IRAN SANCTIONS: SETTLEMENT AGREEMENT BETWEEN OFAC AND CHINESE JEREH OILFIELD SERVICES GROUP

A news release from the US Treasury on 12 December reported a $2,774,972 settlement with Yantai Jereh Oilfield Services Group Co. Ltd, a Chinese-based company, and its affiliated companies and subsidiaries worldwide to settle potential civil liability for 11 apparent violations of the Iranian Transactions and Sanctions Regulations.  The apparent violations involved the exportation or re-exportation, and attempted exportation or re-exportation of US-origin goods ultimately intended for end-users in Iran; with 2 of the 11 shipments were seized by US Customs and Border Protection prior to exiting the US.

https://content.govdelivery.com/accounts/USTREAS/bulletins/2220bb3

OTHER THINGS YOU MAY HAVE MISSED – DECEMBER 11

11 December 2018

STANDING COMMITTEE ON FINANCE RECOMMENDATIONS ON CANADA’S AML/CFT REGIME

On 6 December, McCarthy Tetrault LLP published an article saying that the Report was released pursuant to a mandate which directed the Committee to study the Proceeds of Crime (Money Laundering) and Terrorist Financing Act  and was issued pursuant to the consultation paper issued earlier in this year in respect of the Act.  The Committee provided various recommendations to the Government, including that the Government work with provinces and territories to create a pan-Canadian beneficial ownership registry for all legal persons and entities, who have at least a 25% total share ownership or voting rights, and amend the Act to require all reporting entities to identify beneficial owners, determine if their customers are  PEP or are associated with any, and prohibit opening accounts or completing financial transactions until beneficial ownership has been ascertained. It also recommended that the Government consider prohibiting or licensing nominee shareholders.

http://www.mondaq.com/canada/x/761750/Money+Laundering/Standing+Committee+On+Finance+Releases+Recommendations+On+Canadas+AntiMoney+Laundering+And+AntiTerrorist+Financing+Regime

EUROPE IS LEAST RISKY CONTINENT FOR BRIBE DEMANDS

Law.com on 6 December reported that the top 5 least risky countries in which to do business and avoid bribe demands are New Zealand, Sweden, Norway, Denmark, and Finland, according to the latest research from TRACE International.  The study names the least and most risky of 200 countries evaluated as well as the least and most risky continents.

https://www.traceinternational.org/trace-matrix

KOREA DUMPS MOUNTAINS OF PLASTIC WASTE IN PHILIPPINES

On 11 December, Korean news site, Chosun Ilbo reported allegations by Greenpeace that a Korean recycling business was exporting large amounts of plastic waste to the Philippines misdescribed as recycled waste.

http://english.chosun.com/site/data/html_dir/2018/12/11/2018121101731.html

BRITISH PENSIONERS ARRESTED ‘FOR SMUGGLING COCAINE ONTO CRUISE SHIP’

The Metro on 10 December reported that an elderly couple have been arrested in Lisbon  after a ‘large amount of cocaine’ was found in their luggage as they returned from a cruise in the Caribbean.

https://metro.co.uk/2018/12/10/british-pensioners-arrested-for-smuggling-cocaine-onto-cruise-ship-8227855/

SERBIAN COURT CONVICTS ALLEGED CRIME BOSS OF DRUG SMUGGLING

Balkan Insight on 10 December reported that a Belgrade court has jailed Darko Saric for 15 years for smuggling several tons of cocaine – though the first-instance verdict may be appealed.  Alleged crime boss Darko Saric was found guilty of smuggling 5.7 tons of cocaine from South America to Europe and jailed for 15 years – after a 4-year trial marked by speculation, intrigues and suspicions.  He was on the run from 2010 until surrendering himself in 2014.

http://www.balkaninsight.com/en/article/serbian-court-convicts-alleged-balkans-drug-lord-12-10-2018

GIBRALTAR: AML/CFT FINE FOR WAVE CREST E-MONEY BUSINESS

The FT Alphaville on 10 December reported on Regulatory Settlement Agreements h between the Gibraltar FSC, Wave Crest Holdings Limited (Wave Crest), Brent Almeida, John Racine and Colin Piri re failings identified with Wave Crest’s AML/CFT systems and controls.  Wave Crest is a Gibraltar company licensed as an electronic money institution since 2010.

https://ftalphaville.ft.com/2018/12/10/1544439535000/Gibraltar-slaps–250k-fine-on-WaveCrest–CEO-stands-down-/

IRELAND: LAWYERS ASK COURT OF APPEAL FOR GUIDANCE ON ‘COMPLEX’ MONEY LAUNDERING LEGISLATION

Irish Legal News on 10 December reported that lawyers for a man found guilty of money laundering have asked the Court of Appeal to set guidance on how the “complex legislation” should be explained to juries.  It is said he will appeal his conviction on grounds that the trial judge “confused” the jury on the presumption of innocence and the onus of proof. The defence barrister is quoted as saying that everybody found the legislation “very difficult”, as it was “complex” and the language was “very dense”.  However, the jury took just 27 minutes to convict. It was obvious, she said, that the judge himself found the legislation “difficult” and only lawyers had the legislation in front of them.

https://www.irishlegal.com/article/lawyers-ask-court-of-appeal-for-guidance-on-complex-money-laundering-legislation

VIETNAM ARRESTS SHIPBUILDING EXECUTIVES FOR EMBEZZLING $4.5 MILLION

The Strait Times on 11 December reported that 2executives from a near-bankrupt state-run shipbuilding company Vinashin have been arrested in Vietnam on accusations of embezzling $4.5 million in collusion with a scandal-plagued bank, as the one-party state broadens its corruption crackdown.  Dozens of bankers, businessmen and former officials have been jailed as part of the anti-graft campaign waged by a conservative leadership in charge since 2016.

https://www.straitstimes.com/asia/se-asia/vietnam-arrests-ship-firm-execs-for-embezzling-us45-million