https://finintegrity.org/wp-content/uploads/2024/02/shutterstock_2151337519-scaled.jpg 2560 1853 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-28 06:30:482024-02-28 06:31:00Thanks to Russia, Cross-Border Sanctions Collaboration at All-Time High
Russia's unprovoked invasion and continued aggression in Ukraine has led to an unprecedented level of collaboration by sanctions stakeholders across jurisdictions, agencies, and sectors. IFI is publishing a series of blogs to highlight this increased collaboration. In this first blog, we take a look at cooperation across borders and most notably by the REPO Task Force and Price Cap Coalition.
https://finintegrity.org/wp-content/uploads/2024/02/shutterstock_2131249497.jpg 1200 1800 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-27 08:28:412024-02-27 08:30:20Beyond The Hype: The True Role of Virtual Assets in Russia Sanctions Evasion
With the onset of stringent sanctions against Russia in 2022, US officials and financial analysts began to speculate about the potential for cryptocurrencies to serve as a means for evasion. But can virtual assets enables a nation's efforts to evade sanctions?
https://finintegrity.org/wp-content/uploads/2024/02/shutterstock_1924764779.jpg 1008 2000 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-20 07:00:102024-02-20 08:32:34Ukraine’s War on Two Fronts – Fighting Corruption Amidst Russia’s Continued Attacks
As the second anniversary of Russia’s full-scale war of aggression in Ukraine approaches, winning on the battlefield remains the top mission objective for the Armed Forces of Ukraine, the Ukrainian people, and Ukraine’s international partners. While the full-scale invasion began two years ago, addressing systemic governmental and economic corruption has been an enduring battle for Ukraine since it gained its independence from the Soviet Union in 1991.
https://finintegrity.org/wp-content/uploads/2024/02/shutterstock_1920184847.jpg 1000 1500 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-14 06:00:252024-02-14 06:48:46Pig Butchering on the Rise: When Romance Goes Wrong
What is pig butchering and how does it work? Read on to explore the global regulatory response to this rising scam, identify scam tactics and key mitigation strategies.
https://finintegrity.org/wp-content/uploads/2024/02/russia-software.jpg 1334 2000 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-08 07:00:422024-02-08 18:53:10Exhausting Russian Resources by Sanctioning Western Software
Despite the Kremlin's attempts to reduce reliance on Western software for crucial systems, this transition is advancing slowly, presenting significant opportunities to hinder Russia's military effectiveness and economic activities. Read on for more information on the current role of Western technology and guidance for governments and companies formulating sanctions proposals.
https://finintegrity.org/wp-content/uploads/2024/02/evadingexportcontrols.png 682 1023 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-06 07:00:102024-02-08 18:53:44Evading Export Controls – Russia’s Key to Success
Russia has used third-party intermediaries to evade sanctions and export controls for years and has disguised the involvement of SDNs or sanctioned entities in transactions to obscure the true identities of end users. This activity has increased since Russia’s invasion of Ukraine in 2022 due to Russia’s need for military equipment.
https://finintegrity.org/wp-content/uploads/2024/02/Screenshot-2024-02-02-161018.png 678 1146 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-02-02 16:17:062024-02-08 18:49:49Bad News for Corruption in 2023, Along with Some Bright Spots
Transparency International released its annual Corruption Perceptions Index, ranking 180 countries and territories by their perceived levels of public-sector corruption. Explore the highlights within.
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_735366892.jpg 1000 1500 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-30 07:00:032024-02-08 18:48:58Human Trafficking
January is National Human Trafficking Prevention Month, and IRS-Criminal Investigations (CI) is partnering with other government agencies to highlight indicators and federal initiatives to combat this crime.
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_2413375591-editorialuse.jpg 1000 1500 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-26 08:00:402024-02-08 18:45:31Bitcoin Breakthrough – Navigating the New Era of SEC-Approved Spot Bitcoin ETPs
The US Securities and Exchange Commission's (SEC) landmark approval of 11 Spot Bitcoin Exchange-Traded Products (ETPs) from several leading financial firms, including BlackRock, Fidelity, and Grayscale Investments, this month marks a significant shift in the regulatory landscape for virtual assets.
https://finintegrity.org/wp-content/uploads/2024/01/Shutterstock_1447702061.jpg 1001 1500 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-24 07:00:152024-02-08 18:45:17Real Estate in 2024 – Anticipating a Crackdown on Corruption & Fraud
Real estate in the United States has long been a popular channel for corrupt actors seeking to launder illicitly obtained funds. As part of the Biden administration’s 2021 Strategy on Countering Corruption, a long-awaited proposed rule from the Treasury Department that is slated to take effect in early 2024 will seek to address that glaring loophole in US anti-money laundering (AML) regulations.
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_323598074.jpg 1001 1500 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-17 01:24:002024-02-08 18:47:08How to Avoid Becoming an Unwitting Facilitator of Russian Sanctions Evasion
What steps can organizations take to avoid becoming unwitting suppliers of critical components and tools for the Russian military?
https://finintegrity.org/wp-content/uploads/2024/01/sanctions.png 1167 1751 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-11 08:48:522024-02-08 18:47:59The Importance of a Sanctions Compliance Program – Top 5 Mitigating Measures Highlighted by OFAC in 2023
OFAC in 2023 reached settlements with 17 companies, collecting more than $1.5 billion in penalties. Mitigating factors can help reduce the severity of penalties imposed by OFAC for sanctions violations and often involve significant remedial measures and enhancements to a company’s sanctions compliance program.
