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Banks under more scrutiny in new US advisory on Xinjiang

The US government has signalled extra scrutiny banks over supply chains that include forced labour in the Chinese province of Xinjiang. An updated business advisory published by several US government departments on July 13 dedicates much greater attention to the role of banks and other financial institutions compared to the… Read More

FirstEnergy to pay $230M in agreement in Ohio bribery case

AP — The energy giant at the center of a $60 million bribery scheme in Ohio admitted Thursday to using dark money groups to fund the effort, and agreed to pay $230 million and other conditions so prosecutors won’t forge ahead with a criminal case against the… Read More

Italy investigates Blackstone-owned LIA insurer over tax evasion allegations -sources

Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone, due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and the judicial sources confirmed the details of the report. The… Read More
22nd July 2021
In November 2013, Miami-Dade police officers conducted a routine search of a Kendall house and left with a batch of pharmaceuticals. Over the next six years, that seemingly small-time operation would blow up into an elaborate $78 million prescription drug and money-laundering scheme tapping into what U.S. authorities describe as… Read More
22nd July 2021
By David Klein, OCCRP, 22 July 2021 OCCRP — A British national was extradited to the United States on Tuesday and charged for his role in the decades-long smuggling operation of Subhash Kapoor, a New York art dealer who specialized in looted antiquities from Central and… Read More
22nd July 2021
Washington will apply “hard-hitting sanctions” on Cuban officials responsible for cracking down on demonstrations that rattled the communist island earlier this month, a U.S. State Department official said Wednesday. In a series of tweets, Julie Chung, the acting assistant secretary for the U.S. Department of State’s Bureau of Western Hemisphere… Read More
21st July 2021
When Donald Trump campaigned for the presidency in 2016 he famously vowed to “drain the swamp” in Washington — including the machinery that spins around the Capitol each day trying to influence policy making. Turns out the swamp got even murkier. Trump brought a transactional approach to the White House. Read More
21st July 2021
The United States and Germany will take action against Russia if it uses the Nord Stream 2 gas pipeline to harm Ukraine or other Eastern European countries, according to two sources familiar with a bilateral agreement expected on Wednesday. The agreement, hammered out in recent months by senior U.S. and… Read More
21st July 2021
The Biden administration on Tuesday designated former Honduran President Porfirio “Pepe” Lobo Sosa and his wife, former first lady Rosa Elena Bonilla Avila, for their involvement in “significant corruption” while in office, barring them from entry to the United States. Secretary of State Antony Blinken announced the designations in… Read More
20th July 2021
The Biden administration has been debating internally whether and how to impose sanctions on China for its malfeasance in cyberspace, according to people familiar with the matter, as experts question why the White House has not gone further in penalizing China for its alleged hack of Microsoft’s… Read More
20th July 2021
The United States is weighing new sanctions on Iran’s oil sales to China as a way to pressure Tehran to commit to a nuclear deal, sources familiar with the matter told The Wall Street Journal (WSJ) on Monday. US negotiators continue to work with European and international partners in Vienna,… Read More
20th July 2021
The U.S. Treasury Department’s anti-money laundering (AML) unit recently issued the much-anticipated AML priorities Congress demanded in the Anti-Money Laundering Act of 2020, a legislative effort to clarify where financial institutions should focus their efforts to more effectively police transactions for illicit activity. Some experts said the AML and counter-terror… Read More
19th July 2021
U.S. President Joe Biden launched a new initiative last month to focus the government on the fight against corruption, a struggle he called “essential to the preservation of our democracy and our future.” The stakes are indeed high, and Biden was right to commit to working with… Read More