Category: AML

Regulatory Watch News

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  Adamawa Courts Jail Twelve Internet Fraudsters

  EFCC

  November 25, 2024

  Justices  Kayanson Samuel Lawanson,   Hammed Isha ,  Benjamin Manji Lawal and Mohammed Ibrahim Tola of the Adamawa State High Court, Adamawa State have  convicted and sentenced twelve  internet fraudsters to various jail terms. They were separately  arraigned between November  6 and 7, 2024  on a one count charge of cheating and impersonation by the Gombe Zonal Directorate of the EFCC.

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  Financial sanctions update: Russia

  OFSI

  November 25, 2024

  On 25 November 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act.

  The following entries have been added to the Russia financial sanctions regime and are now subject to an asset freeze and trust services sanctions:

  • ALFASTRAKHOVANIE PLC (Group ID: 16702)
  • VSK (Group ID: 16703)

  OFSI’s consolidated list of asset freeze targets has been updated to reflect these changes.

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  FCA fines Barclays £40 million

  Financial Conduct Authority

  November 25, 2024

  This follows Barclays' decision to withdraw its referral of the FCA's planned action to the Upper Tribunal. The action was based on findings which included that Barclays' conduct in its October 2008 capital raising was reckless and lacked integrity - the FCA's earlier press release is linked in the notes below. The FCA notes Barclays’ statement on this matter. The FCA first issued warning notices against Barclays in 2013. The case was paused pending criminal proceedings brought by the Serious Fraud Office. It was restarted following the dismissal of proceedings against Barclays and the acquittal of the other parties.