Monthly Archives: November 2023

US Treasury Sanctions Virtual Currency Mixer Sinbad.io

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Sinbad.io (Sinbad), a virtual currency mixer that serves as a key money-laundering tool of the OFAC-designated Lazarus Group, a state-sponsored cyber hacking group of the Democratic People’s Republic of Korea (DPRK).

Sinbad has processed millions of dollars’ worth of virtual currency from Lazarus Group heists, including the Horizon Bridge and Axie Infinity heists. Sinbad is also used by cybercriminals to obfuscate transactions linked to malign activities such as sanctions evasion, drug trafficking, the purchase of child sexual abuse materials, and additional illicit sales on darknet marketplaces.

“The Treasury Department and its U.S. government partners stand ready to deploy all tools at their disposal to prevent virtual currency mixers, like Sinbad, from facilitating illicit activities. While we encourage responsible innovation in the digital asset ecosystem, we will not hesitate to take action against illicit actors”.

Deputy Secretary of the Treasury Wally Adeyemo

Sinbad is responsible for materially assisting in the laundering of millions of dollars in stolen virtual currency and is a preferred mixing service for the Lazarus Group. Sinbad operates on the Bitcoin blockchain and indiscriminately facilitates illicit transactions by obfuscating their origin, destination, and counterparties. Sinbad is believed by some industry experts to be a successor to the Blender.io mixer, which OFAC designated for providing mixing services to the Lazarus Group.

Sinbad was used to launder a significant portion of the $100 million worth of virtual currency stolen on June 3, 2023, from customers of Atomic Wallet. Sinbad was also used to launder a significant portion of virtual currency from the Axie Infinity heist of approximately $620 million in March 2022, and the Horizon Bridge heist of approximately $100 million in June 2022. 

Information:

SINBAD (a.k.a. SINBAD.IO); Website https://sinbad.io; alt. Website http://sinbadiovklgdbafpqvwfwjh2tfrisahtxmrskiovt62nirragcnkcad.onion; Email Address support@sinbad.io; alt. Email Address adv@sinbad.io; Digital Currency Address – XBT bc1qq7p0es3dv5hcynjjf40f2xjjr6qp5py47d2f6n847vduuq9gvnyq7y9ecd; alt. Digital Currency Address – XBT 1JHdQHkBZiim1cb4hyUh2PbzEbbg6z2TrF; Secondary sanctions risk: North Korea Sanctions Regulations, sections 510.201 and 510.210; Transactions Prohibited For Persons Owned or Controlled By U.S. Financial Institutions: North Korea Sanctions Regulations section 510.214; Organization Established Date 29 Sep 2022 [DPRK3] [CYBER2]. 

US puts sanctions over 20 individuals and entities for aiding Iran

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The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned over 20 individuals and entities for their involvement in financial facilitation networks for the benefit of Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Iranian Armed Forces General Staff (AFGS), and the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).

Iran generates the equivalent of billions of dollars via commodity sales to fund its destabilizing regional activities and support of multiple regional proxy groups, including Hamas and Hizballah. MODAFL, the AFGS and the IRGC-QF utilize intricate networks of foreign-based front companies and brokers to enable these illicit commercial activities and exploit the international financial system.

“The IRGC-QF and MODAFL continue to engage in illicit finance schemes to generate funds to fan conflict and spread terror throughout the region,”

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson.

The following individuals have been added to OFAC’s SDN List:

ALAVI, Seyyed Abdoljavad (Arabic: سید عبدالجواد علوی) (a.k.a. ALAVI, Sayyed Abdoljavad), Iran; DOB 30 Mar 1946; POB Khormoj, Iran; nationality Iran; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; National ID No. 3549804814 (Iran) (individual) [SDGT] [IFSR] (Linked To: MINISTRY OF DEFENSE AND ARMED FORCES LOGISTICS). 

A’ZAMI, Majid (Arabic: مجید اعظمی), Iran; DOB 06 Jan 1983; POB Esfahan, Iran; nationality Iran; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; National ID No. 1287272045 (Iran) (individual) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

KULIYEVA, Adelina (a.k.a. DAL, Jackline; a.k.a. TURKMEN, Selina), Turkmenistan; United Arab Emirates; DOB 03 Dec 1990; Gender Female; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886 (individual) [SDGT] (Linked To: TRANSMART DMCC). 

