NEWS: German authorities seize 13 crypto ATMs and €250,000 cash in AML raids

Regulatory Watch News

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  Explainer: removing the veil of secrecy and understanding beneficial ownership transparency

  UNODC

  September 12, 2024

  What is beneficial ownership transparency?

  Imagine a marionette puppet show, where the puppets move gracefully on stage, controlled by invisible strings from above. At first glance, it may seem that the marionettes are independent and control their own movements. But in reality, there is a hidden puppeteer who has the true power. In many ways, legal entities (like shell companies with hidden owners) resemble the marionette show. Just like the marionettes on stage, we can see the company and its managers, but the true source of influence – the puppeteers, i.e., the beneficial owners of these entities – are hidden behind the scenes. A beneficial owner is the individual who ultimately owns, profits from or directs a corporate vehicle, like a company. Though they remain out of sight, these beneficial owners control or influence the company’s direction while benefiting from its profits. When such companies thrive, other businesses lose money, governments cannot identify who is bidding for contracts, and the public cannot determine who is funding political parties. Beneficial ownership transparency is like removing the curtain on the marionette show and revealing who is really pulling the strings — the true owner.

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  Improving cyber security together

  National Crime Agency

  September 12, 2024

  Cyber crime is indiscriminate and unpredictable, and poses a substantial threat to the UK’s national security. Its impact is far reaching. It can lead to business closures, inaccessible public services, compromised customer data and substantial financial losses. According to recent reports by Sophos, the cost of recovery to victims of a ransomware attack has increased by 50% over the last year alone, and now stands at a staggering $2.73 million (£2.07 million). It is absolutely crucial that organisations protect themselves from cyber criminals by taking proactive measures before, during and after an attack. To that end, the National Crime Agency (NCA), Information Commissioner’s Office (ICO) and the National Cyber Security Centre (NCSC) have joined forces to arm UK companies with the knowledge and support they require.

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  IRS Information Technology Supervisor Pleads Guilty to Accepting Bribes from Government Subcontractor Whom He Attempted to Extort

  US Department of Justice

  September 11, 2024

  A Maryland man pleaded guilty yesterday to accepting cash bribes in exchange for helping acquaintances and their businesses procure and continue work on subcontracts with the IRS. According to court documents, Satbir Thukral, 62, of Germantown, worked for the IRS as a computer engineer and supervised various information technology contracts. In September 2018, Company 1 began working on a subcontract for the IRS that Thukral supervised. Starting in October 2018, Thukral sought cash payments from Company 1’s owner, Individual 1, constituting a portion of the earnings from Company 1’s work on the IRS subcontract. Between 2018 and 2020, Individual 1 made multiple cash payments to Thukral totaling more than $120,000. In February 2021, when Individual 1 told Thukral that Individual 1 would not pay any more money, Thukral attempted to extort Individual 1 by threatening that Individual 1 would suffer economic consequences if the payments did not continue.