MOTHER OF SENIOR AIDE TO MEXICO’S EX-PRESIDENT ARRESTED IN GERMANY ON MONEY LAUNDERING CHARGES

KYC 360 on 25th July reported that the mother of Emilio Lozoya, the former CEO of Mexican state oil company Pemex and a close confidant to ex-President Enrique Pena Nieto, has been arrested in Germany.  Lozoya and several of his family members have been accused of involvement in a wide-ranging bribery and money laundering probe involving Brazilian construction firm Odebrecht.  It is said that Gilda Austin, 71, was arrested in connection with money laundering charges stemming from a $155,000 deposit made to her bank account.

https://www.riskscreen.com/kyc360/news/mother-of-senior-aide-to-mexicos-ex-president-arrested-in-germany/

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WHAT IS BITCOIN LAUNDERING?

Australian law firm, Nyman Gibson Miralis has produced a short note on the role of 2 key components of money laundering using Bitcoin are Bitcoin mixing services and Bitcoin exchanges –

Bitcoin mixing services – which aim to disassociate bitcoins from their source, which is often of a criminal nature; and

Bitcoin exchange services – which aim to anonymously convert bitcoins to spendable money.

https://ngm.com.au/bitcoin-laundering/

It also refers to a paper published in May 2018 in the Journal on Financial Crime in which the authors examine how cybercrime proceeds can be laundered using services that are offered on the Dark Web.

https://www.emerald.com/insight/content/doi/10.1108/JFC-11-2016-0067/full/html

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DUTY TO PRESERVE DOCUMENTS IN THE ANTICIPATION OF LITIGATION

Bristows LLP has produced a note which outlines the duties of parties that may become involved in litigation before the Courts of England and Wales to preserve any documents that may be relevant to the dispute as soon as litigation is contemplated.

https://www.bristows.com/about-us/compliance-information/duty-to-preserve-documents/

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CAYMAN ISLANDS: PROPOSED LEGISLATIVE CHANGES FOLLOWING CFATF AML/CFT MUTUAL EVALUATION REPORT

On 18th July, Campbells in the Cayman Islands published an article on the consequences of the assessment report which evaluated technical compliance (i.e. having legislation in place) but also, for the first time for the Cayman Islands, evaluated the effectiveness of Cayman Islands legislation.  It says that the report identified gaps in the legislative framework regarding: availability and accuracy of information; interagency co-ordination and cooperation; international cooperation; and monitoring and enforcement, and provided recommendations on how the regime could be strengthened.  As a consequence, a number of legislative changes are proposed and the article lists 13 Bills to be debated in the Islands’ legislature.  It identifies 8 of these as being noteworthy and provides a thumbnail sketch of their proposed changes.  FATF will review the progress made by the Cayman Islands at its June 2020 Plenary to determine if the recommended actions have been taken.  However, it says that the government has stressed that the changes do not move the Cayman Islands closer to implementing public registers of beneficial owners and should not be seen as such – making the list of directors for a company publicly available is a response to a CFATF recommended action.

The CFATF report is available at –

https://www.cfatf-gafic.org/index.php/home/cfatf-news/549-fourth-round-mutual-evaluation-report-for-cayman-islands

https://www.campbellslegal.com/client-advisory/cayman-islands-update-legislative-enhancements-following-cfatf-aml-cft-mutual-evaluation-report-4962/

 

This blog is primarily for my own use, to keep informed and up to date.  However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y