FATF EASY GUIDE TO STANDARDS AND METHODOLOGY ON VIRTUAL ASSETS

FATF has released a short briefing pamphlet saying that FATF has taken action to respond to the very real risk that legitimate services offered by virtual asset service providers will be abused by criminals and terrorists to launder money and finance terrorist acts.

http://www.fatf-gafi.org/media/fatf/documents/bulletin/FATF-Booklet_VA.pdf

OFAC: TEXAS COMPANY ENTERED INTO MAINTENANCE CONTRACT WITH MAHAN AIR OF IRAN

OFAC: TEXAS COMPANY ENTERED INTO MAINTENANCE CONTRACT WITH MAHAN AIR OF IRAN

On 13 December, OFAC announced that Aero Sky Aircraft Maintenance Inc, a Texas company located in San Antonio, negotiated and entered into a contract and contingent contract with Mahan Air in 2016 in violation of the Global Terrorism Sanctions Regulations.  OFAC said that if the company had not become bankrupt and been dissolved it would have been liable to a penalty.

https://content.govdelivery.com/accounts/USTREAS/bulletins/2712613

https://www.treasury.gov/resource-center/sanctions/CivPen/Documents/20191212_aero_sky.pdf

Latvian government seizes control of main ports after US sanctions

On 13 December, KYC 360 reported that the parliament had passed legislation to take control over the Baltic country’s two biggest ports in an effort to keep them open after US sanctions against a Latvian oligarch Aivars Lembergs threatened operations.  Ownership of the two ports was previously equally split between the local municipality and the central government.  

https://www.riskscreen.com/kyc360/news/latvian-government-seizes-control-of-main-ports-after-u-s-sanctions/

https://www.swedishclub.com/news/member-alert/us-sanctions-affect-the-port-of-ventspils

 

OFAC ADDS 3 INDIVIDUALS, 6 RUSSIAN ENTITIES AND 17 MOSTLY-LEBANESE ENTITIES PLUS 1 PLEASURE CRAFT – PLUS 3 NEW FAQ ON COUNTER-TERRORISM SANCTIONS

On 13 December, OFAC issued 3 new counter-terrorism FAQ – numbers 812 to 814, including for the art community and holding an artwork in which a designated person has an interest.  It also added a number of new individuals and entities to its terrorism sanctions, as well as a Maltese-flagged pleasure craft linked to one of the designated individuals. Those added to the sanctions list are said to be prominent Lebanon- and the Democratic Republic of the Congo (DRC)-based money launderers and their affiliated companies, which acted for Hizbollah and others.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191213.aspx

https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_other.aspx#812

https://home.treasury.gov/news/press-releases/sm856