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OFAC has announced that UniControl, an Ohio-based manufacturer, has agreed to pay $216,464 to settle its civil liability for violations of the Iran Transactions and Sanctions Regulations (ITSR). UniControl, Inc., an Ohio-based entity that manufactures process controls, airflow pressure switches, boiler controls, and other instrumentation, has agreed to pay $216,464
The Financial Action Task Force recently added Burkina Faso, the Cayman Islands, Morocco and Senegal to its jurisdictions list under increased monitoring, joining 15 other countries. The identified deficiencies vary for each jurisdiction, but they include maintaining comprehensive beneficial ownership information and expanding the operations of countries’ financial intelligence units.
The UN Security Council President has warned that actions which threaten the peace, security or stability of South Sudan may be subject to sanctions. After considering the publication of the recent final report of the Panel of Experts, the UN Security Council Committee concerning Sudan has warned signatories to the
The Financial Action Task Force (FATF) is open to amending the “travel rule,” its guidance for cryptocurrency exchanges and companies providing crypto services. The anti-money laundering watchdog said it is confident the crypto industry will implement complex data-sharing requirements, known colloquially as the “travel rule,” by the time its 12-month
Crypto payments platform BitPay has settled with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on charges of over 2,000 apparent sanctions violations. BitPay will pay $507,375 on allegations it allowed individuals in sanctioned locations like Ukraine’s Crimea region, Cuba, North Korea, Sudan, Iran and Syria to transact
The European Union (EU) Tax Haven Blacklist is a tool that lists tax-havens. The EU list of non-cooperative jurisdictions for tax purposes is an instrument used to tackle issues on tax fraud, tax evasion, tax avoidance and money laundering. Over time, the list is studied and modernised; the list includes
The EBII Group and the Said Business School, University of Oxford, recently launched the “Africa Series” executive programme. The Africa Series first offering, Process, Growth, Resilience and Sustainability (PRoGRES), is a four-module online course running over six months. The course includes modules on public and private investments, sustainable investments, digital
South African authorities are investigating fraudulent transactions that cost state power utility Eskom Holdings SOC Ltd. 2 billion rands ($132 million). The transactions involved several companies billing Eskom over the past three years for work that was never done. The probe began after a whistle-blower alleged that at least three
Boston Consulting Group, PwC and Mckinsey -three of the world’s largest consulting firms – received tens of millions of dollars in payments from an obscure firm in Dubai to help restructure Angola’s corruption-ridden oil sector, according to documents that reveal new details about suspicious money flows described in the globe-spanning
Sustainability and ethical investing have become more prevalent in traditional money markets, as positive financing towards sustainable goals is seen to generate substantial returns. The introduction of the ‘Green Bond’ and ‘Sustainable Bond’ issued by countries are all geared toward the successful implementation of ESG inclusiveness in business activities. The