Weekly roundup: UBS settles over sanctions violations, Nigeria to establish corruption courts, Mexico seizes money laundering hotel, and more
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) yesterday announced a $1,700,100 settlement with UBS AG (UBS). UBS agreed to settle its civil liability for 222 apparent violations of the Global Terrorism Sanctions Regulations from January 2008 to January 2013.
Mexican authorities have seized the boutique eco-tourism resort Hotelito Descondido as part of an investigation into the money laundering activities of the Jalsico “Nuevo Generación” (New Generation) drug cartel.
The Nigerian President, Muhammadu Buhari, has begun the process of establishing special courts to try corruption-related cases as part of his administration's larger fight against graft in the country.
South Africa’s Public Protector has released a report highlighting massive budgeting irregularities and suspected graft in the public transportation sector. The report coincides with an independent report by Deloitte which stated rising fraud, corruption and money laundering are devastating economic growth in the country.
And finally, Kenneth Rijock's Financial Crime Blog discusses the presence of as many as 125 Western fugitives which have sought refuge in Cuba. Among the wanted fugitives is Sharon Lexa Lamb who was reportedly one of the key participants in the $400 million dollar Bateman Capital trading scandal. US authorities have already opened discussions with Cuban officials regarding extradition of wanted fugitives as relations have warmed, possibly including negotiations on behalf of Spain.
New sources: 131
Source of the week: The Supreme Court of the Federated States of Micronesia contains a small archive of full-text decisions from the pacific nation’s highest court dating back over 30 years.