Sanctions

US Marks 3rd Anniversary of Myanmar Coup With Sanctions

01/02/2024

A holding company and shipping company were targeted for supporting the military regime’s activities against civilians and its arms production.

Market Infrastructure

EU, Japan Sign Protocol on Cross-border Data Flows

01/02/2024

The protocol provides legal certainty that data flows between the EU and Japan will not be hampered by data localisation requirements.

Market Infrastructure

New Zealand to Overhaul Financial Services Regulations

01/02/2024

NZ will restructure its twin peaks regulatory framework, simplify licensing requirements, and reform the Companies Act, CoFI, and CCCFA.

AML / KYC

UK Trial Commences in £5bn Bitcoin Money Laundering Case

01/02/2024

Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.

AML / KYC

US Court Sentences Lawyer for “OneCoin” Fraud to 20 Years

01/02/2024

Mark Scott, formerly an equity partner at international law firm Locke Lord LLP, laundered $400mn of proceeds from the OneCoin fraud scheme.

Securities / Derivatives

Chinese State-backed Investors on ETF Buying Spree – Reports

01/02/2024

There have been “large and unusual flows” into ETFs tracking the CSI 300 this month, likely from state-backed investors.

AML / KYC

Australia-US Agreement on Electronic Data Access Comes Into Force

01/02/2024

The agreement will better enable US and Australian agencies to prevent, detect, investigate, and prosecute serious crimes.

Enforcement

Korea Passes Bill Strengthening Penalties for Insurance Fraud

01/02/2024

The amendments allow jail and fines for arrangements, inducements, recommendations, or advertising that leads to insurance fraud.

Crypto / Digital Assets

Crypto Lender Celsius Network Emerges from Bankruptcy

31/01/2024

Celsius, which filed for bankruptcy in July 2022, has commenced distributions of over $3bn of crypto and fiat to creditors.