Day: March 7, 2020

7 March 2020

MOROCCO ARRESTS 2 BRITISH MEN FOR SMUGGLING MEDICAL MASKS

On 7 March, Morocco World News reported on 2 cases involving the smuggling of face masks, the export of which has been restricted and made subject to licensing.  In one case, 100,000 masks destined for the UK were found in a truck at Tangiers, in the second case 17,000 masks were found in luggage of a British man at an airport.

https://www.moroccoworldnews.com/2020/03/295504/morocco-arrests-2-british-men-for-smuggling-medical-masks/

 

COLOMBIAN COCAINE SMUGGLING SUBMARINE MANUFACTURER TAKES PLEA DEAL

On 6 March, 10 News WTSP reported that Alexander Giraldo Santa admitted to making submarines used to smuggle cocaine.  He accepted a plea deal in a Florida court, having faced a maximum penalty of life in federal prison, though the terms of his extradition from Colombia prohibit a life sentence.

https://www.wtsp.com/article/news/nation-world/colombian-submarine-manufacturer-takes-cocaine-smuggling-plea-deal/67-8491b108-8608-49b6-9099-dade16104f71

 

TRUMP ADMINISTRATION PLANS TO INTRODUCE NEW AML REQUIREMENTS FOR CRYPTOCURRENCIES

On 6 March, an article from Proskauer noted a warning from the US Treasury Secretary that significant new requirements at FinCEN for cryptocurrencies would be introduced quickly, said to reflect the government’s continued focus on AML and counterterrorism efforts.

https://www.jdsupra.com/legalnews/trump-administration-plans-to-introduce-24770/

 

STRENGTHENING NUCLEAR SECURITY WITH A SUSTAINABLE CONVENTION ON THE PHYSICAL PROTECTION OF NUCLEAR MATERIAL (CPPNM) REGIME

A paper presented at the recent 15^th International Conference on Systems (ICONS 2020) conference says that the amended CPPNM is one of the most important tools in the fight against nuclear terrorism and is the only legally binding treaty requiring countries to protect nuclear materials and facilities.  The amended CPPNM requires the IAEA, the treaty’s depository, to convene a review conference 5 years after the amendment’s entry into force.  It says that states should use the review conference to create a forum for parties to engage in regular dialogue on how the treaty is being translated into on-the-ground nuclear security progress and to monitor and identify gaps in implementation, review progress, promote continuous improvement, and discuss emerging nuclear threats.  The paper argues that the amended CPPNM review conference and the IAEA International Conference on Nuclear Security can each provide unique benefits to strengthening global nuclear security.

https://media.nti.org/documents/Strengthening_Nuclear_Security_with_a_Sustainable_CPPNM_Regime.pdf

 

PREVENTING A DIRTY BOMB: CASE STUDIES AND LESSONS LEARNED

A paper dated 1 October referred to a report of the same name which is concerned with major urban areas and institutions in the US that have made the decision to remove and replace medical and research devices containing cesium-137 with equally effective alternatives that do not pose the security risks associated with high-activity radiological materials.  The report identifies key roles played by federal, state, and local regulators, operators, and decision makers in implementing cesium-137 substitution strategies. It highlights the incentives, challenges, and information gaps that shape decisions to move away from cesium-137 irradiators.

https://media.nti.org/pdfs/NTI_Rad_Report_final-website.pdf

 

US INTERNATIONAL NARCOTICS CONTROL BOARD RECOGNISES GROWING INFLUENCE OF THE “CARTEL OF THE SUNS” DRUGS TRAFFICKING CRIMINAL STRUCTURE WITHIN THE RANKS OF THE VENEZUELAN GOVERNMENT AND MILITARY

On 6 March, Insight Crime reported that, for the first time, the US State Department’s International Narcotics Control Board has recognised in its 2019 report the growing influence of the “Cartel of the Suns,” the name for a criminal structure within the ranks of the Venezuelan government and military, in the country’s drug trafficking.  The report is said to contain evidence about a network of members of the Bolivarian National Armed Forces (Fuerza Armada Nacional Bolivariana – FANB) and other groups within the Venezuelan government dedicated to facilitating the transport of drugs in and out of the country.

