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☆ Crypto Exchange Kraken Names New Compliance Chief After Months of Searching
▼ + stars: | 2023-01-24 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Cryptocurrency exchange Kraken said it named CJ Rinaldi as its new chief compliance officer, hiring him from rival Blockchain.com, as it continues to revamp its compliance program after a sanctions violation settlement amid increasing regulatory scrutiny of the crypto sector. Mr. Rinaldi most recently served as Blockchain.com’s chief compliance officer for about a year, where he implemented global compliance frameworks and mitigated compliance risks. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. As part of the agreement, Kraken will invest $100,000 in its sanctions compliance controls, which include training and technical measures. Kraken also hired a new chief financial officer and new chief marketing officer last year.

☆ North Korea-linked hackers behind $100 million crypto heist, FBI says
▼ + stars: | 2023-01-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The FBI claims North Korea-linked hackers were behind a $100 million crypto heist on the so-called Horizon bridge last year. North Korean-linked actors were behind the theft of $100 million through the hack of a crypto product last year, the Federal Bureau of Investigation said. The FBI also said that the North Korean cyber actors this month used the Railgun system to launder over $60 million worth of the token ether stolen during the June 2022 heist. A portion of the stolen ether was sent to several virtual asset service providers and converted to bitcoin, the FBI said. Last year, the U.S. Treasury Department blamed Lazarus for a $600 million heist on Ronin Network, a so-called "sidechain" for popular crypto game Axie Infinity.

PDVSA has found reserves of 4.2 trillion cubic feet (TCF) in the Dragon field, on the Venezuelan side of its maritime border with Trinidad. Even with Washington's granting of Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe, experts say. In addition, with no payments authorized to Venezuela, it could be difficult for Trinidad to craft a deal with Caracas. "At the request of the Government of Trinidad and Tobago, the United States Department of the Treasury issued a specific license to enable Trinidad and Tobago to develop the Dragon gas field," the senior administration official said. The Chevron license is meant to reopen some oil flows that were shut by U.S. sanctions nearly four years ago.

☆ New York’s financial regulator takes aim at firms co-mingling crypto funds
▼ + stars: | 2023-01-23 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Concerns about the crossover between the two firms helped fuel a flurry of customer withdrawals in November, forcing the exchange to file for bankruptcy. New York requires firms to undergo examinations making sure they are in-line with state requirements and comply with know-your-customer, anti-money laundering and capital requirements. Most other states do not subject crypto firms to examinations. Crypto firms' compliance with anti-money laundering rules has also been "a big issue," she said, one she expects her office will continue focusing on in 2023. Earlier in the month, NYDFS announced a $100 million settlement with Coinbase Inc (COIN.O) over the firm's compliance with rules to prevent money laundering.

REUTERS/Lisi Niesner/File PhotoWASHINGTON/BRUSSELS, Jan 23 (Reuters) - The West on Monday stepped up pressure on Iran over its crackdown on protests as the United States, European Union and United Kingdom imposed fresh sanctions on Tehran. 'BRUTAL REPRESSION'The European Union imposed sanctions on more than 30 Iranian officials and organizations, including units of the Revolutionary Guards, blaming them for a "brutal" crackdown on protesters and other human rights abuses. Those sanctions targeted units and senior officials of the IRGC across Iran, including in Sunni-populated areas where the state crackdown has been intense, a list published in the EU's Official Journal showed. Britain also imposed sanctions on more Iranian individuals and entities on Monday over the country's "brutal repression" of its people. Britain has now imposed 50 new sanctions against Iran since Amini's death, the foreign office said.

REUTERS/Igor Russak/File PhotoWASHINGTON, Jan 20 (Reuters) - The United States will impose additional sanctions next week against Russian private military company the Wagner Group, which U.S. officials say has been helping Russia's military in the Ukraine war, the White House said on Friday. White House national security spokesperson John Kirby said the U.S. Treasury Department will designate Wagner as a significant Transnational Criminal Organization. Wagner owner Yevgeny Prigozhin last month denied taking delivery of arms from North Korea and characterized the report as "gossip and speculation." Kirby said Russian President Vladimir Putin has been increasingly turning to Wagner for military support, causing some tensions in Moscow. "Wagner is becoming a rival power center to the Russian military and other Russian ministries."

