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8/9/23

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Breaking News for Financial Crime Professionals

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Hello! It's August 9, and we’re tracking today’s top stories: Biden to restrict investments in China, Russians tied to Putin sidestep sanctions, secret Trump memo emerges, $550M in bank penalties for using WhatsApp, and much more....

 

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Featured Story

 

🎯 Biden to Restrict Investments in China, Citing National Security Threats. The US plans to limit investments in China, targeting Chinese companies that derive over 50% of their revenue from advanced sectors like quantum computing and artificial intelligence. Bloomberg  

 

Top Stories

 

💥 Russians tied to Putin or military sidestep sanctions and draw protest. Despite heavy sanctions intended to isolate Russia over the war in Ukraine, dozens of Russians connected to President Putin are still welcome in European Union countries. WaPo

 

💥 Secret Memo Laid Out Strategy for Trump to Overturn Biden’s Win. A lawyer linked to President Trump proposed using fake electors to overturn the 2020 election in a previously undisclosed memo, which prosecutors view as key evidence of a criminal conspiracy by the Trump team. NY Times

 

💥 Banks hit with $549 million in fines for using Signal and WhatsApp to evade regulators. The firms admitted that from at least 2019, employees used side channels like WhatsApp to discuss company business, failing to preserve records in violation of federal securities laws. CNN

 

💥 Binance Receives License to Offer Bitcoin, Digital Asset Services in El Salvador. The new licenses allow the exchange to offer custodial services, handle crypto payments, provide digital wallets, and run a digital asset exchange in the country. Decrypt

 

💥 House GOP eyes fall push for Biden impeachment inquiry. Republicans believe not pursuing an impeachment inquiry may suggest that House Republicans have exonerated Biden concerning his son Hunter's business ties. CNN

 

💥 Oil-Rich Ally Tests Its Relationship With the U.S. UAE’s ruler has traveled twice to Russia over the past year to meet with Vladimir Putin, and his country was celebrated as the guest of honor at the Russian leader’s flagship investment forum. NY Times

 

💥 Colombian kingpin called "the most dangerous drug trafficker in the world," gets 45 years in U.S. prison. For years, Otoniel was considered one of the world's deadliest drug lords, leading a cartel and paramilitary group dominating northern Colombia. CBS News

 

💥 China doesn't just want our Silicon Valley secrets. It's coming for our seeds, too. Some link Xi Jinping's focus on food security to his rising aggression towards Taiwan, suggesting that potential conflict in the Strait could disrupt global trade, making grain supplies crucial. Fox News

 

💥 A.I. can identify keystrokes by just the sound of your typing and steal information with 95% accuracy. New research describes "acoustic side channel attacks" where a third party uses a device, like a nearby cellphone or an active microphone on platforms like Zoom, to record typing sounds. Fortune

 

💥 US tech groups back TikTok in challenge to Montana state ban. TikTok filed a suit in May seeking to block the first-of-its-kind U.S. state ban, arguing it violates the First Amendment free speech rights of the company and users. Reuters

 

💥 Meet the Brains Behind the Malware-Friendly AI Chat Service ‘WormGPT’. Large language models from OpenAI, Google, and Microsoft incorporate safety measures to prevent misuse. Conversely, WormGPT advertises itself as an unrestricted LLM designed for cybercrime. Krebs on Security

IN THE NEWS

China

 

🇨🇳 Cross-border debt boom aids China’s efforts to widen renminbi use FT

 

🇨🇳 Chinese hackers targeted at least 17 countries across Asia, Europe and North America The Record

 

🇨🇳 China's Plan to Rule the World's Smart Devices, FCC Urged to Act Newsweek

 

🇨🇳 U.S. commission to investigate China’s remote-sensing technologies Space News

 

🇨🇳 India bars makers of military drones from using Chinese parts Reuters

Russia

 

🇷🇺 UK sanctions tech firms supplying hardware to Putin’s war machine The Telegraph

 

🇷🇺 Russia criticizes 'unacceptable' Western pressure on Iran over nuclear deal Reuters

 

🇷🇺 Ukraine creates database of art linked to sanctions-hit Russians Guardian

Crypto & Cyber

 

🔐 US Fed steps up oversight of banks' involvement with crypto firms Cointelegraph

 

🔐 SBF Will Be Charged With Breaking Campaign-Finance Law After All New York Magazine

 

🔐 Former FTX exec Ryan Salame and US prosecutors are discussing a plea deal Cointelegraph

 

🔐 Crypto heavyweights back new cybersecurity standards Fortune

Corruption & Financial Crime

 

💸 Corruption reigns supreme in Iran – and it’s getting worse Atlantic Council

 

💸 More than 100 arrests in West African internet scam investigation Reuters

 

💸 A Famous Hippie Freetown Is Ganging Up on Drug Criminals WSJ

 

💸 Siemens cooperating with Austrian authorities in corruption probe Reuters

"People who think they know everything are a great annoyance to those of us who do." --Isaac Asimov

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