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An Italian court has cleared two global oil giants, Eni and Shell, over allegations of corruption in Nigeria. The long-running case centred on the $1.3bn (£936m) purchase of an offshore oil block in 2011. Prosecutors had alleged that the majority of the money was used to bribe Nigerian politicians and
A final report by a UN Panel of Experts on Libya sanctions established according to Security Council resolution 1973 (2011) has said that throughout its mandate, the body identified “multiple acts” that threatened the peace, stability or security of the country and increased attacks against State institutions and installations. In
The Financial Action Task Force (FATF), the inter-governmental watchdog that establishes standards for anti-money laundering (AML) and know-your-customer (KYC) requirements, has published new draft guidance for decentralised platforms. FATF made headlines two years ago when it proposed – and then finalised – guidance urging nations to implement KYC requirements for all crypto
The document titled ‘Global Britain in a competitive age’ outlines a vision for a leaner and meaner Britain by 2030—one that is more resilient to threats, more innovative, and more confident in defending its values at home and abroad. The 100-page document outlines the government plans for Britain to become
The European Union plans to impose targeted sanctions on several individuals in Eritrea for their alleged role in human rights abuses and atrocities in northern Ethiopia. Even though the details of the sanction regime are not public yet, there are indications that the European Commission shall soon present a proposal
In October 2020, the FATF identified new countries with strategic anti-money laundering or counter financing of terrorism deficiencies and prioritised reviewing listed countries with expired or expiring deadline. The FAFT review commenced this year, and it covered the progress made by Albania, Botswana, Cambodia, Ghana, Mauritius, Myanmar, Nicaragua, Pakistan, Panama,
A court in the Channel Islands has fined a team of accountants and economists who for years ignored risks of possible corruption and embezzlement when providing services to an investment management company working with Angola’s government. Jersey’s Royal Court fined LGL Trustees Ltd more than $835,000 for two breaches of
The European Banking Authority (EBA) recently published revised guidelines for money-laundering and terrorist-financing risk factors, including guidance on related risk assessments and customer due diligence (CDD) for beneficial owners. The Guidelines are addressed to financial institutions and supervisory authorities and outline the factors that firms should consider when assessing the
U.S. authorities will impose new anti-money laundering rules on the art and antiquity market, which is believed to have been frequently used for concealing the origins of illegally obtained money and even for terror financing. The recently published notice informs financial institutions about; The Anti-Money Laundering Act of 2020
The Nigerian Securities and Exchange Commission (SEC) said it had suspended its plans to regulate cryptocurrencies in light of the recent decision by the Central Bank of Nigeria (CBN) to ban the use of cryptocurrencies. According to a statement by the SEC; ‘for admittance into the SEC regulatory incubation framework,