Ex-Nigerian governor James Ibori and his associates allegedly laundered 160 million in Euros in the years he was in office. They used the stolen money to purchase luxurious cars, a jet plane, and property in the U.K. and Nigeria. The U.K. announced it would return $5.8 million that the ex-Nigerian Governor stole; this comes as part of the deal between the two countries. This is the first time such action was taken under a 2016 Memorandum of Understanding (MoU) that both countries signed to combat the corruption that is plaguing the region.^[1] Ibori’s case is just one of many in Nigeria. Laundered and stolen assets exasperate poverty and corruption in any given country. The asset recovery process is long-drawn-out and often leaves the impacted country with less than a fraction of the stolen assets. This is especially true when stolen assets are recovered in the U.K., where it is increasingly difficult to return the assets to the affected country.

In December 2020, the U.S. Congress enacted the United States-Northern Triangle Enhanced Engagement Act (USNTEEA)[1] as part of the Consolidated Appropriations Act for 2021.

This year Denmark, Germany, and Belgium have all brought criminal investigations against foreign enablers in the cum-ex trading cases.

On March 17, 2021, the Financial Action Task Force announced the start of a new project “to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards.”[1]

On March 12, 2021, Jessica Johanna Oseguera Gonzalez, 34, a dual U.S.-Mexican citizen, residing in Guadalajara, Mexico, pleaded guilty to willfully engaging in financial transactions with Mexican companies designated as Specially Designated Narcotics Traffickers by the U.S. Department of Treasury, Office of Foreign Assets Control (OFAC).[1]

When traveling abroad, either as a foreign national or a dual citizen, the last thing anyone expects is to be wrongfully detained on arbitrary charges and then used as a political bargaining chip. However, this is an ongoing problem. In response to the increased incidence of allegedly arbitrary detentions of foreign nationals, on February 15, 2021, Canada launched the Declaration Against Arbitrary Detention in State-to-State Relations. [1]

On March 11, 2021, the United States Department of Justice (DOJ) and the Internal Revenue Service (IRS) announced the settlement of criminal charges with Rahn+Bodmer Co. (R+B), the oldest private bank in Zurich (founded in 1870). R+B agreed to the filing of a criminal information against them with one count of conspiring to assist U.S. account holders evade their U.S. tax obligations, file false federal tax returns, and otherwise defraud the IRS by concealing millions of dollars in offshore bank accounts at R+B.[1]

 On March 9, 2021, the Financial Crimes Enforcement Network or FinCEN issued a notice to financial institutions informing them of (i) the new measures to the Anti-Money Laundering Act of 2020 (the AMLA) regarding the antiquities and art trade, (ii) potential criminal activity associated with art and antiquities trade (iii) and updates to the SAR filing.[1]

On March 5, 2021, the Czech Republic extradited two members of an international organized network that furnish cash-out and money laundering services to persons committing cybercrimes.[1]

In early March 2021, the findings of Suriname’s National Risk Assessment (NRA) on Anti-Money Laundering (AML) and Countering the Financing of Terrorism and corruption, as recommended by the Caribbean Financial Action Task Force (CFATF), were released. While money laundering is illegal per a 2002 law that was amended in 2016, the NRA indicates that Suriname has some major challenges ahead and has an insufficient awareness of money laundering. Completing the NRA is a significant step in Suriname’s interaction with the global financial system and in controlling transnational crime: the country needs a cleaner slate in recovering from a profound economic downturn, the COVID-19 pandemic, and the rescheduling of close to $4 billion debt. Adding to the sense of urgency Suriname sits on the edge of becoming a major oil producer.