https://www.insightcrime.org/news/analysis/venezuela-cartel-de-los-soles-drug-trafficking/

 

JOE BIDEN: FATHER OF THE DRUG WAR’S ASSET FORFEITURE PROGRAMME

An Op-Ed article in Eurasia Review on 7 March tells the story of the origins of the US asset forfeiture laws.  It says that such laws once applied only to goods that could be considered a danger to society — illegal alcohol, weapons, etc.  However, it says, with the birth of the modern war on drugs, lawmakers pushed for something with more teeth, which they achieved with the 1970 passage of the Racketeering Influence and Corrupt Organizations (RICO) Act.  This is described as “Phase 1” of the move to widen the scope of the laws, and its initial targets were wealthy crime bosses.  The assets that could be seized would now consist of anything that was funded with money connected to criminal activity, once a person had been convicted to the criminal standard of proof.  Then the Nixon Administration in the 70s used the RICO Act, and the newly-formed DEA, as cornerstones in its proclaimed war of drugs.  Then Congress modified the RICO Act to allow the DEA to confiscate assets without a conviction. The burden of proof wasn’t entirely removed, but the government only needed an indictment, rather than a full conviction, to justify asset seizure.  However, real estate remained outside the scope of the Act.  What is described as “Phase 2” involved Senator Joe Biden, and the decision in the 80s of the Reagan Administration to have the FBI use RICO to render the booming drugs cartels unprofitable.  The Comprehensive Crime Control Act 1984, introduced as a Bill by Biden, fixed what were perceived as shortcomings of RICO.  Coming into operation in 1986, the new Act lowered further the burden of proof for asset seizure (agents now had to only believe that what they were seizing was equal in value to money believed to have been purchased from drug sales). More significantly, it is said, the Act introduced “equitable sharing” incentive programme that allowed local and state law enforcement to retain up to 80% of the spoils.  The situation had=s reached the stage that, in 2018, the US Treasury realised $1.4 billion flow into its forfeiture fund.

https://www.eurasiareview.com/07032020-joe-biden-father-of-the-drug-wars-asset-forfeiture-program-oped/

 

FAA STEPS UP ILLEGAL AVIATION CHARTER CLAMPDOWN

On 5 March, AIN Online reported that the FAA, working collaboratively with industry stakeholders, has significantly stepped up its campaign to stamp out illegal air charter.  It reports that the FAA has worked with stakeholders on an educational campaign to help inform operators that might have unwittingly strayed into illegal territory, as well as the traveling public who might not know be aware.

https://www.ainonline.com/aviation-news/business-aviation/2020-03-05/faa-steps-illegal-charter-clampdown

https://www.aviationpros.com/fbos-tenants/press-release/21120067/federal-aviation-administration-faa-new-illegal-charter-guidance-for-pilots-and-passengers

https://www.nata.aero/advocacy/avoid-illegal-charter.aspx

 

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On 4 March, the Carnegie Center published testimony given to the US House of Representatives Financial Services Committee.  It is said that proliferators take advantage of formal financial institutions to enable surreptitious nuclear, biological, and chemical weapons programs and that, despite a number of challenges for financial institutions, they can be critical in the fight against illicit activity.  The article includes a video of the hearing on 4 March.  In the testimony, it is said that stealing or buying a ready-made WMD weapon is a next to impossible feat, and the main path to a WMD is to procure components, material, and technology and then build a weapon.  Because most goods usable in a WMD programme are dual-use in nature, with indispensable civilian purposes, they are available on the international commercial market.  International export control regimes and national export control systems are designed to regulate trade in sensitive items by requiring traders to obtain licences, while international and unilateral sanctions regimes target known proliferators.  It is said that proliferators use formal financial institutions for 2 main purposes –

• to pay for procurement of WMD-related goods; and
• to fundraise, launder and move money associated with proliferation activity.

The testimony identifies and explains what are said to be the main challenges in identifying and stopping transactions related to procurement, fundraising, and movement of money for illicit WMD programmes –

• a lack of information and capacity to identify financial transactions related to procurement;
• a lack of information on end-use and end-user;
• limitations of the list-scanning approach to risk management;
• the uneven implementation of beneficiary ownership controls internationally;
• correspondent accounts with weak controls in foreign jurisdictions and insufficient information on customers behind transactions originating in respondent banks;
• an absence of proliferation financing risk assessment and dedicated proliferation financing component in KYC and transaction monitoring procedures beyond relatively basic sanctions compliance; and
• vulnerabilities in the cyber and crypto domain.

