Episode 243

20th April – 23rd April 2026

Sanctions

US Sanctions Seven Iraqi Militia Commanders Linked to Attacks on US Personnel

The US Department of the Treasury designated seven commanders from Iran‑aligned Iraqi militia groups under Executive Order 13224, citing their roles in planning and conducting attacks against US personnel, facilities, and interests in Iraq. The individuals are senior figures within Kata’ib Hizballah, Asa’ib Ahl al‑Haqq, Kata’ib Sayyid al‑Shuhada, and Harakat al‑Nujaba, all previously designated as terrorist organisations. Treasury stated that the action builds on earlier measures targeting these groups and outlined the resulting sanctions implications, including asset blocking, restrictions on transactions involving US persons, potential civil or criminal penalties for violations, and possible secondary sanctions for foreign financial institutions. The announcement also reiterated that sanctioned individuals may seek removal from the SDN List through established OFAC procedures.

US Sanctions Network Recruiting Foreign Fighters for Sudan Conflict, Urges Humanitarian Truce

The US Department of the Treasury imposed sanctions on five individuals and entities linked to recruiting former Colombian military personnel to fight for the Rapid Support Forces in Sudan, citing their role in enabling the ongoing civil war between the RSF and the Sudanese Armed Forces. According to the announcement, the conflict has resulted in large‑scale displacement, civilian casualties, and severe humanitarian conditions since 2023. The United States called for an immediate three month humanitarian truce to allow aid delivery and protect civilians, and urged external actors to halt support to the parties involved. The designations, made under Executive Order 14098, trigger asset‑blocking measures and restrictions on transactions involving US persons, with potential penalties for violations and provisions for sanctioned parties to seek removal from the SDN List.

US Treasury Sanctions Networks Supporting Iranian Missile and UAV Procurement

The US Department of the Treasury’s Office of Foreign Assets Control announced sanctions on 14 individuals, entities, and aircraft across Iran, Türkiye, and the UAE for roles in procuring or transporting components used in Iran’s missile and unmanned aerial vehicle programmes, citing efforts to rebuild production capacity and support Shahed‑series UAV operations. The designations span procurement agents, financial facilitators, suppliers of ballistic‑missile propellant precursors, and actors linked to Mahan Air, which the US says has transported weapons for the Iranian regime. The action blocks US-controlled property of designated parties, restricts related transactions, and warns foreign financial institutions of potential secondary‑sanctions exposure.

EU Adds Two Organisations to Sanctions List Over Information‑Manipulation Activities

The Council of the European Union has imposed restrictive measures on two additional entities, namely Euromore and the Foundation for the Support and Protection of the Rights of Compatriots Living Abroad (Pravfond), citing their roles in disseminating pro‑Kremlin narratives and supporting Russian hybrid activities which undermine EU and Ukrainian stability. According to the Council, Euromore functions as an unofficial media relay amplifying disinformation, while Pravfond is described as a state‑funded influence instrument whose legal and analytical work reinforces key Russian messaging. Both entities are now subject to asset freezes and prohibitions on EU persons making funds or economic resources available to them, bringing the total number of listings under this sanctions framework to 69 individuals and 19 entities.

Deutsche Bank Reports Potential Breach of EU Rules on Russian Sanctions

Deutsche Bank has informed regulators that its retail division may have accepted deposits exceeding €100,000 from individuals subject to EU sanctions, following an internal review launched after Germany strengthened its sanctions enforcement framework. The bank said it routinely assesses its sanctions‑compliance processes and proactively reports potential issues to authorities. The disclosure comes amid broader scrutiny, including a separate investigation involving past transactions linked to Roman Abramovich, and follows recent UK enforcement action against another bank for handling an account tied to a sanctioned individual.

Fraud

Long Island Business Owner Sentenced to 15 Months for $1.1 Million COVID‑19 Relief Fraud

A federal court in Central Islip sentenced Carmine Agnello to 15 months in prison for fraudulently obtaining approximately $1.1 million in COVID‑19 Economic Injury Disaster Loan funds, according to the US Attorney’s Office for the Eastern District of New York. Prosecutors stated that Agnello submitted false information about his company’s employees and intended use of funds, then diverted the money for personal purposes, including a $420,000 cryptocurrency investment. In addition to the prison term, he was ordered to pay over $1.26 million in restitution, serve two years of supervised release, and complete community service, following his 2024 guilty plea to wire fraud.

