In partnership with

Hello! It’s May 30, and we’re tracking today’s top stories: Hunter Biden's 'sugar brother' keeps the first son afloat amid multiple scandals, South Africa's central bank flags risks of capital outflows and sanctions, how sanctions have changed the face of Chinese companies in Russia, toddler in North Korea sentenced to life in prison, and much more…

Tell a friend... join Illicit Edge for free!

Featured Story

🎯Hunter Biden's 'sugar brother' keeps the first son afloat amid multiple scandals. As Hunter Biden claims he's facing financial trouble amid a federal investigation into his finances and overseas business dealings, the first son has been turning to a Hollywood mega-lawyer for money and strategic advice. [more]

Top Stories

🔸South Africa's central bank flags risks of capital outflows and sanctions. In February, the country was also put on a "grey list" by the Financial Action Task Force (FATF) to force it to implement standards to prevent money laundering and terrorism financing. [more]

🔸How Sanctions Have Changed the Face of Chinese Companies in Russia. While some high-profile Chinese businesses that are facing sanctions pressure have limited their exposure to Russia, most Chinese companies that were already working in Russia have remained silent about the war, and some have even increased their presence. [more]

🔸Toddler in North Korea ‘sentenced to life in prison after parents caught with Bible’. Human rights groups say the historical case is just one example of the persecution faced by tens of thousands of Christians in the country. [more]

🔸China’s war chest: Beijing seeks to remedy its vulnerability to food and energy embargoes. A dependence on food and energy imports could be China’s biggest weakness in a potential future conflict with Taiwan. [more]

🔸The Mystery of the Disappearing van Gogh. The sale, according to Chinese media, became a national “sensation.” It was a sign — after the acquisition of a Picasso by a Chinese real estate tycoon the year before — that the country was becoming a force in the global art market. [more]

🔸Seize, Not Just Freeze, Russian Assets? Why That’s Hard. A few weeks after Russia invaded Ukraine in February 2022, then-UK Transport Minister Grant Shapps used TikTok to show off a 192-foot blue superyacht owned by a wealthy Russian businessman that the British government had just impounded. [more]

🔸Hacker Who Robbed Crypto Laundering Service Tornado Cash Uses It to Mask Loot. About a week ago, the attacker exploited a vulnerability to gain control of Tornado Cash’s governance, which normally rests with a crypto community. [more]

🔸A Hiring Law Blazes a Path for A.I. Regulation. The city government passed a law in 2021 and adopted specific rules last month for one high-stakes application of the technology: hiring and promotion decisions. Enforcement begins in July. [more]

🔸Top DHS official on how his background informs his mission: Dismantling drug cartels. Deputy Homeland Security Secretary John Tien, a 24-year Army vet, now finds himself with a new challenge: defeating, disrupting and dismantling Mexican drug cartels. [more]

🔸Maduro and Lula hit out at US sanctions on Venezuela. Venezuelan President Nicolas Maduro and Brazilian leader Luis Inacio Lula de Silva assailed U.S. sanctions against Venezuela and Maduro said he hopes a regional South American summit in Brasilia will call for their removal. [more]

🔸A popular Android app began secretly spying on its users months after it was listed on Google Play. Remote access trojans (or RATs) take advantage of broad access to a victim’s device and can often include remote control, but also function similarly to spyware and stalkerware. [more]

StoneTurn assists companies, their counsel and government agencies on regulatory, risk and compliance issues, investigations, and business disputes. We serve our clients from 15 global offices across five continents. Learn more.

IN THE NEWS

Russia

🔸Antwerp, Europe’s diamond capital, alarmed by possible sanctions on Russian gems. The Belgian city has been the world leader of the trade for more than 500 years, but it is concerned that restrictions may push the business towards other hubs. [more]

🔸Russia scraps plans for a national cryptocurrency exchange. According to Bank of Russia deputy governor Alexey Guznov, it’s too early to talk about cryptocurrency exchanges in Russia in the classical sense of the word. [more]

🔸Putin Signs Law Allowing Elections In Russian-Occupied Ukrainian Regions. The bill also allows the possibility of "forced and controlled movement of citizens from the territory where martial law is imposed to territories where martial law is not imposed." [more]

🔸Saudi diesel imports from Russia, exports to Singapore hit records. Global diesel supplies have increased since the start of 2023, with China and the Middle East ramping up exports and as mild winter in Europe capped demand. [more]

China

🔸A Chinese Alternative to Bloomberg Terminals Quietly Limits Information Overseas. After recent changes to China’s anti-espionage law – which followed a data-security law passed last year that gave the government more oversight of cross-border data transfers – many foreign firms were unable to renew their Wind subscriptions. [more]

🔸Saudi Investment Enclaves Take Shape With Top Steelmaker’s Entry. In the case of China’s Baosteel, the Saudi venture marks its first full-process production base overseas. To set up local operations, it’s joining forces with Saudi Aramco and the kingdom’s sovereign wealth fund. [more]

🔸Chinese apps remain hugely popular in the U.S. despite efforts to ban TikTok. U.S. intelligence officials and lawmakers fear that the Chinese government could effectively access any information that China-based app companies have collected from American users, from email addresses to user interests to driver’s licenses. [more]

Latin America

🔸Human smugglers busted as illegal immigrants attempt to board private plane in Texas. The average illegal migrant pays anywhere from $2,000 to $3,000 to be led over the border by so-called “coyotes” – on the low end. That fee is for a no-frills service that often involves cramped and dangerous moving vans or 18-wheelers to get them to their final destination. [more]

🔸Inmates in El Salvador tortured and strangled: A report denounces hellish conditions in Bukele’s prisons. Cristosal, the primary human rights organization in the Central American country, describes a regime of terror through interviews of hundreds of people who were mistakenly arrested or freed after being declared innocent. [more]

🔸Mexico accused of financing Cuban regime by sponsoring 'slave' medical missions. According to an investigation by Prisoners Defenders, some of those who call themselves "Cuban doctors" are members of the Cuban military and intelligence service. [more]

🔸El Salvador court sentences ex-President Funes to 14 years in prison. Prosecutors had accused Funes of illicit association and failure to perform his duties for the gang truce negotiated in 2012. [more]

Recent headlines have reinvigorated the conversation on Insider Risks. The recent slowing of the US economy and volatility in the digital asset market have surfaced some less talked about aspects of insider risk that companies should consider. Learn more.

“Everyone has a plan ’till they get punched in the mouth.” --Mike Tyson

📩

Share Illicit Edge with friends!

They can subscribe here for free and never miss a story.