The testimony then moves on to discuss opportunities, saying that financial institutions can be critical in the fight against illicit activity related to WMD.  It proposes that financial institutions should focus on a better understanding of customers and patterns in transactions, rather than on trying to understand the technical characteristics of goods.  It offers some recommendations for a effective KYC system and in transaction monitoring.  The testimony also dealt with similarities between, and differences from, terrorism financing and money laundering.  It says that while it is necessary to employ proliferation-specific tools to minimise proliferation financing due to differences in typologies, but it is also worth approaching various kinds of illicit financing holistically.  It is said that public-private partnerships have great potential, although it is not general practice for financial institutions to interact with export control, customs, or border security agencies – any communication is essentially one-way, though submission of SAR.

https://carnegieendowment.org/2020/03/04/exploitation-of-global-financial-systems-for-weapons-of-mass-destruction-wmd-proliferation-pub-81221

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6 March 2020

PANAMA: EX- PRESIDENT VARELA AND BROTHER “KNEW OF ODEBRECHT MULTI-MILLION DOLLAR BACKDOOR PAYMENTS TO CAMPAIGNS”

On 6 March, Newsroom Panama reported claims that Juan Carlos Varela, former president 2009-2014, and his brother and deputy, José Luis Varela, were aware of the contributions made by the Odebrecht company to the Panamenista in Party, in which both had been president.  This is a claim by the former ambassador to South Korea, Jaime Lasso.  Odebrecht is said to have transferred approximately $ 6.7 million to accounts related to the Panamanian Party or its members through Lasso, who served as a fundraiser for the collective’s campaigns in 2009.

https://www.newsroompanama.com/business/ex-president-varela-and-brother-knew-of-odebrecht-multi-million-dollar-backdoor-payments-to-campaigns

 

PIRATES BOARD CHEMICAL TANKER OFF BENIN

On 6 March, Seatrade Maritime News reported that a Greek-flagged chemical tanker carrying 22 crew members has been boarded by pirates in the Gulf of Guinea, the 51,000-dwt Minerva Virgo being boarded by 5 to 6 pirates off Benin.

https://www.seatrade-maritime.com/ship-operations/pirates-board-chemical-tanker-benin

 

FORMER CHAIRMAN OF THE INTERNATIONAL BANK OF AZERBAIJAN ALLEGEDLY USED A CHAIN OF TRUSTS AND SHELL COMPANIES STRETCHING FROM CYPRUS TO THE CHANNEL ISLANDS TO MOVE TENS OF MILLIONS OF DOLLARS

On 6 March, KYC 360 reported that court papers in London claimed that the scheme of Jahangir Hajiyev financed a life of luxury when he earned a salary of only $70,650 in 2008: with 4 mansions in the English countryside, a $42.5 million Gulfstream jet, a $13 million golf club outside London and a villa in Sardinia.  There were adjoining Knightsbridge townhouses, $20 million of diamonds, designer handbags and other baubles from nearby Harrods.  Hajiyev’s fortune — believed by law enforcement officials to have once exceeded $100 million — has become the focus of a ground-breaking money laundering case in the UK, with the NCA obtaining an unexplained wealth order against the wife.

https://www.riskscreen.com/kyc360/news/crooked-banker-tapped-professionals-to-manage-web-of-dirty-money/

 

MALTA TAX ADVISORS NAMED IN SPANISH MONEY LAUNDERING PROBE

On 5 March, Malta Today reported that Malta-resident company, Lian Sports, is implicated in the investigation of Spanish police into alleged football corruption, with football agent Abdilgafar Fali Ramadani and his associates with money laundering.  The name of the tax advisors in Malta, said to have been involved in the scheme, has not been made public by the investigation.

https://www.maltatoday.com.mt/sports/football/100704/malta_tax_advisors_named_in_spanish_money_laundering_probe#.XmJZqG5Fz4i

