US Sanctions Four Tankers Linked to Houthis

��� U.S. Treasury Exposes Iranian Financing Network The U.S. Department of the Treasury has revealed that Iranian financial intermediaries operated a network of shell companies in Hong Kong and the United Arab Emirates, funneling oil revenues to finance both the Islamic Revolutionary Guard Corps (IRGC) and Iran’s Ministry of Defense. This development underscores how Iran leverages global financial hubs to bypass sanctions, sustain its defense establishment, and project influence abroad. It also highlights the growing challenge regulators face in monitoring illicit finance across complex, cross-border structures. 🔎 A reminder: compliance and due diligence in international trade and finance aren’t just box-ticking exercises—they are frontline defenses against geopolitical risk. #Sanctions #Iran #USTreasury #IllicitFinance #Geopolitics https://lnkd.in/dWh3ZzHt

FATF Mutual Evaluation - Pakistan (Summary) 1. What is FATF Mutual Evaluation? The Financial Action Task Force (FATF) conducts Mutual Evaluations (ME) to assess each country's technical compliance with FATF's 40 Recommendations and the effectiveness of its AML/CFT framework across 11 Immediate Outcomes (IOs). It reviews laws, institutional measures, and how effectively a country detects, prevents, and prosecutes money laundering (ML) and terrorist financing (TF). 2. Pakistan's Evaluation Pakistan's latest ME was conducted by the Asia/Pacific Group on Money Laundering (APG) and adopted in October 2019. The report identified weaknesses in terrorist financing investigation & prosecution, implementation of Targeted Financial Sanctions (UNSCR 1267 & 1373), beneficial ownership transparency, and supervision of DNFBPs. Due to these deficiencies, Pakistan was placed on the FATF Grey List in June 2018. 3. Pakistan's Reform Efforts (2019-2022) In response, Pakistan implemented extensive AML/CFT reforms, including amendments to the Anti-Money Laundering Act (AMLA), Anti-Terrorism Act (ATA), and UN (Security Council) Act. It strengthened coordination among FMU, NACTA, FIA, SECP, SBP, and Customs; developed a National Risk Assessment (NRA); enhanced supervision and risk-based approaches; and improved targeted financial sanctions frameworks. These reforms addressed all 34 FATF action items. 4. FATF Decision (October 2022) FATF recognized Pakistan's substantial progress and removed it from the Grey List, acknowledging that it had strengthened its legal, regulatory, and enforcement frameworks and demonstrated effective implementation. 5. Current Status (as of 2025) Pakistan remains under regular follow-up with the APG to maintain effectiveness. Ongoing focus areas include beneficial ownership transparency, supervision of DNFBPs, proliferation financing (Recommendation 7 & 10.11), and sustaining inter-agency coordination and data-driven enforcement. #FATF #Pakistan #SBP #SECP #FIA #NACTA #FMU #NRA

FATF: STRENGTHENING GLOBAL FINANCIAL INTEGRITY For legal and compliance professionals, staying ahead of evolving financial crime risks is essential. The Financial Action Task Force (FATF) provides valuable insights through its research on emerging money laundering and terrorist financing trends, helping organisations develop effective compliance frameworks. FATF leads global efforts to combat money laundering, terrorist financing, and the financing of weapons proliferation. By analyzing how illicit funds are generated, transferred, and concealed, it establishes international standards to safeguard the integrity of the global financial system. As regulatory frameworks strengthen, criminals continuously adapt their tactics to evade detection. FATF monitors these evolving methods and publishes regular reports to help governments and private institutions stay informed about new typologies and risks. By deepening the understanding of financial crime trends, FATF empowers countries to design more effective countermeasures--- promoting transparency, compliance, and financial stability worldwide. #FATF #FinancialCrime #AML #CounterTerrorism #Compliance #RiskManagement #FinancialIntegrity #CorporateGovernance #DueDiligence #RegulatoryCompliance #Lawyer #Pakistan #FinancialLaw #LegalConsultant #LegalAdvisor #FinancialServices #FinancialInstitutions #Banks #AntiMoneyLaundering Syed Imad-ud-Din Asad | Bilal Ahmed | Amir Awan | Husnain Bahadur Raja | Financial Action Task Force (FATF) | Pakistan Banks Association | Pakistan Fintech Network | INTERPOL | UNODC | State Bank of Pakistan (SBP)

OFAC Sanctions Iranians Over $100M Illicit Oil Sales Using Crypto The Treasury has designated two individuals and more than a dozen firms tied to Iran’s IRGC-Quds Force and Defense Ministry. https://lnkd.in/dV2CcSBr

The US Office of Foreign Assets Control (OFAC) has announced a settlement of USD 750,000 with ShapeShift AG, a Switzerland-incorporated but US-operated digital asset exchange, for apparent violations of sanctions on Cuba, Iran, Sudan, and Syria. According to OFAC’s enforcement notice, between December 2016 and October 2018, ShapeShift processed 17,183 digital asset transactions valued at approximately USD 12.6 million for users located in sanctioned jurisdictions. The company collected IP address data but failed to employ it for compliance purposes, and did not maintain an effective sanctions compliance program during the relevant period. The violations were deemed non-egregious and not voluntarily self-disclosed. OFAC identified aggravating factors, including the absence of internal controls and the economic benefit conferred to sanctioned jurisdictions. Mitigating factors included ShapeShift’s relatively small size, remedial steps taken following an OFAC subpoena, subsequent implementation of screening measures, and the fact that the company ceased exchange operations in 2021. The case underscores OFAC’s extraterritorial reach and its continued focus on sanctions compliance in the digital asset sector. #TTCSN #TürkiyeTradeCompliance #ExportControl #SanctionsUpdate #USA #OFAC #EU #UK #BIS #OFSI #Herdem #ComplianceNetwork #TurkishTrade #Crypto #ShapeShift

