a man convicted in one of Asia’s largest-ever money laundering cases to his native country of China, where he is wanted for allegedly running illegal gambling operations. Wang Shuiming has lost his appeal against extradition from Montenegro, a court in the capital of Podgorica told OCCRP’s local member center, MANS. “The defendant’s attorney filed an appeal against the aforementioned decision, which was rejected as unfounded,” said Ivana Vukmirović, a spokesperson for the Podgorica High Court, in an email. Wang Shuiming was arrested in Singapore in August 2023 for his role in a money laundering syndicate that cleaned…

Germany: EPPO arrests suspect and carries out searches and seizures in €5.8 million VAT fraud involving luxury cars

Fraud
(Luxembourg, 7 February 2025) – In a VAT fraud probe led by the European Public Prosecutor’s Office (EPPO) in Cologne (Germany), tax and police investigators have carried out six searches, and have seized 40 luxury cars worth around €1.2 million, real estate and €40 000 in cash yesterday. One person was arrested. The investigation, codenamed ´Dutch Windmill`, was initiated in September 2024, based on findings of an ongoing investigation into the sales of used vehicles by the EPPO office in Rotterdam (Netherlands). The total fraudulent turnover of the group behind the scheme is estimated at over €30 million, and the…

Crackdown on Narcos Reveals Alleged Lithuanian Trafficking Group

Drug Trafficking, Sanctions
Key Findings A leaked memo from the Colombian prosecutor’s office reveals an international police operation targeting a drug trafficking ring allegedly spearheaded by Rokas Karpis, who was previously sentenced in New Zealand for drug offences, and another Lithuanian named Virginijus Labutis.The leaked memo reveals law enforcement in Australia and Colombia believed the Lithuanian pair had led a failed operation to smuggle almost 1.5 tons of cocaine across the Pacific on a small sailboat seized in 2017.Labutis was arrested in Colombia in September last year and extradited to Lithuania, then sanctioned — alongside Karpis — by the U.S. three months later.OCCRP…

What Happens When the Fight Against Corruption Hits Pause? The White House Halts FCPA Enforcement

Corruption, Law, Regulation & Guidance
Key Takeaways Executive Order Impact: President Trump’s February 2025 executive order pauses FCPA enforcement for 180 days, giving the DOJ time to review and adjust its approach to tackling international corruption.Business Implications: While the core of the FCPA remains unchanged, the temporary pause could benefit U.S. companies by reducing immediate enforcement risks, though it leaves uncertainty around pending cases.Foreign Competition: Foreign companies, especially those in countries with weaker anti-corruption laws, could benefit from the pause as U.S. competitors receive temporary relief. However, the DOJ may still target foreign firms in key sectors.Compliance and Risk: Businesses should not let the pause…

The Ancient Egyptian Treasures of a German Sailor Who May Not Have Existed

Antiquity Trafficking
Just after the turn of the 19th century, a German naval officer named Johannes Behrens set off on a winding voyage around the Mediterranean, and beyond. The Bremen-born sailor wasn’t just a military man. He seems to have had an uncanny eye for high-quality antiquities. As he traveled, he bought up remarkable treasures: an intricate Roman silver bowl, exquisite Ancient Egyptian carvings, an ornate Greek mask of bronze. Several were so impressive that they ended up displayed in some of the world’s most prestigious museums. From the Metropolitan Museum of Art in New York to the Louvre Abu Dhabi, spectacular…

Barclays Under Investigation for Gaps in Money-Laundering Oversight

Money Laundering
Key TakeawaysFCA Investigation: Barclays is under investigation by the U.K.’s Financial Conduct Authority (FCA) over its money-laundering controls, with the probe focusing on the management of higher-risk customers.Civil Enforcement: The investigation is classified as a civil enforcement action, a common procedure for high-profile institutions, though details about the probe’s scope remain limited.Transparency and Cooperation: Barclays has confirmed full cooperation with the FCA and highlighted its transparency by submitting an annual report to the National Storage Mechanism, offering further public insight into the investigation.Deep DiveBarclays has found itself in the midst of an investigation by the U.K.’s Financial Conduct Authority (FCA)…

Belgium Blocked $270B Due To Russian Sanctions. Much of It Belongs to Unsanctioned Investors.

Sanctions
An attempt by JPMorgan Chase & Co. to convince Belgian authorities to release about $2.4 billion blocked by Russian sanctions collapsed in court last year, according to the verdict obtained by reporters. The funds owed to JPMorgan, the largest bank in the U.S., remain blocked in Belgium. That’s because they are transactions with the Central Bank of the Russian Federation, which the European Union sanctioned in 2022. The court case, which has not previously been made public, highlights a glaring problem with the sanctions regime imposed by Western countries on Russia following its full-scale invasion of Ukraine. Much of the…

When child’s play turns to child’s pay: Almost one million British children were scammed online in the last year

Fraud
The average financial loss per scam is £103 but the hidden emotional cost is far greater, with parents reporting young people became anxious and couldn’t stop worrying (69%), and nearly a quarter (24%) stopping doing the things they enjoy online.8-in-10 (81%) parents say their children faced long-lasting impacts like anxiety, depression and mood swings after being scammed online.4-in-10 young people say their biggest fear when going online is scammers stealing their personal information, identity or money, but 60% admit they’re not sure where to turn to for help.A fifth of the nation’s teachers have experienced their pupils being scammed online,…

Slapped With Sanctions, Georgian Oligarch Ivanishvili Brings Assets Home

Sanctions
In response to international sanctions, Bidzina Ivanishvili, the billionaire founder and honorary chair of Georgia’s ruling party, has transferred ownership of multiple companies from offshore jurisdictions to Georgia, shielding his assets from global economic exposure. In December, the U.S. sanctioned the powerful tycoon, who is widely seen as the country’s informal ruler, saying he was undermining Georgia’s democracy for the benefit of Russia. Critics accuse the governing Georgian Dream party of becoming increasingly authoritarian and aligned with Moscow, often pointing out that Ivanishvili made his fortune in Russia in the 1990s. On December 31 — just four days after he…

MONEYVAL calls on Guernsey to step up efforts against money laundering

Money Laundering
The Council of Europe’s anti-money laundering body, MONEYVAL, has today published a report urging Guernsey to improve the investigation, prosecution and conviction of money laundering offences whilst also highlighting Guernsey’s good understanding of the risks of money laundering/terrorist financing and its highly effective application of targeted financial sanctions.The report commended Guernsey’s Financial Intelligence Unit for producing high-quality analytical products and strategic analysis, while acknowledging the limited extent to which they are used by law enforcement authorities to initiate investigations. The quality of suspicious activity reports also remains a concern.The Guernsey Financial Services Commission and the Alderney Gambling Control Commission have…