Off on travels again for a couple of weeks, so the blog may be disrupted…
20th August 2018
ADEN PORT OFFICIALS FOIL ATTEMPT TO SMUGGLE YEMENI ANTIQUES
The National on 19th August reported that the Yemen government says Houthi rebels are selling historical objects abroad to raise funds. Yemen is home to several UNESCO-listed heritage sites that are under threat from the country’s civil war between the internationally recognised government supported by a Saudi-led Arab military coalition and the Iran-backed Houthis.
CANADA’S FINANCIAL OMBUDSMAN WARNS BINARY OPTIONS PRESENT SYSTEMIC RISK AS CHARGEBACKS FAIL
Finance Feeds on 20th August reported that, nearly 1 year after the Canadian Securities Administrators (CSA) announced a ban on binary options, Canada’s OBSI says banks involved are not at fault for the failure of chargebacks requested by binary options fraud victims because the banks followed the normal chargeback policies and procedures.
IRELAND: MOTOR INSURANCE CLAIMS DECLINE AFTER INTRODUCTION OF ANTI-FRAUD MEASURES
On 20th August, the Irish Times reported that the decision by insurers to report suspicious claims to Garda leads to fall in claims. The Motor Insurers’ Bureau of Ireland (MIBI) said 1,572 claims were submitted in the January to July period, as against 1,716 claims for the same period a year ago. The organisation said the decline in claims was due to the introduction of anti-fraud measures last year that included the forwarding of potentially fraudulent claims to the Garda. The decision came after the body said that up to 1 in 8 insurance claims being submitted were “suspicious”.
FIJI WOMAN FACES HUMAN TRAFFICKING CHARGES IN NEW ZEALAND
The Fiji Sun reported on 20th August that a 31-year-old Fiji national allegedly involved in a human trafficking case in New Zealand has been charged. Her sister has been charged in absentia with 5 counts of obtaining property by deception and one count of money laundering. The 2 were alleged to have facilitated the travel of 17 Fijian citizens who were exploited through slavery and became victims of human trafficking in New Zealand, between April and August 2014. They had been operating a travel agent business in Fiji, and are alleged to have placed an advertisement about employment opportunities in New Zealand. The victims were allegedly exploited through forced labour to work in unfavourable weather conditions, with little or no wages, unacceptable living (accommodation) conditions because male and female victims had to share one room.
HONG KONG REGULATOR FINES BANK OVER POOR AML AND DUE DILIGENCE CHECKS
KYC 360 on 20th August reported that the Hong Kong Monetary Authority (HKMA) has penalised Shanghai Commercial Bank (SCOM) HK$5 million for breaching AML rules, including failing to conduct vital due diligence checks and monitor transactions which were not in line with its knowledge of the customer’s risk profile or source of funds. It found that SCOM did not continuously monitor its business relationship with 33 customers by examining the background and purposes of their transactions. SCOM failed to conduct CDD measures in respect of certain pre-existing customers.
OFAC GUIDANCE REGARDING NORTH KOREA SANCTIONS
On 10th August, Arent Fox published an article saying that on 23rd July OFAC issued a useful guidance document that provides businesses a helping hand in dealing with the risk of being involved in trade with North Korea affected by US or UN sanctions. The article seeks to identify the highlights of the guidance.