#White collar crime:
What we know about the largest cryptocurrency theft in history, worth nearly $1.5 billion on the Bybit platform
Cryptocurrency platform Bybit announced that it has been the victim of a theft of 400,000 Ethereums, worth 1.5 billion dollars. However, it reassured its customers that their wallets remain safe. This is the largest cryptocurrency theft ever recorded, ahead of the theft of 620 million dollars from the Ronin platform in 2022. Various experts said that this was a highly sophisticated cyberattack through a classic cryptocurrency transfer and the North Korean hacker group Lazarus is suspected. Bybit also said it had the support of Interpol and international regulators. > Read article
#International sanctions:
The European Commission welcomes the adoption by the Council of the 16th package of sanctions against Russia.
The 16th package of sanctions against Russia, published on the fourth anniversary of Russia’s aggression against Ukraine, adds 48 individuals, 35 entities and 74 vessels from the “shadow fleet” to the lists of designated persons. It introduces sectoral measures such as a ban on the import of aluminum, new restrictions on the export of dual-use goods, a total ban on Russian oil in European ports and restrictions on oil and gas exploration software to Russia. In addition, 13 institutions have been excluded from financial messaging, 3 banks and several airports have been prohibited from conducting transactions, and 8 media are no longer allowed to broadcast in the European Union. > Read article
European Union suspends sanctions targeting key economic sectors in Syria
The European Union suspends economic sanctions on Syria’s energy, transport and financial sectors to support the political transition following the fall of Bashar al-Assad. Several banks, as well as Syrian Arab Airlines, benefit from this sanctions relief. The head of Syrian diplomacy welcomed what he described as progress in reducing the suffering of the Syrian people. Brussels warns that these sanctions could be reinstated in the event of human rights violations. > Read article
#Banking and financial criminal law:
Fight Against Money Laundering: The Philippines removed from the grey list of countries under increased monitoring by the FATF
The Philippines have been removed from the Financial Action Task Force “grey list” after implementing reforms against money laundering and terrorist financing, including a decree signed in 2023 and a ban on online gambling suspected of criminal activities. This decision is expected to facilitate transactions and enhance financial transparency. Meanwhile, Laos and Nepal have been added to the grey list. A total of 25 countries are now on this list, while North Korea, Iran, and Burma remain on the black list. > Read article
#Ethics & Compliance:
Plastics: Danone and NGOs reach an agreement
Danone and three NGOs have reached an agreement bringing an end to legal action against the group for failure to comply with its duty of care on plastics. The company is strengthening its vigilance plan by describing in greater detail the consequences of the use of plastic packaging and by putting in place measures to reduce, reuse and recycle this packaging. It also undertakes to publish its plastic footprint and to organize annual meetings with these NGOs until 2027. The associations welcome this significant step forward. > Read article
Omnibus: Brussels eases administrative burdens for large companies
The Omnibus Regulation draft, unveiled by the European Commission on 26 February, aims to reduce the bureaucratic burden on businesses in an unprecedented manner, promising savings of €6.3 billion. It drastically reduces sustainability reporting obligations (exempting 80% of companies from CSRD), makes the green taxonomy more flexible (reducing requirements by 70%) and limits the frequency of controls regarding the duty of care to every five years. The Carbon Border Adjustment Mechanism (“CBAM”) has also been softened, exempting 90% of importers. Presented as a simplification measure, the plan has raised concerns about its impact on companies’ environmental and social responsibility. > Read article
