ALSTOM LOSES APPEAL AGAINST CONVICTION FOR CONSPIRACY TO CORRUPT

On 28th July, 6KBW College Hill reported that, in an case at the Court of Appeal in London, Alstom Network UK Ltd was denied leave to appeal against its conviction for conspiracy to corrupt even though 2 directors who had constituted its “directing mind and will” were not present at trial and did not give evidence.  Their absence did not render the trial unfair, given that a company was a separate legal entity and there was no rule of law or practice which required a company’s directing mind and will to be indicted with the company or to be available at trial to give evidence.  It had been indicted for having conspired with some of its directors to pay bribes to public officials in Tunisia, disguised as consultancy payments.

https://blog.6kbw.com/posts/weekly-digest-29-july-2019

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

NEW ZEALAND’S LARGEST SAFE DEPOSIT BOX SUPPLIER HAS ‘LITTLE REGARD FOR MONEY LAUNDERING RISKS’

On 29th July, the New Zealand Herald reported that the country’s largest supplier of safe deposit boxes – Customhouse Safe Deposits Limited (CSDL), t/a Commonwealth Vault  – has been handed a formal warning after repeated non-compliance of AML/CFT law.  It was not alleged that the company was involved in money laundering or the financing of terrorism, but it is the second warning that the company has received.  The company was initially found non-compliant in 2014 after a desk-based review – and since then the company had not only failed to maintain an ongoing level of compliance but it is said that it had allowed it to deteriorate.

https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12253748

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

BOTSWANA SAID TO HAVE SCORED IMPROVED MARKINGS IN NEW ‘DIRTY MONEY’ REVIEW

On 26th July, Mmegi Online reported that a fresh review assessing Botswana’s vulnerability to money laundering has noted improvements in 32 out of 40 areas of concern that caused the country’s blacklisting by global groups.  FATF grey-listed Botswana in October citing institutional and structural deficiencies in the country’s AML defences, and the EU blacklisted Botswana in February, citing weak systems.  The article says that FATF-style regional body ESAAMLG, whose adverse 2017 assessment of Botswana resulted in the negative listings, recently finalised an update showing an improvement – Botswana has until 2020 to rectify the deficiencies involved.  Botswana is said to have improved in the majority of the 40 concerns and recommendations made in 2017, with improvements elsewhere that nevertheless did not justify a rerating.  It is said that the best improvement was in respect of FATF  Recommendation 5, where evaluators had originally noted weaknesses in the local laws around criminalising terrorism financing.

https://www.mmegi.bw/index.php?aid=81917&dir=2019/july/26

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