NIROOMAND TOOMAJ, Elyas (Arabic: الیاس نیرومند توماج) (a.k.a. NIRUMAND TUMAJ, Elyas; a.k.a. NIRUMANDTUMAJ, Elias), Iran; DOB 31 May 1990; POB Iran; nationality Iran; citizen Iran; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Passport L55195938 (Iran) expires 17 Nov 2026; National ID No. 2230048759 (Iran) (individual) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

PALIKANDY, Mehboob Thachankandy, United Arab Emirates; DOB 25 Apr 1966; POB India; nationality India; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Passport U0446178 (India) (individual) [SDGT] (Linked To: CGN TRADE FZE; Linked To: MSE OVERSEAS PTE. LTD.; Linked To: SEALINK OVERSEAS PTE. LTD.; Linked To: SOLISE ENERGY FZE). 

VAHAP, Zabi (a.k.a. VAHAP, Zebih Ullah; a.k.a. WAHAB, Zabihullah Abdul), Dubai, United Arab Emirates; DOB 01 Jan 1986; POB Akce, Afghanistan; nationality Turkey; Gender Male; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Passport U24258057 (Turkey) expires 12 Jul 2031; alt. Passport U13652962 expires 02 Dec 2026; National ID No. 25406705762 (Turkey) (individual) [SDGT] [IFSR] (Linked To: KARIMIAN, Mohammad Sadegh; Linked To: TRANSMART DMCC). 

The following entities have been added to OFAC’s SDN List: 

A THREE ENERGY FZE (Arabic: ا ثري انیرجي م م ح), Leased Office Bldg Office No. 2F-37, Hamriyah, Sharjah, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 15 Mar 2018; Business Registration Number 16882 (United Arab Emirates); Economic Register Number (CBLS) 11581771 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

FUTURE ENERGY TRADING L.L.C (Arabic: فیوتشر لتجارة الطاقة ش.ذ.م.م), Bur Dubai, Dubai, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 04 Nov 2021; Business Registration Number 1000007 (United Arab Emirates); Economic Register Number (CBLS) 11776799 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

HK SIHANG HAOCHEN TRADING LIMITED (Chinese Traditional: 香港思航皓宸貿易有限公司), 12th Floor San Toi Building 137-139, Connaught Road, Central Hong Kong, Hong Kong, China; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 03 Jan 2022; Commercial Registry Number 3117975 (Hong Kong) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

JEP PETROCHEMICAL TRADING L.L.C (Arabic: جي إي بي لتجارة البتروکیماویات ش.ذ.م.م), Deira Al Murar, Dubai, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 30 Jun 2022; Business Registration Number 1078042 (United Arab Emirates); Economic Register Number (CBLS) 11899644 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

MSE OVERSEAS PTE. LTD., Paya Lebar Square, 60 Paya Lehar Road #09-43, 409051, Singapore; Website www.mse-overseas.com; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 03 Nov 2014; Trade License No. 201432806G (Singapore) [SDGT] (Linked To: PALIKANDY, Mehboob Thachankandy). 

OPG GLOBAL GENERAL TRADING CO. L.L.C (Arabic: او جي بي جلوبال للتجارة العامة شرکة الشخص الواحد ذ.م.م), Bur Dubai Al Fahedy, Dubai, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 13 Dec 2022; Business Registration Number 1127555 (United Arab Emirates); Economic Register Number (CBLS) 11980239 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

PISHRO TEJARAT SANA COMPANY (Arabic: شرکت پیشرو تجارت سانا), Unit 81, Floor 8, Ribbon Building, Number 3, Eastern Brazil Street, Kurdistan Highway, Vanak, Central Section, Tehran, Tehran Province, Iran; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 25 Jul 2011; National ID No. 10320606988 (Iran); Business Registration Number 410131 (Iran) [SDGT] (Linked To: ALAVI, Seyyed Abdoljavad). 

PUYUAN TRADE CO., LIMITED (Chinese Traditional: 普緣貿易有限公司), Rm. 517, New City Centre, 2 Lei Yue Mun Road, Kwun Tong, Kowloon, Hong Kong, China; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 06 Jul 2022; Commercial Registry Number 3169192 (Hong Kong) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

ROYAL SHELL GOODS WHOLESALERS L.L.C (Arabic: رویال شیل لتجارة السلع بالجملة ش.ذ.م.م), Riggat Al Buteen, Deira, Dubai, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 29 Jul 2021; Business Registration Number 968335 (United Arab Emirates); Economic Register Number (CBLS) 11710687 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

SEALINK OVERSEAS PTE. LTD. (a.k.a. UNITED AGRO COMMODITIES PTE. LTD.; f.k.a. UNITED AGRO FERTILIZER PTE. LTD.), Paya Lebar Square, 60 Paya Lehar Road #09-43, 409051, Singapore; 22, RB Capital Building, 03, Malacca Street, Singapore; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 28 Dec 2012; Trade License No. 201231437N (Singapore) [SDGT] (Linked To: PALIKANDY, Mehboob Thachankandy). 

