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The arrested couple allegedly conspired to launder the proceeds of 119,754 bitcoins stolen from the Bitfinex platform and initiated more than 2,000 unauthorized transactions. US Department of Justice seized USD 3.6 bn from the couple, calling this the department's largest financial seizure ever. The couple employed numerous sophisticated laundering techniques, including using fictitious identities to set up online accounts, utilizing computer programs to automate transactions, depositing the stolen funds to accounts in various virtual currency exchanges and darknet markets. Disclaimer: Due to the ongoing status of the investigation and judicial/regulatory proceedings related to this event, based on relevant legal principles, the associated parties, entities, and/or individuals are considered innocent. Therefore, this event has not been included as part of AML Penalties, yet. Subscribe to AML Penalties (www.amlpenalties.com), the most comprehensive money laundering events-based data platform, for updates and insights related to money laundering.
“Global Analysis Of Health Care Waste In The Context Of Covid-19” report by World Health Organization quantifies the additional Covid-19 healthcare waste generated through the UN procurement system. The report shows that the Covid-19 pandemic led to a double burden of an increase in waste plus a reduced capacity of healthcare workers to manage waste because of increased patient loads, Covid-19 work and societal constraints. Preventing and reducing the amount of waste generated, through safe and rational use of PPE, gloves & masks, is one of the most effective ways to manage and reduce human and environmental impacts. The vaccination activities will generate over 144,000 tonnes of additional waste. This week’s OSIN {One Story In Numbers} represents the mask procurement trends by region in 2020 & 2021.
This week's Subject Matter is about the Financial Sanctions Guidance for Charities and NGOs The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, which is the authority for the implementation of financial sanctions in the United Kingdom (UK), had published an updated sanctions guidance for charities and other non-governmental organizations (NGOs) sector in January 2022. The guideline provides clarity on activities permitted under an OFSI license and how to apply for the same. It also promotes various sources of information and advice available to charities and NGOs. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This week we have 12 AML events, involving 20 individuals and 3 entities, resulting in a total of USD 1.9 million penalties with incarcerations of 1,557 months. Notable events of the week include a penalty of USD 0.89 Mn imposed by the Hong Kong Insurance Authority (IA) on Metlife Ltd and Metropolitan Life Insurance Company of Hong Kong Ltd for contravening 7 specified provisions of AMLO. Next is imprisonment of 600 months imposed on Scott A. Wood by the Perry County Common Pleas Court for money laundering and drug trafficking. Finally, a penalty of USD 0.4 Mn and an imprisonment sentence of 97 months was imposed on Jeffrey Allan Kock by the U.S. District Court of Southern District of Iowa for money laundering, mail, and tax fraud. Finally, about regulatory updates, The European Banking Authority has launched its central database for AML/CFT. Also, the US Department of the Treasury had published a study on the facilitation of ML/TF through high-value art market. Click here https://bit.ly/3B1HxKs to read in detail about the week's top AML events, news, and regulatory updates.
https://bit.ly/34G0WEB This week, we begin with an article exploring how the lack of disaggregated financial disclosures from big techs are helping the firms in growing their market dominance. Next is a piece about turning the unstructured or dark data into a valuable asset. Then, we have an article that talks about the problems in open access or open sharing of various data industries like weather data, engines data & emissions data, and the role of ESG requirements in solving the issues. Following that, we have a story examining the different benefits of real-time data in the fashion industry, ranging from transparency to driving accountability. Next is an analysis of the role of data exchange, i.e., sending and receiving data, for B2B firms in fulfilling the requirement of fresh data in businesses. Lastly, we have an essay highlighting the necessity of charting data like datasaurus dozen, a collection of datasets, rather than solely relying on summary statistics.
This week we highlight the case of Kazi Papul, former MP from Bangladesh who was sentenced to prison for human trafficking and money laundering. Click to know more: https://bit.ly/3GsUOwW Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
The metaverse is defined as the convergence of physical, augmented, and virtual reality in a shared online space. In the metaverse, it will be possible to carry out activities as varied as attending virtual concerts, traveling, shopping, going to the movies, trying on clothes, etc. Proposed applications for metaverse technology include improving work productivity, interactive learning environments, e-commerce and real estate. According to Emergen Research, the global metaverse market size was $47.69 Billion in 2020 and is expected to reach $828.95 Billion in 2028, at a revenue CAGR of 43.3% during the forecast period 2021 – 2028. In this week’s Know Your Data {KYD}, we present you with a brief overview of metaverse.
The recent Military Strength Ranking 2022 published by Global Firepower ranks 140 countries based on military manpower. Over 50 individual factors have been utilized to determine a given nation's powerindex score with categories ranging from military might and financials to logistical capability and geography. The US ranks first with a powerindex score of 0.0453 while Bhutan ranks last with a powerindex score of 35.8958. The selected military statistics of Russia & Ukraine showcase the fighting strengths of both nations. This week’s OSIN {One Story In Numbers} represents the comparison between selected military statistics for Russia & Ukraine in 2022.
This week's Subject Matter is about the Corruption Perception Index (CPI) 2021 Transparency International had published Corruption Perception Index (CPI) for 2021 in January 2022. The CPI ranks countries on a scale from 100 (very clean) to 0 (highly corrupt) by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys. The CPI generally defines corruption as an abuse of entrusted power for private gain, considering several factors into account, including nepotism, prosecution of corrupt officials, and bribery. Subscribe to AML Penalties @ www.amlpenalties.com for more insights & updates.
This week we have 10 AML events, involving 6 individuals and 4 entities, resulting in a total of USD 14 Mn penalties with incarcerations of 473 months. Notable events of the week include a penalty of USD 5.1 Mn imposed on Genesis Global Limited by the UK Gambling Commission for social responsibility and AML/CFT compliance failures. Next is a penalty of USD 8.4 Mn and 97 months in prison imposed on Tal Prihar by the US District Court for money laundering. Finally, an imprisonment sentence of 292 months was imposed on Shakale Brantley by the US District Court for drug trafficking and money laundering. Finally, about regulatory updates, The Council of Europe has published a report on how AML/CFT supervisors overcame the challenges posed by the pandemic. Also, the US Department of Treasury had issued a business advisory on heightened risks of doing business with Burma concerning violations of US AML laws and Sanctions. Click here https://bit.ly/32LmMWV to read in detail about the week's top AML events, news, and regulatory updates.
