The German financial services regulator, BaFin, has issued a press release confirming an investigation into the money laundering and sanctions compliance of the bank Varengold Bank AG. The particular focus is Iran sanctions.
BaFin has prohibited the bank from processing payment transactions involving Iran, or person or companies resident in Iran. BaFin has also appointed a representative to oversee compliance with this prohibition.
The UK’s financial services regulator, the FCA, has published its annual report today for the year ending 31 March 2023.
Included in the report the FCA states that: “We reviewed nearly 100
suspected sanction breaches. We have also introduced a data-led approach to proactively supervise firms to ensure they have appropriate sanctions systems and controls, we also conducted 38 proactive assessments looking at firms’ systems and controls”.
It has been reported today that the Department of Enterprise, Trade and Employment is investigating potential breaches of sanctions, after a “Made in Ireland” tag was found on components within drones used by Russia in Ukraine.
The Dutch authorities have announced the arrest of a 41-year old man on suspicion of exporting microchips indirectly to Russia through third countries in circumvention of the EU’s sanctions.
The products are computer parts and were exported through third countries such as Kazakhstan, Kyrgyzstan, Mongolia, Uzbekistan, Turkey and the UAE.
Residential and business premises were searched in Moerdijk as part of the investigation.
The US Attorney’s Office for the Eastern District of New York has issued a press release relating to charges against Vadim Konoshchenok, who was arrested in Estonia and extradited to the US.
Konoshchenok is charged with exporting US-made goods to Russia.
According to the release, Konoshchenok was arrested in Estonia in December 2022 attempting to smuggle into Russia 35 different electronic components including US-made controlled products.
Earlier efforts to export ammunition to Russia had resulted in the seizure of half a ton of material.
It has been reported that the Czech authorities are investigating the activities of Kovosvit MAS, which is suspected of shipping machinery to Russia via Turkey potentially in breach of EU sanctions.
It has been reported that the Swiss authorities are currently investigating allegations that Paramount Energy & Commodities SA has been unlawfully trading oil of Russian origin through a Dubai-incorporated subsidiary in breach of the Swiss adoption of sanctions against Russia.
It was reported today that the Norwegian authorities have imposed their first fine for breaches of sanctions against Russia.
The fine was NOK 50,000 being the profit from the unlawful sale of a car to a Russian customer in breach of Norway’s sanctions against the export of luxury goods.
The Dutch authorities have arrested two people on suspicion of transferring funds for the benefit of Hamas – an organisation designated under EU sanctions.
The transfers are alleged to have amounted to €5.5 million.
Searches were conducted in Leischendam and Rotterdam including the seizure of cash.
Further to our earlier posts (here, here, and here) regarding an investigation into whether cement company Lafarge-Holcim breached EU sanctions by making payments to designated persons, it has been announced that the charges relating to financing of terrorism breaches are being discontinued.
The charges relating to crimes against humanity continue.
In October 2022 Lafarge-Holcim had plead guilty to related charges before the US Department of Justice and agreed to pay $778 million.
