- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-01-23T20:08:00
The Department of Justice’s (DOJ) announcement of charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provides insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
Richard Masters, of the United Kingdom, and Vladislav Osipov, of Russia, tried to hide the true ownership of the Tango, a 255-foot luxury yacht owned by Russian oligarch Viktor Vekselberg, the DOJ said in a press release Friday. Vekselberg was sanctioned by the United States in April 2018.
The efforts of Masters and Osipov allowed the Tango to be outfitted with equipment purchased from U.S. companies through the U.S. financial system, the DOJ alleged in its indictments, each filed in U.S. District Court for the District of Columbia.
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The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.
New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.
The Office of Foreign Assets Control unveiled a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
