Corruption Ledger

The United Kingdom (“UK”) introduced new sanctions against Russia on December 14, 2023 with the European Union (“EU”) also adopting its 12th package of sanctions against Russia on December 18, 2023. The latest UK restrictions include: Import and related restrictions on further categories of iron and steel goods, as well a wide range of additional metals such as aluminium. New import and related restrictions on Russian diamonds or diamond jewellery. Clarification and expansion of payment processing restrictions for parties targeted…

Attorneys for the Securities and Exchange Commission apologized to a judge on Thursday for misrepresenting facts used to secure a restraining order and asset freeze against a crypto firm. In a filing submitted to the U.S. District Court of Utah, in response to the judge’s order to show cause for its misstep, the SEC attorneys wrote that the commission “deeply regrets these orders” and promised to conduct mandatory training for staff members involved in the investigation. “I fully appreciate the…

NEW YORK – The US dollar is poised for its worst year since the onset of the Covid-19 pandemic as Wall Street bets the Federal Reserve is set to lower interest-rates after safely reining in prices. After being whipsawed by false starts calling for the end of the Fed’s rate hiking regime, a Bloomberg gauge of the greenback is down nearly 3 per cent since January in the steepest annual drop for the US currency since 2020. In line with…

In a significant development for US military space operations, the secretive X-37B robot spaceplane was launched from Florida on Thursday night. This marks its seventh mission and the first to be launched atop a SpaceX Falcon Heavy rocket, potentially reaching higher orbits than ever before. Driving the news The Falcon Heavy, the most powerful operational rocket in the world, lifted off from NASA’s Kennedy Space Center in Florida in a dazzling display of fire and smoke. The launch was delayed…

NEW YORK – Terraform Labs and the US Securities and Exchange Commission (SEC) will head to trial in January, with Jump Trading swept up in the mix, after a judge ruled that the SEC’s fraud case against Terraform must be tried by a jury. US District Judge Jed S. Rakoff ruled in favour of the regulator on Dec 28, agreeing that Terraform is liable for selling unregistered securities, though he threw out allegations that it had made transactions in unregistered…

Five years since the legalization of cannabis in Canada, the industry finds itself grappling with significant challenges. Despite making economic contributions on par with the dairy sector and marking its presence on the global stage, primarily in the medical cannabis export market, this promising industry is hindered by financial strains, murky advocacy, and unyielding regulations. Excise Tax: A Thorn in the Side A primary issue, raised during a recent industry gathering in Toronto, is the hefty excise tax, which critics…

Record-Breaking Cash Withdrawals in the UK Reflect Enduring Relevance of Physical Currency December 22, 2023, saw a record-breaking spree in the United Kingdom when more than £62 million was withdrawn from Post Offices, surpassing the previous year’s high of £51.5 million. This surge was attributed to last-minute Christmas shopping and preparation for cash gifts. The magnified reliance on cash during the festive season underscores the continued significance of physical currency in daily transactions and budgeting amid the prevalent cost of…

The new year will likely prove to be one of significant force structure changes for the Army, according to its senior leaders. Although the service has maintained for years that embracing multidomain operations will require it to “transform” its force structure into one leaders believe is suited to tomorrow’s battlefield, back-to-back recruiting shortfalls led top officials to admit by mid-to-late 2023 that some pending cuts are influenced by a deepening numbers shortfall. The Army finished fiscal year 2023 with only…

WASHINGTON: The US will provide up to $250 million in arms and equipment to Ukraine in the final package of aid this year to help Kyiv in its war with Russia, Secretary of State Antony Blinken said on Wednesday. President Joe Biden has asked Congress to provide another $61 billion in aid to Ukraine, but Republicans are refusing to approve the assistance without an agreement with Democrats to tighten security along the U.S.-Mexico border. The White House has warned that…

SINGAPORE – The Monetary Authority of Singapore (MAS) has imposed a $3.9 million civil penalty on Credit Suisse for its failure to prevent or detect misconduct by relationship managers (RMs) in its Singapore branch. Credit Suisse paid the penalty to the regulator immediately after it was imposed, and as part of the settlement, also separately compensated its affected clients, said MAS in a statement on Dec 28. The RMs had provided clients with inaccurate or incomplete post-trade disclosures, resulting in…

The U.S. on Wednesday announced what officials say could be the final package of military aid to Ukraine unless Congress approves supplemental funding legislation that is stalled on Capitol Hill. The weapons, worth up to $250 million, include an array of air munitions and other missiles, artillery, anti-armor systems, ammunition, demolition and medical equipment and parts. The aid, provided through the Presidential Drawdown Authority, will be pulled from Pentagon stockpiles. In a statement, Marine Lt. Col. Garron Garn, a Pentagon spokesman said there is…

Apple has said it would suffer “irreparable harm” after the White House allowed a ban on imports on some of its watches following a dispute over the devices’ blood oxygen technology. The tech giant is filing an emergency motion asking a court to allow it to sell two of its most popular watches – the Series 9 and Ultra 2 models – until the patent dispute against medical monitoring technology company, Masimo, is resolved. It requested to pause the ban…

Latvia’s former central bank governor was sentenced to six years in prison for bribery on Wednesday after a trial over the most prominent of a series of recent financial scandals to hit the Baltic country. Ilmārs Rimšēvičs, head of the Latvian central bank from 2001 until 2019, was found guilty by the Riga district court of accepting bribes and a fishing trip to Russia from shareholders of a now defunct bank. He was sentenced to six years in jail and…

Canada Issues Travel Advisory on U.S. Trips Over Abortion, LGBTQ Rights Concerns In a notable move, Canada has issued a travel advisory for its citizens, bringing attention to concerns over state-level policies affecting abortion and LGBTQ rights in the United States. This advisory emerged after the U.S. Supreme Court’s landmark decision to overturn Roe v. Wade, a ruling that has been regarded as a cornerstone of women’s rights in the country for decades. Behind the Advisory The advisory took 71…

US Targets Foreign Banks with Sanctions to Curb Russia’s War Effort In a decisive stroke designed to undermine Russia’s military capabilities, US President Joe Biden has signed a far-reaching executive order targeting the financial sinews aiding Russia’s war efforts in Ukraine. The order, enacted on December 22, 2023, sanctions foreign banks that allegedly support Russia’s defense sector, underscoring the US commitment to stymie Russia’s access to international financial networks and critical war supplies. The Financial Front of Warfare The latest…

Prague in Mourning: Charles University Mass Shooting Claims 14 Lives A Day Shrouded in Grief The Czech Republic’s storied capital city, known for its architectural beauty and cultural vibrancy, was overshadowed by grief as the national flag was lowered to half mast. St. Vitus Cathedral’s bells tolled in remembrance, and a requiem echoed through its historic walls. In Kostel sv. Martina ve zdi, an ecumenical prayer and moment of silence were observed, marking the profound loss felt throughout the nation….