 

ALBANIA OFFERS AMNESTY TO CURB SHADOW ECONOMY AND REVIVE GROWTH

On 3 March, Reuters reported that the government plans to offer an amnesty to businesses that have failed to disclose funds or made illegal gains, in an effort to formalise and revive the economy, open access to capital markets, and plug a budget shortfall.  It is said that Albania’s informal economy equals 50% of Albania’s GDP, with 1 million Albanians living abroad (with only 2.8 million in the country) and $30 billion taken out of the Balkan country illegally.

https://www.reuters.com/article/albania-finance-amnesty/albania-offers-amnesty-to-curb-shadow-economy-revive-growth-idUSL8N2AW6L4

 

US: REVISITING CONFLICT MINERALS COMPLIANCE – DEVELOPMENTS, TRENDS AND ACTION ITEMS FOR THE CURRENT REPORTING YEAR AND BEYOND

On 4 March, Ropes & Gray LLP published an article as the 7^th year of filings under the US Conflict Minerals Rule will be due in slightly under 3 months.  The article says that it is time for many companies to take a fresh look at their conflict minerals disclosure and compliance programme – in some cases, disclosures have become outdated and compliance programmes have not kept pace with market developments. In addition, over the last few years, the global regulatory landscape has continued to evolve.  It also warns that investor expectations concerning supply chains continue to increase.  It also points out that, although often lumped together with the US Conflict Minerals Rule, the EU Regulation is very different than its US counterpart.  While only a small number of US-based companies that file under the US Rule will also be subject to the EU Regulation, the conflict minerals compliance programmes of a large number of US-based (and foreign) companies will be impacted by the EU Regulation, as discussed in the article.  The article says that the global focus of the EU Regulation will soon start to draw more attention to other areas beyond the Democratic Republic of the Congo region.  The article calls for businesses to revisit and review their compliance programmes, and the guidelines and red flags issued by the EU.

https://www.ropesgray.com/en/newsroom/alerts/2020/03/Revisiting-Conflict-Minerals-Compliance-Developments-Trends-and-Action-Items-for-the

 

SWISS FREE PORTS: STILL A SAFE HOUSE FOR PRIVATE CLIENTS’ TROPHY ASSETS?

On 5 March, LALIVE in Switzerland published an article which says that Geneva is host to one of the largest free ports in the world, which is home to billions of Swiss francs’ worth of fine art and other high-value collectables, such as precious stones, wine and antiques. In recent years, however, critics have highlighted the risk of money laundering and tax evasion, as well as the reputational risk for customs warehouses.  The article examines the legal situation of the Swiss free ports, which were the subject of a recent Swiss Federal Audit Office report following an evaluation of the supervisory activities carried out by the Federal Customs Administration (FCA) at free ports and open customs warehouses.  It also considers how the evolution of customs warehouse and AML regulations will affect the attractiveness of Swiss free ports for private clients.  The article warns that private clients who want to resort to the services of Swiss free ports are facing greater transparency, and they should be aware of the AML obligations imposed on the dealers and financial intermediaries with which they trade, particularly regarding due diligence enquiries to which they could be subject.

https://www.internationallawoffice.com/Newsletters/Private-Client-Offshore-Services/Switzerland/LALIVE/Swiss-free-ports-still-a-safe-house-for-private-clients-trophy-assets

 

£53 MILLION WORTH OF LIVE EELS SMUGGLED OUT OF UK BY SEAFOOD SALESMAN

On 6 March, ITV News reported that Gilbert Khoo, 67, a seafood salesman has been given a 2-year suspended jail sentence after smuggling more than £53 million worth of endangered live eels out of the UK.  He transported the rare elvers from London to Hong Kong, hidden underneath chilled fish, between 2015 and 2017.  Hearings under the proceeds of crime legislation will take place in the future.

https://www.itv.com/news/london/2020-03-06/53m-worth-of-live-eels-smuggled-out-of-uk-by-seafood-salesman/

 

