Russia has established an “improvised banking system” in South Ossetia that it uses to circumvent sanctions and support breakaway states within the former republics of Ukraine, Georgia, and Moldova.  South Ossetia has become a focus of illicit financing as Russia uses the region to contravene sanctions imposed by the US and EU against doing business […]

The US designated 4 companies and individuals for assisting Divetechnoservices, a Russian sanctioned entity, to evade sanctions. The companies and individuals provided a number of services to Divetechnoservices. The sanctioned individuals and entities are:   Vela-Marine Ltd. Marina Igorevna Tsareva  Anton Aleksandrovich Nagibin Lacno S.R.O.  Lacno was sanctioned for attempting to facilitate a payment of […]

The US has designated several companies involved in helping North Korea evade sanctions and finance its WMD programs. Dalian Sun Moon Star International Logistics Trading Co. and its Singapore-based affiliate Sinsms Pte. Ltd are the subjects of new sanctions. They are reported to have used falsified shipping documents to facilitate the shopping of  alcohol, tobacco […]

North Korea is believed to have illegally imported coal and iron into South Korea by transhipping it through Russia, according to recent reports. According to South Korea, approximately $6 million worth of coal and pig iron illegally entered their ports last year from North Korea, potentially in violation of UN sanctions. Three local companies were […]

The Russian intelligence officers accused of hacking in the Democratic National Committee and Hillary Clinton’s 2016 presidential campaign used bitcoin to finance their operations. The hackers used more than $95,000 to purchase computer servers, register website domains and pay for other “unspecified hacking activities”.  They used some of their bitcoins to pay for the registration […]

Effectively implementing sanctions against North Korea has been a difficult proposition. Despite sanctions, North Korea continues to raise foreign exchange to pay for imports from China. Part of the reason for this difficulty is that the country’s trade and finance networks operate unofficially, largely outside the detection capabilities of regulators, which in turn is partly due to […]

The relationship between Credit Bank Moscow PJSC and Rosneft has become very close. Last year, Rosneft placed 22 billion rubles (~ $355 million US) in long-term deposits at the bank that do not come due until 2066, shoring up the bank’s capital at a time when it’s stability was in question. Rosneft is now one […]

North Korea has ‘laundered’ its coal through Russian ports, contravening UN sanctions. The DPRK is suspected of having shipped coal to a port in Russia, and departed with, at least in part, Russian coal, in what is described as a sanctions-busting scheme. The scheme appears to also have been facilitated by the use of front […]

In 2013, Danske Bank was made aware of potential money laundering through its branch in Estonia. The whistleblower report suggested that the bank was being used by Putin’s family and a group of accused money launderers to launder funds, and that the Russian Intelligence Service, the FSB, was also using it for the same purpose. […]