Posted Friday December 4, 2015

Islamic State funding questions get political, former Argentinian President sentenced over embezzlement, and more

  • New York Governor Andrew Cuomo has proposed new tougher banking regulations to combat money laundering and terrorist financing. The regulations would see Chief Compliance Officers in New York State-licensed banks face criminal charges for filing incorrect certifications.

  • Former Argentinian president Carlos Menem has been sentenced to a jail term of four and a half years for embezzlement during his administration in the 1990s. Former Economy Minister Domingo Cavallo was also sentenced.

  • Sheldon Silver, former Speaker of the New York Assembly has been found guilty on federal corruption charges. The trial found that Silver had made almost USD4m in return for offering political support to real estate developers and a medical research clinic.

  • Construction company Sweett Group may become the first firm in the UK to be prosecuted for failure to prevent bribery. The company has admitted involvement in bribery related to contracts in the UAE.

And finally, in the week that the Parliament of the United Kingdom voted to begin airstrikes against Islamic State/Daesh targets in Syria, regional actors are looking for ways to stem the flow of funding to the terrorist group. The US recognised a ‘shared objective’ in their evaluation of a draft UN resolution circulated by Russian officials seeking stronger measures in tackling trade in crude oil and antiquities that support the group. Russia and Turkey have also come into conflict over terrorist funding, with accusations by Moscow that Turkey had shot down a Russian jet in order to protect oil supply lines between Turkey and IS-held oilfields. Turkish president Erdoğan hit back with claims that Russia was involved in illegal oil trade with the group.

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