UK: FRAUD BY FORMER ONLINE ESTATE AGENT EMPLOYEE, AND MONEY LAUNDERING BY HIS WIFE

On 6 March, Property Industry Eye reported that Sofina Sarwar, the wife of Haroon Cassim, a former employee of online estate agent Yopa who had been convicted of a £1.5 million fraud, has herself been found guilty of money laundering.  He had defrauded £505,000 from Yopa, and £960,000 from Camelot.

https://propertyindustryeye.com/wife-of-former-yopa-employee-who-committed-fraud-found-guilty-of-money-laundering/

 

MARITIME SECURITY: NIGERIA ACQUIRES SPECIAL MISSION VESSELS

On 5 March, Homeland Security Today reported that the vessels which arrived the country recently are equipped with sophisticated intelligence gathering capability for timely detection and response to illegal activities in the maritime domain.  The Gulf of Guinea is one of a handful of maritime piracy hotspots worldwide.

https://www.hstoday.us/subject-matter-areas/maritime-security/maritime-security-nigeria-acquires-special-mission-vessels/

 

RANSOMWARE AGAINST THE MACHINE: HOW ADVERSARIES ARE LEARNING TO DISRUPT INDUSTRIAL PRODUCTION BY TARGETING IT AND OT

On 2 March, Homeland Security Today reported that since at least 2017, there has been a significant increase in public disclosures of ransomware incidents impacting industrial production and critical infrastructure organisations.  Incidents have also resulted in significant disruptions and delays to the physical processes that enable organisations to produce and deliver goods and services.  As financial crime actors have evolved their tactics from opportunistic to post-compromise ransomware deployment, we have observed an increase in adversaries’ internal reconnaissance that enables them to target systems that are vital to support the chain of production.  It refers one to an article on Fireeye which says that truly understanding the unique nuances of industrial sector ransomware distribution operations requires a combination of skillsets and visibility across both IT and OT systems.  Then, using examples derived from its consulting engagements and threat research, it sets out to explain how the shift to post-compromise ransomware operations is fuelling adversaries’ ability to disrupt industrial operations.

https://www.fireeye.com/blog/threat-research/2020/02/ransomware-against-machine-learning-to-disrupt-industrial-production.html

 

OFAC ISSUES NEW FAQ RELATING TO HUMANITARIAN ASSISTANCE EXEMPTIONS FOR IRAN

On 6 March, OFAC released a new FAQ related to the manner in which humanitarian goods or assistance can be provided to the Iranian people in response to the COVID-19 outbreak in Iran, consistent with the Iran-related sanctions administered by OFAC.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200306.aspx

 

UK: GOVERNMENT ALLOWS BULK IMPORT AND STORAGE OF MEDICAL CANNABIS

On 2 March, the Pharmaceutical Journal reported that licensed wholesalers can now import larger quantities of cannabis-based products and hold supplies for future use by patients with prescriptions.  Previously, medical cannabis could not be imported in bulk to be held as reserve stock — only the amounts that were required for individual prescriptions could be imported.

https://www.pharmaceutical-journal.com/20207773.article

 

SEVERAL COUNTRIES HAVE BANNED OR RESTRICTED THE EXPORT OF MEDICAL EQUIPMENT IN THE FACE OF THE CORONAVIRUS CRISIS

On 6 March, the EU Sanctions Blog reported that countries, including Germany, France, Czech Republic, Turkey, Russia and China have restricted the export of medical protective items such as masks, gloves, gowns and goggles under domestic export control powers.

https://www.europeansanctions.com/2020/03/states-halt-exports-of-medical-protective-items/

 

DRUG TRAFFICKING RING TAKEN DOWN IN NORWAY AND GERMANY

On 6 March, a news release from Eurojust advised that German and Norwegian authorities have taken down an organised criminal group, involved in the trafficking of illicit drugs between the 2 countries.  An Albanian criminal network was trafficking drugs from Germany to Norway.

http://eurojust.europa.eu/press/PressReleases/Pages/2020/2020-03-06.aspx

 

UK REVOKES MALDIVES AND ERITREA SANCTIONS REGULATIONS

The Republic of Maldives (Asset-Freezing) (Revocation) Regulations 2020 revoke, with effect from 27 March,the Republic of Maldives (Asset-Freezing) Regulations 2018 as the EU Regulation on which they are based has been repealed.

