ANALYSIS: The UK secrecy loophole that is being exploited by criminals and Putin’s sanctions-busters

Regulatory Watch News

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  Treasury Targets Network Procuring Missile Propellant Ingredients for Iran

  OFAC

  April 29, 2025

  WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating six entities and six individuals based in Iran and the People’s Republic of China (PRC) for their role in a network procuring ballistic missile propellant ingredients on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC).  This network has facilitated the procurement of sodium perchlorate and dioctyl sebacate from the PRC to Iran.  Sodium perchlorate is used to produce ammonium perchlorate, which is controlled by the Missile Technology Control Regime (MTCR), a multilateral political understanding among states that seek to limit the proliferation of missiles and missile technology.  Both ammonium perchlorate and dioctyl sebacate are chemicals usable in solid propellant rocket motors, which are commonly used for ballistic missiles.

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  Former Vice President and Controller of Publicly Traded Consumer Goods Company Sentenced to 13 Months for $1.6M Insider Trading Scheme

  US Department of Justice

  April 29, 2025

  A Florida man was sentenced yesterday in the Southern District of Florida to 13 months’ imprisonment and a $10,000 fine for his role in an insider trading scheme that netted over $1.6 million in profits. He was also ordered to pay over $200,000 in restitution and over $1.6 million in forfeiture. According to court documents, from November 2018 to April 2023, Stephen George, 54, of Parkland, was a member of the Finance Department and held roles including controller and vice president at a consumer-packaged goods company headquartered in Boca Raton, Florida (Company A). The company was the maker of a fitness drink whose securities were publicly traded on the NASDAQ Stock Market. At Company A, George received material non-public information (MNPI) regarding the company’s financial performance.

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  Registration is now open – Training Session on Ongoing Monitoring Obligations for Subject Persons offering Directorship Services

  FIAU

  April 29, 2025

  The Financial Intelligence Analysis Unit (FIAU) would like to inform subject persons that it will be organising a half day (a.m.) training session on Ongoing Monitoring Obligations for Subject Persons offering Directorship Services. This session will be CPE accredited. The purpose of this training session is to give a comprehensive overview of the ongoing monitoring obligations as outlined in the PMLFTR and Implementing Procedures, and to provide insights from supervisory reviews on directorship services, while delving into key lessons derived from past enforcement actions and real-life case studies. A discussion on key indicators and patterns associated with the provision of directorship services will be held. There will also be a presentation covering the sanctions regulatory framework and the legal risks companies face by focusing on the responsibilities of directors and senior management in ensuring compliance with sectoral and targeted sanctions.