Category: Financial Services

Page 94/104

New EU report highlights flaws which could derail Ukraine’s anti-corruption effort; recent developments have ‘called into question the country’s achievements’

Daughter of wealthy South African property tycoon using Icelandic and UK identities arrested on suspicion of using Revolut to launder money

UAE to set up new courts to deal specifically with money laundering; legal firms bear the brunt of country’s latest crackdown

EU to follow US and introduce tougher sanction laws; poison victim Alexei Navalny says the bloc is being ‘played’ by corrupt Russian officials

New report shows bribery occurs in 20% of all public service transactions across 17 Asian countries – all of Asia’s largest economies affected

German audit supervisor Apas informs prosecutors it found indications EY may have committed crime in its audit of Wirecard – reports

Millions transferred from Iran to Canada, violating sanctions – leaked watchdog report reveals

JP Morgan faces fresh penalties for internal controls – bringing total fines paid in second half of 2020 to over $1 billion

Maltese corporate services firm Credence

Malta firm Credence involved in #MaltaFiles investigation fined €261,000 for AML non-compliance

SRA AML expert warns layers to check the money they may work with

Lawyers’ own AML expert tells his members – ‘Be more thorough on your homework on clients and their funds’

Odessa criticized over high levels of corruption

News outlet backed by US doubles down on Ukrainian city of Odessa; criticises frequent corruption in construction sector and links to Russian influence

Head of African soccer handed five-year football ban and fine over corruption findings, just weeks after announcing re-election campaign

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Alibaba Group and AUS Merchant Services Agree to Pay $600 Million to Resolve Allegations that they Failed to Prevent Illegal Sales of Pharmaceuticals, Pharmaceutical Equipment, and Other Illegal Products
US Department of Justice
July 1, 2026
Alibaba Group Holding Limited (Alibaba) — one of China’s largest companies — and its U.S.-based payment processor, AUS Merchant Services Inc. (AUS, and formerly known as Alipay US), have entered a non-prosecution agreement to pay $600 million to resolve the Justice Department’s allegations that they violated the Federal Food, Drug, and Cosmetic Act (FDCA) by failing to prevent merchants from selling and importing illegal pharmaceuticals, controlled substances, listed chemicals, and pill presses into the United States through the Alibaba.com and AliExpress.com e‑commerce platforms.
Treasury Sanctions Brazilian Criminal Network Exploiting U.S. Financial System to Launder Drug Proceeds
OFAC
July 1, 2026
WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Brazilian nationals, three Brazilian companies, and one Portuguese company for their links to Latin America’s largest criminal gang, Brazil-based Primeiro Comando da Capital (PCC). PCC represents a significant threat to U.S. national security, as its operatives throughout the United States, particularly in Florida, launder drug proceeds and contribute to a cycle of criminality.
UK takes over Presidency of Financial Action Task Force (2026–2028)
FATF
July 1, 2026
Giles Thomson began his term as President of the Financial Action Task Force (FATF) on 1 July 2026. He succeeded Ms. Elisa de Anda Madrazo of Mexico. He served as FATF Vice-President from July 2025 - June 2026 and has been replaced by Vivek Aggarwal, from India, as Vice-President. Giles Thomson serves as Director for Economic Crime and Sanctions in His Majesty's Treasury. He is responsible for the UK's AML/CTF policy and the Office for Financial Sanctions Implementation.

Category: Financial Services

New EU report highlights flaws which could derail Ukraine’s anti-corruption effort; recent developments have ‘called into question the country’s achievements’

Daughter of wealthy South African property tycoon using Icelandic and UK identities arrested on suspicion of using Revolut to launder money

UAE to set up new courts to deal specifically with money laundering; legal firms bear the brunt of country’s latest crackdown

EU to follow US and introduce tougher sanction laws; poison victim Alexei Navalny says the bloc is being ‘played’ by corrupt Russian officials

New report shows bribery occurs in 20% of all public service transactions across 17 Asian countries – all of Asia’s largest economies affected

German audit supervisor Apas informs prosecutors it found indications EY may have committed crime in its audit of Wirecard – reports

Millions transferred from Iran to Canada, violating sanctions – leaked watchdog report reveals

JP Morgan faces fresh penalties for internal controls – bringing total fines paid in second half of 2020 to over $1 billion

Malta firm Credence involved in #MaltaFiles investigation fined €261,000 for AML non-compliance

Lawyers’ own AML expert tells his members – ‘Be more thorough on your homework on clients and their funds’

News outlet backed by US doubles down on Ukrainian city of Odessa; criticises frequent corruption in construction sector and links to Russian influence

Head of African soccer handed five-year football ban and fine over corruption findings, just weeks after announcing re-election campaign

Regulatory Watch News

Alibaba Group and AUS Merchant Services Agree to Pay $600 Million to Resolve Allegations that they Failed to Prevent Illegal Sales of Pharmaceuticals, Pharmaceutical Equipment, and Other Illegal Products

Treasury Sanctions Brazilian Criminal Network Exploiting U.S. Financial System to Launder Drug Proceeds

UK takes over Presidency of Financial Action Task Force (2026–2028)

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