Day: November 4, 2019

On 4^th November, a news release from Europol said that a report had been published on spear phishing, reflecting the views of both law enforcement and private industry on one of the most prevalent cyber threats currently affecting organisations across the EU.  Spear phishing is the practice of targeting specific individuals within an organisation or business for the purposes of distributing malware or extracting sensitive information.  The report is the result of a 2-day meeting with the European Cybercrime Centre’s 70 key industry partners from internet security, telecommunications and financial services, and it highlights the role of spear phishing as the main attack vector for cybercriminals and  contains the definition of the main modi operandi that criminals use to deceive the target (among others, emails coming from trusted accounts, malicious attachments or links to fraudulent websites).

The report is available at –

https://www.europol.europa.eu/sites/default/files/documents/report_on_phishing_-_a_law_enforcement_perspective.pdf

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On 4^th November, FATF published an updated consolidated schedule of all AML/CFT assessments and adjustments to date, which provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance.

http://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 4^th November, the UK published an updated list of terrorist organisations that are proscribed (i.e. banned and subject to restrictions).

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/844254/20191101_Proscription__SG_.odt

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On 4^th November, FATF published the mutual evaluation report on Malawi compiled by FATF-style regional body, ESAAMLG.  This followed the on-site visit in November 2018.

http://www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/ESAAMLG-Mutual-Evaluation-Report-Malawi-2019.pdf

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On 4^th November, FATF published its latest Business Bulletin newsletter which refers to a public statement on stablecoins and other emerging assets, draft guidance on digital ID and new work on combating the laundering of the proceeds of wildlife crime.  It refers to mutual evaluations of Russia and Turkey, considered at the October Plenary, and follow-up assessments on Norway and Spain.  Follow-up reports on Denmark, Ireland and Singapore were also considered at the Plenary, with some re-rating on some FATF Recommendations.  The Plenary also considered Brazil’s progress since its 2010 evaluation and concerns were expressed about a recent court decision regarding the use of financial intelligence.  It also provides links to recent reports from FATF-style regional bodies – APG and Moneyval.

http://www.fatf-gafi.org/media/fatf/documents/bulletin/FATF-Business-Bulletin-November-2019.pdf

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A paper from the EU Institute for Security Studies published on 31^st October, uses space exploration as a metaphor to demystify some of the concepts and challenges linked to cyber-related policymaking – focusing on the EU’s newly-established cyber sanctions regime, where traditional measures (e.g. travel bans, asset freezes) are used in response to malicious activities occurring in cyberspace.  It says that the EU’s autonomous cyber sanctions regime constitutes a unique solution to the challenge of compliance with international law and norms of state behaviour.  The paper addresses a number of key issues relevant for ensuring the maximum effectiveness of the new regime – such as the problematic nature of attribution, state responsibility in cyberspace, listing and de-listing criteria, the principle of due diligence and the potential impact of cyber sanctions on the physical world.  The analysis concludes with a set of proposals aimed at stimulating the discussion about the implementation of the EU cyber sanctions regime – and which it says will hopefully lead to concrete actions.

https://www.iss.europa.eu/sites/default/files/EUISSFiles/cp155.pdf

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On 4^th November, OFAC added the ARMED FORCES GENERAL STAFF (aka GENERAL STAFF OF IRANIAN ARMED FORCES; AFGS), and 9 individuals to its Iranian sanctions lists.  At the same time the MONSOON NAVIGATION CORPORATION, a Marshall Islands company, and the Panama-flagged oil tanker OCEAN ELEGANCE have been removed from the OFAC Venezuela sanctions lists.

The Iranian changes target Iran’s Armed Forces General Staff and 9 individuals who are appointees of, or have acted for or on behalf of, Ali Khamenei, the Iranian Supreme Leader, are said to be to block funds from flowing to a shadow network of Ali Khamenei’s military and foreign affairs advisors.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191104.aspx

https://home.treasury.gov/news/press-releases/sm824

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On 4^th November, KYC 360 reported that Ukrainian billionaire oligarchs Ihor Kolomoisky and Hennadiy Boholyubov face a London civil suit alleging they used fake purchasing agreements and fraudulent loans to embezzle $1.72 billion from Ukraine into offshore businesses through 3 UK companies.  It says that a  Kyiv Post investigation has uncovered 2 accountancy firms, a law firm and multiple individuals in the UK and Cyprus connected to these companies that may have played a role in the alleged scheme.  The state-owned PrivatBank has been suing its former owners in the UK, US and Cyprus, trying to reclaim assets, and the total claimed in the UK was $1.9 billion, – now at least $3 billion as interest and legal costs accrued.  The London case is built around 3 UK companies involved in the alleged schemes, which fall under UK jurisdiction and funds loaned to 42 Ukrainian shell companies.

https://www.riskscreen.com/kyc360/news/investigation-uk-accounting-firms-tied-to-alleged-kolomoisky-fraud/

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On 1^st November, Katten published a briefing saying that the FCA had published a new webpage setting out important information for UK cryptoasset businesses in the context of AML/CFT.  The FCA will be the AML/CFT regulator for certain cryptoasset activities starting January 10^th.  All existing UK businesses in scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 which currently conduct any of such cryptoasset activities must be registered with the FCA by January 20^th 2021 in order to continue trading; and from January 10^th 2020, UK businesses involved in these cryptoasset activities must comply with the Regulations.

https://www.corporatefinancialweeklydigest.com/2019/11/articles/uk-developments/fca-publishes-cryptoasset-aml-cft-webpage/#page=1

The webpage is at –

https://www.fca.org.uk/firms/financial-crime/cryptoassets-aml-ctf-regime

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