OTHER THINGS YOU MAY HAVE MISSED – AUGUST 11

11th August 2018

LLOYD’S SUPERYACHT INSURANCE SHAKE-UP UNDERWAY

Superyacht News on 10th August reported that it is suggested that between 5 and 7 Lloyd’s syndicates have already dropped out of the yacht insurance market and further consolidation is expected.  Lloyd’s of London had issued a warning to a number of its loss-making marine syndicates, including those that underwrite superyacht businesses. Giving them 3 months to create viable business plans or be dropped.  It says that yachts are widely considered to be the greatest loss-maker within the Lloyd’s marine portfolio, and provides estimates of what appear to be unsustainable loss ratios – including the fallout from the severe damage caused by the hurricanes that decimated the Caribbean and Florida in 2017.

http://www.superyachtnews.com/business/lloyds-superyacht-insurance-market-shakeup-underway

MARIJUANA TRAFFICKING RING BRIBED PARAGUAY OFFICIALS FOR PROTECTION

Insight Crime on 10th August published an article saying that Paraguay has dismantled a trafficking network tied to officials in Canindeyú, a major marijuana-producing region bordering Brazil, highlighting the widespread and systematic corruption that has long facilitated the country’s role as South America’s main illegal marijuana producer.  The case is said to have revealed a “well-structured ‘protection system’” composed of current and former police officers, soldiers, prosecutors and customs officials who accepted bribes.

https://www.insightcrime.org/news/brief/marijuana-trafficking-ring-bribed-paraguay-officials-protection/

INSIGHT CRIME’S PERSON OF INTEREST PODCAST: GUATEMALA’S POLITICAL FIXER

In its first podcast, Insight Crime looks at corruption in Guatemala’s campaign finance system through the story of Obdulio Solórzano, a political fixer for the UNE party who was assassinated in 2010, after helping Álvaro Colom reach the presidency.  Solórzano worked his contacts for funding, among them the powerful, ambitious and violent criminal group from Mexico, the Zetas, which would later claim to give $11.5 million to UNE’s candidate.  Later he would fall out of favour with the president and his party, and along with the Zetas, and would become the target of investigations into corruption and drug trafficking.

https://www.insightcrime.org/news/analysis/insight-crimes-person-interest-podcast-guatemalas-political-fixer/

FinCEN RECEIVES 1,500 SAR ON CRYPTO PER MONTH

The Coin Telegraph on 11th August reported the Director of FinCEN saying that the agency has seen a surge in filings of crypto-related Suspicious Activity Reports (SAR).  The number of complaints now exceeds 1,500 per month, he said at the 2018 Chicago-Kent Block Legal Tech Conference.  It reminds one that, as indicated in FinCEN’s March 2013 guidelines, any acceptance or transfer of value that substitutes for fiat currency – including crypto – is considered to be money transmission, and entails specific regulatory obligations under the US Bank Secrecy Act (BSA).  He also clarified that reporting obligations pertain to businesses that provide anonymising services — often dubbed “mixers” or “tumblers”.

https://cointelegraph.com/news/fincen-director-agency-receives-1-500-suspicious-activity-reports-on-crypto-per-month

His full speech is at –

https://www.fincen.gov/news/speeches/prepared-remarks-fincen-director-kenneth-blanco-delivered-2018-chicago-kent-block

NORTHERN IRELAND SOLICITOR ACCUSED OF £250,000 FRAUD ON CLIENTS

The Belfast Telegraph on 11th August reported that a solicitor, Elaine Mary Early, 53, has been ordered to stand trial accused of stealing more than £250,000 from various clients, including the wills of the deceased.

https://www.belfasttelegraph.co.uk/news/northern-ireland/northern-ireland-solicitor-early-accused-of-250k-fraud-on-clients-37205103.html?src=ilaw

BROADCOM TECH BILLIONAIRE’S LATEST SCANDAL: DRUG-TRAFFICKING CHARGES IN VEGAS

The Daily Beast on 10th August reported that Henry Nicholas, a billionaire philanthropist, has been accused of massive securities fraud and spiking the drinks of tech executives. Now, he is facing alleged drug trafficking.  He and Ashley Fargo (the ex-wife of an heir to the Wells Fargo fortune) were allegedly caught with heroin, cocaine, ecstasy, and methamphetamines in Nicholas’ Las Vegas hotel room and arrested on suspicion of narcotics trafficking.

https://www.thedailybeast.com/tech-billionaire-henry-nicholas-facing-drug-trafficking-charges-in-vegas?src=ilaw

MAERSK AND IBM LAUNCH BLOCKCHAIN SHIPPING PRODUCT

On 11th August, Lloyds Loading List reported that TradeLens, the tie-up between Maersk and IBM will continue as a collaboration rather than a joint venture but ports, freight forwarders and customs authorities have signed up as early adopters.  It says that Pacific International Lines has joined Maersk and its subsidiary Hamburg Süd as one of the key carriers in Maersk’s ambitious plan to provide a gateway blockchain product for the container shipping sector.  Maersk and IBM have been working on since their collaboration was announced in January, sees the 3 carriers joining forces with 20 port and terminal operators, customs authorities and logistics companies around the world in piloting the platform.  TradeLens is based on IBM blockchain technology and lets partners collaborate by establishing a single shared view of a transaction without compromising details, privacy or confidentiality.

https://www.lloydsloadinglist.com/freight-directory/news/Maersk-and-IBM-launch-blockchain-product/72564.htm#.W28aPvZFx9A

TradeLens is at –

https://www.tradelens.com/

 

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

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