Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week, the SEC is revising Trump-era amendments to whistleblower law. Read the full story and more news below:
SEC Rolls Back Trump Whistleblower Rules, Won’t Limit Payouts
The Securities and Exchange Commission (SEC) announced this week that it would revise two amendments to its whistleblower program adopted during the Trump administration. Both amendments sought to limit awards given to whistleblowers who come forward with information against corporate wrongdoing. The SEC says that its revision of the amendments seeks to reinforce its commitment to seeking out corporate wrongdoing.
Human Trafficking Network Taken Down by German and Greek Authorities
Police officers in Greece and Germany have taken down a human trafficking network responsible for smuggling people from Greece and Germany to other countries in the EU. The group, made up of Syrian nationals, charged more than USD 5,000 to illegally smuggle migrants around the EU. The group produced fake documents to traffick people in planes and ships around the Mediterranean.
Spanish Narco Gang Busted Laundering Money Through Cryptocurrency
Spanish police have arrested seven suspects in a criminal network that trafficked cocaine and laundered the proceeds using cryptocurrency. The criminal group is believed to have operated a network of companies that were used to launder the money, but authorities also pointed to a number of links to cryptocurrency wallets that were seized. The arrests and raids point to a general increase in the use of cryptocurrency to facilitate criminal activity.
US Companies Plan for Potential Russian Sanctions
Companies in the US with interests in Russia are seeking contingency plans in the event that the US implements sanctions against Russia. The threat of sanctions comes on the heels of Russia threatening to send troops into Ukraine. The Biden administration is threatening to impose sanctions and export control mechanisms that would critically affect the Russian economy.