Month: February 2020

The Guardian reported on 29 February that, Ashok Khemka, 54, the Indian civil servant who has been transferred 53 times in 26 years because he kept exposing corruption by politicians is the subject of a new book written by 2 journalists to be published in March.  He became famous in 2012 when he cancelled an allegedly illegal land deal by Robert Vadra, son-in-law of the Congress Party leader Sonia Gandhi.

https://www.theguardian.com/world/2020/feb/21/indian-civil-servant-moved-53-times-for-exposing-corruption-to-be-immortalised-in-book

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On 28 February, NGO Global Witness claimed that the world’s largest tropical peatlands – and one of the world’s biggest carbon sinks – is under threat from oil drilling by a company with close links to Republic of Congo’s ruling family.  It reported that, in August 2019, a company controlled by one of Africa’s richest men, Claude Wilfrid Etoka, announced the discovery of a reportedly vast oil reserve.

https://www.globalwitness.org/en/press-releases/congo-oil-project-obtained-by-corruption-risk-magnate-threatens-climate-critical-peatland-forest/

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On 29 February, Rferl reported that a court in Cape Verde has convicted the Russian captain and crew of a cargo ship of drug trafficking and sentenced them to long prison terms.  The cargo ship was caught in February 2019 with the biggest cocaine haul ever seized in the country – some 9.5 tons.  It was traveling to Morocco from South America when it docked following the death of a crew member.

https://www.rferl.org/a/cape-verde-convicts-russian-captain-crew-cocaine-trafficking/30460968.html

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On 28 February, Wilmer Hale published a Client Alert which summarises key Latin America anti-bribery enforcement developments from 2019 and provides predictions for 2020.  Also available is a webcast, in English and Spanish.  It predicts that FCPA enforcement will continue to be a high priority for the DoJ and the SEC and that the level of FCPA enforcement activity in Latin America will remain at the high levels seen in recent years. It says that several trends that have been seen develop and evolve over the last few years look set to continue. For example –

• large cross-border investigations appear likely to feature heavily in 2020 enforcement activity once again;
• DoJ leadership continues to emphasise the prioritisation of individual prosecutions, suggesting that this will remain a focus for the its FCPA unit in 2020; and
• efforts by Latin American governments to pursue corruption cases within their borders seem likely to continue, with increased cross-border cooperation between prosecutors.

https://www.wilmerhale.com/en/insights/client-alerts/20200228-latin-america-anti-bribery-year-in-review-2019-developments-and-predictions-for-2020

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An article from Out-Law on 28 February said that the High Court has ruled that a director’s fiduciary duties survive a company’s entry into administration or voluntary liquidation.  In the case in question, a liquidator was successful in his application in respect of company property sold at undervalue and payments made after the company entered administration.  The decision confirms that, while a director’s powers cease on insolvency, their fiduciary duties remain – even when not exercising those powers themselves.

https://www.pinsentmasons.com/out-law/legal-updates/directors-duties-survive-company-insolvency

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On 28 February, a news release from the US State Department announced that the former governor of the Mexican state of Nayarit, Roberto Sandoval Castañeda, had been designated by the US due to his involvement in significant corruption.  It is said that he misappropriated state assets and received bribes from narcotics trafficking organisations, including the Jalisco New Generation Cartel (CJNG), in exchange for information and protection.  In addition, he is said to have accepted bribes from the Beltran Leyva Organisation.  He and his immediate family members are ineligible for visas to the US.  In addition to Sandoval, the State Department is publicly designating his spouse, Ana Lilia Lopez Torres; his daughter, Lidy Alejandra Sandoval Lopez; and his son, Pablo Roberto Sandoval Lopez.

https://www.state.gov/public-designation-of-the-former-governor-of-the-mexican-state-of-nayarit-roberto-sandoval-castaneda-due-to-involvement-in-significant-corruption

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On 27 February, a report published by ACFCS by a Scotiabank AML analyst, and well worth a read, tackles financial crime compliance and crowdfunding.  The funding platforms in the nascent but burgeoning sector, in some cases it says, can be abused by money launderers, fraudsters and even terror groups, and in many jurisdictions it is not subject to formal AML rules – seemingly leaving the duty to craft programmes to counter criminals as optional.  The report looks at the varieties of crowdfunding and potential red flags.  It suggests that equity crowdfunding might be the “smart choice” for launderers, and explains how this might be done, in ways that sometimes resembles the equally little-known “transaction laundering”.  The report considers when crowdfunding is, in fact, a pyramid scheme.  Finally, it looks at the potential use of crowdfunding by terrorists.

https://www.acfcs.org/acfcs-special-contributor-report-crowdfunding-an-unorthodox-way-of-money-laundering-definitelymaybe/

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Business Times in India on 28 February reported that Indian refiners Reliance Industries and Nayara Energy are reportedly planning to wind down purchases of Venezuelan oil in April fearing future US sanctions could choke off all avenues to trade with state-run oil firm PDVSA.  Reliance operates the world’s biggest refining complex.  Nayara is part-owned by Russian oil major Rosneft.  India is one of Venezuela’s last big export destinations and accounted for about a third of Venezuela’s oil shipments in January.

https://www.businesstoday.in/sectors/energy/indian-oil-firms-to-wind-down-business-in-venezuala-fearing-us-sanctions/story/397156.html

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On 28 February, a news release from the Isle of Man advised that the recently adopted EU sanctions listing of 2 officials of the Turkish Petroleum Corporation (TPAO) has effect in the Island.

A Notice from HM Treasury was also published on 28 February.

https://www.gov.im/news/2020/feb/28/financial-sanctions-turkey/

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/869298/Notice_Turkey_2020_274.pdf

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iHLS on 27 February reported on a decision of the 42 member states of the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies, the international non-binding regime that restricts the exporting of commodities and technologies that can be diverted for use by military forces and in weapons; and governs 9 dual-use technologies and 22 categories of weaponry.  The states have agreed to add military-grade software and manufacturing technology for weapons-capable chip parts to an international list of items subject to export controls in an effort to counter cyberattacks and other threats.  Members of the group include the UK, Russia, India and South Korea, but China, Iran and North Korea do not participate. The agreement was reached unanimously at a meeting in December.

https://i-hls.com/archives/99301

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