13th February 2019
REPORT TO CONGRESS ON IRAN’S NUCLEAR PROGRAMME
On 12th February, USNI carried a copy of the Congressional Research Service report on Iran’s compliance with international obligations. It says that several UN Security Council Resolutions adopted between 2006 and 2010 required Iran to co-operate fully with the International Atomic Energy Agency’s (IAEA) investigation of its nuclear activities, suspend its uranium enrichment programme, suspend its construction of a heavy-water reactor and related projects, and ratify the Additional Protocol to its IAEA safeguards agreement. When the JCPOA was implemented in 2016 all of the previous UN Resolutions’ requirements were terminated – and the nuclear Nonproliferation Treaty (NPT) and UN Security Council Resolution 2231 comprise the current legal framework governing Iran’s nuclear programme, and the report says that Iran has complied with the JCPOA and the Resolution. However, for several years the IAEA still had questions concerning “possible military dimensions to Iran’s nuclear programme”. The Congressional report provides a brief overview of Iran’s nuclear programme and describes the legal basis for the actions taken by the IAEA board and the UN Security Council.
https://news.usni.org/2019/02/12/report-congress-irans-nuclear-program
EU BEGINS PROCESS TO SUSPEND CAMBODIAN TRADE PREFERENCES
On 13th February, the European Sanctions Blog reported that the EU had initiated the process that could lead to the temporary suspension of Cambodia’s duty-free and quota-free access to the EU Single Market following the deterioration of democracy, respect for human rights and the rule of law in Cambodia over the past 18 months. Suspension has not happened, but initially leads to greater monitoring.
https://www.europeansanctions.com/2019/02/eu-begins-procedure-to-suspend-cambodia-trade-preferences/
PODCAST: BOARD SUPPORT FOR THE COMPLIANCE FUNCTION
In the latest TRACE podcast, Jeff Cottle of Norton Rose Fulbright discusses how to secure and maintain board support, what ideal communications patterns look like and when and how to leave if the board refuses to hear bad news.
https://traceinternational.org/bribe_swindle_or_steal
US TREASURY ISSUES GUIDANCE ON VENEZUELA SANCTIONS TO COUNTER CONFUSION IN BOND MARKET
On 13th February, the Wall Street Journal reported that the guidance was required due to confusion in the Venezuelan bond market that resulted from new sanctions. The sanctions blocked US investors from buying bonds issued by the state-oil company PdVSA, but allowed investors to hold on to previously purchased debt and to sell bonds to foreign entities. Confusion over sales to foreigners, led to a halt in trading.
EU REPORT – JUDICIAL CO-OPERATION ACROSS BORDERS CRUCIAL FOR SUCCESSFUL CONFISCATION OF CRIMINAL ASSETS
On 12th February, a report from Eurojust, the EU Judicial Cooperation Unit, takes an in-depth look at the experience on the ground in cross-border asset recovery investigations in the EU between January 2014 and March 2018. The report is a practical guide for prosecutors and investigative judges around the EU working on criminal financial investigations, explaining how to follow the money and subsequently freeze, confiscate and recover the assets.
http://www.eurojust.europa.eu/press/PressReleases/Pages/2019/2019-02-12.aspx
EX-VATICAN PRELATE CONVICTED OF CORRUPTION IN CASH SMUGGLING CASE
The State on 13th February reported that a monsignor who had worked as a senior Vatican accountant has been convicted of corruption in connection with a failed cash-smuggling plot. Rev. Nunzio Scarano was convicted in Rome of corruption and was sentenced to 3 years in prison for involvement in a plan to smuggle €20 million into Italy from Switzerland aboard an Italian government plane.
https://www.thestate.com/news/business/national-business/article226215860.html
HEAD OF APPLE’S ANTI-INSIDER TRADING PROGRAMME CHARGED WITH INSIDER TRADING
The Register reported on 13th February that Gene Daniel Levoff, Apple’s former global head of corporate law, and whose duties at Apple was to oversee the company’s insider trading programme, designed to recognise and prevent the illegal activity he has now been accused of.
https://www.theregister.co.uk/2019/02/13/apple_insider_trading
TOP 10 TIPS FOR FINANCIAL CRIME PREVENTION: IS YOUR BUSINESS IN GOOD SHAPE?
On 1st February, Womble Bond Dickinson published this article which says that yy following the top 10 tips is presents, businesses can be as well prepared as possible to address any issues that arise.
THE RAFALE CONTROVERSY: WHAT YOU NEED TO KNOW ABOUT INDIA’S FIGHTER JET DEAL WITH FRANCE AND CORRUPTION ALLEGATIONS
On 13th February, Deutsche Welle published a briefing saying that a 2016 fighter jet deal with France is beginning to cause problems for Prime Minister Modi, whose detractors accuse him of corruption. It presents 10 key points about the agreement between New Delhi and Dassault Aviation.
CANADA’S NEW DEFERRED PROSECUTIONS REGIME, ONCE QUIETLY CHEERED, NOW JEERED IN MEDIA AMID SCANDAL
M Lex on 12th February reported that the once-herald DPA scheme is under scrutiny after a report alleging that Prime Minister Justin Trudeau pressured an attorney general to grant a deal to bribery-accused engineering firm SNC-Lavalin.
BULGARIAN BANK PROBED FOR MONEY TRANSFERS FROM VENEZUELA
BTA on 13th February reported that Bulgarian authorities are probing a Bulgarian bank for large transfers from Venezuela. It says that the US provided information on wire transfers from Venezuelan state-owned oil company PdVSA to Bulgarian bank accounts, where large sums were wired and then funds were transferred abroad.
http://www.bta.bg/en/c/DF/id/1957113
ARGENTINA’S BOOMING MARIJUANA TRADE CRIPPLING JAILS
Insight Crime on 13th February reported that a strategic province in north-east Argentina is running out of jail space because of the massive number of marijuana traffickers arrested there, illustrating how the South American nation continues to grow as both a transit hub and local drug market – with complications stem from Misiones’ booming marijuana trade.
https://www.insightcrime.org/news/brief/argentina-booming-marijuana-trade-crippling-jails/
https://www.rferl.org/a/active-satellites-by-country/29766039.html
UN HIGH COURT REJECTS US ATTEMPT TO THROW OUT IRANIAN SUIT FOR FROZEN ASSETS
Rferl on 13th February reported that the International Court of Justice (ICJ) has affirmed its jurisdiction to hear a case brought by Iran to recover billions of dollars in assets that are frozen in the US – a claim by Iran to recover some $2 billion in bank assets seized by US courts, funds that were impounded during the 1979 Islamic Revolution in Iran.
https://www.rferl.org/a/un-court-iran-assets-frozen-us/29767162.html
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