Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week, strict sanctions hit Russia amid Ukraine invasion. Read the full story and more news below:
Strict Sanctions Hit Russia on Heels of Ukraine Invasion
National banks and financial institutions from across the globe have imposed heavy sanctions against Russia amid the country’s unprovoked invasion of neighboring Ukraine. The United States, European Union, United Kingdom and Canada have all imposed restrictions on the country that seek to sever its ability to send and receive money, frozen some of Russia’s assets preventing the country from pulling out cash reserves. The sanctions have also targeted individual oligarchs in Russia and include travel bans affecting high-ranking officials. Sanctions are penalties, often financial, that seek to cripple a country’s economy in retaliation, and as a preventative measure against, wrongdoing.
Five Arrested in Spain Over Millions in Cryptocurrency Stolen
Five people were arrested in Spain this week under suspicion of their involvement in a cyberattack that resulted in the theft of more than USD 6M in cryptocurrency, including Bitcoin. The attack targeted Spanish company 2gether, which serves as a centralized store of crypto assets for thousands of clients. The attack was made possible by the downloading of a movie file that was infected with a virus by a 2gether employee back in January.
Justice Department Puts Focus on Victims of White-Collar Crime
Echoing recent statements about the DOJ’s renewed focus on white-collar crime, the Justice Department said it intends to increase focus on the victims of white-collar crime in addition to greater accountability for those that perpetuated the crimes. The statement was given this week by Kenneth Polite, the assistant attorney general for the DOJ’s criminal division. Among the changes implemented to help victims, the criminal division will appoint a victim coordinator and exploring more tools it can use to support victims of white-collar crime.
Credit Suisse Orders Oligarch Loan Documents Destroyed
The Financial Times reported this week that Credit Suisse sent out letters to its investors asking that they “destroy and permanently erase” any documents pertaining to a leak that points blame at the bank for funding loans for private yachts and private jets to world leaders and oligarchs that were later put under sanctions. The unprecedented request comes after recent media leaks have shown Credit Suisse to be complicit in providing financial access to sanctioned individuals, human rights abusers, and organized crime members.