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Lafarge Faces Unprecedented Terror Financing Trial in France

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French cement maker Lafarge, now part of Switzerland’s Holcim Group, went on trial in Paris on Tuesday over accusations that its Syrian subsidiary financed terrorist groups to keep a plant operational during Syria’s civil war. Investigators allege Lafarge paid around €5 million between 2013 and September 2014 to groups including Islamic State (IS) and the al-Qaeda-linked Nusra Front—both designated as terrorist organisations by the European Union.

Prosecutors say those payments helped secure safe passage for workers and maintain material supplies at Lafarge’s Jalabiya cement plant in northern Syria, which began operations in 2010 shortly before the conflict erupted. Eight former Lafarge executives are also being tried, each facing up to 10 years in prison. The company has said the actions violated its Code of Conduct and that none of those executives are currently with the company.

This marks a landmark case in France, being the first time a corporation has stood trial for terrorism financing. Lafarge has already admitted similar wrongdoing in the United States in 2022, paying $778 million in penalties. The French trial is expected to run until December 16, and the company also remains under investigation for potential complicity in crimes against humanity in Syria.

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Binance chief Changpeng Zhao pleads guilty to money laundering charges

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Changpeng Zhao, the CEO of Binance, has stepped down from his position after pleading guilty to money laundering violations. In a statement on the platform X, Zhao acknowledged his mistakes, stating, “I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.”

The U.S. Justice Department has imposed penalties and forfeitures of $4.3 billion on Binance, citing the exchange’s involvement in helping users bypass sanctions worldwide. Binance is accused of facilitating transactions totaling nearly $900 million between U.S. and Iranian users, as well as enabling transactions involving users in Syria and the Russian-occupied Ukrainian regions of Crimea, Donetsk, and Luhansk.

The Justice Department highlighted Binance’s role in making it easy for criminals and terrorists to move money. It revealed that between August 2017 and April 2022, approximately $106 million in bitcoin was directly transferred to Binance.com wallets from Hydra, a popular Russian darknet marketplace associated with criminal activities.

As part of the settlement, Binance is now required to report suspicious activity to federal authorities, aiding criminal investigations into cybercrime and terrorism financing. Richard Teng, the head of regional markets at Binance, has been appointed as the new CEO.

Changpeng Zhao, a prominent figure in the cryptocurrency industry, expressed the emotional difficulty of letting go in his farewell post on X. Earlier in March, U.S. regulators sought to ban Binance, alleging illegal operations in the country. The Commodity Futures Trading Commission (CFTC) accused Binance of breaking U.S. financial laws, including rules against money laundering.

In June, the Securities and Exchange Commission (SEC) filed another lawsuit against Binance, accusing the company and Zhao of disregarding investor protection rules to continue operating in the U.S. Binance vowed to defend itself vigorously against these allegations. The legal actions against Binance come amid increased scrutiny of the cryptocurrency industry by U.S. authorities.

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Swedish Court Sentences Kurdish Individual to Prison for Financing Terrorism Following Turkish Request for Action

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In Sweden, a Kurdish man has been sentenced to four-and-a-half years in prison for various crimes, including an attempt to finance terrorism. This is the first instance where Sweden’s updated anti-terrorism laws have been utilized in a case involving the Kurdish militant group PKK. Turkey has long urged Sweden to take action against Kurdish separatists. Sweden’s aspirations to join NATO have been delayed, primarily due to Turkey’s demand for the extradition of individuals it considers terrorists.

Ahead of a NATO summit, Swedish Prime Minister Ulf Kristersson is set to meet with Turkish President Recep Tayyip Erdogan in Lithuania. Sweden is hopeful for NATO membership and has received support from President Joe Biden. The timing of the court case was emphasized by commentators, who noted that it conveyed a message to Ankara that Sweden was cracking down on the PKK.

The convicted Kurdish man, who has Turkish origins, will be deported after serving his sentence. The judge highlighted that Sweden’s NATO bid did not influence the court’s decision. Last month, Sweden strengthened its anti-terrorism laws to criminalize arranging meetings to provide financial or other assistance to banned groups. Critics raised concerns about potential impacts on freedom of speech.

The sentencing coincided with a significant meeting in Brussels involving the foreign ministers of Sweden, Turkey, and Finland, ahead of the upcoming NATO summit in Vilnius. Finland’s Foreign Minister expressed hopes for a swift announcement regarding Sweden’s NATO membership. Turkey’s President has voiced reservations about Sweden’s bid, emphasizing the need for further action.

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