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title: U.S. Hits ICBC, Massive Iraq Fraud, and Russian Export Scheme
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Plus: Trump Targets CBDC for Instant Kill Upon Re-Election...

| View in browser 1/19/24 Breaking News for Financial Crime Professionals Happy Friday!  It's January 19, and we’re tracking top stories to take you into the weekend: Fed/NYDFS hit ICBC with $32M AML fine, Iraq discloses $800M fraud tied to Islamic State victims fund, businessman arrested for Russia export violations, Trump vows to kill CBDC if re-elected, and much more...    🔥 Thousands of financial crime fighters around the world subscribe to Illicit Edge.  Your colleagues can sign up, too - for free! 🔥  Featured Story   🎯 ICBC to pay $32M to U.S. regulators over AML lapses. A Fed - NYDFS joint action came after the bank disclosed information to a third party without regulatory approval. Reuters    Top Stories   🌎 Iraq finds nearly $800M fraud in funds for Islamic State victims. A three-month investigation led to the arrest of more than 30 suspects including senior state employees. Reuters   🌎 Businessman Arrested for Scheme to Illegally Export Semiconductors to Russia. Defendant Used Network of Businesses in China to Transfer Hundreds of Thousands of Semiconductors to Sanctioned Entities. DOJ   🔥 Hot Event: How Russian Banks Use Cash-for-Gold Schemes to Evade Sanctions. Register Here! Sayari   🌎 Trump Vows to 'Never Allow' U.S. CBDC if Reelected. The former President's stand against CBDCs forms part of a shift away from crypto skepticism as he attempts to woo the pro-crypto constituency. Decrypt   🌎 ‘Stablecoins’ Enabled $40 Billion in Crypto Crime. New report finds stablecoins, tied to the value of the US dollar, were used in the vast majority of crypto-based scams and sanctions evasion in 2023. Wired   🌎 Singapore Seizures Rise to $2.2B in Laundering Case. The developments have sent shockwaves through the orderly nation, prompting a review of the policies that may have been exploited. Bloomberg   🎙️ POD: An Interview with Jim Lee AML Conversations   🌎 DEA seized record 386M deadly fentanyl doses in 2023 – enough to kill every American. Nearly 10% of the captured drugs were seized in New York and came in the form of pills marketed as another drug. NYP   🌎 ABB's China operations under investigation by U.S. Congress. Swiss engineering group ABB's operations in China are being scrutinized by two U.S. Congress committees investigating Chinese security threats. Reuters   🌎 U.S. sanctions UAE shipping company for violating Russia oil price cap. Hennesea bought up older tankers known for shipping Russia crude which have repeatedly made port calls in Russia. UPI   🌎 Inside Biden’s secret surveillance court. In a deal to let companies keep trading transatlantic data, the White House built an opaque new forum that could affect national security and privacy rights. Politico   🌎 Virginia Man Sentenced To 24 Months For Exports To Iran. “Mr. Hajavi illegally shipped industrial equipment to the Iranian regime, smuggled restricted goods through the UAE to Iran, and caused a shipping company to submit false information to the US government.” Iran Int’l IN THE NEWS Russia   🇷🇺 Putin Orders Hunt for Property of Russian Empire, Soviet Union Bloomberg   🇷🇺 How the West might use Russia's frozen reserves Reuters   🇷🇺 U.S. Treasury meets with banks in Hong Kong on Russia sanctions Nikkei   🇷🇺 Google says Russian espionage crew behind new malware campaign TechCrunch   MORE TOP STORIES... China   🇨🇳 The True Cost of Chinese Solar Panels Time   📘 Hearing: National Security Challenges – Outpacing China in Emerging Technology U.S. Senate   🇨🇳 China Is Buying Up U.S. Farmland, But Just How Much Isn’t Clear Bloomberg   🇨🇳 The Russia risk around Chinese banks is rising FT Corruption & Financial Crime   💸 No Labels alleges criminal conspiracy against 2024 presidential effort Axios   💸 Spanish Police Bust Fake ‘Shaman’ Network Active in 11 Countries OCCRP   💸 Why Is There So Much Fraud in Academia? Freakonomics   💸 Malaysia’s anti-corruption agency orders ex-PM Mahathir’s son to declare assets SCMP   MORE TOP STORIES... Crypto & Cyber   🔐 Hackers Stole $7.5M in Federal Money Partly Meant for Poor Communities Messenger   🔐 Binance heads to court, seeking dismissal of SEC fraud lawsuit Reuters   🔐 Think Deepfakes Are Bad? ‘Cheapfakes’ Are Far More Dangerous Daily Beast   🔐 Vans, Supreme owner VF Corp says hackers stole 35M customers’ personal data TechCrunch Trafficking   🚚 Leaked Footage Shows a Greek Crime Boss Executed in a Hail of Bullets VICE   🚚 Stolen Picasso, Chagall Paintings Found in Antwerp Basement After 14 Years Art News   🚚 Gold miners bring fresh wave of suffering to Brazil's Yanomami Reuters   🚚 How smuggling gangs use drones to deliver drugs across the border Fox   MORE TOP STORIES... "Those who can make you believe absurdities can make you commit atrocities." --Voltaire 📩 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 |
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