New US Executive Order in relation to Iran and enforcement action against two non-US banks 11 Sep 2012 On 31 July 2011 Barack Obama enacted a new Executive Order ‘Authorising Additional Sanctions with Respect to Iran’, which has immediate effect. The US Department of the Treasury also announced the imposition of sanctions under the Comprehensive […]

International payments under US Iran sanctions regulations 11 Sep 2012 HM Treasury has published (http://www.hm-treasury.gov.uk/d/fin_sanc_ofac_letter_to_hmt.pdf) a letter it has received from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC clarifies the way in which OFAC’s Iran sanctions previously applied to international payments. HM Treasury requested clarification, particularly in relation to […]

UK and US regulators provide guidance on humanitarian assistance to Iran 11 Sep 2012 In light of the recent earthquakes in north-west Iran, HM Treasury (http://www.hm-treasury.gov.uk/d/fin_sanc_iran_notice_humanitarian_payments_170812.pdf) and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) (http://www.treasury.gov/resource-center/sanctions/Programs/Documents/iran_guidance_earthquake.pdf) have published clarifying guidance on providing humanitarian assistance to Iran. Pursuant to the various EU […]

Global Witness calls for action to end hidden company ownership in light of money laundering accusations 5 Sep 2012 Global Witness is today revealing evidence that numerous UK companies appear to have helped facilitate a major money laundering scandal centred on a bank in Central Asia. Grave Secrecy (http://www.globalwitness.org/library/grave-secrecy), launched today, shows how urgent action […]

Swiss probe UBS over alleged Malaysia money-laundering 5 Sep 2012 Aug 31 (Reuters) – Swiss prosecutors have opened a criminal money laundering probe into UBS after an environmental campaign group filed a complaint accusing it of links to the proceeds of alleged illegal logging in Malaysia. The investigation could be a new embarrassment for the […]

Serious Fraud Office investigating Barclays payments to Qatar Barclays faces criminal investigation into payments made to Qatar Holding after bank sought emergency funding in 2008The Serious Fraud Office has launched an investigation into payments made after Barclays tapped Middle Eastern investors for emergency funds in 2008.The inquiry – which relates to the disclosure of fees […]

Guilty verdicts in £10m fraud trial 13 August 2012 Three people involved in a fraud that targeted UK investors and ex-pats in Majorca have been convicted. Guilty verdicts have been returned at Bradford Crown Court on two of them. Another had already pleaded guilty prior to trial. Two individuals were acquitted of related money laundering […]

Pound Hill father helped drugs gang to launder cash THIS is the Pound Hill dad who abused his position at a bank to help a drug-trafficking and property fraud gang launder their profits. Indipaul Sra was convicted in March of conspiracy to commit fraud and was jailed for four years. However, until now reporting restrictions […]