Featured Middle East

US fully reimposes sanctions on Iran, snapback takes effect

The United States’ sanctions against Iran were fully reimposed on Monday, re-instating its remaining nuclear-related bans that were lifted or waived in connection with the Joint Comprehensive Plan of Action (JCPOA). Treasury’s Office of Foreign Assets Control (OFAC) sanctioned more than 700 individuals, entities, aircraft, and vessels, in a… Read More

Nomura to pay $480m for misleading investors, due diligence issues

Nomura and several of its affiliates have agreed to pay a total of $480 million to settle charges of misleading investors over the sale of residential mortgage-backed securities (“RMBS”) between 2006 and 2007, an issue which resulted in investors suffering ‘significant’ losses and also highlighted the bank’s poor due diligence… Read More

Money laundering: Pilatus Bank could lose EU licence

The European Central Bank (ECB) is reportedly looking to revoke the licence of Pilatus Bank, following the arrest of its chairman over money laundering charges and allegations it processed corrupt payments. Malta’s banking regulator has also previously recommended that the licence be withdrawn. The ECB’s supervisory board has… Read More
12th November 2018
Iranian special courts set up in a drive against economic crime have sentenced two people to death, state media said on Sunday, as the country faces renewed U.S. sanctions and a public outcry against profiteering and corruption. The fast-track Islamic revolutionary courts were set up in August after Supreme Leader… Read More
7th November 2018
The Financial Markets Supervisory Authority (Finma) has urged firms to update their policies in line with new information issued by global anti-money laundering body the Financial Action Task Force (FATF). New documents published include FATF’s Public Statement urging members to apply a number of counter measures to countries with ‘serious… Read More
7th November 2018
The son and brother of Israeli billionaire diamond magnate Lev Leviev are among suspects arrested in Israel in connection with a diamond smuggling scheme, according to court documents released on Tuesday. The case focuses on Leviev’s company, LLD Diamonds, a leading global manufacturer and marketer of polished diamonds, Police have… Read More
6th November 2018
The United States’ sanctions against Iran were fully reimposed on Monday, re-instating its remaining nuclear-related bans that were lifted or waived in connection with the Joint Comprehensive Plan of Action (JCPOA). Treasury’s Office of Foreign Assets Control (OFAC) sanctioned more than 700 individuals, entities, aircraft, and vessels, in a… Read More
2nd November 2018
AP — The Trump administration on Friday announced the reimposition of all U.S. sanctions on Iran that had been lifted under the 2015 nuclear deal. The sanctions will take effect Monday and cover Iran’s shipping, financial and energy sectors. It’s the second batch of penalties that the administration has reimposed… Read More
1st November 2018
AP – Saudi journalist Jamal Khashoggi was strangled as soon as he entered the Saudi Consulate in Istanbul as part of a premeditated killing, and his body was dismembered before it was removed, a top Turkish prosecutor said Wednesday. Chief Istanbul prosecutor Irfan Fidan’s office also… Read More
31st October 2018
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows. The law, which is in line with the requirements and recommendations of the Financial… Read More
30th October 2018
Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran’s oil-dependent economy and… Read More
29th October 2018
AP – A battle is brewing between the Trump administration and some of the president’s biggest supporters in Congress who are concerned that sanctions to be re-imposed on Iran early next month won’t be tough enough. As President Donald Trump prepares to re-impose a second batch… Read More
24th October 2018
Nomura and several of its affiliates have agreed to pay a total of $480 million to settle charges of misleading investors over the sale of residential mortgage-backed securities (“RMBS”) between 2006 and 2007, an issue which resulted in investors suffering ‘significant’ losses and also highlighted the bank’s poor due diligence… Read More
Must Read

Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

Danske money laundering scandal is ‘tip of iceberg’, whistleblower’s lawyer says

Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More