OTHER THINGS YOU MAY HAVE MISSED – MARCH 12

CoVid-19 update – in Panama the schools are closed, the non-food shops (except perhaps the pharmacies) are very quiet, and even the traffic – except on the main highways, seems unusually quiet…

12 March 2020

FinCEN IMPOSES ITS FIRST PENALTY ON A BANK COMPLIANCE OFFICER FOR FAILING TO PREVENT AML VIOLATIONS

A blog from the New York University School of Law contains a post reporting that FinCEN had issued a consent order assessing a $450,000 civil money penalty against Michael LaFontaine, a former Chief Operational Risk Officer at US Bank NA for his alleged failure to prevent Bank Secrecy Act/AML violations that took place during his tenure.  It says that the action follows closely on the heels of several recent Office of the Comptroller of the Currency enforcement actions against financial institution executives (all of which involved prior resolutions and significant penalties paid by their employers).  However, this is the first time FinCEN has imposed a penalty on a bank compliance officer for his role in failing to prevent BSA/AML compliance programme failures.

https://wp.nyu.edu/compliance_enforcement/2020/03/11/fincen-imposes-its-first-penalty-on-a-bank-compliance-officer-for-450000-for-failing-to-prevent-aml-violations/

 

JUDGE ORDERS NEW TRIAL FOR BUSINESSMEN CONVICTED IN HAITI BRIBERY CASE IN US

On 12 March, the Wall Street Journal reported that a federal judge in Boston has granted a new trial to 2 businessmen – Roger Richard Boncy, the chairman of an investment firm, and Joseph Baptiste, a dentist and retired US Army colonel – accused of plotting a bribery scheme in Haiti after concluding that a lawyer for one of the men failed to provide him with an adequate defence.  It says that this ruling is a further setback for the DoJ Foreign Corrupt Practices Act unit, which prosecutes foreign bribery cases, following the partial acquittal of Lawrence Hoskins,.

 

CORONAVIRUS SCARE HAS BOUGHT THE VATICAN SOME TIME OVER MONEYVAL REVIEW

On 12 March, The Crux reported that the virus restrictions has bought the Vatican some time – with the proposed Moneyval review due in April being postponed.  The article suggests it uses the time well, given recent bad news such as a recent scandal over a more than $200 million land deal in London carried out by the Secretariat of State, and the departure in November of the Vatican figure most respected in the international regulatory community, Swiss lawyer René Brülhart.

https://cruxnow.com/news-analysis/2020/03/coronavirus-scare-has-bought-the-vatican-some-time-how-will-they-use-it/

 

US: PROPOSALS SOUGHT FOR ANTI-HUMAN TRAFFICKING PLAN FOR AIRPORTS

On 11 March, Homeland Security Today reported that the Transportation Research Board (TRB) is seeking proposals to develop an anti-human trafficking plan for airports.  It is said that research is needed to help airports develop a cohesive approach to help address human trafficking activities that may be occurring at their facility.

https://www.hstoday.us/industry/proposals-sought-for-anti-human-trafficking-plan-for-airports/

 

INDEPENDENT MEDIA MOGUL REHMAN ARRESTED IN PAKISTAN ON GRAFT CHARGES

On 12 March, Rferl and others reported that Pakistani authorities have arrested Mir Shakilur Rehman, the owner and editor in chief of the country’s biggest independent group of newspapers and TV stations in connection with allegations of tax evasion in a real-estate purchase 34 years ago.  Rehman’s Jang Group of Newspapers, which includes Geo TV, has been critical of the government.  Rferl notes that Pakistan is ranked 142nd out of 180 countries in Reporters Without Borders’ 2019 World Press Freedom Index.

https://www.rferl.org/a/independent-media-mogul-rehman-arrested-in-pakistan/30484415.html

 

HONG KONG: ANXIOUS WAIT FOR PATRICK HO ON APPEAL OF BRIBERY CONVICTION

On 12 March, The Standard in Hong Kong reported that the former government official Ho, 70, a former home affairs secretary, was convicted of bribing the presidents of Chad and Uganda to secure oil rights for energy conglomerate CEFC China Energy and money laundering.  He was originally sentenced to 3 years in prison.

https://www.thestandard.com.hk/section-news/section/4/217230/Anxious-wait-for-Patrick-Ho

 

US SANCTIONS AGAINST BUSINESSES LINKED TO MEXICAN DRUGS CARTELS

On 12 March, the US State Department issued a news release advising that it had designated 4 Mexican businesses pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) due to their links to the Cartel de Jalisco Nueva Generacion (CJNG) and the Los Cuinis Drug Trafficking Organization (Los Cuinis), 2 of the most powerful drug trafficking organisations in Mexico.  Designated were –

  • International Investments Holding S.A. de C.V.;
  • GBJ de Colima, S.A. de C.V., a gas station company located in Villa de Alvarez, Colima;
  • Corporativo Sushi Provi, S. de R.L. de C.V.; and
  • Master Reposterias Y Restaurantes, S.A. de C.V.

