OTHER THINGS YOU MAY HAVE MISSED – AUGUST 11

11th August 2019

BREXIT DONOR ARRON BANKS IS INVESTIGATED OVER CLAIMS HE ‘SMUGGLED DIAMONDS OUT OF SOUTH AFRICA’

The Daily Mail on 11th August reported that the NCA has been passed claims that Banks, who owns diamond mines in South Africa, tried to get hold of black-market diamonds from Zimbabwe., with allegations by his former business partner also include the claim that he was ‘dealing with Russians’ in the diamond scheme.  He has denied the claims, calling them ‘ludicrous’ and a ‘concoction of nonsense’.

https://www.msn.com/en-gb/news/uknews/brexit-donor-arron-banks-is-investigated-by-national-crime-agency-over-claims-he-smuggled-diamonds-out-of-south-africa

DUAL-USE TECHNOLOGIES DEVELOPED IN THE ARMED FORCES HAVE EXTENSIVE INFLUENCE OVER THE US NATIONAL ECONOMY

iHLS in Israel on 10th August reported on a study by TechLink, a US DoD-funded technology transfer centre at Montana State University, which reveals that dual-use technologies contribute to total economic activity by businesses that build products and services around dual-use technologies invented in military laboratories of $58 billion.  Sales of new products and services by companies with US Department of Defense licence agreements reached nearly $27 billion.  The study set out to determine the extent to which the licence agreements contributed to new economic activity and job creation in the US.

https://i-hls.com/archives/93751

 

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10 THINGS YOU NEED TO KNOW ABOUT MEDICINAL CANNABIS IN THE UK

On 17th July, law firm Field Fisher published an article about the status of medical cannabis in the UK.  It starts by pointing out that regardless of a relaxation of rules in the UK or elsewhere, it is important to note that cannabis remains a controlled Class B drug, meaning it is illegal to possess without a legal prescription or licence.

https://www.fieldfisher.com/publications/2019/07/10-things-you-need-to-know-about-medicinal-cannabis-in-the-uk

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

EGMONT GROUP: PROFESSIONAL MONEY LAUNDERING FACILITATORS

In July, the Egmont Group of FIU published (a public version) of a Bulletin which, it said, should assist authorities and reporting entities in better detecting, investigating, and reporting the proceeds of professional money laundering activities.  It includes a list of red flags

https://egmontgroup.org/sites/default/files/filedepot/external/20190701%20-%20IEWG%20Professional%20ML%20Networks%20Bulletin%20-%20final.pdf

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MALTA: MONEY LAUNDERING FIGHT ‘DOESN’T SEEM LIKE A PRIORITY’ – MONEYVAL

The Times of Malta on 11th August carried a report saying that limited financial and human resources are allocated to investigation and prosecution.  It says that Moneyval experts were “not convinced” that Malta effectively investigates and prosecutes high-level money laundering, bribery, and corruption cases, viewed as one of the Malta’s main shortcomings.  This came after the newspaper said it had seen a draft copy of the Moneyval AML/CFT evaluation of Malta’s AML/CFT systems.  Reportedly Malta has been given a year to get its house in order or face potential blacklisting procedures.

https://timesofmalta.com/articles/view/money-laundering-fight-doesnt-seem-like-a-priority-moneyval.728240

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

CANADA: FINTRAC SUSPICIOUS TRANSACTIONS INDICATORS

In July, the Canadian FIU, FINTRAC, published an Operational Brief containing Risks and Indicators for Dealers in Precious Metals and Stones.  It sets out to provide information and guidance about the factors that expose individuals and entities (both retailers and wholesalers/suppliers) that are dealers in precious metals and stones to money laundering and terrorist financing risks.  The brief also includes indicators to help such dealers determine when they should report a suspicious transaction to FINTRAC.  Kenneth Rijock, in his blog, said that it contains a number of good lists, all of which have generic application to a number of industries, and he recommends one takes a look at it.

https://www.fintrac-canafe.gc.ca/intel/operation/dpms-eng.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

LEBANESE BUSINESSMAN TIED BY US TREASURY TO HEZBOLLAH SENTENCED TO PRISON FOR MONEY LAUNDERING SCHEME INVOLVING THE EVASION OF US SANCTIONS

Imperial Valley News in the US on 10th August reported that Kassim Tajideen, 63, described as the operator of a network of businesses in Lebanon and Africa which the US Treasury designated as a financier of Hezbollah has been sentenced to 5 years in prison in the US.  He was designated by OFAC in 2009.  The case falls under DEA’s Project Cassandra, which targets Hezbollah’s global criminal support network, which operates as a logistics, procurement and financing arm for Hezbollah, and this investigation and others are part of the workload of the DoJ Hezbollah Financing and Narcoterrorism Team (HFNT), formed in January 2018.

https://www.imperialvalleynews.com/index.php/news/health-news/8-news/19237-lebanese-businessman-tied-by-treasury-department-to-hezbollah-is-sentenced-to-prison-for-money-laundering-scheme-involving-the-evasion-of-u-s-sanctions.html

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