🚨 OFSI's Latest Enforcement Action: Key Lessons for UK Financial Services OFSI just issued a disclosure notice against Vanquis Bank for counter-terrorism sanctions breaches - and the details are eye-opening for every UK financial institution. The case: Despite being forewarned by OFSI about an impending designation, Vanquis took 8 days to restrict a designated person's account. In that window, the individual withdrew £200 cash and made an £8.99 purchase. What went wrong? Staff reallocation during a remediation exercise left their sanctions screening understaffed. OFSI's verdict: "failure to ensure business continuity." Key takeaways for compliance teams: ✅ Speed matters - Act immediately on new designations ✅ Build resilient processes - Your sanctions screening must survive operational disruptions ✅ No amount is too small - Even £208.99 triggered enforcement action ✅ Self-reporting helps - Voluntary disclosure was a mitigating factor This isn't just about big banks. SMEs with international transactions, payment processors, and any business handling designated persons' funds need robust sanctions procedures. The message is clear: OFSI expects prompt action, adequate resourcing, and business continuity planning in sanctions compliance. How prepared is your organisation for rapid sanctions screening when operational pressures mount? #Sanctions #OFSI #AML #Compliance #FinancialServices #RiskManagement #UKBusiness

Finance has become a frontline of today’s security threats. From organised crime and terrorism to foreign interference, illicit finance connects and enables the full spectrum of internal security risks across and beyond the EU. Last week, the Centre for Finance and Security (CFS) at RUSI Europe gathered representatives from the European Commission, the European External Action Service, EU Member States, and international partners in Brussels. Together, we addressed the financial aspect of the security threats under the updated ProtectEU strategy. Key areas explored: 1. Organised crime and illicit money flows  2. Sabotage and terrorism financing  3. Expanded use of sanctions  4. Foreign interference and democratic disruption The discussion highlighted ways to close systemic gaps, streamline coordination across institutions, utilise existing tools effectively, and reinforce the EU’s financial resilience through targeted tracking of illicit finance, strategic sanctions, and strengthened international and cross-sector collaboration. Tom Keatinge | Kinga Redlowska | Irina Mamulashvili | Balázs Gyimesi

🇦🇪📕 #UAE #LCBFT "In today’s global financial landscape, compliance with Targeted Financial Sanctions (TFS) is a crucial obligation for Financial Institutions (FIs,) Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Assets Service Providers (VASPs), collectively referred to as “Reporting Entities”, operating in the United Arab Emirates (UAE) and across the world. TFS implementation aims to prevent the misuse of financial systems for illicit activities, including Terrorism Financing (TF), Proliferation Financing (PF) and sanctions evasion." Virginie GASTINE MENOU #compliance #conformité #ethics #éthique #ue #europeanunion #management #data #complianceofficer #leadership #droit #legal #juridique #finance #bank #formation #prevention #banque #industrie #formations #aml #esg #gouvernance #prevention #corruption #duediligence #tiers #AFA #risques #risk #privateequity #terrorism #pays #blanchiment #business #europe #terrorisme #fraud #fraude #moneylaundering #lcbft #entreprises #entreprise #audit #DH #transparence #avocat #rse #anticorruption #publications #public #societe

📌 Inside the UNSC Sanctions List: How Big Is It and Who’s on It? - Part I: Entities & Groups Under UAE Cabinet Decision No. 74 of 2020, Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) must screen all customers and transactions against both the UNSC Sanctions List and the UAE Local Terrorism Sanctions List. In practice, this means they cannot establish or maintain any direct or indirect business relationship with listed parties and must immediately freeze and report any related funds or assets. These obligations aim to prevent and combat terrorism, terrorist financing, and the proliferation of weapons of mass destruction. Sanctions compliance is no small task. FIs, DNFBPs, and regulators alike devote substantial financial, human, and technological resources — from staff expertise to advanced screening systems — making it a costly and resource-intensive responsibility. Sanctions screening is a complex, resource-intensive process, yet most practitioners focus solely on the operational side — running checks and processing false alerts. Rarely do they pause to understand the composition of the list. Whereas familiarity with the list itself can allow a quick, initial ‘mental’ sanctions risk assessment before proceeding to full operational screening when engaging a prospective customer. This write-up aims to provide that much-needed familiarity with the UNSC List for Entities and Groups. Part II will cover Individuals. #SanctionsCompliance #AML #CFT #UNSC #FinancialCrime

📌 Inside the UNSC Sanctions List: How Big Is It and Who’s on It? - Part I: Entities & Groups Under UAE Cabinet Decision No. 74 of 2020, Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) must screen all customers and transactions against both the UNSC Sanctions List and the UAE Local Terrorism Sanctions List. In practice, this means they cannot establish or maintain any direct or indirect business relationship with listed parties and must immediately freeze and report any related funds or assets. These obligations aim to prevent and combat terrorism, terrorist financing, and the proliferation of weapons of mass destruction. Sanctions compliance is no small task. FIs, DNFBPs, and regulators alike devote substantial financial, human, and technological resources — from staff expertise to advanced screening systems — making it a costly and resource-intensive responsibility. Sanctions screening is a complex, resource-intensive process, yet most practitioners focus solely on the operational side — running checks and processing false alerts. Rarely do they pause to understand the composition of the list. Whereas familiarity with the list itself can allow a quick, initial ‘mental’ sanctions risk assessment before proceeding to full operational screening when engaging a prospective customer. This write-up aims to provide that much-needed familiarity with the UNSC List for Entities and Groups. Part II will cover Individuals. #SanctionsCompliance #AML #CFT #UNSC #FinancialCrime