THINGS YOU MAY HAVE MISSED – AUGUST 9
As you might have guessed, out and about on the road again – so things might not be as good or comprehensive as susual (if they ever are), and once more struggling with the laptop – why of the several in the house is this one I end up with when away from home?
Hoping to avoid the restarted road blocking protests when we head home – they are due to begin again from tomorrow – though the odd road block might help curb the breakneck speed of the local "coaster" minibuses on the route we are using. That said, it is a good way to get a feel for the local communities and people to use the public transport – which I always try to do whereever I go. Panama is no different from other places I have been in at least one way – people getting on the bus in rural areas tend to say hello when they get on, which you never encounter in a city.
RUSSIA ADDS 62 CANADIANS TO SANCTIONS TRAVEL BAN
On 9 August, the EU Sanctions blog reported that Russia had added a further 62 Canadians to its travel ban list on 5 August.
https://www.europeansanctions.com/2022/08/russia-bars-62-canadian-citizens-from-entry/
WHERE IN THE WORLD ARE RUSSIANS GOING TO AVOID SANCTIONS? THE UAE
On 9 August, an article from VOX answered its own question. For years, sanctioned businessmen close to Putin have been investing big in the UAE's luxury real estate, and recently it has become a sanctuary for yachts.
https://www.vox.com/world/23283965/russia-sanctions-united-arab-emirates-dubai-emirates-finance-money-yachts
RUSSIA STARTS STRIPPING JETLINERS FOR PARTS AS SANCTIONS BITE
On 9 August, Reuters reported that Russian airlines, including state-controlled Aeroflot, are stripping jetliners to secure spare parts they can no longer buy abroad because of Western sanctions, industry sources have told Reuters.
https://www.reuters.com/business/aerospace-defense/exclusive-russia-starts-stripping-jetliners-parts-sanctions-bite-2022-08-08/
UAE TIGHTENS REAL ESTATE INVESTMENT RULES
On 8 August, the Khaleej Times reported that the UAE has tightened real estate investment rules and asked the property agents, brokers, and law firms to report cash transactions worth Dh55,000 and above to the FIU.
https://www.khaleejtimes.com/uae/uae-issues-new-reporting-requirements-for-real-estate-transactions
WHAT CAN COMPLIANCE PROFESSIONALS LEARN FROM HM TREASURY'S LATEST AML/CFT REVIEW?
An article in Finextra in Ireland on 9 August posed this question, saying that in June, HM Treasury published its "Review of the UK's AML/CFT regulatory and supervisory regime". The article sets out to provide some initial observations from the Review, before delving into the some of the detail and extracting some points of interest and key learning points, with a particular focus on new technologies.
https://www.finextra.com/the-long-read/459/what-can-compliance-professionals-learn-from-hm-treasurys-latest-amlcft-review
CENTRAL BANK OF IRELAND – ANTI-MONEY LAUNDERING BULLETIN FOR THE FUNDS SECTOR: FINDINGS AND EXPECTATIONS
On 9 August, an article from Walkers said that the Central Bank of Ireland had published a bulletin which details its findings and expectations across certain key areas – corporate governance; AML/CFT/FS business risk assessment; outsourced AML/CFT/FS activities; and customer due diligence (CDD).
https://s3.amazonaws.com/documents.lexology.com/54a08cd7-ba12-42f1-90ae-b185a4071a16.pdf?AWSAccessKeyId=AKIAVYILUYJ754JTDY6T&Expires=1660046872&Signature=UbNpjHFafO%2F89ATqugBb7GLUsQY%3D
WAS LEBANON THE WORLD'S BIGGEST PONZI SCHEME?
On 9 August, an article in Eurasia Review reported that the World Bank had published a scathing report on Lebanon's financial crisis and alleged acts of deception that appear to have made the country's economic collapse inevitable. The report compares the Mediterranean country's economic model since 1993 to a Ponzi scheme.
https://www.eurasiareview.com/09082022-was-lebanon-the-worlds-biggest-ponzi-scheme-analysis/
The report can be found at –
https://www.worldbank.org/en/news/press-release/2022/08/02/lebanon-s-ponzi-finance-scheme-has-caused-unprecedented-social-and-economic-pain-to-the-lebanese-people
COLOMBIA: ACCUSED PARAMILITARY DRUG LORD GUILLERMO LEÓN ACEVEDO GIRALDO ("MEMO FANTASMA") FREED PRISON IN BOGOTÁ, RELEASED FROM PRE-TRIAL DETENTION
On 8 August, Insight Crime reported that this was despite being seen as a flight risk and amid indications of corruption and witness-tampering. He is facing charges of money laundering and criminal conspiracy, and he could be sentenced to up to 40 years in prison if found guilty. His trial is set to continue in October.
