NEWS: Hong Kong fines EFG Bank HK$16M (€1.9M) for AML failings

Regulatory Watch News

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  Spain – Publication of the 4th Round 2nd Addendum to the 2nd Compliance Report and 5th Round 2nd Compliance Report

  GRECO

  April 16, 2025

  The Council of Europe Group of States against Corruption (GRECO) has published two follow-up reports assessing Spain’s compliance with its recommendations to prevent corruption in respect of top executive functions of the central government, law enforcement agencies, parliamentarians, judges and prosecutors. In a compliance report adopted in December 2023, GRECO concluded that Spain had not yet fully implemented any of the recommendations it issued to the country in 2019 to prevent corruption and promote integrity in top executive functions of the central government and the law enforcement agencies (Policía Nacional and Guardia Civil). Of the outstanding recommendations, it had partly implemented 13 recommendations and had not yet implemented six.

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  Africa’s Asset Recovery Forum Seeks Action against Stolen Assets

  EFCC

  April 16, 2025

  The African Asset Recovery Practitioners Forum, AARP,  has charged African countries to join hands in forging a road map and actionable processes against resource theft and asset recovery on the continent. This charge was given at the ongoing inaugural meeting of the Forum in Nairobi, Kenya with the theme: “Supporting Efforts of African Union Member States to Effectively Implement the Common African Position on Asset Recovery, CAPAR.

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  Panamanian Doctor Pleads Guilty in Criminal Fraud Case Expected to Save U.S. Government $25M

  US Department of Justice

  April 15, 2025

  Based on assistance provided by the United States, Panamanian authorities have obtained a criminal plea from Dr. Rolando Chin, a surgeon residing in Panama, in connection with a widespread fraud scheme perpetrated against the Department of Veterans Affairs (VA) by Dr. Chin and others in Panama. The Department of Justice, the Department of State, and VA initially uncovered rampant fraud perpetrated by various medical doctors and pharmacies in Panama making claims to the VA’s Foreign Medical Program (FMP), which supports vital medical care for U.S. veterans living abroad.