SEPEHR ENERGY JAHAN NAMA PARS COMPANY (Arabic: شرکت سپهر انرژی جهان نمای پارس), Floor 1, No. 41, Shahid Doctor Beheshti Street, Doctor Ali Shariati Street, Niloofar-Shahid Ghandi, Central District, Tehran, Tehran Province 1559649899, Iran; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 21 Nov 2022; National ID No. 14011674086 (Iran); Business Registration Number 605057 (Iran) [SDGT] [IFSR] (Linked To: MINISTRY OF DEFENSE AND ARMED FORCES LOGISTICS). 

SOLISE ENERGY FZE (Arabic: سوليس اينرجي), SAIF Executive Office P8-08-54, Sharjah, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 20 Oct 2019; alt. Organization Established Date 24 Apr 2019; alt. Organization Established Date 13 Jun 2021; Business Registration Number 20920 (United Arab Emirates); alt. Business Registration Number 22474 (United Arab Emirates); Economic Register Number (CBLS) 11615535 (United Arab Emirates); alt. Economic Register Number (CBLS) 11952021 (United Arab Emirates) [SDGT] (Linked To: PALIKANDY, Mehboob Thachankandy). 

TETIS GLOBAL FZE (Arabic: تیتیس جلوبال م م ح), P2-ELOB Office No. E2-112G-05, Hamriyah, Sharjah, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 13 Feb 2023; Business Registration Number 25754 (United Arab Emirates); Economic Register Number (CBLS) 12017901 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY).

TRANSMART DMCC (Arabic: ترانسمارت م.د.م.س) (a.k.a. TRANSMART AG; a.k.a. TRANSMART GLOBAL TRADING PRIVATE LIMITED), Unit Number 1606 to 1610, Floor 16, Tower X3, Jumeirah Bay Tower, Dubai, United Arab Emirates; Jumeirah Lakes Tower, Unit Number 1606 to 1610, Jumeirah, Bay Tower X3 Plot No: JLT-PH2-X3A, 126422, Dubai, United Arab Emirates; PO Box 126422, Dubai, United Arab Emirates; Hirsernweg 11 Hergiswil, NW 6052, Switzerland; Information Technology Park 25/517/14, Ananya Tower, MG Road 680001 Trichur, Kerala, India; Website www.transmartdmcc.com; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 03 Apr 2011; alt. Organization Established Date 12 Mar 2019; alt. Organization Established Date 04 May 2022; National ID No. CHE-418.995.816 (Switzerland); Trade License No. CH-150.3.476.957-7 (Switzerland); alt. Trade License No. U52590KL2022FTC075362 (India); Business Registration Number DMCC-31631 (United Arab Emirates); Economic Register Number (CBLS) 11465311 (United Arab Emirates) [SDGT] (Linked To: CGN TRADE FZE; Linked To: VAHAP, Zabi). 

UNIQUE PERFORMANCE GENERAL TRADING L.L.C (Arabic: یونیك برفورمانس للتجارة العامة ش.ذ.م.م), PO Box 128617, Dubai, United Arab Emirates; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 13 May 2013; Business Registration Number 688618 (United Arab Emirates); Economic Register Number (CBLS) 10893667 (United Arab Emirates) [SDGT] (Linked To: SEPEHR ENERGY JAHAN NAMA PARS COMPANY). 

Billionaire Khan will remain on the EU sanctions list

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The Court of Justice of the European Union has rejected the complaint of the co-founder of Alfa Group, German Khan, for inclusion in the EU sanctions list. The sanctions imposed against the Russian billionaire will remain in force.

German Khan is a partner of other shareholders of the company — Mikhail Fridman, Alexey Kuzmichev and Peter Aven. Together with them, he founded in 2013 the investment company LetterOne, based in Luxembourg.

German Khan was sanctioned by the EU for his role in the Alfa Group consortium, which controls the largest Russian retailer X5 Group and Alfa Bank.

The businessman was included in the sanctions lists because he “maintains close relations” with Russian President Vladimir Putin, “continuing to provide him with significant services,” as a result of which the owners of the group receive “business and legal benefits”.

1 february, 2010 / LUKoil President Vagit Alekperov and TNK-BP Executive Director German Khan / gov ru

Herman Khan ‘s personal website says: “Khan is not only a successful businessman, but also a philanthropist. Paying tribute to his roots, he finances several large organisations that help preserve Jewish cultural heritage”.

According to Forbes, Khan ranks 18th in the ranking of the richest Russians with a fortune of $8.2 billion.

