US ANTI-BOYCOTT VIOLATIONS CAN YIELD SUBSTANTIAL PENALTIES

On 10th October, an article from Sandler Travis Rosenberg says that US companies and their foreign affiliates are prohibited from participating in foreign boycotts that the US does not sanction. Such actions can result in substantial criminal and civil penalties. The Arab League boycott of Israel is the principal foreign economic boycott that US companies must be concerned with today.  The US Treasury has published its quarterly list of countries that require or may require participation in, or cooperation with, an international boycott, and the list currently comprises Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, UAE, and Yemen.

https://www.strtrade.com/news-publications-anti-boycott-penalties-countries-list-101019.html

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COSTA RICA LATEST LATIN AMERICAN COUNTRY TO INTRODUCE A CORPORATE CRIMINAL LIABILITY LAW

An article from Dentons on 9th October reported that Costa Rica became the latest country in Latin America to introduce a corporate criminal liability law, following the example of countries such as Argentina, Brazil, Chile and most recently Peru.  An OECD requirement, it came into force on June 11th and law enforces criminal liability against legal entities (public or private) that are registered and domiciled in Costa Rica, as well as foreign companies that have agencies, subsidiaries or branches or that carry out business in Costa Rica.  It covers criminal offences committed by its employees or representatives that are related to corruption issues, domestic and transnational bribery.

https://www.jdsupra.com/legalnews/costa-rica-introduces-corporate-34261/

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SYNTHETIC IDENTITY FRAUD IS THE FASTEST GROWING FINANCIAL CRIME

On 8th October, an article in Forbes reported a claim from Lexis Nexis Risk Solutions that the fraud represents 61% of fraud losses for large banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger banks.  It is explained that it creates a new identity using a real social security number with a fictitious name, driver’s licence and address; and that there are some cracks in the system that have allowed synthetic identities to proliferate – for example, in the US relies on social security numbers as identifiers.  There is no way to validate a number with the US Social Security Administration, which now uses random numbers, eliminating the geographical distinctions that would help identify fraudulent numbers or users.

https://www.forbes.com/sites/forbestechcouncil/2019/10/08/synthetic-identity-fraud-is-the-fastest-growing-financial-crime-what-can-banks-do-to-fight-it/#5e677f917ecb

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

MUTUAL EVALUATION OF HONG KONG’S AML/CFT REGIME: KEY TAKEAWAYS FOR THE FINANCIAL SERVICES SECTOR

On 9th October, Mayer Brown published an article reflecting on the recent mutual evaluation report from FATF-style regional body APG on Hong Kong, summarising the key findings and recommended actions identified in the report that are relevant to the financial services sector.

https://www.mayerbrown.com/en/perspectives-events/publications/2019/10/fatf-apgs-mutual-evaluation-of-hong-kongs-aml-cft-regime-key-takeaways-for-the-financial-services-sector

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NEW NON-PROFIT ORGANISATION TARGETS HUMAN TRAFFICKING BY BOLSTERING PUBLIC-PRIVATE PARTNERSHIPS AND DATA SHARING

ACFCS reported in a detailed post on its blog on 9th October on the establishment in September of the Anti-Human Trafficking Intelligence Initiative (ATII).  It says that ATII intends to build on the analyses from FinCEN, FATF etc and combine their conclusions with insight from banks, law enforcement and other counter-trafficking groups in a bid to filter down to financial institutions the latest schemes used by human trafficker operations to launder their ill-gotten proceeds.

https://www.acfcs.org/new-non-profit-aims-at-better-arming-banks-protecting-victims-against-human-trafficking-by-bolstering-public-private-partnerships-data-sharing/

The ATII website is at –

http://followmoneyfightslavery.org/

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