☆ U.S. charges two men with facilitating sanctions evasion of Russian oligarch's yacht
▼ + stars: | 2023-01-20 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

[1/2] The yacht called "Tango" owned by Russian billionaire Viktor Vekselberg, who was sanctioned by the U.S. on March 11, is seen at Palma de Mallorca Yacht Club in the Spanish island of Mallorca, Spain March 15, 2022. REUTERS/Juan MedinaWASHINGTON, Jan 20 (Reuters) - The U.S. government said on Friday it charged two businessmen, one Russian and one British, with allegedly facilitating a sanctions evasion and money laundering scheme in relation to a $90 million yacht of billionaire Russian oligarch Viktor Vekselberg. Washington imposed sanctions on Vekselberg in 2018 over alleged Russian interference in the 2016 U.S. election, and in 2022 over his ties to Russian President Vladimir Putin after Russia's invasion of Ukraine. Osipov, an employee of Vekselberg, designed a complicated ownership structure of shell companies to hide Vekselberg’s ownership of the yacht, the Justice Department alleged. Vekselberg owned the Renova group of companies, which operate in Russia's energy sector, according to the U.S. Treasury Department, which enforces sanctions.

☆ Unions press Biden administration to not change EV tax credit rules
▼ + stars: | 2023-01-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 20 (Reuters) - Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. Foreign governments have been pressing the Biden administration to do more to expand credit eligibility. The letter rejected the suggestion from foreign governments that the EV tax incentives violate World Trade Organization and free trade rules. The EU in December praised the U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits. South Korea, Europe and some automakers in December had sought approval from Treasury to use the commercial electric vehicle tax credit to boost consumer EV access.

☆ Yellen says Treasury is taking extraordinary measures to avoid default as U.S. hits debt limit
▼ + stars: | 2023-01-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. The Treasury Department started taking so-called extraordinary measures to keep paying the federal government's bills as the U.S. hit its debt limit Thursday, Treasury Secretary Janet Yellen said. The Treasury secretary told lawmakers Friday that she believes the extraordinary steps could allow the government to pay its obligations until early June. The Treasury secretary warned last week that the U.S. government would hit the statutory debt ceiling on Thursday, after which extraordinary measures would be taken to keep the government from defaulting on its debt obligations. The U.S. government has not defaulted on its debt, but the debt ceiling has been raised 22 times from 1997 to 2022, according to the Government Accountability Office.

☆ U.S. Treasury launches debt limit cash management measures
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 19 (Reuters) - The U.S. Treasury Department on Thursday began using extraordinary cash management measures to continue borrowing under the federal debt limit, Treasury Secretary Janet Yellen told congressional leaders. She said she took similar measures for the Postal Service Retiree Health Benefits Fund. "As I stated in my January 13 letter, the period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. Government months into the future. I respectfully urge Congress to act promptly to protect the full faith and credit of the United States." Reporting by David Lawder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing $700 million in illicit funds. It also broke rules requiring significant vetting of customers and failed to meet requirements aimed at preventing money laundering, authorities said. REUTERS/Dado Ruvic/Illustration 1 2Prosecutors said Bitzlato knowingly serviced U.S. customers and conducted transactions with U.S.-based exchanges using U.S. online infrastructure. "Identifying Bitzlato as a primary money laundering concern effectively renders the exchange an international pariah," Deputy Treasury Secretary Wally Adeyemo said at the news conference. "None of the mainstream financial institutions will deal with an entity identified as a primary money laundering concern," she said.

The U.S. has arrested a Russian national and founder of a cryptocurrency exchange on charges of allegedly laundering more than $700 million, the Department of Justice said Wednesday. Anatoly Legkodymov, the founder of Bitzlato, a Hong Kong-registered cryptocurrency exchange that touted its lax approach to verifying customers’ identity, was arrested in Miami Tuesday night. The Treasury Department also declared Bitzlato a “Primary Money Laundering Concern,” an extreme measure rarely used against financial institutions. “If the U.S. Treasury Department designates a financial institution as a ‘Primary Money Laundering Concern,’ the goal is to isolate them,” Redbord said. “Being cut off from the U.S. financial system, not being able to transact in U.S. dollars, is essentially a death sentence.”

