Episode 238

3rd April – 5th April 2026

Sanctions

US lifts targeted sanctions on Venezuelan acting president and several Russian‑flagged vessels

The United States has lifted sanctions on Venezuela’s acting president, Delcy Rodríguez, following an OFAC update which reflects Washington’s recognition of her interim authority, while separately removing three Russian‑flagged commercial vessels from the Specially Designated Nationals list after a Treasury review. The Venezuela decision comes amid ongoing political transition after the capture of Nicolás Maduro, whereas the delisting of the Russian vessels, which were previously sanctioned for links to restricted financial institutions and activities tied to the war in Ukraine, was described by US officials as a routine enforcement action rather than a shift in broader sanctions policy.

UK Extends General Trade Licence

The UK government has extended the validity of its general trade licence for Russia‑related sectoral software and technology to ensure businesses can continue legitimate, sanctions‑compliant activity without interruption. This follows regulatory changes introduced by a 2025 amendment to the Russia (Sanctions) Regulations. The licence, which was originally set to expire on 17th April 2026, now provides additional time for companies to complete licensing processes while maintaining controls on sanctioned items. The Export Control Joint Unit also directs businesses to its support services for guidance on how these sanctions affect operations in the UK, Russia, or Ukraine.

Market Abuse

SEC files insider‑trading charges against former PetIQ executive and associate

The US Securities and Exchange Commission has charged Michael A. Smith, former President and COO of PetIQ, and his friend Douglas Joshua Dalton, with insider trading ahead of the 2024 announcement that PetIQ would be acquired by private equity firm Bansk Group. According to the complaint, Smith used material non-public information to buy shares through his ex‑wife’s accounts and shared the information with Dalton, who then purchased call options. When the acquisition was announced, PetIQ’s stock price rose 48%, generating more than $200,000 in alleged illicit profits. Smith has already pleaded guilty in a parallel criminal case, while the SEC is seeking injunctions, disgorgement, penalties, and a bar preventing him from serving as an officer or director of a public company.

Other Financial Crime

FRC drops KPMG investigation

The Financial Reporting Council (FRC) has announced the closure of its investigation into KPMG’s 2022 audit of Entain, concluding that no enforcement action was necessary against the accounting firm. The probe, which was launched in early 2025, sought to determine if KPMG had exercised sufficient professional oversight regarding the potential financial liabilities arising from a major bribery scandal at Entain's former Turkish business. This regulatory scrutiny followed Entain's 2023 agreement to pay more than £600 million in penalties as part of a deferred prosecution agreement related to past misconduct in Turkey. After a comprehensive review of the evidence, the FRC cleared KPMG of any wrongdoing, effectively ending the investigation without any fines or sanctions.

Panama Papers at 10: Transparency Group Warns Secrecy System Still Thrives

Transparency International marks the 10th anniversary of the Panama Papers with a stark assessment: despite new ownership‑transparency rules, tighter anti‑money‑laundering frameworks and the shutdown of Mossack Fonseca, the global financial secrecy system exposed in 2016 remains largely intact. The organisation highlights persistent loopholes, weak enforcement, the continued use of anonymous companies, opaque property markets, and under‑regulated professional “gatekeepers” which enable illicit wealth to move across borders with minimal scrutiny. It urges governments to deliver on long‑standing promises ahead of the UK’s upcoming Illicit Finance Summit, arguing that only coordinated international action can meaningfully curb the flow of corrupt and criminal funds.

Cybercrime

Hasbro reports cyber‑attack affecting company systems and brand websites

Hasbro has disclosed that it experienced unauthorised access to its network, prompting parts of its main website and several brand sites to go offline. The company reported the breach in a filing to US regulators, noting that while operations remain open, temporary measures taken to protect systems may cause delays in processing and shipping orders. It is not yet known whether attackers remain in the system or whether customer data was affected. The incident follows a series of cyber‑attacks on major retailers and manufacturers over the past year.