Money Laundering

FATF Ministers Set Global Priorities to Counter Fraud and Illicit Finance

FATF Ministers meeting in Washington DC reaffirmed their commitment to tackling illicit finance, highlighting fraud as a rapidly expanding global threat and pledging to use the full AML/CFT/CPF framework to disrupt organised scam networks, misuse of legal persons, virtual assets and emerging technologies, including AI. They emphasised the need for stronger, risk‑based implementation of FATF Standards, greater cross‑border payment transparency, and responsible financial innovation to enhance supervisory effectiveness. Ministers also highlighted the FATF’s role in safeguarding the international financial system and committed to rigorous peer assessments to ensure countries lead by example in countering money laundering, terrorist financing and proliferation financing. The declaration is here.

Bribery and Corruption

EU Adopts New Directive to Harmonise Corruption Offences and Penalties Across Member States

The Council of the European Union has approved a new directive establishing EU‑wide definitions of key corruption offences and setting common minimum penalties for both individuals and companies, replacing earlier legislation from 1997 and 2003. The law requires member states to criminalise conduct such as bribery, misappropriation, trading in influence, obstruction of justice, and concealment, while introducing prison‑sentence ranges of three to five years and corporate fines tied to global turnover. It also mandates the creation of specialised national bodies to prevent corruption and promote integrity, aligns EU rules with international standards under the UN Convention Against Corruption, and gives member states up to 24 months, with 36 months for certain risk‑assessment provisions, to transpose the measures into national law.

Market Abuse

SEC Settles Insider Trading Case Involving Trades Ahead of Chimerix Acquisition

The Securities and Exchange Commission has issued a settled order against Weizheng Zeng of San Diego for insider trading ahead of Jazz Pharmaceuticals’ March 2025 announcement that it would acquire Chimerix. According to the SEC’s findings, Zeng purchased nearly 20,000 Chimerix shares across six accounts after obtaining material non-public information through his due diligence work on the transaction, generating profits of $69,011 when the deal was announced. Without admitting or denying the findings, Zeng agreed to a cease‑and‑desist order, disgorgement, interest, and a civil penalty equal to his profits.

SEC Settles Insider‑Trading Case Against Former Advisory‑Firm Employee

The Securities and Exchange Commission filed and settled a civil action against former investment‑advisory‑firm employee Rakesh Ahuja, alleging he used confidential clinical‑trial information obtained through his work to direct trades in a relative’s brokerage account ahead of company announcements, generating about $65,000 in profits. Without admitting or denying the allegations, Ahuja agreed to a final judgment which includes permanent injunctions against violating antifraud rules, a two‑year bar from associating with investment industry entities, and payments covering disgorgement, interest, and a civil penalty.

Other Financial Crime

Council of Europe Expands Training to Strengthen Law Enforcement Response to Crimes Against Journalists

A two‑day Council of Europe training in Lviv brought together journalists, police, prosecutors, and media experts to improve Ukraine’s capacity to prevent and investigate crimes against journalists, highlighting ongoing threats such as intimidation, legal pressure, and interference with reporting. Sessions covered international standards on freedom of expression, protection of journalistic sources, access‑to‑information principles, and the role of effective cooperation between media and law enforcement. Participants examined case law, evidentiary challenges, and investigative practices, while officials stressed the need for systematic, professional approaches to countering impunity. The initiative forms part of the Council of Europe’s broader support for Ukraine, including work on anti‑SLAPP legislation and the “Journalists Matter” campaign.

Cybercrime

UK cyber agency urges senior leaders to prioritise preparation for severe and escalating cyber threats

Following last week’s joint ministerial statement, the UK’s National Cyber Security Centre (NCSC) has echoed the warning that increasingly capable threat actors, combined with emerging technologies such as frontier AI, are raising the likelihood and potential impact of severe cyber incidents on the UK’s critical national infrastructure, and stresses that organisational leaders must treat this as an urgent resilience issue rather than a technical one. The article outlines the consequences of severe cyber-attacks, emphasises that resilience and advance preparation are essential, and highlights new NCSC guidance designed to help organisations plan, rehearse, and embed the capabilities needed to maintain essential services and recover effectively under sustained cyber pressure.

English councils record 53% rise in data‑breach incidents over five years, Passpack analysis shows

Password‑management firm Passpack has published research based on Freedom of Information data obtained from the Information Commissioner’s Office (ICO), finding that 78 of England’s largest local councils recorded a 53% increase in internal data‑breach incidents between 2021 and 2025, with ICO‑reportable cases rising 41% over the same period. The analysis notes that most logged incidents are minor and often reflect improved reporting cultures rather than more harmful breaches, though councils collectively recorded 16,902 incidents and 305 ICO referrals in the most recent year of data. Passpack highlights that the upward trend, combined with recent high‑profile cyber incidents affecting local authorities, demonstrates the need for continued focus on data‑handling practices, staff awareness, and core security controls.