http://www.legislation.gov.uk/uksi/2020/221/contents/made

The Eritrea (Asset-Freezing) (Revocation) Regulations 2020 revoke, with effect from 27 March, the Eritrea (Asset-Freezing) Regulations 2012 as the EU Regulation on which they are based has been repealed.

http://www.legislation.gov.uk/uksi/2020/219/contents/made

 

GREECE INTRODUCES NEW VAT RULES FOR CHARTER VESSELS

On 6 March, Superyacht News reported that confusion remains over how Greece will implement the system and whether it will be operational by Summer 2020.  The new VAT rules are in accordance with the EU Directive and are the same rules that have been applied in both France and Italy (but with what are described as “subtle” differences.  The new rules are based on the principle that VAT is charged at the full rate for the time that the yacht is in EU waters, and no VAT is applicable while in international waters or non-EU waters. VAT will be applicable in the country where the charter begins.

https://www.superyachtnews.com/business/greece-introduces-new-vat-rules-for-charter-vessels-

 

RUSSIAN BUSINESSMAN OLEG TINKOV, CHARGED IN US WITH FILING FALSE TAX RETURNS AND EXTRADITION SOUGHT

On 6 March, Reuters reported that the Russian businessman, the founder of TCS Group – the parent company of Tinkoff Bank, a pioneer of online banking technology with more than 10 million customers in Russia and the country’s second-largest credit card issuer – said that he was battling acute leukaemia, a day after the US DoJ said it was charging him with filing false tax returns.

https://uk.reuters.com/article/us-tcs-usa-tinkov/tcs-founder-tinkov-discloses-leukemia-fight-amid-us-tax-charges-shares-slide-idUKKBN20T2E9

https://mondovisione.com/media-and-resources/news/us-department-of-justice-founder-of-russian-bank-charged-with-tax-fraud-alleg/

 

UK: PIRATE STREAMING SCAM COULD HAVE COST MOVIE INDUSTRY £200 MILLION

On 6 March, the Telegraph & Argus reported that Malik Luqman Farooq, 31, from Yorkshire has been jailed for 27 months after pleading guilty to conspiracy to defraud between September 2014 and April 2015.  A City of London Police investigation revealed he had been making blockbuster movies available to download online.

https://www.thetelegraphandargus.co.uk/news/18288242.halifax-mans-fast-furious-scam-cost-industry-200m/

 

IRELAND: WIFE OF SUICIDE CHARITY FOUNDER TO STAND TRIAL ACCUSED OF FRAUDULENT TRADING AND CONCEALING CRIME PROCEEDS

On 6 March, The Journal reported that Patricia Kelly, 58, the wife of Console Suicide Bereavement founder Paul Kelly is to stand trial accused of fraudulent trading and concealing crime proceeds of the suicide prevention charity.  Paul Kelly, the former CEO took his own life before he could be charged with financial irregularities at Console.

https://www.thejournal.ie/wife-console-stand-trial-5036774-Mar2020/

 

US: FORMER ACTING INSPECTOR GENERAL FOR DEPARTMENT OF HOMELAND SECURITY INDICTED FOR FRAUD AND THEFT

On 6 March, The Epoch Times reported that Charles Edwards, 59, served as the acting Inspector General for the DHS between 2011 and 2013 as part the Obama Administration.  He and Murali Yamazula Venkata, 54, were both charged with wire fraud conspiracy to commit theft of government property, conspiracy to defraud the US, aggravated identity theft, and theft of government property.  Venkata, a former subordinate of Edwards, is accused of destroying records.  The indictment is said to relate to stealing confidential and proprietary software from DHS.

https://www.theepochtimes.com/former-acting-inspector-general-for-department-of-homeland-security-indicted_3263017.html

 

IRELAND: MALE MODEL FACING INTERNATIONAL MONEY LAUNDERING CHARGES ARRESTED ON EXTRADITION WARRANT

On 6 March, The Journal reported that a male model facing international money laundering charges has been arrested and taken to the High Court on an extradition warrant.  Mark Adams, 40, is accused of being a cash courier making dozens of flights over 4 years, and was stopped at Belfast Airport on 9 May 2018 travelling with only hand luggage, and with €180,000 in 2 brown envelopes.

