Episode 241

13th April – 16th April 2026

Sanctions

UK issues five‑year licence to allow insolvency actions across sanctioned Prince Group network

HM Treasury has issued a general licence permitting insolvency practitioners, relevant institutions, and Prince Group–linked designated persons to carry out defined insolvency‑related activities without breaching Global Human Rights Sanctions Regulations, provided no funds ultimately benefit sanctioned individuals and all economic resources remain frozen. The licence, effective 14th April 2026 to 13th April 2031, requires notifications to OFSI, strict record‑keeping, and applies to a wide list of Prince Group subsidiaries currently subject to insolvency proceedings.

UK government revises sanctions listings and makes an administrative amendment

On Tuesday, 14th April, the UK Government revised the sanctions listings for four individuals previously designated under the Afghanistan Sanctions Regime. These changes align with the UN Security Council Sanctions Committee’s decision, made in accordance with Resolution 1988 (2011) on 13th April 2026. Additionally, an administrative update has been applied to one entity listed under the Global Human Rights Sanctions Regime.

UK Seeks Evidence on How Ownership and Control Rules Operate in Financial Sanctions Compliance

The UK government has opened a call for evidence to gather industry views on how ownership and control rules in financial sanctions are applied in practice, with a particular focus on the role of hypothetical control, its impact on compliance costs, legal risk, and business decisions, and whether existing legal concepts help firms interpret the regulations. OFSI is inviting responses from businesses, financial institutions, legal and compliance professionals, civil society, and other stakeholders until 20th April 2026, aiming to assess whether the current framework remains clear, effective, and proportionate for legitimate firms while maintaining pressure on sanctioned targets.

US Treasury Sanctions Casinos and Associates Linked to Cartel del Noreste

The US Department of the Treasury’s Office of Foreign Assets Control designated six individuals and entities linked to Cartel del Noreste, citing their roles in money laundering, cash smuggling, human smuggling, and other illicit activities near the US–Mexico border. The action includes sanctions on two casinos allegedly used to store drugs, launder proceeds, and support cartel operations, as well as associates accused of facilitating criminal activity or providing services which reinforce the cartel’s influence. The designations block US-linked property and prohibit US persons from engaging in related transactions, with potential penalties for violations.

Fraud

Justice Department Opens Remission Process for OneCoin Fraud Victims

The US Department of Justice has launched a remission compensation process to return more than $40 million in forfeited assets to individuals defrauded by the OneCoin cryptocurrency scheme between 2014 and 2019, according to the department’s announcement. Victims who purchased OneCoin may submit petitions for compensation by 30th June, with forms available online or through the Remission Administrator. The update notes that several OneCoin figures have been prosecuted, and federal agencies continue efforts to recover assets and locate remaining fugitives. The department emphasised that no payment is required to participate and warned victims to be cautious of impersonation or recovery scams.

Bribery and Corruption

Ukraine’s Prosecutor General’s Office launches survey to assess corruption risks

The Office of the Attorney General of Ukraine has opened an anonymous survey for external stakeholders as part of a broader assessment of corruption risks within the prosecution service, in line with national anti‑corruption methodology requirements. The questionnaire, which does not collect names or identifying details, aims to gather information on environmental factors and identify functions or processes vulnerable to corruption, with responses to be used only in aggregated form to support the risk‑management process.

Former Karamoja Affairs Minister Convicted Over Diversion of Iron Sheets

Uganda’s Anti-Corruption court has found former state minister for Karamoja Affairs, Agnes Nandutu, guilty of dealing with suspect property after determining she knowingly received and stored 2,000 iron sheets originally allocated for vulnerable communities in Karamoja. Justice Jane Okuo Kajuga ruled that Nandutu had sufficient reason to believe the materials were improperly diverted, rejecting her defence that they were intended for landslide victims in Bududa due to a lack of documentation, authorisation, or timely distribution. Evidence showed the sheets remained at her private farm for months, and the court dismissed claims of political miscommunication or marginalisation.

Money Laundering

AUSTRAC Reports Low Suspicious Matter Reporting in Wealth Management Sector

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a notice to the wealth management sector after a supervisory campaign revealed that 98 percent of businesses in the industry did not submit a single suspicious matter report (SMR) in 2025. According to the regulatory agency, just three businesses accounted for nearly two-thirds of all SMRs submitted across the sector, suggesting that many firms may lack adequate systems to identify high-risk customers or fulfil their reporting obligations. In response to the findings, AUSTRAC is urging wealth management businesses to review their anti-money laundering and counter-terrorism financing frameworks, update their risk assessments, and implement practical controls better to detect and report potential financial crimes.

Market Abuse

Billionaire Broker Argues Insider‑Trading Bans Are Futile and Should Be Abolished

Thomas Peterffy, founder of Interactive Brokers, has argued on Bloomberg’s Odd Lots podcast that insider trading rules should be eliminated because information inevitably leaks and markets would adjust more efficiently if all trading based on non‑public information were allowed. His comments come amid heightened scrutiny of prediction markets, including recent cases in which newly created accounts on platforms such as Polymarket made large, well‑timed bets on geopolitical events shortly before they occurred, prompting questions about potential use of confidential government information. While Peterffy did not address those incidents directly, he suggested that widespread access to inside information would reduce opportunities for selective advantage and said that rapid public disclosure is preferable to enforcement actions.

Cybercrime

Jones Day confirms cyber incident after hackers publish client documents online

Jones Day, the global law firm, has reported that a phishing attack allowed an unauthorised third party to access a limited number of older files relating to 10 clients, with some material subsequently posted online by the Silent Ransom Group, a cybercriminal organisation known for targeting law firms due to the sensitivity of legal data. The firm said affected clients have been notified but did not identify them, and declined to comment on reported ransom-related communications. The incident follows similar attacks across the legal sector, highlighting ongoing risks around data security.