On 19 June, the Wall Street Journal carried an article saying that on 2 early-March flights, at least 7.4 tons of gold with a market value over $300 million moved from Venezuela to a refinery in Uganda, it appearing that the Maduro government exported the ingots. It says that gold sales said to be one of the government’s final financial lifelines. The gold that arrived in Entebbe passed through African Gold Refinery Ltd. in a compound at an international airport before being exported to the Middle East, Ugandan police say.
Day: June 19, 2019
OFAC DESIGNATES RUSSIAN FINANCIAL INSTITUTION SUPPORTING NORTH KOREAN SANCTIONS EVASION
On 19 June, OFAC announced the designation of a Russian entity that has assisted North Korea in evading sanctions to access the international financial system. It has targeted Russian-registered Russian Financial Society for having provided, or attempted to provide, financial, material, technological, or other support for, or goods or services in support of, US-designated Dandong Zhongsheng Industry & Trade Co Ltd, an entity that is owned and controlled by, directly or indirectly, US- and UN-designated Foreign Trade Bank (FTB), North Korea’s primary foreign exchange bank.
https://home.treasury.gov/news/press-releases/sm712
https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190619.aspx
STATEMENTS FROM ISLE OF MAN, JERSEY AND GUERNSEY ON BENEFICIAL OWNERSHIP REGISTERS AND MEETING WITH UK PARLIAMENTARIANS
On 19 June, 2 news releases from the Isle of Man confirmed reports that the 3 jurisdictions are to implement a 3-stage process to work towards making their beneficial ownership registers open to the public. One also mentioned a meeting with UK parliamentarians, and Prime Minister Theresa May saying that she was very pleased to see the announcement from Jersey, Guernsey and the Isle of Man and indeed that the UK would continue to work with the Overseas Territories to ensure that they do follow those standards and open those books, so that people can see who is actually owning those companies.
BENEFICIAL OWNERSHIP REGISTERS IN CROWN DEPENDENCIES TO BE MADE PUBLIC
On 18 June, it was reported that the beneficial ownership registers, currently only accessible by local authorities in the UK’s Crown Dependencies, and which show the ultimate owner of a company, are to be made available to the EU, businesses, and the general public by 2023. In 2021 the Dependencies plan to merge their registers with their EU equivalents; in 2022: businesses will be given access in order to do their “due diligence”; and in 2023 the governments of Guernsey, Jersey and the Isle of Man will bring legislation before their parliaments to make their registers publicly available.
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