Day: October 29, 2019

On 29^th October, the IMF published this Technical Note which summarises the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing, risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech.  It provides a factual update on the key measures taken by the authorities since France’s previous assessment against the FATF standard during 2010-2011.  However, it is stressed that the Technical Note is not, in any way, an evaluation or assessment of France’s AML/CFT system.  France is scheduled to undergo a comprehensive assessment against the prevailing standard during 2020–2021 by FATF.

The Note says that, since the last review, France has made significant progress in aligning its AML/CFT framework with the revised FATF standard and the EU AML Directives.  Its first national money laundering and terrorist financing risks assessment is being finalised.  The French legal framework has been updated to transpose the 4^th and 5^th EU AML Laundering Directives, including risk-based preventive measures and PEP and transparency of beneficial ownership. France has also taken steps to strengthen the AML/CFT measures in its overseas territories.

https://www.imf.org/~/media/Files/Publications/CR/2019/1FRAEA2019009.ashx

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Professional Security on 29^th October reported that IMCA upgraded its anti-bribery and corruption training with campaign group Transparency International using online training techniques.  The updated online eLearning module called ‘Doing Business Without Bribery’ is freely available on IMCA’s website.

https://www.professionalsecurity.co.uk/news/transport/business-without-bribery/

The training module is at –

https://www.imca-int.com/abctraining/

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A briefing from Drystone Chambers says that, according to its author, while it may seem straightforward, it can be hard in practice to determine when a bank account is not a bank account.  This is said to have caused a number of Asset Freezing Orders to be discharged; where orders have frozen Forex trading accounts, ISA fund accounts, or other accounts which contain money but do not meet the definition.  In-depth checks are required to determine if an account is an account to which the legislation applies (see section 303Z5 of POCA 2002, inserted by the Criminal Finances Act 2017), you have to determine what the regulated body behind the account is authorised to do.

https://drystone.com/files/0f3b752923d1ce406e6f226ea3860492.pdf

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The official Moldovan News Agency on 29^th October announced that the former PDM leader has the capacity of an accused person on criminal files managed by the prosecuting authority, opened for committing money laundering in particularly large amounts.  He is said to have left Moldova on 14^th June, when the government led by Pavel Filip informed that it was resigning.

https://www.moldpres.md/en/news/2019/10/29/19008632

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On 29^th October, a news release from the Isle of Man advised the sanctions regime created by EU Regulation 2019/1716/EU had been implemented in the Isle of Man (Brexit notwithstanding).  Of course, to date no individuals or entities have been designated by the EU Regulation.

https://www.gov.im/news/2019/oct/29/financial-sanctions-nicaragua/

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On 29^th October, The Law Reviews published the latest edition of this journal, which consists of a set of articles contributed from many countries, from Argentina to the US.

https://thelawreviews.co.uk/edition/1001386/the-virtual-currency-regulation-review-edition-2

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The Wall Street Journal on 28^th October reported that Lawrence Hoskins, a former senior vice-president, was charged in 2013 with helping organise a scheme to bribe Indonesian officials for a $118 million power contract, in violation of the FCPA.  The company resolved its own FCPA case in 2014, but the case against Mr. Hoskins has continued for more than 6 years.  One problem is that Hoskins was a British national who worked in Paris and never set foot in the US during his 3 years at Alstom.  Another is that he argues that he did not work for the Connecticut subsidiary involved and that his job in part consisted of approving requests by Alstom subsidiaries to hire outside consultants.

https://www.wsj.com/articles/former-alstom-executive-challenges-reach-of-u-s-foreign-bribery-law-11572310172

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On 29^th October, Hellenic Shipping News reported that the International Maritime Organization (IMO) is seeking to combat rogue national flag registries operating without the knowledge of governments they claim to represent.  It says that recently it was reported that 73 vessels were unlawfully flying the flag of the DRC, 91 vessels were illegally registered under the flag of Fiji and 150 vessels were unlawfully registered under the flag of the Federated States of Micronesia.  To address this challenge, IMO is developing a comprehensive database of registries on the publicly accessible area of GISIS, and members are recommended to note the IMO best practice guidance.

https://www.hellenicshippingnews.com/surge-in-fraudulent-registries/

https://gisis.imo.org/Public/Default.aspx

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An article on 29^th October in Insight Crime reported that authorities in Argentina have dismantled a ring of Chinese nationals who evaded millions of dollars in taxes and laundered $23 million through fish export businesses 2017-19, in a case that provides more evidence that Chinese crime groups have found a foothold in the South American country.  It is reported that the gang companies would “over-invoice operations among the companies to inflate costs, and under-invoice foreign trade operations”.

https://www.insightcrime.org/news/brief/chinese-mafia-dodges-millions-tax-fish-contraband-argentina/

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On 28^th October, BIFA provided links to various guidance saying that although the situation is extremely fluid the ICO suggests that businesses and organisations should prepare for all scenarios to make sure your vital personal data flows aren’t blocked by a no-deal Brexit.

https://www.bifa.org/news/articles/2019/oct/no-deal-brexit-guidance-from-the-information-commissioner-s-office?l=y

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