Weekly roundup: US DOJ aims to seize proceeds of corrupt Uzbekistan payments, Swiss banking association announces new anti-money laundering measures, Bangladesh’s central bank strengthens AML and CTF reporting, and more
- The US Department of Justice is seeking to seize money linked to payments made by two Russian companies, Mobile Telesystems OJSC (MTS) and Vimpelcom, in an attempt to secure Uzbek mobile phone and radio licences.
- The Swiss banking association announced new anti-money laundering measures under which banks will have to identify the controlling owner (any individual holding a stake of more than 25% or the highest-ranking employee) of legal entities.
- Bangladesh Bank has asked non-bank financial institutions to submit annual reports on anti-money laundering and terrorist financing activities. Financial institutions will also have to strengthen due diligence checks on PEPs.
- According to a government survey of 500 UK SMEs, one-third of respondents had not heard of the UK Bribery Act, or were not aware of liability in case of failure to prevent bribery.
And finally, the New York Times has called on President Obama to sign an executive order requiring federal contractors to disclose their donations to political candidates. “Dark money” in Senate elections more than doubled between 2010 and 2014 according to a New York University report and is picking up as the 2016 presidential campaign gains speed.
Arachnys weekly update
We were delighted to win the award for “Best Early Stage Investment in Disruptive Tech” at the 2015 Angel Investment Awards, hosted by the UK Business Angels Association (UKBAA).
New sources: 20
Source of the week: The Venezuelan Supreme Court’s website provides the entire history of docket updates in the courts, which contains summaries of all the cases handled by the court.