https://insightcrime.org/news/memo-fantasma-freed-from-colombian-prison/
AUSTRALIA: UPDATED AML/CFT COMPLIANCE E-LEARNING FROM AUSTRAC
https://elearn.austrac.gov.au/
30 LOOTED ANTIQUITIES RETURNED TO KINGDOM OF CAMBODIA
On 9 August, a news release from US Immigration and Customs Enforcement advised of the return of 30 antiquities to the Kingdom of Cambodia, which were stolen as part of an organized looting network and sold by antiquities dealer, Douglas Latchford.
https://www.ice.gov/news/releases/30-looted-antiquities-returned-kingdom-cambodia
US ACTION AGAINST CHINESE CABLE MANUFACTURER FOR VIOLATING US EXPORT CONTROLS
Pn 9 August, KPMG reported that the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce issued an administrative charging letter against a Chinese company alleging violations of the Export Administration Regulations (EAR) for causing, aiding, and/or abetting violations of the EAR. It is alleged that in 2014-16 the cable manufacturer served as a "cut-out" between a Chinese technology company, that was under investigation by the US Government for EAR violations at the time, and Iranian telecommunications companies.
https://home.kpmg/us/en/home/insights/2022/08/tnf-us-bis-charging-letter-chinese-cable-manufacturer-violating-us-export-controls.html
KPMG E-INVOICING AND DIGITAL REPORTING GLOBAL UPDATE
On 9 August, KPMG released its latest update.
https://tax.kpmg.us/content/dam/tax/en/pdfs/2022/e-invoicing-digital-reporting-global-updates.pdf
A CASE FOR MORE OVERSIGHT OF MILITARY AID TO UKRAINE
An Issue Brief from the Arms Control Association on 9 August made this argument, pointing out that the US alone has committed $9.8 billion in security assistance to Ukraine since the beginning of the Biden Administration. It notes that the EU launched a new platform in July to discuss how to prepare to tackle organized crime in connection with the war in Ukraine, and it was announced that the main subject on the agenda was illegal arms smuggling of weapons originally sent to the Ukrainian armed forces. Europol has also stated that it was working with Ukrainian officials to reduce the risk of illegal arms trafficking into the European Union.
https://www.armscontrol.org/issue-briefs/2022-08/case-more-oversight-military-aid-ukraine
US: HOW DOMESTIC EXTREMISTS ARE EMBRACING CRYPTOCURRENCY
An article in Homeland Security Today on 4 August said that America's domestic extremists are flocking to cryptocurrency and have raised millions of dollars from crypto donations over the last several years. It says that research highlights 3 important ways that domestic extremists use cryptocurrencies- they receive donations from supporters for content they produce; they take cryptocurrency as payment for merchandise, often exists alongside more traditional payment methods, supplementing rather than supplanting credit cards, debit cards, and other forms of payment; and they solicit cryptocurrency to support their operations, for legal defence, purchasing supplies (including VPN), or providing support to a group or to individuals.
https://www.hstoday.us/featured/profit-of-hate-how-domestic-extremists-are-embracing-cryptocurrency/
AL-QAIDA IN THE INDIAN SUBCONTINENT: AN APPRAISAL OF THE THREAT IN THE WAKE OF THE TALIBAN TAKEOVER OF AFGHANISTAN
An article in the August edition of the CTC Sentinel says that, having set its eyes particularly on India and the contested Kashmir region, Al-Qaida and its regional affiliate in the Indian subcontinent (AQIS) are currently pushing out targeted propaganda to recruit new operatives and to instigate new insurgencies in the region. Although it was founded almost 8 years ago, AQIS remains the newest formal affiliate of the global network.
