- 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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
