Day: October 17, 2019

On 17^th October, Defense One reported that the United States will remove its sanctions on Turkish officials in exchange for a ceasefire that leaves Turkey’s forces in north-eastern Syria. President Erdogan had agreed to “pause” his offensive against the Kurdish YPG fighters while the US “facilitates” their withdrawal from the border zone over a period of 120 hours.  After the Kurds leave a “permanent” ceasefire would be put in place and the US would lift its just-imposed sanctions imposed on Turkey’s energy, defence, and interior ministers.

https://www.defenseone.com/news/2019/10/us-agrees-lift-sanctions-turkey-ceasefire-deal/160674/?oref=defense_one_breaking_nl

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

On 17^th October, Torres Law published a Trade Alert which usefully explains the effect of the new US sanctions on Turkey and, importantly, the detail of the General Licenses.

https://mailchi.mp/torrestradelaw/us-imposes-economic-sanctions-on-turkey

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

 

On 17^th October, KYC 360 relayed a Reuters story saying that a Reuters investigation shows that those closest to Prime Minister Hun Sen family members and key police, business and political associates have overseas assets worth tens of millions of dollars, and have used their wealth to buy foreign citizenship – a practice he has decried as unpatriotic and at times has sought to outlaw.  Among those who have acquired or applied for EU passports through a citizenship for sale arrangement in Cyprus are: his niece, Hun Kimleng, and her husband, Neth Savoeun, who is Cambodia’s national police chief; the country’s most powerful business couple, who are old family friends; and the finance minister, a long-time Hun Sen adviser.  It is said that, for example, Hun Kimleng bought an apartment in London in 2010 for £1.95 million (it could now be worth at least £3.5 million) and owns a multi-million-dollar apartment in a luxury condo in Singapore.  In 2016, she became a citizen of Cyprus – which involved an investment of at least €2 million.  Her husband is one of 12 generals Human Rights Watch named as those who form “the backbone of an abusive and authoritarian political regime” in Cambodia.

https://www.riskscreen.com/kyc360/news/khmer-riche-how-relatives-and-allies-of-cambodias-leader-amassed-wealth-overseas/

https://www.reuters.com/article/us-cambodia-hunsen-wealth-specialreport/special-report-khmer-riche-how-relatives-and-allies-of-cambodias-leader-amassed-wealth-overseas-idUSKBN1WV1E6

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

On 17^th October, Rferl carried an article which likened the rush to cash in on the legalising of the cannabis industry in the US to the rush to grab assets when the collapse of communism abruptly opened up a big chunk of the world for business, legal and otherwise.  It is alleged that Soviet-born businessmen Lev Parnas and Igor Fruman, along with 2 other men, made illegal political donations funded by a Russian seeking to secure retail marijuana licenses in multiple US states.  US citizens Parnas and Fruman are associates of Rudy Giuliani.  The article quotes Mark Galeotti, a Russian affairs analyst with specialised knowledge of organised crime and corruption, who said that criminal entrepreneurs from the former Soviet Union “thrive where they can leverage clumsy bureaucracies and wide disparities in supply and demand”. – and that, he said, applies to the legal US marijuana industry.

https://www.rferl.org/a/money-for-the-pot-arrest-of-soviet-born-giuliani-associates-highlights-lure-of-u-s-marijuana-industry—-and-its-growing-pains/30220217.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

Asian International and others on 17^th October reported that, at the FATF Plenary in Paris, it was decided that Pakistan was to remain on FATF grey list till February. FATF has linked the blacklisting of Pakistan with unsatisfactory steps to curb money laundering and terror financing. A final decision on the matter will be taken at the next Plenary in February 2020.

https://asianlite.com/news/asia-diaspora-news/pakistan-to-remain-in-fatf-grey-list

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

EU Regulation 2019/1731/EU of 16^th October amended the ISIL/Al-Qaida sanctions lists, replacing the entry relating to ANJEM CHOUDARY (alias Abu Luqman).  Choudary was released from prison in the UK in October, on licence to July 2021.

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019R1731&from=EN

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

ICAEW on 16^th October reported that Jeffrey Wada has been sentenced to 9 months in prison for giving advance notice of surprise inspections to Big Four firm, KPMG.  In September, David Middendorf, former managing partner of KPMG’s Department of Professional Practice, was also sentenced to 1 year in prison.  2 others in the case pleaded guilty previously, and the trial of a further suspect in expected to start later this month.

https://economia.icaew.com/news/october-2019/former-pcaob-inspector-jailed-for-fraud

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

On 15^th October, Morrison & Foerster LLP published a briefing concerned with a recent High Court decision involving fraudulent trading under section 213 of the Insolvency Act 1986.  It says that the case involves a ground of liability rarely invoked, although it is an important remedy for insolvency practitioners, particularly since it can be raised where the insolvent company’s assets overall have not been diminished in the course of trading – in contrast to ‘wrongful trading’ under section 214.  Fraudulent trading is both a criminal offence and a civil liability – and can be fraud against anyone, not just the creditors of the company.  It is said that the case shows that dishonesty is a requisite component in establishing liability.  The briefing says that the Court also considered whether there is fraudulent trading if a company incurs a new liability in circumstances in which the liability provides no benefit to the company and which liability the company has no intention of servicing or repaying.  The briefing concludes that the test for dishonesty in fraudulent trading is now the same whether it is a claim for civil liability or when charged as a crime; incurring debt for the company that directors know the company cannot repay can stray into fraudulent trading; and a claim under section 213 may arise not only against directors but also corporate advisers when new liabilities are being incurred.

https://www.mofo.com/resources/publications/191015-fraudulent-trading-english-law.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

On 11^th October, CMS Law reported that, on 9^th October, the Commission de Surveillance du Secteur Financier published a press release in which it informs professionals subject to its supervision that the 307-page national risk assessment of money laundering and terrorist financing is available.  It says that interested parties should contact the CSSF at the following address: nra@cssf.lu in order to receive a link enabling them to download the relevant report.  It also says that the CSSF also intends to publish specific sectors risk assessments, such as reports on risks in the private banking sector, collective investments and certain specialised professionals of the financial sector.

https://www.cms-lawnow.com/ealerts/2019/10/luxembourg-national-risk-assessment-of-money-laundering-and-terrorist-financing-is-now-available?cc_lang=en

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

On 16^th October, the Cayman Compass reported that the Government had gazetted a Legal Practitioners (Amendment) Bill to make membership in the Legal Practitioners Association mandatory for AML purposes and about 80% of lawyers are currently members of the association.  An assessment of Cayman’s AML regime had included criticism that lawyers remained unsupervised and only had “a rudimentary understanding” of their money laundering and terrorism financing risks.

https://www.caymancompass.com/2019/10/16/legal-practitioners-law-to-be-amended-for-anti-money-laundering-compliance/

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