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_2136963729.jpg 750 1500 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-08 08:59:542024-02-08 15:17:32A Pivotal Year for Virtual Assets – 2023 Highlights
2023 was a year of significant upheavals in the world of virtual assets, highlighting glaring vulnerabilities and the dire need for regulatory interventions. From major financial losses caused by security breaches to high-profile legal battles and settlements, 2023 was chock full of developments that almost certainly demonstrate the resilience and endurance of virtual currencies.
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_2129648996.jpg 1152 1728 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2024-01-03 07:09:252024-02-06 07:20:33A Timeline of US, EU, and UK Sanctions on Russia in 2023
The United States, United Kingdom, and European Union, among others, have increased their focus on enforcement, updated sanctions lists and export controls to limit Russia’s access to sensitive technologies, and taken steps to punish illicit actors assisting Russia. Explore a list of the various sanctions imposed by the United states, EU, and UK in 2023.
https://finintegrity.org/wp-content/uploads/2023/12/sanctions-background.jpg 738 1812 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2023-12-29 00:23:002024-02-08 15:20:24Biden Signs Executive Order Targeting Foreign Banks Supporting Russia
US President Joe Biden on December 22, 2023, signed an executive order to authorize the US Treasury Department’s Office of Foreign Assets Control (OFAC) to designate foreign financial institutions that help Russia’s defense industry, as Moscow’s war against Ukraine approaches its two-year anniversary.
https://finintegrity.org/wp-content/uploads/2023/12/shutterstock_2243548583-EDITORIAL-USE-ONLY-scaled.jpg 1920 2560 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2023-12-07 18:40:002024-02-08 15:21:44What Financial Institutions Can Learn from the Binance Settlement
Lessons Learned for VASPs & Risk Mitigation Strategies for Banks and Other Financial Institutions
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_2121188492-EDITORIAL-USE-ONLY.png 1167 1751 Yanni Chen https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Yanni Chen2023-11-21 08:00:002024-02-08 15:09:17Binance Settles with Regulators
Binance, the world’s largest cryptocurrency exchange, on November 21st pleaded guilty and agreed to pay more than $4.3 billion to resolve the US Justice Department’s investigation into its violations of the Bank..
https://finintegrity.org/wp-content/uploads/2023/11/shutterstock_1107463670.jpg 1167 1751 Yanni Chen https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Yanni Chen2023-11-14 08:00:002024-02-08 15:11:52Cyber-Enabled Fraud
Cyber-enabled fraud (CEF) is growing, especially with increasing digitalization across the globe. Technological advances have enabled cyber criminals to develop and increase the scale, scope, and speed of their illicit activities.
https://finintegrity.org/wp-content/uploads/2023/11/shutterstock_275364623-1.jpg 1021 1531 Yanni Chen https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Yanni Chen2023-11-08 08:00:002024-02-08 15:13:46Terrorist Use of Crowdfunding
The nature of crowdfunding, the use of new technologies, and the possible anonymity afforded by crowdfunding platforms can make them attractive as relatively quick and simply means to obtain donations from across the world.
https://finintegrity.org/wp-content/uploads/2023/10/us-venezuela.jpg 1167 1751 Yanni Chen https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Yanni Chen2023-10-31 20:24:002024-02-08 15:15:34Partial Sanctions Relief for Venezuela
On October 18, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued six general licenses authorizing categories of transactions that were previously prohibited under the U.S. sanctions program against Venezuela.
https://finintegrity.org/wp-content/uploads/2024/01/pricecapcoalition.jpg 443 789 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2023-10-16 22:21:002024-02-08 14:59:21Best Practices for the Maritime Oil Industry to Detect Restricted Trade in Russian Oil
Price Cap Coalition partners have published an Advisory following reports that Russia has been evading the $60 per barrel price cap that was imposed by the Coalition last year. The Advisory provides some best practices and recommendations to the maritime oil industry to help stakeholders reduce their exposure to risks of Russian oil cap evasion by detecting restricted trade in Russian oil.
https://finintegrity.org/wp-content/uploads/2024/01/shutterstock_2117549552.jpg 667 1000 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2023-07-10 07:45:532024-02-08 15:08:03MiCAR Defined – The EU’s Blueprint for Crypto Regulation
The Markets in Crypto-Assets Regulation (MiCAR) went into effect on June 29, 2023, and will be fully applied by December 30, 2024.
https://finintegrity.org/wp-content/uploads/2023/01/shutterstock_485930149.jpg 558 840 Lauren Jack https://live-black-pebble.pantheonsite.io/wp-content/uploads/2023/12/GIFI-Placeholder2.png Lauren Jack2023-01-03 23:55:002024-02-08 15:01:20Domestic Terrorism – Understanding the Threat and How Banks Can Counter It
Domestic terrorism is not a new threat in America, but in recent years we have seen a significant and horrific increase in violent attacks and activities carried out by individuals and groups motivated by a range of radical ideologies. In response to these troubling developments, our government has stepped up law enforcement, intelligence attention, and resources to combat these threats.