Month: February 2019

On 28 February, a news release from the UN advised that the relevant sanctions committee had recommended adding HAMZA USAMA MUHAMMAD BIN LADEN to its sanctions lists.

https://www.un.org/press/en/2019/sc13726.doc.htm

This SI deals with circumstances in which the UK leaves the EU without a negotiated deal. It would modify various customs rules to take account of the customs union arrangements between the UK and the Crown Dependencies (Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey), which will take effect once the UK and the Crown Dependencies cease to be part of the customs territory of the EU.

http://www.legislation.gov.uk/uksi/2019/385/contents/made

This SI formally  adds 3 groups to the list of proscribed organisations in Schedule 2 to the Terrorism Act 2000 – “Hizballah (Party of God), JNIM and Ansaroul Islam (Ansar ul Islam) (Ansaroul Islam Lil Irchad Wal Jihad).  

http://www.legislation.gov.uk/uksi/2019/406/contents/made

On 28 February, FATF is setting out more detailed implementation requirements for effective regulation and supervision/monitoring of virtual asset services providers, with an Interpretive Note to Recommendation 15.  The text of the new Interpretive Note has been finalised, and will be formally adopted as part of the FATF Standards in June 2019 – the text of the Note is included in the release. FATF invites private sector entities and other experts to provide written comments on one paragraph.

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/regulation-virtual-assets-interpretive-note.html

On 28 February, Accountancy Daily reported that In the event of a no deal Brexit, the limited liability status of UK companies and limited liability partnership (LLP) may not be recognised in some EU jurisdictions, raising substantial business and personal risks, according to analysis of official government advice by RSM, which is urging businesses to ensure they review their structure.

https://www.accountancydaily.co/warning-lost-limited-liability-status-no-deal-brexit

CNN reported on 27 February that a container filled with 90,000 bottles of vodka believed to be for sanctions-hit North Korea has been seized by Dutch customs agents.  3,000 cases of the spirit were found by officers at the port of Rotterdam aboard a ship owned by China’s Cosco Shipping.

https://edition.cnn.com/2019/02/26/europe/netherlands-seize-vodka-north-korea-intl/index.html

 

On 27 February, an article from Lane Powell PC said that, despite a recent Supreme Court decision, which limited the scope of civil asset forfeiture, the controversial legal process whereby law enforcement officers can seize property they suspect was involved in illegal activities, civil forfeiture is far from finished.  The issue considered by the Supreme Court in the case was whether there are limitations to the amount of assets that a state is allowed to seize. In that case, the accused had sold a small amount of heroin to an undercover cop.  He was charged and convicted, and his crimes carried a monetary fine of up to $10,000. The state then brought a civil action to seize his Range Rover, which he’d used to transport drugs, but which had been purchased with nearly $50,000 in legitimate funds from an inheritance.  However, the article points out, the Supreme Court has repeatedly affirmed that the practice of civil asset forfeiture is constitutional – the new ruling simply means that the amount of the seizure can’t be unreasonably large compared to the underlying crime.

https://www.jdsupra.com/legalnews/civil-asset-forfeiture-not-dead-yet-86020/

 

On 26^th February, Baker McKenzie reported that a report on the recent review by FATF of Cayman’s AML/CFT systems will likely be released next month, and the results will not be positive, according to the Premier.  Despite improvements, FATF has spotted deficiencies in how Cayman’s rules and regulations are being followed in practice, he said.

http://www.riskandcompliancehub.com/cayman-bracing-for-negative-financial-action-task-force-review/

https://www.caymancompass.com/2019/02/25/cayman-bracing-for-negative-financial-action-task-force-review/

On 6^th February, following the recent FATF Plenary, HM Treasury issued an updated advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions.

https://www.gov.uk/government/publications/money-laundering-and-terrorist-financing-controls-in-overseas-jurisdictions-advisory-notice

On 26^th February, the Home Office reissued a policy paper following recent changes to the list of proscribed organisations.  It lists the extremist groups or organisations banned under UK law, and provides the criteria that are considered when deciding whether or not to proscribe a group or organisation.

https://www.gov.uk/government/publications/proscribed-terror-groups-or-organisations–2