New sanctions will allow expropriation of the stadium in Helsinki

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The Helsinki Hall stadium in Finland may be expropriated by the country’s authorities as part of new sanctions against Russia, the Finnish news agency STT reported.

The news agency clarifies that new sanctions are still being developed. It is likely that new sanctions will be announced in December.

About 45% of the stadium’s shares belong to Russian businessmen Roman Rotenberg and Gennady Timchenko, who are under personal sanctions of the European Union.

Gennady Timchenko / Kremlin

The arena is situated next to Pasila railway station, which is the second busiest railway station in Finland, 3.5 km north of the Helsinki Central railway station.

Sanctions deprived Russia of 76 passenger aircraft

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Russian Transport Minister Vitaly Savelyev said that Russian aviation lost 76 passenger aircraft due to sanctions.

“We were suddenly caught off guard by the decisions to take away the planes”

Vitaly Savelyev

In the spring of 2022, the European Union introduced a ban not only on the supply of new European-made aircraft and spare parts to Russia, but also on the use by Russian airlines of aircraft that belonged to European leasing companies.

Currently, Russian airlines have 1,167 passenger aircraft.

Jan Lipavsky announced the freezing of Russian state assets

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Czech diplomatic chief Jan Lipavsky announced the freezing of Russian state assets.

Czech newspaper Noviny has clarified the government of the country has approved the inclusion in the sanctions list for russian government real estate managementing companies, which are part of the structure of the Office of the President of Russia.

Such a company is the Federal State Unitary Enterprise (FSUE) Goszagransobstvennost.
CEO of the company – Evgeniy Logvinov.

The company manages state-owned real estate objects that belong to Russia and are located abroad.

The Czech Republic became the first country to freeze russian foreign real estate. The russian company won’t be able
to carry out any transactions, for example, receive rent.

Binance settles with US government

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The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and IRS Criminal Investigation (CI), has taken unprecedented action to hold Binance Holdings Ltd. and its affiliates (collectively, Binance) accountable for violations of the U.S. anti-money laundering (AML) and sanctions laws that protect American national security and the integrity of the international financial system.

Binance is the world’s largest virtual currency exchange, responsible for an estimated 60% of centralized virtual currency spot trading. 

Binance settled with FinCEN and OFAC for violations of the Bank Secrecy Act (BSA) and apparent violations of multiple sanctions programs. The violations include failure to implement programs to prevent and report suspicious transactions with terrorists — including Hamas’ Al-Qassam Brigades, Palestinian Islamic Jihad (PIJ), Al Qaeda, and the Islamic State of Iraq and Syria (ISIS) — ransomware attackers, money launderers, and other criminals, as well as matching trades between U.S. users and those in sanctioned jurisdictions like Iran, North Korea, Syria, and the Crimea region of Ukraine.

By failing to comply with AML and sanctions obligations, Binance enabled a range of illicit actors to transact freely on the platform.

“Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform”

Secretary of the Treasury Janet L. Yellen

FinCEN’s settlement agreement assesses a civil money penalty of $3.4 billion, imposes a five-year monitorship, and requires significant compliance undertakings, including to ensure Binance’s complete exit from the United States. OFAC’s settlement agreement assesses a penalty of $968 million and requires Binance to abide by a series of robust sanctions compliance obligations, including full cooperation with the monitorship overseen by FinCEN.

UK hits Hamas leadership with personal sanctions

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The UK and US have targeted Hamas with a new tranche of sanctions, restricting the terror group’s ability to operate.

The UK’s sanctions are against 4 Hamas senior leaders and 2 Hamas financiers:

  • Yahya Sinwar: Sinwar is a senior leader of Hamas and the group’s political leader in Gaza;
  • Muhammed Deif: Deif is a senior leader of Hamas and is the commander of the Izz al-Din al-Qassam Brigades (IQB), the military arm of Hamas, who announced the October 2023 terrorist attacks;
  • Marwan Issa: Issa is a senior leader of Hamas and is the deputy commander of the IQB;
  • Musa Dudin: Dudin is a West Bank-based Hamas official who has procured weaponry for the group, enabling them to commit acts of terrorism;
  • Abdelbasit Hamza: Hamza is a Sudan-based Hamas financier who owned a network of companies that laundered money and traded in currency in order to finance Hamas;
  • Nabil Chouman: Chouman has channelled funds to Hamas through his Lebanon-based currency exchange.

Foreign Secretary David Cameron said: “We will continue to use every tool at our disposal to disrupt the abhorrent activity of this terrorist organisation, working with the United States and our other allies, making it harder for them to operate and isolating them on the world stage”.