THE COUNTRIES HOSTING NORTH KOREAN MIGRANT WORKERS

On 4th July, Statista published an infographic, together with an article saying that most North Korean workers go to China and Russia which are estimated to host a maximum of 80,000 and 40,000 laborers respectively.  The vast majority of them are employed in construction, agriculture, logging, garment-making and traditional medicine while a smaller number are known to work in North Korean restaurants.  Altogether, it is believed that 41 countries host or have recently hosted North Korea’s migrant workers.

https://www.statista.com/chart/18605/the-countries-hosting-north-korean-migrant-workers/

chartoftheday_18605_the_countries_hosting_north_korean_migrant_workers_n

 

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BELFAST STUDENT BANK ACCOUNTS USED IN £16 MILLION LAUNDERING OPERATION, COURT HEARS

The Belfast Telegraph on 8th July reported that dormant student bank accounts opened in Belfast were used as part of an alleged £16 million money laundering operation, the High Court heard.  Prosecutors claimed a Chinese crime gang took them over after compatriots studying in the city had completed degree courses and returned home.  Details emerged as bail was granted to 2 women accused of involvement in depositing bundles of cash to be spread across the UK.

https://www.belfasttelegraph.co.uk/news/northern-ireland/belfast-student-bank-accounts-used-in-16m-laundering-operation-court-hears-38292059.html

 

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UK LAW COMMISSION’S REPORT ON REFORMING THE SAR REGIME

On 8th July, Dentons published a briefing on the results of consultation launched in 2018 on the reform of the suspicious activity report (SAR) regime created by Part 7 of the Proceeds of Crime Act 2002 (POCA), the so-called “SARs regime”.  Dentons says that, despite the apparent need for comprehensive reform, the Law Commission’s recommendations are limited in nature with an emphasis on further guidance rather than a root and branch overhaul of the SAR regime.  The article notes the emphasis on additional guidance, and the few proposed changes to the regime.  Dentons concludes that those in the regulated sector might be forgiven for thinking that most of the key issues have not been dealt with and little has been done to address the real concerns expressed about the operation of the regime.

https://www.dentons.com/en/insights/alerts/2019/july/8/the-law-commissions-report-on-reforming-the-sar-regime

 

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FRENCH ANTI-CORRUPTION AGENCY ANNUAL REPORT

On 8th July, Clifford Chance published a briefing saying that, on 21st June, the Agence Française Anticorruption (AFA), the French anti-corruption agency in charge of monitoring corporate compliance programmes published its annual report providing key figures on audits conducted in 2018.  Clifford Chance says that while the first annual report in 2018 provided only high-level information, this second report gives a good overview of the AFA’s expectations of anti-bribery programmes.  The report says that 47 audits were undertaken, including 4 as part of the enforcement of conventions judiciaires d’intérêt public (French-style deferred prosecutions agreement).  The AFA has received 303 alerts about suspicions of corruption, influence peddling or non-compliance with obligations set by Article 17 of the Sapin II Law.  The report highlights the deficiencies emphasised by the AFA.

https://onlineservices.cliffordchance.com/online/freeDownload.action?key=OBWIbFgNhLNomwBl%2B33QzdFhRQAhp8D%2BxrIGReI2crGqLnALtlyZe73vTW3cXC0NHz4M5IlhEJ3p%0D%0A5mt12P8Wnx03DzsaBGwsIB3EVF8XihbSpJa3xHNE7tFeHpEbaeIf&attachmentsize=227909

 

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ISLE OF MAN CONFIRMS REMOVAL OF 13 NAMES FROM IRAQ SANCTIONS LIST

On 8th July, a news release from the Isle of Man advised that, following the decisions of the UN and EU, and that of HM Treasury, 13 names have been removed from the Iraq sanctions lists.

https://www.gov.im/news/2019/jul/08/financial-sanctions-iraq/

 

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WHAT WE LOOK FOR IN A SECTION 22 POCA 2002 STATEMENT

The latest of the always useful article from Bartfields Forensic Accountants on 7th July, looks at prosecution applications under section 22 to require a further payment from the convicted defendant are becoming more and more common.  Section 22 applies where This section applies a court has made a confiscation order, and a prosecutor or receiver applies to the Crown Court to make a new calculation of the available amount.  It allows the prosecution to ask the court to reconsider the available amount where a confiscation order has previously been made and the available amount was lower than the benefit amount.

http://www.accountingevidence.com/blog/2019/07/what-we-look-for-in-a-s22-poca-2002-statement/

 

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UK GAMBLING COMMISSION MONEY LAUNDERING AND TERRORIST FINANCING RISK ASSESSMENT 2018

On 5th July, CMS Law published an article on the Gambling Commission’s money laundering and terrorist financing risk assessment for 2018, as required by law which says that a supervisory authority must carry out a risk assessment of their supervised sector.  It points out that the Commission has chosen to extend its analysis in the Report to the entire gambling sector.  Gambling operators – whether casinos or otherwise – all have a variety of AML obligations under the Commission’s Licence conditions and codes of practice which makes this analysis relevant to them.  The takeaway from this Report is that overall risk ratings for each gambling sector have not changed from the last assessment published in March 2018.  However, terrorist financing has been assessed independently for the first time and has been given an overall risk rating of “Medium”.

http://www.cms-lawnow.com/ealerts/2019/07/money-laundering-and-terrorist-financing-risk-assessment-2018?_ga=2.226688725.933365903.1562572071-1120114776.1520330292

The report is at –

https://www.gamblingcommission.gov.uk/PDF/AML/Money-laundering-and-terrorist-financing-risk-assessment-June-2019.pdf

diagram

 

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