Tag: Financial crime

Regulatory Watch News

• 

  FinCEN Issues Advisory on the Financing of ISIS

  FinCEN

  April 1, 2025

  WASHINGTON — Today, the U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in identifying and reporting suspicious activity related to the financing of the Islamic State of Iraq and Syria (ISIS). The Advisory highlights how ISIS and its global affiliates fund themselves and receive financial support from sympathizers internationally and describes several typologies ISIS uses to transfer money between its affiliates. The Advisory also provides red flags that may assist financial institutions in identifying related suspicious activity.

• 

  The Departments of Treasury and Justice Take Action Against Iranian Weapons Procurement Network

  OFAC

  April 1, 2025

  WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the U.S. Department of Justice, is targeting a network of six entities and two individuals based in Iran, the United Arab Emirates (UAE), and the People’s Republic of China (PRC) responsible for the procurement of unmanned aerial vehicle (UAV) components on behalf of Iran-based Qods Aviation Industries (QAI)—a leading manufacturer for Iran’s UAV program.  This network has also facilitated procurement for other entities in Iran's military-industrial complex, to include Iran Aircraft Manufacturing Industrial Company (HESA) and Shahid Bakeri Industrial Group (SBIG).  Today’s action marks the second round of sanctions targeting Iranian weapons proliferators since the President issued National Security Presidential Memorandum 2 on February 4, 2025, ordering a campaign of maximum pressure on Iran.

• 

  Investigation Goliath: Ringleaders of international crime group convicted of multi-million VAT fraud

  European Public Prosecutor's Office

  April 1, 2025

  (Luxembourg, 1 April 2025) – Two ringleaders of an international criminal group were convicted on Friday, 28 March 2025, at the Regional Court of Dusseldorf (Germany) for a multi-million VAT fraud, following an investigation by the European Public Prosecutor’s Office (EPPO) in Hamburg, code-named Goliath. They were convicted of criminal association and VAT fraud on a large scale, by means of a VAT carousel fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax. The Court established that the damage caused by the illegal activities of the defendants amounted to approximately €26 million.