Pacific Strategies & Assessments

?? OFAC enforcement is evolving—are you ready? In 2024, OFAC issued $48.79M in penalties across 12 enforcement actions, impacting companies across the U.S., Europe, and Asia. Iran was a top jurisdictional focus, and penalties were levied across a range of industries including finance, logistics, manufacturing, and even animation. ? With shifting enforcement priorities in 2025, past trends may not directly inform future outcomes. Nevertheless, staying compliant means understanding new regulatory developments and strengthening your risk controls accordingly. ?? Download PSA Group’s latest white paper for an overview of key violations, major penalties, and compliance strategies to avoid costly missteps in 2025: https://lnkd.in/d6R4v3rr ? #PSABetterIntelligence #Sanctions #Compliance #OFAC #RiskManagement #DueDiligence #FinancialCrime #RegulatoryCompliance #CorporateGovernance

On March 17, 2025, the U.S. Securities and Exchange Commission announced that it had filed charges against New Jersey-based David Yow Shang Chiueh and his investment advisory firm #UprightFinancialCorp?for #fraudulent?activities and #misconduct. Despite settling prior charges in November 2021, Chiueh allegedly violated the 25% industry concentration limit, misrepresented information to investors and the fund's board, and caused $1.6 million in losses to investors of #UprightGrowthFund. The?#SEC's complaint seeks permanent injunctive relief, the return of ill-gotten gains, and #civilpenalties. https://lnkd.in/eFAW9-Vz

On March 17, 2025, the U.S. Department of Justice reported?that federal law enforcement in Chicago seized $214 million in an alleged #investmentfraud?scheme involving seven individuals from #Malaysia?and #Taiwan. The individuals posed as American investment advisors, misleading investors and manipulating the stock?price of Cayman Islands-based China?Liberal?Education?Holdings. They then sold their shares for significant profit. The defendants have been indicted on charges of #wirefraud?and #securitiesfraud, with each?count of wire fraud carrying a maximum sentence of 20 years and each count of securities fraud punishable by up to 25 years in federal prison. https://lnkd.in/gr_uwg9X

We're #hiring a new Analyst in Makati, National Capital Region. Apply today or share this post with your network.

Many thanks to Compliance Week for a great event last week in Boston--the first of several upcoming conferences in spring 2025. Will you be at Compliance Week National's 20th anniversary conference from April 28-30, 2025? Let us know in the comments below. See you there!

We're #hiring a new Analyst (Spanish) in Makati, National Capital Region. Apply today or share this post with your network.

On March 14, 2025, the Financial Times reported that the European Union (EU) will remove four Russian nationals from its #sanctions?list after Hungary threatened to block the renewal of restrictions on over 2,000 individuals. At Hungary’s request, Brussels will lift sanctions on Gulbahor Ismailova (sister of billionaire Alisher Usmanov), oligarch Viatcheslav Moshe Kantor, and politician Mikhail Degtyarev. Businessman Vladimir Rashevsky will also be delisted for legal reasons, a decision agreed upon by all EU members. However, Hungary’s push to remove oligarchs Mikhail Fridman and Petr Aven was denied. The EU’s sanctions on approximately 2,400 Russian and Belarusian individuals linked to the #russiaukrainewar?require renewal every six months with unanimous approval from all 27 EU nations. Hungary’s success in securing these removals has raised concerns it may block broader #economicmeasures against Russia in July, including the freezing of Russian sovereign assets. The European Commission defended its #sanctionspolicy, emphasizing its role in undermining Russia’s war efforts. The four delisted individuals have ties to Russia’s energy, mining, and sports sectors, with links to President Vladimir Putin’s administration. https://lnkd.in/gSM4KTPh?

On March 3, 2025, the?South China Morning Post SCMP?reported #Malaysia's former Prime Minister Ismail Sabri Yaakob was named as a suspect in an ongoing #corruption?investigation conducted by the Malaysian Anti-Corruption Commission (MACC). The #MACC?initially questioned him as a witness in January 2024 regarding USD 157 million in government publicity and procurement spending during his administration from August 2021 to November 2022. Recent MACC #raids?on properties linked to Ismail Sabri uncovered nearly USD 40 million in cash, gold bars, luxury watches, and jewelry. Ismail Sabri is scheduled for questioning on March 12, pending his health condition following a recent hospitalization. This marks the third consecutive instance of a Malaysian Prime Minister being implicated in #financialcrime, following Muhyiddin Yassin and Najib Razak. https://lnkd.in/gTRva7_V

On March 7, 2025, the Securities and Exchange Commission (#SEC) settled charges against registered investment adviser Momentum Advisors LLC, its former?Managing?Partner Allan J. Boomer, and its former?Chief?Operating?Officer Tiffany L. Hawkins. Boomer and Hawkins breached their fiduciary duties when they misused funds and portfolio company assets. According to the SEC's orders, Hawkins misappropriated approximately USD 223,000 from portfolio companies of a private fund she managed with Boomer between August 2021 and February 2024. ? The SEC found Hawkins and Boomer in violation of #antifraud?provisions under the #investmentadvisersact?of 1940, and Momentum Advisors LLC in violation of?#compliance?and custody rule provisions. Without admitting or denying the SEC's findings, all parties consented to #ceaseanddesist?orders and agreed to pay civil penalties. Hawkins is also subject to an associational bar, while Boomer faces a 12-month supervisory suspension. ? https://lnkd.in/e6x2gRxw

Join us at Compliance Week's 2025 Ethics & Compliance Summit in Boston! PSA Group's Managing Director, Michael Olver, will speak on a panel about #ModernSlavery laws and today's #ComplianceLandscape. Are you attending? Drop a comment below! ?? ? #PSABetterIntelligence #ComplianceWeek2025 #EthicsAndCompliance #RiskManagement #DueDiligence #Investigations