El Pais on 31st December reported that the licence to export parts was granted when the sanctions were already in place. The cross-ministry board that controls Spanish military exports approved the sale of €20 million of tank parts in the first quarter of 2018. It says that the embargo only allows for 2 exceptions: the supply of material for humanitarian means, and for operations involving the UN and regional organisation; and the “execution of contracts signed before November 13th 2017 and auxiliary contracts necessary for the execution of the same”.
On 4th January, Kenneth Rijock in his blog said that the Panama Supreme Court has issued a ruling that appears to declare that it has no jurisdiction to hear the case against the country’s former president, Ricardo Martinelli on the criminal charges that he was extradited for from the US. The Edict provides for the right of appeal by any interested party within 5 days.
UPI on 4th January reported that a special audit into $4.9 billion worth of oil-related infrastructure investment in the last decade reveals that about half of it was lost to corruption.
The Knack on 4th January reported that prosecutors in Antwerp recommended 3 Belgian companies involved in the shipping of 168 tonnes of isopropanol and 219 tonnes of acetone to Syria be fined and that managing directors of 2 companies be sentenced to jail.
https://m.knack.be/nieuws/belgie/gerecht-vraagt-gevangenisstraffen-in-isopropanol-case/article-longread-1412967.html?cookie_check=1546603054 (in Dutch)
A White Paper from Osborne Clarke on 4th January argues that threat information-sharing and why it is a legitimate interest of financial institutions under GDPR. It says that the GDPR has stifled the practice of threat information-sharing, in turn increasing the threat of successful attacks. However, the White paper concludes that threat information-sharing seeks to preserve fundamental goals of GDPR, and is a cornerstone to the Regulation’s principles and purpose: to protect “fundamental rights and freedoms of natural persons and in particular their right to protection of personal data”. The White Paper says that a proper understanding of what is involved is required, and explains what it is. It says that threat information-sharing is the exchange of information relating to threats, whether cyber or other, between members of a sharing community for the purpose of enhancing their security posture by leveraging the collective knowledge, experience, and capabilities of the community toward the threat. Generally, a “threat” is any circumstance with the potential to adversely impact organisational operations (including mission, functions, image, or reputation), assets, individuals, other organisations, or a nation through an information system “via unauthorised access, destruction, disclosure, or modification of information, and/or denial of service”. Thus threat information-sharing involves the sharing of information to help organisations protect individuals, organisations, nations, and even the public at large against malicious acts resulting in an unauthorised access, disclosure, loss, or alteration of data, including personal data. It says that a common motto for threat information-sharing is allowing “one organisation’s detection to become another’s prevention”.
On 4th January, the BBC reported that 3 former Credit Suisse bankers have been arrested over their alleged role in a $2 billion fraud scheme connected to businesses in Mozambique. The men have been released on bail in London while the US seeks their extradition. The scheme allegedly involved loans to state-owned companies in Mozambique 2013-2016 using maritime projects as fronts, and 2 others, including the country’s former finance minister, have also been arrested.
FORMER MOZAMBIQUE FINANCE MINISTER ARRESTED IN RELATION TO $2 BILLION SECRET LOANS
Re reports that former Mozambique Finance Minister Manuel Chang had been arrested in South Africa in relation to $2 billion secret debt deals.
A Lebanese executive for a regional shipbuilding company has been arrested in New York over a $2 billion fraud linked to state-funded maritime projects in Mozambique, US prosecutors said.