Category: CFT

Regulatory Watch News

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  Florida Businessman Patrick Walsh and Affiliated Companies Agree to $20M Consent Judgment to Settle False Claims Act Liability Relating to Fraudulent Pandemic Relief Loans

  US Department of Justice

  March 12, 2025

  Patrick Walsh and 10 companies he owned or operated have agreed to enter into a consent judgment totaling $20,074,458.70 to resolve allegations that they violated the False Claims Act by knowingly providing false information in support of Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) loan applications. The 10 companies for which Walsh obtained fraudulent loans include American Blimp Company LLC; Walsh Family Land Corp.; Airsign Inc.; Airsign Airship Group LLC; Airsign Group LLC; Airsign Airships Latin America LLC; Airsign Airships Asia Pacific LLC; Airsign Airships Repair Station LLC; Aero Capital LLC; and Eagle Ridge Management Group LLC doing business as Shiloh Oil Company.

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  Treasury Sanctions Swedish Gang and Leader Serving Iranian Regime

  OFAC

  March 12, 2025

  WASHINGTON — Today, Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Foxtrot Network, a transnational criminal organization (TCO) primarily based in Sweden that has trafficked illicit drugs and that carried out attacks on Israelis and Jews in Europe, along with its fugitive leader Rawa Majid. In January 2024, the Foxtrot Network orchestrated an attack on the Israeli Embassy in Stockholm, Sweden, on behalf of the Government of Iran.

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  $9.6b P&ID Fraud: Kore Holdings Failed to Comply with Money Laundering Act- Witness

  EFCC

  March 12, 2025

  The First Prosecution Witness, PW1 in the ongoing trial of Kore Holdings Limited,  ,  Temitope Erinomo,  on Tuesday, March 11, 2025, told  Justice J. O. Abdulmalik of the Federal High Court Abuja, that the company didn’t report its activities to the appropriate authority  in accordance with the Money Laundering (Prevention and Prohibition) Act, 2022. The Economic and Financial Crimes Commission, EFCC, is prosecuting Kore Holdings Limited on a four -count amended charge alongside Muhammed Kuchazi (now deceased), for failing to comply with the requirements to report its activities to the Federal Ministry of Industry, Trade and Investment and failing to develop programmes to combat money laundering and other illegal acts.