Day: November 5, 2019

On 5^th November, OFAC advised –

• 5 new names added to the Venezuelan sanctions lists – being Venezuelan security officials and political figures. They have all previously been targeted for sanctions by the EU or Canada, have been linked to violence against opposition protesters and to corruption.  They include Remigio Ceballos Ichaso, the top operational official in Venezuela’s armed forces.  The others are Nestor Neptali Blanco Hurtado, a major in the National Guard; Secretary General of the National Defense Council Jose Adelino Ornelas Ferreira; Pedro Miguel Carreno Escobar, a deputy of the government-controlled National Constituent Assembly; and Carlos Alberto Calderon Chirinos, a senior intelligence official;
• amended Venezuelan General License 34A “Authorizing Transactions Involving Certain Government of Venezuela Persons” 9replacing General License 34 from 5^th November);
• new Venezuelan General License 35 Authorizing Certain Administrative Transactions with the Government of Venezuela;
• new and amended FAQ related to the above General Licenses; and
• revoked 2 Syrian sanctions General Licenses (Licenses 2 and 3) related to the suspended sanctions imposed on Turkish government agencies and officials.

https://content.govdelivery.com/accounts/USTREAS/bulletins/26a4307

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191105.aspx

https://home.treasury.gov/news/press-releases/sm825

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

Media India Group reported on 4^th November that Malaysia and Turkey have annoyed India by criticising the decision on abrogation of Article 370 involving Kashmir, and Turkish president Recep Tayyip Erdoğan criticised India’s Kashmir move at the UN.  They are also said to have opposed the blacklisting of Pakistan at FATF, said to be 2 of 3 countries to do so.  India is reported to have put on hold a $2.3 billion for Turkey to build5 ships for its navy and is also cutting down exports of military equipment and dual-use items like explosives and detonators to Turkey, given the latter’s growing defence ties with Pakistan.  Furthermore, India (the largest importer of edible oils in the world) now plans to substitute Malaysian palm oil (Malaysia being the chief supplier of palm oil to India) with palm oil from Indonesia, soybean oil from Argentina and sunflower oil from Ukraine.

https://mediaindia.eu/business/india-weighs-trade-curbs-on-turkey-malaysia/

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 4^th November, Bihrer Attorneys at Law published an article saying that, on 1^st November, the new Federal Act on the Implementation of Recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes came into force.  The article points out that reporting duties for bearer shares were introduced in 2015, but that the new Act goes even further and, with a few exceptions, results in the complete abolition of bearer shares.  The article sets out to provide a brief overview of the consequences of the new law and show the need for action that arises for companies and shareholders.  Bearer shares are only permitted if the company has listed equity securities on a stock exchange or has structured bearer shares as book-entry securities. If a company wishes to retain existing bearer shares, it must fulfil one of these conditions within 18 months of the new law coming into force, i.e. by 30^th April 2021, and arrange for an entry in the commercial register to be made stating which condition the company fulfils.  All companies that do not meet these requirements must convert their bearer shares into registered shares by 30^th April 2021, or else they will be converted by law on 1^st May 2021.

https://www.lexology.com/library/detail.aspx?g=a6b478b5-acde-4099-bb15-72df1be7e738

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