☆ U.S. to announce international cryptocurrency action -statement
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 18 (Reuters) - The U.S. Justice Department will "announce a major, international cryptocurrency enforcement action" on Wednesday, it said in a statement, adding the U.S. Treasury Department will also make an announcement. "The U.S. Department of the Treasury will also announce an action in this space," the statement said. U.S. officials, including Deputy U.S. Attorney General Lisa Monaco and Deputy U.S. Treasury Secretary Wally Adeyemo, will deliver remarks at 12 p.m. (1700 GMT) in Washington, according to the statement. Other officials will include the associate deputy director of the FBI and the U.S. attorney for the Eastern District of New York. Reporting by Daphne Psaledakis and Susan Heavey, editing by Paul Grant and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ The threat of a transatlantic trade war is dominating Davos
▼ + stars: | 2023-01-18 | by ( Silvia Amaro | ) www.cnbc.com time to read: +6 min

Trade tensions between the EU and the US are dominating the talk in Davos. Transatlantic trade tensions are dominating conversations at the World Economic Forum this week. On the one hand, European officials are saying they will come up with more financial support for European firms. On the other hand, the business community is excited about green subsidies stateside and argue the EU needs to match what the U.S. administration is doing. At the same time we have to support our competitiveness," European Commissioner for Economics, Paolo Gentiloni, told CNBC in Davos.

REUTERS/Dado Ruvic/IllustrationWASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing hundreds of million of dollars in illicit funds. The action, done in conjunction with the U.S. Treasury Department's Financial Crimes Enforcement Network and foreign authorities, marked the first major action by the Justice Department's National Cryptocurrency Enforcement Network. Treasury's Financial Crimes Enforcement Network (FinCEN) said it has prohibited certain transmittals of funds involving Bitzlato by any covered financial institution after labeling Bitzlato Ltd a "money laundering concern" related to Russian illicit finance. By midday Wednesday, Bitzlato's website was replaced by a notice saying that the service had been seized by French authorities "as part of a coordinated international law enforcement action." Reporting by Daphne Psaledakis, Raphael Satter, Kanishka Singh, Chris Prentice Writing by Chris Prentice; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ EU announces new green proposals to rival Biden's Inflation Reduction Act
▼ + stars: | 2023-01-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The announcement comes just months after the U.S. launched its own Inflation Reduction Act. "The EU continues to seek similar, non-discriminatory treatment of EU clean vehicle producers under the Clean Vehicle Credits of the Inflation Reduction Act. This scheme remains of concern to the EU, as it contains discriminatory provisions," the European Commission said in a statement in late December. While discussions with the U.S. continue, von der Leyen wants to cut red tape in Europe and step up green investments. But as this will take some time, we will look at a bridging solution to provide fast and targeted support where it is most needed," von der Leyen said in Davos.

☆ Factbox: Europe rushes to stock up on diesel ahead of Russian ban
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

Buyers are rushing to fill European oil storage tanks with Russian diesel, with flows this month on track to hit a one-year high. FEB. 5 EU BANThe European Union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, in a move aimed at depriving Moscow of revenue. The Group of Seven nations (G7), Australia and the 27 European Union countries also implemented on Dec. 5 a price cap on Russian crude. This allowed non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than $60. DIESEL PRICESSince Europe is heavily reliant on Russian diesel imports, the Feb. 5 ban is expected to support profit margins for the fuel, analysts say.

Even as overall crypto transaction volumes fell, the value of crypto transactions related to illicit activity rose for the second year running, Chainalysis said. Transactions associated with sanctioned entities increased more than 100,000-fold in 2022 and made up 44% of last year's illicit activity, Chainalysis said. The volume of stolen crypto funds rose 7% last year, but other illicit crypto transactions including those related to scams, ransomware, terrorism financing and human trafficking, saw volumes fall. "We've found in the past that crypto scams, for instance, take in less revenue during bear markets." Chainalysis said its $20.1 billion estimate only includes activity recorded on blockchain, and excludes "off-chain" crime such as fraudulent accounting by crypto firms.

Companies Chevron Corp FollowHOUSTON, Jan 10 (Reuters) - Chevron Corp's (CVX.N) first cargo of Venezuelan crude under a U.S. license received in November has departed from a ship-to-ship transfer hub near Aruba to its Pascagoula, Mississippi refinery, according to shipping data seen by Reuters on Tuesday. State-run oil company PDVSA allocated Chevron the first crude cargo this month, which was loaded at Venezuela's Jose terminal last week, according to shipping data and documents. Chevron's tanker Caribbean Voyager this week transferred the 500,000-barrel cargo of Hamaca heavy crude it had loaded in Venezuela to Malta-flagged vessel Sealeo at a ship-to-ship hub near the Caribbean island of Aruba, Refinitiv Eikon tanker monitoring data showed. The Sealeo is scheduled to arrive in Chevron's Pascagoula refinery on Jan. 15, according to the Eikon data. A separate Venezuelan crude cargo chartered by Chevron on tanker Kerala was on Tuesday at Maracaibo Lake's navigation channel, where lack of dredging and a stranded vessel are creating limitations for ship transit.

