GlobalSource LLC

GlobalSource attended the 10th International Compliance Forum that took place at the Hilton, Nicosia. Discussing relevant & topical matters such as privacy, transparency, financial crime, sanctions, and the use of AI & technology, the speakers touched upon the various angles of compliance and companies obligation to stay informed and on top of the changing landscape. Thank you to everyone involved for this wonderful event! #compliance #icf #imh #duediligence #sanctions #assetsearxh #transparency #financialcrime

The Australian Government introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 into parliament. This bill, introduced on September 11, 2024, is potentially a significant step towards strengthening the country's defences against financial crimes. This bill aims to enhance the regulatory framework by expanding coverage to sectors such as the legal, accounting, and real estate sectors, which are often the exploited areas. It also introduces stricter customer due diligence measures, particularly for the gaming and gambling sectors, and modernizes regulations on virtual assets, including stablecoins and NFTs. If passed, many of the proposed changes would commence on March 31st of 2026, with certain changes, such as as pertains to the financial sector, commencing by July 1st of 2026. https://lnkd.in/gcYg53Be #AML #Compliance #FinancialRegulation #VirtualAssets #DueDiligence #AustraliaAML #AustraliaAMLregulation #AMLregulations #CTF #CTFAustralia

On September 12, 2024, the UK Government introduced a regulatory framework establishing the Office of Trade Sanctions Implementation (OTSI), operating under the Department for Business and Trade (DBT). OTSI will oversee the enforcement of certain trade sanctions, including those targeting Russia, through civil monetary penalties and information disclosure requirements. The regulations, effective October 10, 2024, will enable OTSI to impose penalties for sanctions violations and compel information disclosure from companies and individuals. OTSI will focus on enforcing trade sanctions related to restricted goods, technology, and services moving outside the UK. It will work alongside HMRC, which will continue enforcing physical export controls, and the Export Control Joint Unit (ECJU), responsible for export licenses. OTSI will also operate similarly to the Office of Financial Sanctions Implementation (OFSI), imposing penalties of up to GBP 1 million or 50% of the breach's value. https://lnkd.in/dXRr4g3c #OTSI #UKsanctions #UKtradesanctions #tradesanctions #UKregulations

GlobalSource advisory board member, Neritan Sejamini has been quoted in a New York Times article regarding land disputes in #Albania. The family of U.S. presidential candidate #DonaldTrump is facing controversy over a $1 billion investment in Albania. #IvankaTrump is allegedly planning building a luxury hotel and beach villa complex on land belonging to an Albanian family, which was corruptly taken from them after the Communist regime fell in 1991. #GlobalSource board member, Neritan Senjamini, has commented on how laws are often exploited to benefit those who are "politically connected" oftentimes at the "expense of local residents." https://lnkd.in/d56k23ve #landdisputes #Albania #US #landcontroversy

Ruja Ignatova, also known as the "Missing Cryptoqueen," is wanted by the FBI for masterminding a $4.5 billion cryptocurrency fraud scheme known as OneCoin. As a result, she has been subjected to a worldwide asset freeze, preventing her assets from being sold or moved. This freezing order was disclosed at London's High Court and is part of a collective legal action initiated by over 400 OneCoin investors. Ignatova has been missing since she landed in Athens, Greece on a Ryanair flight over six years ago. Media reports have since uncovered her connections to the Bulgarian criminal underworld and a man suspected of being a crime boss who may be linked to her disappearance. U.S. authorities are currently offering a $5 million reward for information leading to her arrest. https://lnkd.in/dFKksfeR #crypto #cryptoinvestigations #assetsearch #cryptoassetsearch #litigationsupport #missingpersoninvestigation

GlobalSource Announces New Board Member- Neritan Sejamini! #GlobalSource #Albania #USA

On July 25, 2024 it was announced that the European Commission adopted its 2023 Annual Report on the protection of the EU’s financial interests (‘PIF’ report) detailing the measures taken at a European and national level to counter fraud affecting the EU budget. The report shows that the overall number of cases of fraud and irregularities detected and reported increased by 8% in 2023. While smuggling remains one of the main modus operandi for fraudulent cases, the most common type of infringement for non-fraudulent cases is incorrect classification/misdescription of goods, according to the report. In monetary terms, textiles and footwear continue to be the most affected goods, in terms of both number of cases and value. China, the United States and Vietnam remain the top three countries of origin of goods affected by irregularities. Despite that, cigarettes and tobacco also place high on the list of affected goods. In 2023, a total of 13 Member States reported 87 cases of smuggled cigarettes involving nearly EUR 13 million of the estimated amount of TOR. The highest number of cases was reported by Lithuania. Compared to 2022, 11 Member States continue to have smuggling cases including Belgium, Bulgaria, Estonia, Greece, Spain, France, Croatia, Latvia, Lithuania, Poland, Romania while some Member States reappear in the statistics including Slovakia, Finland. This might indicate a potential shift of fraud or of cigarette smuggling routes to other Member States, according to the report. #fraud #smugglingeu #euregulations #EUlegislation #EU transparency https://lnkd.in/gFyrR2kU

Recent reports shed light on how tools meant to combat financial crimes are being misused by some regimes to target dissidents and NGOs. Such practices underscore the need for vigilance and reform to ensure that measures intended to fight illicit activities are not weaponized for political suppression. https://lnkd.in/e5xrUReJ #corruption #NGOs #financialcrime #financialcrimeinvestigations

The US Treasury considers dropping restrictions against Israeli mining magnate Dan Gertler, sanctioned over alleged corrupt dealing in the Democratic Republic of Congo, according to reports. The US Treasury would provide Gertler with “special” licences to sell the three royalty streams back to the Congolese government, the proposal reads. Eventually a “general” licence to regain access to the US financial system would also be granted. Whilst still undecided, US officials expect Gertler to receive approximately USD 300 million to cash out his mining positions in the DRC. By removing Gertler from Congo, US officials argue, more opportunities for US-friendly companies to access metals vital to the buildout of clean energy infrastructure such as a copper and cobalt would be created. https://lnkd.in/gABpYtJm #sanctions #ussanctions #israelussanctions #congo #mining #cleanenergy #copper #cobalt #ustreasury #liftingsanctions

In a money laundering risk assessment report, the Singaporean government has stated that Singapore’s banking sector, including wealth management, poses the highest money laundering risk in the city-state. This assessment follows the exposure of a USD 2.24 billion money laundering ring involving foreigners, who laundered money through bank accounts and assets such as real estate, cars, and luxury goods. In response, the government has enhanced its anti-money laundering strategies, including forming an inter-ministerial panel. The report highlights that the primary money laundering threats in Singapore arise from fraud, organized crime, corruption, tax crimes, and trade-based laundering. It also includes new risk sectors like digital payment services and dealers in precious stones and metals, which were not covered in the previous report. These findings will guide ongoing efforts to ensure that Singapore’s anti money laundering regime “keeps pace with the identified risks.” #moneylaundering #singapore #financialfraud #singaporebanking https://lnkd.in/diC9T38V