Day: May 2, 2018

This UK Order (SI 2018/523) which further amends a 2009 Order, giving effect to certain aspects of further United Nations sanctions imposed against North Korea by UN SCR 2397 adopted on 22^nd December.  This Order extends the offences related to carriage of goods to North Korea to include: industrial machinery, transportation vehicles, and iron, steel and others metals. It also extends the offences related to carriage of goods from North Korea to include: earth and stone, including magnesite and magnesia; food and agricultural products; machinery and electrical equipment; ships, boats and floating structures; and wood.  This Order adds offences of providing classification services to, or knowingly registering or maintaining on the register, a ship that the person committing the offence has reasonable grounds to believe was involved in activities, or the transport of items, prohibited by relevant UN SCR.  It also adds an offence of knowingly obtaining or transferring, directly or indirectly, fishing rights from North Korea.

http://www.legislation.gov.uk/uksi/2018/523/contents/made

The Taipei Times in its 3^rd May edition reported that Taiwan’s national assessment report on money laundering and terrorism financing has identified the areas where the nation could do more to prevent money laundering.  The report identified trafficking in narcotics, fraud, organised crime, corruption, smuggling, securities crimes, third-party money laundering, tax evasion and intellectual property crimes as the 9 major areas where improvement was needed.  China, Hong Kong, Macau and Malaysia are the top 5 destinations in terms of criminal gains, while the Philippines, Indonesia and Vietnam came next, the report said.  China, Hong Kong, Macau, Vietnam and the Philippines are the top 5 countries in terms of incoming criminal cash flow.  37 government agencies and 31 private sector groups collaborated on the report, which is aimed at preparing the government for the Asia Pacific Group on Money Laundering (APG) meeting in November.

http://www.taipeitimes.com/News/taiwan/archives/2018/05/03/2003692435

On 30^th April, FATF released its latest consolidated overview of ratings of evaluated countries’ AML/CFT systems.  Through the 9 FATF-Style Regional Bodies (FSRB), FATF brings together a global network of 203 jurisdictions that have each committed at the highest political level, to implementing the FATF Recommendations.  FATF and FSRB conduct peer reviews on an ongoing basis to assess how effectively their respective members’ AML/CFT measures work in practice, and how well they have implemented the technical requirements of the FATF Recommendations.    This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated to 30^th April).  These should be read in conjunction with the detailed mutual evaluation reports, which are available on the FATF website.

http://www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html

On 2^nd May, OFAC issued Ukraine/Russia-related General License 12B, which replaces and supersedes General License 12A in its entirety and permits originating and intermediary US financial institutions to process funds transfers that they would otherwise block to an account held by a blocked US person at a US financial institution.  In addition, it clarifies that US financial institutions can release such funds for authorised maintenance and wind-down purposes.  OFAC also issued General License 13A, which replaces and supersedes General License 13 in its entirety and authorises transactions and activities necessary to divest or transfer debt, equity or other holdings in EN+ Group, GAZ Group, or United Company RUSAL PLC.  It also authorises such transactions in entities in which those persons own, directly or indirectly, a 50% or greater interest, provided that such debt, equity, or other holdings were issued by Irkutskenergo, GAZ Auto Plant, or Rusal Capital Designated Activity Company.  OFAC is also publishing 3 new FAQ and revisions to several existing FAQ about these general licences.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/OFAC-Recent-Actions.aspx