THE BASICS: WHAT IS “SET OFF”, AND WHEN DOES THE RIGHT TO SET OFF ARISE?

On 6th August, Gowling WLG published the latest in its Basics guides, saying that, in certain circumstances, if a claim is proven, the defendant will be able to offset monies that are due to it from the claimant – this is known as set off.  The article covers the basics of set off, including the different types of set off and key points you need to know.

https://gowlingwlg.com/en/insights-resources/articles/2019/what-is-set-off-and-when-does-the-right-arise/

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

FATF: HAITI AML/CFT ASSESSMENT REPORT

On 5th August, FATF published the mutual evaluation report from the FATF-style regional body, CFATF.

http://www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/CFATF-Mutual-Evaluation-Republic-of-Haiti-2019%20.pdf

 

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

AUSTRIAN COURT UPHOLDS €2.75 MILLION FINE AGAINST RAIFFEISEN BANK FOR AML FAILINGS

On 6th August, KYC 360 reported that an administrative court has rejected Raiffeisen Bank International’s challenge against a fine over insufficient AML checks.

https://www.riskscreen.com/kyc360/news/austrian-court-upholds-2-75-mln-euro-fine-against-raiffeisen/

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

ÁLEX SAAB, VENEZUELA’S MILLION-DOLLAR MONEY LAUNDERER

On 5th August, Insight Crime carried a profile of Alex Saab, recently designated by OFAC.  He has also been indicted on money laundering charges that accuse him of transferring some $350 million out of Venezuela and linked to a scheme included kickbacks to government officials in connection to a 2011 government contract to build low-income housing that was never actually constructed.  It says he is also implicated in a food aid fraud and is also involved in gold exports.

https://www.insightcrime.org/news/analysis/us-targets-alex-saab-colombia-laundered-millions-venezuela/

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

IRAN SANCTIONS BREACH SUSPICION PROMPTS GERMAN BANK TO SEEK SEIZURE OF CHINESE-OWNED SHIPS

Hellenic Shipping News on 6th August reported on a case before the High Court in Singapore in which Hanover-based Norddeutsche Landesbank-Girozentrale (NordLB) is seeking the arrest of vessels, accusing their China-based owner of defaulting on a $30 million mortgage agreement.  Lloyd’s List had reported that 2 of the ships appeared to have transported Iranian liquefied petroleum gas in breach of US sanctions.  The tankers, together with a third ship, had been used as collateral for a $30 million loan NordLB made in July 2018 to 3 Chinese-based companies.  The 2 tankers were detained in Singapore in July but subsequently released.

https://www.hellenicshippingnews.com/iran-sanctions-breach-suspicion-prompts-bank-to-seize-ships/

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

OECD REPORT HIGHLIGHTS USE OF NON-TRIAL RESOLUTIONS TO COMBAT FOREIGN BRIBERY CASES

Davies Ward Phillips & Vineberg in Canada published an article on 11th April about the OECD report: Resolving Foreign Bribery Cases with Non-trial Resolutions.  The report is said to have noted that non-trial resolution mechanisms have become the primary means of enforcement of anti-foreign-bribery laws for parties to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions – in as many as 96% of cases in the US.  The report also mentioned increased internal co-operation and information exchange, and the growing number of countries that have adopted or are considering adopting deferred prosecution agreement regimes.

https://www.dwpv.com/en/Insights/Publications/2019/OECD-Report-Highlights-Use-of-Non-Trial-Resolutions-to-Combat-Foreign-Bribery-Cases

 

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