☆ Venezuelan opposition to pay debts to law firms, leader says
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

CARACAS, Jan 9 (Reuters) - The president of Venezuela's opposition national assembly, Dinorah Figuera, said on Monday a new committee meant to manage the country's assets abroad will pay off debts to law firms in the United States. Venezuela owes some $20.7 million to U.S. law firms representing it in fights against creditors. The committee is a key part of recent moves by the opposition legislature, which appointed Figuera and two vice presidents last week after disbanding the interim government of Juan Guaido. The United States has so far protected Venezuela's state-owned oil refiner Citgo Petroleum from creditors, a protection the opposition hopes the United States will extend when it expires this month. In a statement on Monday, the U.S. Treasury Department renewed permission for U.S. citizens to engage in business with the opposition assembly and the boards it appoints.

☆ Venezuela owes over $20 mln to law firms on guarding overseas assets
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] PDVSA's U.S. unit Citgo Petroleum refinery is pictured in Sulphur, Louisiana, U.S., June 12, 2018. Some U.S. courts have granted creditors rights to negotiate the sale of Venezuelan assets abroad in order to collect debts, such as the Citgo refinery, the crown jewel of Venezuela's overseas assets, and a subsidiary of PDVSA. In the document, a report from the interim government's prosecution team, the lawyers say failure to pursue the lawsuits would risk losing the overseas assets. Opposition groups maintain that control of overseas assets is not at risk, despite last month's removal of the interim government, though they have not given details of what will happen with ongoing litigation. Reporting by Vivian Sequera and Mayela Armas; Writing by Sarah Morland Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S., Turkey target financial network linked to Islamic State
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 5 (Reuters) - The U.S. Treasury Department said on Thursday it was taking joint action with Turkey against a network it said played a key role in money management, transfer and distribution for the Islamic State militant group operating in Iraq and Syria. Turkey's foreign affairs ministry said on Twitter the assets of seven individuals or legal persons involved in financing for the group were frozen. The U.S. Treasury Department said four individuals and two entities in Turkey were designated under U.S. sanctions. Islamic State killed and executed thousands of people in the name of its extreme interpretation of Islam before it was territorially defeated in Iraq in 2017 and Syria in 2019. The United States in November blacklisted four individuals and eight companies in South Africa aiding the group and in May imposed sanctions on a network of five Islamic State financial facilitators working across Indonesia, Syria and Turkey.

But a plan to move heavy oil quickly from inventories at the Petroboscan joint venture with state-run company PDVSA is facing delays because of lack of dredging at Maracaibo Lake's navigation channel, the people said. Petroboscan has instructed vessels since to limit their draft after loading at the Bajo Grande oil terminal. That means about 250,000 barrels of Boscan heavy crude can move at a time through the channel linking Bajo Grande to the Caribbean Sea. In a sign that Chevron expects to expand operations quickly, the oil producer has begun advertising for Venezuelan contract administrators and cargo schedulers. The company wants to assemble a trading team to market oil from Venezuela and expand its role in the four projects.

WASHINGTON, Jan 4 (Reuters) - Albert Gore III, a former Tesla public policy employee, has been named executive director of the Zero Emission Transportation Association (ZETA), the Washington-based group said on Wednesday. Congress in 2021 approved $5 billion for EV charging stations and in August passed new electric vehicle tax credits. "Lots of work ahead, starting with implementation of the National Electric Vehicle Infrastructure Program and new industrial policies in the Inflation Reduction Act," said Gore in a LinkedIn post. Gore worked for Tesla for nearly seven years in public policy and business development. The IRA lifts the 200,000-vehicle per manufacturer cap that had made Tesla and General Motors (GM.N) ineligible for EV tax credits.

☆ Chevron to send 500,000-barrel cargo of Venezuelan oil to its Pascagoula refinery
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

HOUSTON, Jan 3 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) plans to export this month its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery following a U.S. license granted last year, according to shipping documents seen by Reuters on Tuesday. The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA's Jose port, comes from the Petropiar oil joint venture operated by both companies. As of Tuesday, the tanker scheduled to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose, Refinitiv Eikon data showed. Chevron declined to comment on Tuesday and PDVSA did not immediately reply to a request for comment. Washington had previously authorized Italy's Eni (ENI.MI) and Spain's Repsol (REP.MC) to recoup pending debts in Venezuela by taking Venezuelan crude for refining in Europe.

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