OTHER THINGS YOU MAY HAVE MISSED – SEPTEMBER 1

1st September 2019

EU GUIDANCE FOR BUSINESSES INVOLVED IN TRADE OF CONSUMER GOODS WITH EU FACE IN CASE OF A NO-DEAL BREXIT

On 30th August, HK TDC published an article saying that the European Commission issued a Notice to stakeholders explaining the legal consequences of UK’s withdrawal, in Q&A form, dated 1st February (intending for it to apply to the first withdrawal date, which was 29th March; but the same applies today).  In the event that the UK indeed leaves the EU without a ratified withdrawal agreement, there will be no transition period that would allow current trading arrangements between the EU and the UK to continue until a new deal on the future relationship is worked out.  Importantly, it notes that, unlike domestic goods already in the supply chain (even if not physically supplied to an EU customer), goods manufactured in the UK or imported into the UK from third countries before the withdrawal date, but sold to an EU customer as of 31st October (or after), will be deemed to be imported from a third country.  They will thus have to fully comply with EU rules applicable at the time of their placing on the market, i.e. the date of the transaction with the EU customer.

http://economists-pick-research.hktdc.com/business-news/article/Regulatory-Alert-EU/Businesses-Involved-in-Trade-of-Consumer-Goods-with-EU-Face-Important-Legal-Repercussions-Ahead-of-a-No-deal-Brexit/baeu/en/1/1X2ZT68A/1X0AIEXX.htm

The Notice is at –

https://ec.europa.eu/docsroom/documents/32042/attachments/1/translations/en/renditions/native

INVESTIGATIONS UNCOVER GANGS AND MILLIONAIRE PROFITS BEHIND DEFORESTATION

The Rio Times, an English language newspaper in Brazil, on 1st September reported that investigations by the Federal Prosecutor’s Office’s Amazônia task force show that there are elaborate criminal organisations behind the issue.  The fires are only the most visible aspect of this case.

https://riotimesonline.com/brazil-news/brazil/investigations-uncover-gangs-and-millionaire-profits-behind-deforestation

NIGERIAN NAVY ARRESTS 57 SAILORS AND SEIZES VESSELS FOR OIL SMUGGLING

On 1st September, Ships & Ports reported that 57 sailors have been arrested in Rivers State by the Nigerian Navy for allegedly smuggling crude oil and illegally refining diesel.  They included a Ukrainian, a Mexican and 55 Nigerians, and they were arrested between 11th and 25th August aboard 4 vessels, 2 wooden boats and a barge.

https://shipsandports.com.ng/nigerian-navy-arrests-57-sailors-seizes-vessels-for-oil-smuggling-2/

POLISH MAN CAUGHT IN CUSTOMS WEB WITH TARANTULA HAUL IN FRENCH GUIANA

On 1st September, RTL reported that customs officials have caught a Polish man who was after trying to smuggle nearly 100 tarantula spiders in his luggage – 38 adult and some 50 young as well as dozens of egg-filled cocoons – at Cayenne airport, French Guiana.  He was attempting to fly to Paris.

https://today.rtl.lu/news/science-and-environment/a/1397050.html

BOOK CLAIMS THAT HATTON GARDEN RAIDER ‘SMUGGLED £2 MILLION OF STOLEN CASH OUT OF BRITAIN TO A SPANISH HIDEAWAY’

The Easton Caller local media reported on 1st September that, according to a new book, one of the infamous Hatton Garden raiders who stole almost £14 million worth of gold, cash and jewels in 2015, is claimed to have smuggled £2 million of the stolen goods to a Spanish hideaway.  Of the amount stolen, only £4,324,437 has been recovered by police.

https://eastoncaller.com/hatton-garden-raider-smuggled-2m-of-stolen-cash-out-of-britain-to-a-spanish-hideaway-book-claims/190344/

BAHAMAS ENACTED NEW FINANCIAL LEGISLATION TO ENSURE IT REMAINS GLOBALLY COMPETITIVE

On 29th August, an article in the Bahamas Weekly reported that at a recent public event (the FIU Public-Public Partners Forum), the Deputy Prime Minister and Minister of Finance said the government has enacted a significant number of new pieces of legislation, or amended existing legislation, to ensure The Bahamas remains globally competitive in the financial sector, saying that in some instances, these have totally transformed the way business is transacted in the country.  He also admitted that FATF has been one of the major drivers of change towards the adoption of more stringent rules and compliance standards.  He said that FATF standards are being used by other agencies, such as the EU, IMF, World Bank, UN and others, who all assess the country’s performance as a key player in the global financial system.

http://www.thebahamasweekly.com/publish/bis-news-updates/The_Bahamas_Enacted_New_Financial_Legislation_to_Ensure_It_Remains_Globally_Competitive63042.shtml

‘GET READY FOR BREXIT’ CAMPAIGN LAUNCHED

On 1st September, the largest ever government public information campaign to get public and business owners ready for Brexit was formally launched by the UK Government.

https://www.gov.uk/government/news/get-ready-for-brexit-campaign-launched

 

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

SCOTTISH DRINKS GIANT LINKED TO CASH FOR ACCESS CORRUPTION PROBE IN INDIA

On 1st September, the Sunday Post in Scotland reported that Diageo Scotland has been dragged into a huge corruption investigation in India.  Police are interrogating the country’s former finance minister Palaniappan Chidambaram over allegations he took bribes from foreign firms, including claims that Mr Chidambaram received thousands of dollars to arrange a meeting between Diageo executives and the Indian Prime Minister.  It also reports that, in 2011, Diageo paid $16 million to settle charges in the US that the company made $1.7 million in illicit payments to hundreds of Indian government officials responsible for purchasing or authorising the sale of its drinks.  Increased sales from these payments made between 2003 and 2009 allegedly yielded more than $11 million, and at the time, Diageo said it “regrets this matter” but did not admit any wrongdoing.

https://www.sundaypost.com/fp/drinks-giant-linked-to-cash-for-access-corruption-probe-in-india

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

LATVIA SUBMITS TECHNICAL REPORT ON IMPLEMENTATION OF MONEYVAL RECOMMENDATIONS

On 1st September, the Baltic Times reported that Latvia has submitted a technical report on implementation of recommendations from the Council of Europe’s Moneyval, said to demonstrate significant changes in the financial sector.  It says that the technical report says that in October 2018, the Latvian government adopted an action plan for implementation of Moneyval recommendation, which was followed by the government’s plan about “overhaul of the financial sector”, adopted in February 2019, with a goal to strengthen the financial sector regulator, improve co-ordination among engaged partners in order to achieve efficient results.  It also said that legislative amendments have been adopted to meet international standards, including ban on financial institutions to make transactions with shell companies.  Latvia is said to have improved information about true beneficiaries and since November 2017 has liquidated more than 17,000 companies that have not disclosed their true beneficiaries, including shell companies.

https://www.baltictimes.com/latvia_submits_technical_report_on_implementation_of_moneyval_recommendations__demonstrating_significant_changes_in_financial_sector/

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