On 24th September, a UN news release advised that the IRAQI FAIRS ADMINISTRATION, the STATE ENTERPRISE FOR SHOPPING CENTRES and the STATE TRADING COMPANY FOR CONSTRUCTION MATERIALS had been removed from its Iraq sanctions lists.
On 24th September, the Isle of Man FSA published a consultation document seeking views on the introduction of civil penalties for some contraventions of the Beneficial Ownership Act 2017, and invites interested parties to consider the draft Regulations set out within the paper. The closing date is 2nd November. The areas to be covered by civil penalties are: failure to disclose beneficial ownership information on receipt of a notice to do so; and provision of false or misleading information
In 3 articles from the European Council on Foreign Relations, the ECFR presents a mini-series on the likely impact of US sanctions on economic ties between Europe and Iran. In this series of commentaries, ECFR assesses the likely impact of US sanctions on economic ties between Europe and Iran, covering strategically important areas such as trade in essential goods, energy, and banking. The series examines how European governments can minimise the fallout of their attempts to maintain Iranian compliance with the nuclear deal.
Loadstar on 25th September said that it was all about empowering all the forwarders to ask the relevant questions with the necessary knowledge for the shipment in hand. Once the due diligence is done, it’s then about turning to the goods in transit and making sure they are transported under the right conditions and that these are maintained. forwarders needed to ask, on every shipment, what is being shipped, where it is being shipped to and who their customers are. However, the senior loss prevention executive at TT Club, Mike Yarwood, said he believed the rise of e-commerce had made the job harder, by lowering the bars to entry and leaving many forwarders unaware that they may be shipping dangerous goods. Yarwood called on regulators, industry bodies and governments to put greater emphasis on improving the visibility of the CTU Code.
The CTU Code is available at –
On 25th September, the UK Department for International Trade published Notice to Exporters 2018/23 which says that effective ICP programmes are a key element of the Commission’s proposals to modernise dual-use export controls in EU Regulation (EC) 428/2009. Hence the development of non-binding guidance on best practice. The consultation closes on 15th November. The Regulation does not explicitly allude to the ICP mechanism, but Article 12(2) urges Member States – when assessing an application for a global export authorization – to “take into consideration the application by the exporter of proportionate and adequate means and procedures to ensure compliance with the provisions and objectives of this Regulation and with the terms and conditions of the authorisation”. Consequently, in some Member States, the implementation of an ICP gives exporters access to simplified procedures for the export of dual-use items. Also, some Member States refer to ICP requirements in their national legislation or in their practice for the application of controls. Internationally, ICP are increasingly considered as a key element of effective export control systems, as illustrated, for example, by the Wassenaar Arrangement Best Practice guidelines. The draft guidance focuses on the following 7 core elements: Top-level management commitment to compliance; Organisation structure, responsibilities and resources; Training and awareness raising; Transaction screening process and procedures; Performance review, audits, reporting and corrective actions; Record-keeping and documentation; and Physical and information security.
The survey is at –
The Gleaner reported on 25th September that nearly $100 million in cash, including $68 million taken from 2 suspected South African ‘money mules’, was turned over to the Government’s coffers in the first 5 months of the current fiscal year. During the same period, the Financial Investigations Division (FID) of the finance ministry used POCA to confiscate just over $41 million.
Deutsche Welle on 25th September published an article on the UK angle to the Danske Bank scandal. It says that while Denmark, which regularly features in surveys as one of the world’s least corrupt countries, may be in a state of shock, few eye lids batted when it turned out that much of the cash was destined for London. UK corporate entities were the second-biggest proportion, behind Russian, of Danske’s Estonian non-resident customers, according to a Danske report. It said that the owners of suspicious accounts obscured their identity behind Limited Liability Partnerships (LLP).