10th March 2019
INDIAN DIAMOND BILLIONAIRE NIRAV MODI TRACKED DOWN TO SWANKY LONDON APARTMENT
Asian Age on 9th March reported that Modi and his uncle, Mehul Choksi, are the main accused in Punjab National Bank (PNB) scam. Modi is said to have been discovered living openly in a swanky £8 million apartment in London’s West End – where rent is estimated to be around £17,000 a month – and is running a new diamond business just yards away. The 63-year-old former Kingfisher Airlines boss wanted for fraud and money laundering charges in India, had surrendered to Scotland Yard following such a warrant in April 2017 and is now undergoing an appeal process against his extradition.
ITALIAN POLICE TARGET FAKE BALSAMIC VINEGAR FRAUD
The Guardian on 9th march reported that Italian police have seized more than 9,000 tonnes of crushed grapes as part of an investigation into the fraudulent production of balsamic vinegar. The fraudsters allegedly sold the common table grape must to companies which produce balsamic vinegar and passed it off as being from the prized sangiovese and trebbiano varieties. Balsamic vinegar, famed for its concentrated and complex flavour, can legally be produced from seven specified grape varieties.
NEW EU SCHENGEN VISA FOR VISITING US CITIZENS FROM 2021
On 9th March, Kenneth Rijock in his blog commented on this new visa system and asked if it would also prevent money launderers as well as terrorists. He says that the EU is introducing the requirement because the US will not grant visa-free travel to 5 EU countries; Bulgaria, Croatia, Poland, Romania and Cyprus.
BRONZE SMUGGLING LEAVES VENEZUELA’S CEMETERIES WITHOUT HEADSTONES
Insight Crime on 7th March reported that a recent investigation into the theft and smuggling of bronze in Venezuela has revealed the existence of an organized crime network, dismantling Venezuelan artistic heritage in order to send bronze contraband to Caribbean islands. Plaques identifying tombs in Venezuelan cemeteries as well as hundreds of bronze sculptures have disappeared in at least 12 states. Venezuelan bronze trafficking represents profits of millions of dollars for the criminal groups involved. The work details that the criminals send the bronze from Venezuela to Colombia at the border, to the Dutch territories Aruba, Bonaire and Curacao from the state of Falcón, and to Trinidad and Tobago from the eastern and southern regions of Venezuela to Trinidad and Tobago.
IRAN’S NEW THREAT TO SHIPS IN THE GULF
On 8th March, the International Institute for Strategic Studies published an article saying that Iran’s claim to have successfully launched an anti-ship cruise missile from an indigenously produced submarine in February is a significant event that potentially challenges the stability of the entire Gulf region. It says it should be a wake-up call to all parties with an interest in maintaining such stability.
INDIA – NEW UPDATES FOR “SIGNIFICANT BENEFICIAL OWNERS”
An article from Eversheds Sutherland on 8th March provided detail of an amendment to section 90 of the Companies Act 2013 and the corresponding Rules applicable from 8th February. This update provides clarifications concerning the meaning of the term “Significant Beneficial Owner” and its criteria for applicability. Its previous definition has been substituted with a new one.
DANISH COMPANY PAYS APPROXIMATELY $33 MILLION TO RESOLVE BRIBERY ALLEGATIONS
On 8th March, Buckley published an article in its FCPA Blog saying that Hempel, a Danish company that makes protective coatings used in maritime environments has settled bribery allegations with the Danish State Prosecutor for Serious and International Crime – for illegal sales practices found in Germany, other countries in Europe, and in Asia in 2017.
ISLE OF MAN: EUROPEAN UNION AND TRADE ACT 2019 (RETAINED DIRECT EU LEGISLATION) (CUSTOMS) REGULATIONS 2019
On the Order Paper for the March sitting of the Isle of Man’s parliament are these Regulations which prescribe the EU Regulations, EU Decisions and EU tertiary legislation, which form part of Manx law on and after Brexit exit day in relation to customs.
ISLE OF MAN: EUROPEAN UNION AND TRADE ACT 2019 (RETAINED DIRECT EU LEGISLATION) (SANCTIONS) REGULATIONS 2019
Also on the Order Paper for the March sitting of the Isle of Man’s parliament are these Regulations which prescribe the EU Regulations, EU Decisions and EU tertiary legislation, which form part of Manx law on and after Brexit exit day in relation to EU sanctions – and to preserve, on and after exit day, certain EU Regulations concerned with UN and EU sanctions.
ISLE OF MAN: BREXIT-RELATED LEGISLATION
Included on the Order Paper for the March sitting of the Isle of Man’s parliament are various Regulations which prescribe the EU Regulations, EU Decisions and EU tertiary legislation, which form part of Manx law on and after Brexit exit day in relation to a variety of areas of law, including those relating the work of the Island’s Financial Services Authority.
ISLE OF MAN: ANNUAL REPORT OF THE SURVEILLANCE COMMISSIONER FOR 2018
Also on the Order Paper for the March sitting of the Isle of Man’s parliament is the report of the Island’s Surveillance Commissioner for 2018. It reports that there were 31 authorisations for “directed surveillance” (essentially this covers covert surveillance in places other than residential premises or private vehicles – as opposed to “intrusive surveillance)). in 2014, a reduction on the previous year. It is said that no authorising authority has reported that there had been a failure to follow procedures in respect of an authorisation.
HOW TO “TURBO CHARGE” UK PORTS
On 4th March, Port Strategy reported on a new 10-point plan from the UK Major Ports Group (UKMPG) in combination with the British Ports Association (BPA) to “turbo charge” UK ports and give them greater ability to invest and grow seeks reform of local planning law, with an overall goal of boosting UK trading capability regardless of how Brexit develops.
SUPERYACHTS AND PRIVATE SCHOOLS: BRITAIN’S DIRTY MONEY PROBLEM
Podcast: this podcast from the Guardian says that Russian money, some legitimate and some not, was channelled through a Lithuanian bank into the UK, according to the Troika Laundromat leaks.