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UK Crime Agency Warns Banks to Screen for Potential Export-Control Violations

The U.K. National Crime Agency on Wednesday warned banks, foreign exchange dealers and other firms to place greater scrutiny on payments tied to goods with potential military applications amid efforts by Russia to evade Western export controls to boost its war in Ukraine.

In a 7-page “red alert,” the NCA listed 14 common red flags indicative of attempts by Moscow to circumvent restrictions on “high priority” items, including “last-minute” changes in payment routing, customers who lack or refuse to provide details of the true end users of goods, and clients who are paying an unusually high price for restricted products.

The NCA issued the warning just hours after the U.K. government blacklisted 46 individuals and entities based in Turkey, the United Arab Emirates and other nations suspected of supplying and funding the Russian military.

Moneylaundering.com may update this coverage as more information becomes available.
Topics : Sanctions
Source: United Kingdom: National Crime Agency
Document Date: December 6, 2023