https://ctc.westpoint.edu/al-qaida-in-the-indian-subcontinent-an-appraisal-of-the-threat-in-the-wake-of-the-taliban-takeover-of-afghanistan/
UK CORRECTS 1 ENTRY ON NORTH KOREA SANCTIONS LIST
On 9 August, a Notice from HM Treasury advised that the entry relating to Mun CHO'NG-CH'O'L had been amended.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1097036/Notice_Democratic_People_s_Republic_of_Korea_090822.pdf
UK: FINANCIAL TRADING FIRM IS SUING ACCOUNTING FIRM MAZARS OVER THE ITS REFUSAL TO PROVIDE PAYROLL SERVICES BECAUSE THE OWNER IS A RUSSIAN CITIZEN
On 9 August, the EU Sanctions blog reported on the case involving XTX Markets. The owner in question is Alexander Gerko, who is a dual Russian and UK citizen and is not designated under any sanctions regime.
https://www.europeansanctions.com/2022/08/xtx-markets-alleges-discrimination-against-russian-owner/
UK: CRIMINAL BAR ASSOCIATION IS BALLOTING MEMBERS ON WHETHER TO MAINTAIN THE CURRENT INDUSTRIAL ACTION OR CALL STRIKE
On 9 August, the Law Society Gazette reported that the Associations is asking members whether to maintain the current action – alternating weeks of strike action combined with a refusal to accept new instructions and 'returned' cases – or escalate it. This comes after it emerged that the government is refusing to budge on legal aid funding.
https://www.lawgazette.co.uk/news/criminal-bar-balloted-on-uninterrupted-strike-action/5113379.article
COURT OF APPEAL: CLIENTS DO NOT OWE SOLICITORS DUTY OF GOOD FAITH
On 9 August, the Law Society Gazette reported that retainers do not contain an implied term that their client will act in good faith, the Court of Appeal has ruled in an appeal by a London law firm. It was said that there is no authority that supports the proposition that, when retaining a solicitor to act for him or for her, the client owed that solicitor a duty of good faith.
https://www.lawgazette.co.uk/news/clients-do-not-owe-solicitors-duty-of-good-faith-court-of-appeal-rules/5113311.article
A FORMER SOLICITOR WHO DISHONESTLY FUNNELLED NEARLY £20 MILLION OF INVESTORS' MONEY FROM THE CAYMANS-BASED AXIOM LEGAL FINANCING FUND INTO HIS OWN POCKET HAS BEEN CONVICTED OF FRAUD
On 9 August, the Law Society Gazette reported that Timothy Schools, 61, received 'just over £19.5 million' from the fund, which was valued at around £120 million before it collapsed in October 2012. It was said that the fund was set up to lend money to firms pursuing no-win no-fee claims – but made loans in 2009 only to ATM Solicitors, so-called because he used it as 'his personal cash machine'.
https://www.lawgazette.co.uk/news/axiom-fund-solicitor-faces-prison-after-fraud-conviction-/5113386.article
IRELAND: THE COMPANIES (CORPORATE ENFORCEMENT AUTHORITY) ACT 2021 AND PERSONAL PUBLIC SERVICE NUMBERS (PPSN)
An Article from Eversheds Sutherland on 5 August said that the objective of changes contained in the Act is to validate the identity of directors to improve the accuracy and integrity of company information held on the Register of Companies and to reduce fraud and identity theft, in efforts to assist the recently-established Corporate Enforcement Authority in cracking down on corporate white collar crime in Ireland.
https://www.eversheds-sutherland.com/global/en/what/articles/index.page?ArticleID=en/global/ireland/director_identity_overhaul
COLOMBIA HAS DETECTED $20 BILLION LIKELY TIED TO MONEY LAUNDERING
On 9 August, FX Empire reported that Colombia's financial crimes unit, intensifying efforts to catch fraud, has detected some $20 billion in financial operations potentially tied to money laundering over the last 3½ years. The figure is equivalent to more than 6% of Colombia's annual GDP.
https://www.fxempire.com/news/article/colombia-has-detected-20-billion-likely-tied-to-money-laundering-official-1091481
Any modest contributions for my time and ongoing expenses are welcomed! At Buy me a Coffee one-off contributions start as low as $3, at
https://www.buymeacoffee.com/KoIvM842y
NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!
Author: raytodd2017
Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017
Author raytodd2017Posted on August 10, 2022
Previous Previous post: UK: FINANCIAL TRADING FIRM IS SUING ACCOUNTING FIRM MAZARS OVER THE ITS REFUSAL TO PROVIDE PAYROLL SERVICES BECAUSE THE OWNER IS A RUSSIAN CITIZEN
Next Next post: CRYPTO CRIMINALS LAUNDERED $540 MILLION BY USING A SERVICE CALLED RENBRIDGE