Weekly roundup: Venezuela sanctions pose new risks to companies, Andorra takes control of designated bank, convicted Petrobras exec names Swiss banks and more
- President Obama signed a new executive order authorizing the imposition of sanctions against Venezuela over human rights violations. The first Specially Designated Nationals (SDN) sanctions target several individuals within the state intelligence and police services with the option, if necessary, to quickly expand.
- The UK Financial Conduct Authority fined Bank of Beirut (UK) Ltd £2.1 million (reduced 30% for early settlement) for breaches related to financial crime risks and failure to cooperate. A compliance officer and an internal auditor were alsofined for misleading the regulators after bowing to pressure from senior management.
- Andorra announced the country’s takeover of Banca Privada d’Andorra (BPA) and the ouster of the bank’s board after the US Treasury Department designated it a “financial institution of primary money laundering concern” for connections with organised crime groups in Russia and China.
- Former Petrobras executive, Pedro Barusco, has handed over $58 million to Brazilian federal prosecutors for bribery charges. Barusco has also identified individuals and banks in Switzerland which helped him open accounts to hide money.
And finally, following series of investigative articles detailing money laundering in the London and New York real estate markets, Transparency International sent a letter to the US Department of Treasury, endorsed by 17 civil society groups, asking for regulations to be imposed on the sector.
Arachnys weekly update:
New sources: 65
Source of the week: The Azerbaijani State Committee for Securities offers information on licensed actors in the securities market including contact details and information on the license expiry dates.