Off on travels again, so there may be some disruption…

11 November 2019

Italy: 13 former bankers at Banca Monte dei Paschi di Siena SpA, Deutsche Bank and Nomura International convicted

The Wall Street Journal reported on 11 November that a court in Milan had returned verdicts in a long-running case involving losses at the troubled Italian bank.  The court gave the bankers suspended jail sentences of up to 7 years and 6 months each. It also ordered the seizure of about €65 million from Deutsche Bank and €88 million from Nomura plus a €3 million fine for Deutsche Bank and €3.5 million for Nomura.

Dubai real estate links point to hidden Abacha loot?

On 11 November, KYC 360 reported that links to the assets stolen by former Nigerian military leader, Soni Abacha, appear to have provided fresh indications regarding substantial but hitherto concealed property holdings by members of the family in the Dubai real estate market.

Tax law enforcement in France 

On 8 November, a guide from Franklin, available via Lexology, provides some basic information on French tax laws, including penalties – civil and criminal.

South Africa: Kimberley and its illicit mining community

An article on Defence Web on 11 November reported on attempts to bring illegal miners into the formal fold, which has been plagued by violence in diamond capital Kimberley.  Starting 18 months ago, mine owners granted more than 800 unlicensed or informal small-scale miners the right to legally mine around 1,500 acres.  However, it is said that informal miners who were not part of the scheme attacking infrastructure and members of the newly licensed co-operative. Illicit mining and mineral trading cost around $1.5 billion a year in lost sales, taxes and royalties, according to a 2017 estimate.

Australia: telecoms authority plans to block unlicensed international gambling sites

Calvin Ayre on 11 November reported that the authorities in Australia were planning to implement restrictions permitted in domestic legislation to block the web domains of unauthorised internationally-licensed gambling sites.

Dubai Customs thwarts attempt to smuggle 412,562 Captagon pills

On 11 November, MENA FN reported the smuggling attempt, saying the source was an “Asian country”.  Captagon is actually a brand name for a psychostimulant, one of a group of drugs known as Fenethylline.


Ireland: AML enhancements for investment funds

On 7 November, the Maples Group published an article about the effects of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018 and the Fourth Money Laundering Directive in Irish law.  A supplied table considers the key changes introduced by the CJA 2018 that apply to Irish authorised investment funds (both UCITS and AIF) and identifies important enhancements that these funds (and their Irish authorised management company or AIFM, if relevant) are required to make to their AML/CFT framework to comply.

EU sanctions imposed in response to Turkish drilling off Cyprus

On 11 November, the EU Council announced approval of a framework for sanctions – travel bans and asset freezes – on Turkey in response to Turkey’s unauthorised drilling activities in the Eastern Mediterranean. The framework will make it possible to sanction individuals or entities responsible for or involved in unauthorised drilling activities of hydrocarbons in the Eastern Mediterranean.