Without a doubt, the biggest story of 2022 centered around Russia’s invasion of Ukraine. As a result, record global sanctions made headlines, with the UN becoming sidelined as a major sanctions power. Away from the war, we saw a number of notable firsts, from cement companies supporting terrorist organizations to money laundering social media influencers.
As compliance professionals gear up for another year of unique challenges in an ever-changing regulatory landscape, we take a deeper look at some of the key financial crime moments from 2022 and consider their impact on 2023 and beyond.
Russia’s Invasion of Ukraine Led to Record Global Sanctions, with the UN Sidelined
As of November 30, 12,902 restrictions had been imposed on Russia, with over 10,000 being issued after February 22 – two days before Russia’s invasion of Ukraine. Following the invasion, record global sanctions were reached in 2022, with the US, EU, and the UK becoming the dominant actors in the space. The UN, however, became sidelined as a major sanctions power on this issue, as Russia and China persistently attempted to veto any new measures.
While countries such as Turkey and the United Arab Emirates have historically replicated EU sanctions, this year saw them not follow suit in issuing Russian designations. Turkish President Tayyip Erdogan said in March this was because “We are buying nearly half of the natural gas we use from Russia. […] I can’t leave my people in the cold…
