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EU issues new sanctions on Russia's 'shadow' fleet
The European Union (EU) has adopted its 17th package of sanctions in response to Moscow's ongoing war against Ukraine, aimed at "cutting off Russia's access to key military technology and curbing Russia's energy revenues", according to a European Council communiqué of 20 May.
Online Published Date:
21 May 2025
Appeared in issue:
325 - 01 July 2025
Spreadex fined UK£2m for AML control and social responsibility failings
Casino and fixed odds betting operator Spreadex Ltd, which trades through spreadex.com, must pay US£2,022,000 (US$2,713,800) after the UK Gambling Commission uncovered anti-money laundering (AML) compliance and customer protection breaches during a July 2023 inspection.
Online Published Date:
21 May 2025
Appeared in issue:
325 - 01 July 2025
Tolhurst Fisher fined UK£120,000 by UK legal regulator for long-running AML failings
The Solicitors Disciplinary Tribunal has confirmed a settlement between Tolhurst Fisher LLP and the Solicitors Regulation Authority (SRA) for England & Wales, in which the law firm will pay a UK£120,000 (US$161,000) fine and UK£25,290 (US$33,930) costs for protracted breaches of the Money Laundering Regulations.
Online Published Date:
22 May 2025
Appeared in issue:
325 - 01 July 2025
Edmond de Rothschild fined €25m in Luxembourg over 1MDB sovereign wealth fund laundering
A Luxembourg court has ordered private bank Edmond de Rothschild (Europe) S.A. to pay €25 million (US$28.4 million) to settle criminal charges that it laundered money embezzled, mainly between 2009 and 2013, from Malaysia's 1MDB sovereign wealth fund, by, amongst others, the country's former prime minister Najib Razak.
Online Published Date:
24 May 2025
Appeared in issue:
325 - 01 July 2025
Wynn Las Vegas fined US$5.5m for unlicensed money transmission and proxy betting
The Nevada Gaming Commission has fined Wynn Las Vegas, LLC, a casino operator, US$5.5m for acting as an unregistered money transmitter for patrons, some of suspect character, and for allowing "human head" proxy betting.
Online Published Date:
26 May 2025
Appeared in issue:
325 - 01 July 2025
Liberia fines Orange Money L$15m for AML/CFT oversight, risk and reporting breaches
Mobile phone-based payments operator Orange Money must pay a L$15 million (US$75,000) penalty after Liberia's Financial Intelligence Agency found "major infractions" of the country's Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) Act 2021 during a September 2024 inspection.
Online Published Date:
28 May 2025
Appeared in issue:
325 - 01 July 2025
UAE fines foreign banks and exchange house for AML/CFT breaches
Two branches of foreign banks operating in the UAE have been fined D10,600,000 (US$2,885,975) and D7,500,000 (US$2,041,965) respectively after inspections by the Central Bank of the UAE (CBUAE) discovered they had not complied with anti-money Laundering and combating the financing of terrorism (AML/CFT) obligations under federal law.
Online Published Date:
29 May 2025
Appeared in issue:
325 - 01 July 2025
HSBC and Bank Pembangunan penalised in Malaysia for beneficial owner and sanctions compliance failings
HSBC Bank Malaysia Berhad, its wholly owned subsidiary HSBC Amanah Malaysia Berhad - both part of the HSBC banking group - and Bank Pembangunan Malaysia Berhad have been fined by Bank Negara Malaysia, variously, for non-compliance with rules around beneficial ownership of corporate customers and flaws in sanctions screening.
Online Published Date:
29 May 2025
Appeared in issue:
325 - 01 July 2025
Russian entities - who's in control?
There has been much debate regarding whether to treat entities associated with the Russian state as sanctioned on the basis that they are subject to the "control" of President Putin or other senior officials who are designated persons under UK sanctions, pursuant to Regulation 7(4) of the Russia sanctions regulations. Alexandra Webster of Simmons & Simmons finds instruction in recent case law.
Online Published Date:
02 June 2025
Appeared in issue:
325 - 01 July 2025
Straightforward - FATF's vice president
The outgoing vice president of the Financial Action Task Force (FATF) has stressed how highlighting predicate offences "with a human face" helps illustrate to governments, business and civil society that money laundering is not a victimless crime and so AML is worthy of significant political and financial support. Speaking to MLB in an exclusive interview in Ottawa, Canada's capital and his home base, Canada's Jeremy Weil said...
Online Published Date:
04 June 2025
Appeared in issue:
325 - 01 July 2025
Defence strategy: AML pre-conflict
War is a constant in human history: as well as loss of life and physical destruction, the political, social and economic dislocation creates new opportunities for organised crime. Mikhail Karataev looks at the illicit finance risks triggered even before a shot is fired.
Online Published Date:
05 June 2025
Appeared in issue:
325 - 01 July 2025
Two UK law firms fined for AML control failings
Gordons Partnership 2020 Ltd and Moseley Chapman & Skemp Solicitors Ltd have been ordered to pay UK£77,784 (US$105,570) and UK£9,419 (US$12,785), respectively, after the Solicitors Regulation Authority for England & Wales, found they had breached the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017 (MLRs 2017).
Online Published Date:
05 June 2025
Appeared in issue:
325 - 01 July 2025
Battling on - Mali
Mali, under military rule since 2020, and riven by civil war between government forces, Islamists and Tuareg separatists, has yet managed to address the illicit finance threat - although it's set to be a long campaign, find Alamako Sokona Coulibaly, in Bamako, and Keith Nuthall.
Online Published Date:
06 June 2025
Appeared in issue:
325 - 01 July 2025