- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-01-23T20:08:00
The Department of Justice’s (DOJ) announcement of charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provides insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
Richard Masters, of the United Kingdom, and Vladislav Osipov, of Russia, tried to hide the true ownership of the Tango, a 255-foot luxury yacht owned by Russian oligarch Viktor Vekselberg, the DOJ said in a press release Friday. Vekselberg was sanctioned by the United States in April 2018.
The efforts of Masters and Osipov allowed the Tango to be outfitted with equipment purchased from U.S. companies through the U.S. financial system, the DOJ alleged in its indictments, each filed in U.S. District Court for the District of Columbia.
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The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.
New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.
The Office of Foreign Assets Control unveiled a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
