Spanish King Felipe VI’s sister Princess Cristina could face trial after a Spanish court upheld tax fraud charges against her. However, the high court in Palma de Mallorca dropped money-laundering charges.
The EU and the UN have de-listed the Al Haramain Foundation (United States of America), which was subject to an asset freeze pursuant to various restrictive measures imposed in respect of Al-Qaida.
An Afghan court has increased the jail sentences for two top officials at Kabul Bank, which collapsed in 2010 after losing almost $1bn (£630m). They have now each been sentenced to five years for money laundering and 10 for embezzlement.
U.S. prosecutors have launched a money-laundering investigation of a member of Vladimir Putin’s inner circle. The U.S. Attorney’s Office for the Eastern District of New York, aided by the Justice Department, is investigating whether Gennady Timchenko transferred funds linked to allegedly corrupt deals in Russia through the U.S. financial system.
Digital currencies provide complex yet efficient mechanisms for the transfer of funds, as well as the decentralized collection of donations in a more anonymous manner than conventional banking transactions. This article demonstrates the advantages and limitations of the use of digital currencies by illicit actors, specifically jihadists.
The great British money launderette: At least 19 UK firms under investigation for an alleged conspiracy to make $20bn of dirty money seem legitimate
Front companies in the UK are at the heart of an investigation into one of Europe’s biggest money-laundering operations, allegedly forming part of a conspiracy to make $20bn (£12.5bn) of dirty money look legitimate.
On 24 September 2014, the General Court of the EU annulled the restrictive measures imposed on Colonel Gaddafi’s cousin, Ahmed Mohammed Qadhaf Al Dam, including the freezing of his assets and a travel ban. Mr. Qadhaf Al Dam had been included in the sanctions list against Libya in February 2011 on the grounds that he had “been involved in planning operations against Libyan dissidents abroad and was directly involved in terrorist activity”, and had been re-listed on the same grounds in April 2013.
On 27 September 2014, the Council of the European Union published Council Implementing Regulation (EU) No. 1013/2014, which amended Annex II to Council Regulation (EU) 36/2012. The new regulation updates the names of two entities subject to an asset freeze: (1) Overseas Petroleum Trading; and (2) Tri Ocean Trading.
On 28 September 2014, Council Regulation (EC) 881/2002 (“the 2002 Regulation”), which imposes financial sanctions against individuals and entities associated with Al Qaida, was amended to update details of two individuals, (1) Mokhtar Belmokhtar and (2) Hamid Hamad Hamid Al-Ali, and remove one individual, Qari Rahmat., who was added to the 2002 Regulation in error.
Natasha Hugh, the wife of a former boxing champion who spent nearly £40,000 of his drug money has been jailed for 18 months. The judge said she ‘knew exactly’ where the money was coming from.
On 3 October 2014, five Iranian entities and one individual were removed from the EU sanctions list under Council Regulation (EU) 267/2012. The six parties won their de-listing court challenges earlier this year, and therefore, asset freezes against those parties are no longer in force.
The five entities and one individual that won their court challenges and are no longer designated are: (1) National Iranian Tanker Company, one of the world’s largest operators of double-hulled tankers for oil and gas transport; (2) Sharif University of Technology; (3) Sorinet Commercial Trust; (4) Sina Bank; (5) Moallem Insurance Company; and (6) Mr. Babak Zanjani.