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Regulatory Watch News

  • Treasury Targets International Bank of Yemen for Support to the Houthis

    OFAC

    WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Yemen-based International Bank of Yemen Y.S.C. (IBY) for its financial support to Ansarallah, commonly known as the Houthis, which is part of the Iran threat network.  As part of this designation, OFAC is also sanctioning key leaders or officials of IBY, Kamal Hussain Al Jebry, Ahmed Thabit Noman Al-Absi, and Abdulkader Ali Bazara.  The designation of IBY complements the whole-of-government effort to stop Iran-backed Houthi attacks against commercial shipping in the Red Sea.

  • UK insurer charged with bribery in Ecuador

    Serious Fraud Office

    The Serious Fraud Office (SFO) today accused a UK insurance company of failing to prevent international bribery. Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.

  • Industry warning notice: regulatory returns submissions

    Gambling Commission

    Operators are being warned that they face regulatory action if they fail to complete regulatory returns or submit them on time.

    The warning follows a spate of fines against operators who have failed to submit a regulatory return in the required timeframes for each type of activity for which they hold a licence. Since October more than ten businesses have been fined up to £750 for not correctly completing and submitting regulatory returns within the required timeframe.

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