--- title: FinCEN Circus, Russia Tech Sanctions, and Venture Capital Treason --- Plus: Major Chinese Bank Halts All Settlements With Russia in Panic Over Secondary Sanctions... | View in browser 2/8/24 In partnership with Greetings!  It's February 8, and we're tracking today's top stories: Small businesses must report beneficial ownership but don't know what it is, EU sanctions set to target Russian arms, top U.S. venture capitalists invest billions in Chinese tech - risking national security, major Chinese bank halts all settlements with Russia, and much more... 🚀 Illicit Edge is Breaking News for Financial Crime Professionals. Share the knowledge!  Your friends can sign up here, for free. 🚀 Featured Story   🎯 Small Businesses Must Now Report Ownership Information to the Government. But Many Don’t Know About it. The CTA creates a beneficial ownership database and reporting requirements for companies to file ownership information to FinCEN. WSJ    Top Stories   🌎 EU Sanctions Set to Target Russian Military and Tech Firms. The EU has proposed sanctioning about 55 companies and more than 60 individuals as part of a new package of measures to mark two years since Russia invaded Ukraine. Bloomberg   🚩 2023 Year-End Sanctions and Export Controls Update Gibson Dunn   🌎 Top US venture capitalists invest billions in Chinese tech – at the expense of American national security. 46 of the top 100 venture capital investors on Forbes’ 2023 Midas List have directly identifiable connections to China, helping Beijing beat Silicon Valley. NYP   🌎 Major Chinese Bank Halts All Settlements With Russia. The main Chinese bank used by Russian importers has stopped operations in Russia, showing how much firms in China fear breaking sanctions. Newsweek   🌎 U.S. Treasury says criminals and scammers are increasingly turning toward crypto. The department detailed how bad actors launder funds to conduct fraud, drug trafficking, human smuggling and corruption through the continued use of cash and increasingly crypto. Block   🌎 Kansas Banker Charged With Embezzling $47 Million to Buy Crypto. Hanes, who previously held leadership roles at the Kansas Bankers Association, was a champion of community banks. Bloomberg   🌎 Brazil police target Bolsonaro allies in probe of coup attempt. The operation reflects a tightening net around Bolsonaro, his family and some of his most powerful allies for actions before and after his unsuccessful reelection effort. Reuters   🌎 U.S. Treasury rolls out residential real estate transparency rules to combat money laundering. The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. AP   🌎 UN experts investigate 58 cyberattacks worth $3B by North Korea. UN sanctions monitors are investigating dozens of suspected cyberattacks by North Korea that raked in $3B to help it further develop its nuclear weapons program. Reuters   🌎 Pig-butchering scam kits are for sale in underground markets. Cybercriminals are selling the latest evolution of pig-butchering schemes in ready-to-go kits on the dark web, lowering the barrier to entry for scammers around the world. Bloomberg   🌎 The unprecedented situation at the US-Mexico border – visualized. With many voters now saying immigration is a top priority, what exactly is happening at the US border to make so many people concerned? Guardian   💥 White House Plan To Reduce ICE Deportations Sparks Fury Newsweek   🌎 U.S. Imposes Sanctions On Ecuador's Los Choneros Gang. Once considered a bastion of peace in Latin America, Ecuador has been plunged into crisis by the rapid spread of transnational cartels. AFP IN THE NEWS Russia   🇷🇺 Russia's Economy Grew in 2023, Despite War and Sanctions VOA   🇷🇺 Russian Intelligence Is Pushing False Claims of U.S. Biological Testing in Africa WSJ   🇷🇺 EU slams governments for banned goods reaching Russia Politico   🇷🇺 Russian Bank Account May Offer Clues to a North Korean Arms Deal NYT   More news... China   🇨🇳 Californian accused of stealing secret U.S.-made missile tech to assist China Axios   🇨🇳 One year on, a star Chinese dealmaker's absence casts pall over his bank Reuters   🇨🇳 Who Is China’s New Securities Regulator, the ‘Broker Butcher’ Bloomberg   🇨🇳 China could use anti-fraud app to monitor Tibetans BBC Crypto & Cyber   🔐 Chinese Hackers Operate Undetected in U.S. Critical Infrastructure for Half a Decade Hacker News   🔐 Iran accelerates cyber ops against Israel from chaotic start Microsoft   🔐 Chinese Bitcoin Miners Find a New Crypto Haven in Ethiopia Bloomberg   🔐 Do Kwon Wins Second Chance to Appeal Extradition From Montenegro CoinDesk Corruption & Financial Crime   💸 Inside the Biden administration’s indifference towards rescuing Americans from Afghanistan Spectator   💸 How the Rockefellers and Billionaire Donors Pressured Biden on LNG Exports WSJ   💸 Trump Media SPAC insider trading defendant hit with new money laundering count CNBC   💸 Britain needs superwatchdog to monitor regulators Reuters   More news... Trafficking   🚚 Somali pirates are back on the attack at a level not seen in years, adding to global shipping threats CNBC   🚚 As drug kingpins shift to stealing EU cash, Europe’s top prosecutor wants to fight back Politico   🚚 Honduras ex-police chief pleads guilty to US drug charge before ex-president's trial Reuters "A shocking crime was committed on the unscrupulous initiative of few individuals, with the blessing of more, and amid the passive acquiescence of all." --Tacitus 📩 Share Illicit Edge with friends! They can subscribe here for free and never miss a story. The Illicit Edge, P.O. Box 20559, New York, NY 10025 Manage preferences | | --- |