https://www.thejournal.ie/money-laundering-investigation-male-model-5036604-Mar2020

 

INDIA: YES BANK FOUNDER HAS HOUSE SEARCHED BY AUTHORITIES IN MONEY LAUNDERING PROBE

On 6 March, the Times of India reported that the Enforcement Directorate has raided the Mumbai residence of Rana Kapoor under the Prevention of Money Laundering Act (PMLA).

https://timesofindia.indiatimes.com/business/india-business/ed-raids-yes-bank-founder-rana-kapoors-house-in-mumbai/articleshow/74519055.cms

 

SRI LANKA: 10 ARREST WARRANTS REPORTEDLY ISSUED OVER BOND SCAM INCLUDES FORMER MINISTER

On 6 March, the ColomboPage website claimed that a Sri Lankan court has issued warrants to arrest former Finance Minister Ravi Karunanayake and 9 others who are accused of the Central Bank Treasury bonds fraud in respect of bond auctions held in 2016.  It is reported that the Magistrate also ordered to impose a travel ban on former minister Ravi Karunanayake and others.

http://www.colombopage.com/archive_20A/Mar06_1583508767CH.php

 

UK GOVERNMENT RESPONSE TO DISGUISED REMUNERATION LOAN CHARGE INDEPENDENT REVIEW

On 6 March, a news release from HM Treasury advised that the independent review (commissioned in September 2019) of the disguised remuneration loan charge has now concluded and the government has published its response.  The review was to consider whether the policy is an appropriate response to the tax avoidance behaviour in question, and whether the changes the government has announced to support individuals to meet their tax liabilities have addressed any legitimate concerns raised.  It is noted that HMRC have updated its guidance with some additional information.  The Loan Charge mechanism is designed to tackle disguised remuneration tax avoidance schemes where a person’s income is paid as a loan which is not repaid.

https://www.gov.uk/government/publications/disguised-remuneration-independent-loan-charge-review

 

KIEV-BASED FRAUD CALL CENTRE LINKED TO OPERATIONS IN ALBANIA AND GEORGIA

On 6 March, OCCRP followed up its claims about the “Milton Group” in Kiev (or Kyiv in Ukrainian), claiming that it is part of a web of similar operations across several countries that employ an army of salespeople to hawk dubious investments to victims around the world.

https://www.occrp.org/en/fraud-factory/web-of-call-center-scammers-reaches-into-albania-georgia

 

€7.9 MILLION OF ILLEGAL PRODUCTS SEIZED IN HIT AGAINST MEDICINE TRAFFICKERS

A news release from Europol on 6 March advised that it had supported a pan-European operation targeting the illicit online and offline trafficking of misused and counterfeit medicines. The operation, led by the French National Gendarmerie and Finnish Customs, involved law enforcement authorities from 11 EU Member States, Bosnia and Herzegovina, Ukraine, the UK and US.  The operation was carried out between July and October 2019.  165 arrests were made and 12 organised crime groups dismantled in Europe-wide operation.

https://www.europol.europa.eu/newsroom/news/€79-million-of-illegal-products-seized-in-hit-against-medicine-traffickers

 

MARSHALL ISLANDS SHIPPING REGISTRY COMPARES IT AND COUNTRY’S COMPLIANCE RECORDS TO RIVALS

On 6 March, Hellenic Shipping News published an article saying that International Registries Inc (its agent) and the Republic of the Marshall Islands (RMI) have issued what it describes as a compliance update.  It notes its results in OECD, FATF, EU and French evaluations.  It compares its performance to that of the Bahamas, Cayman Islands, Liberia and Panama.

https://www.hellenicshippingnews.com/marshall-islands-registry-issues-compliance-update/

 

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EU Regulation 2020/371/EU of 5 March amended EU Regulation 2016/44 to amend the details of the entries for 5 individuals.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2020.071.01.0005.01.ENG&toc=OJ:L:2020:071:TOC

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EU Regulation 2020/370/EU of 5 March amended EU Regulation 208/2014 and removed Mykola Yanovych and Edward Stavytskyi from the lists of those subject to sanctions.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2020.071.01.0001.01.ENG&toc=OJ:L:2020:071:TOC

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