According to a recent article, DPRK is increasingly using cryptocurrencies to evade sanctions and gain access to foreign currency, specifically US dollars. Previous reports have indicated that North Korea has stolen cryptocurrency as part of its efforts to evade international sanctions. Lourdes Miranda and Ross Delston have stated that North Korea is creating its own […]

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 […]

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 […]

On 16 May 2018, Turkey’s state-controlled bank Halkbank’s deputy general manager (Mehmet Hakan Atilla) was sentenced following a January 2018 conviction for helping Iran evade US sanctions. He helped Iran spend oil money abroad using fake gold and food transactions as cover. The central figure in the scheme was a Turkish-Iranian gold trader  (Reza Zarrab) […]

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 […]

The U.S. Treasury Department may start adding cryptocurrency addresses to its sanctions list if those addresses can be tied to a listed entity. While the addresses aren’t used more than once (as new addresses are generated each time a user requests money), compliance officers may still find the information helpful. Fundamentally, Treasury is signalling that […]

The President of World Chess was accused of involvement in oil deals with traces to the Islamic State. While little information is available about the activities of Kirsan Ilyumzhinov, he was once part of President Putin’s inner circle, and has been on a US wanted list since November 2015. Reports indicate that he may have […]