Apologies – still away, so standards may have slipped somewhat…
23 September 2019
UK FOLLOWS EU AND AMENDS CENTRAL AFRICAN REPUBLIC SANCTIONS ENTRY
On 23 September, HM Treasury issued a Notice advising that the entry for Nourredine ADAM had been amended following adoption of EU Regulation 2019/1574/EU.
DAN-BUNKERING, DANISH SUBSIDIARY OF BUNKING HOLDINGS, PRELIMINARILY CHARGED WITH VIOLATING THE EU SYRIA SANCTIONS
On 23 September, the EU Sanctions Blog reported that Dan-Bunkering is alleged to have sold and supplied at least 30,000 tonnes of jet fuel for use in Syria from 2015 to 2017 to the Russian shipping company Sovfracht. The fuel was then shipped to Syria and supplied Russian fighter aircraft engaged in the Syrian civil war.
MALTA: SATABANK’S CO-OWNER WAS BANK’S ‘MAIN CLIENT’
The Times of Malta on 23 September reported that a payment company owned by Satabank’s director and shareholder was the bank’s main client, raising fears among the authorities that the set-up was exposing the bank to the risk of criminal activity. It is also alleged that sometimes Satabank did not even know who ultimately owned the funds being parked at the bank. Satabank has been fined over €3 million for these breaches in its AML compliance standards.
LATVIAN GOVERNMENT REPORTS MAJOR EFFORT TO SLASH SHELL COMPANIES
On 23 September, the Baltic Times said that a report from the Latvian government has issued a report saying it has closed down 17,600 shell companies and taken other measures to reduce the possibility to use the Latvian banking system for illegal money transactions; and that only 1,829 were present in June. Non-resident deposits also reported to be sharply down in the clean-up effort – and the share of non-EU deposits has decreased from 35.6% in 2015 to 7.7% in June 2019. In 2018, the total amount of assets frozen by the FIU exceeded €101 million, which is the highest result in the FIU’s history in terms of amount of funds frozen in a single year.
UKRAINE: SBU BUSTS MONEY LAUNDERING CENTRE WITH $1 BILLION ANNUAL TURNOVER
On 23 September, UNIAN reported that the SBU Security Service of Ukraine had halted the activities of a Kyiv-based money laundering centre with a total turnover of over $1 billion a year. Law enforcement found 130 seals of fictitious companies and state enterprises, as well as cash in various currencies, shell companies’ registration documents and seals that were used to withdraw funds abroad, with subsequent pseudo-investment and their legalization via the purchase of movable and real estate assets.
L3 HARRIS TECHNOLOGIES $13 MILLION PENALTY IN US FOR EXPORT CONTROL VIOLATIONS
On 23 September, Seeking Alpha reported an agreement between the company (self-described as a “global aerospace and defense technology innovator”), and the US State Department for unauthorised exports of defence articles, including technical data involving radios; providing a false statement regarding the promised payment of a commission; violating provisos, terms, and conditions of authorisations; and failing to properly manage temporary export licences.
LATIN AMERICAN STATES AGREE TO IMPOSE SANCTIONS ON MEMBERS OF VENEZUELA REGIME
On 23 September, Reuters reported that Latin American countries had agreed to impose sanctions on some members of Venezuelan President Nicolas Maduro’s government as part of efforts to force him out of office but expressed reservations about any use of force. In a vote, there were 16 votes in favour, only Uruguay voted against and Trinidad and Tobago abstained.