In addition to these designations, OFAC identified Cabanas La Loma en Renta and Cabanas La Loma Tapalpa, 2 new names for a cabin rental business located in Tapalpa, Jalisco that was designated in 2015 for providing material assistance to CJNG drug trafficking activities.

https://www.state.gov/sanctions-against-businesses-linked-to-mexican-cartels

 

SCOTLAND: DIRECTOR OF FINANCIAL FIRM FACING JAIL OVER £13 MILLION PONZI FRAUD

On 12 March, STV reported that Alistair Greig, 66, the MD of a financial services firm, carried out a Ponzi scam tricking dozens of individuals to place their savings in “guaranteed” high interest accounts.  He ran Aberdeen-based Midas Financial Solutions (Scotland).

https://news.stv.tv/west-central/director-of-financial-firm-facing-jail-over-13m-fraud

 

INTERNATIONAL OPERATION TARGETS FIREARMS TRAFFICKERS WHO SUPPLIED UK CRIMINALS

An NCA news release on 12 March advised that 6 men have been arrested in Slovakia on suspicion of being part of an organised crime group that supplied over 1500 lethal firearms to the European criminal market, including to the UK.  The arrests were the result of an international operation supported by the NCA, Europol and 5 EU Member States.  The gang converted Flobert firearms to larger calibre before selling them on to other criminals across Europe.

https://www.nationalcrimeagency.gov.uk/news/international-operation-targets-firearms-traffickers-who-supplied-uk-criminals

https://www.europol.europa.eu/newsroom/news/6-arrested-and-scores-of-weapons-seized-in-raids-across-slovakia

 

SWISS TRIAL OVER 2006 FIFA WORLD CUP BID THREATENED BY COVID-19

On 12 March, OCCRP reported that the trial in Switzerland of 4 former soccer officials over alleged fraud in Germany’s bid to host the 2006 World Cup could be discontinued if a doctor finds the defendants not able to attend the hearings over COVID-19 risks.  The defendants, former German Football Association (DFB) presidents Wolfgang Niersbach and Theo Zwanziger, DFB Secretary Horst R. Schmidt and FIFA secretary general between 2002 and 2007, Urs Linsi, are all above 65 years old and at risk.

https://www.occrp.org/en/daily/11805-swiss-trial-over-2006-fifa-world-cup-bid-threatened-by-covid-19

 

UK: EMAIL BLOCKED BY TRIBUNAL’S FIREWALL NOT VALIDLY SERVED

On 12 March, Litigation Futures reported that an email blocked by a firewall at the First-tier Tribunal (FTT) did not constitute valid service of an appeal, a judge has ruled.  However, permission for late notification should be granted – despite being 4 years late.  The tax chamber of the FTT, which hears appeals on direct and indirect taxes, heard that the claimant’s accountant attempted to serve an appeal to demands from HMRC totalling over £386,000 plus interest in February 2015, but the Tribunal had no record of it being received.

https://www.litigationfutures.com/news/email-blocked-by-tribunals-firewall-not-validly-served

 

CLANDESTINE AIRSTRIPS AND DRUG FLIGHTS BECOMING MORE FREQUENT ACROSS VENEZUELA

On 12 March, an article on Insight Crime said that clandestine airstrips found in Venezuela and suspected drug flights leaving the country soared in 2019, with different parts of the country being used as aerial connection points.  23 light aircraft and 36 clandestine runways used for drug trafficking were confiscated or destroyed in 2019 – however, other groups monitoring the situation claim that the country has far more illegal runways and that planes carrying drugs are seen on a daily basis.

https://www.insightcrime.org/news/brief/airstrips-drug-flights-venezuela/

 

PIRACY IN THE GULF OF GUINEA – EU AND INTERNATIONAL ACTION

On 12 March, the EU Parliament Research Service published a briefing paper saying that the security of this maritime area is threatened by the rise of piracy, illegal fishing, and other maritime crimes.  Regional actors have committed to cooperate on tackling the issue through the ‘Yaoundé Code of Conduct’ and the related cooperation mechanism and bodies.  The international community has also pledged to track and condemn acts of piracy at sea.

https://www.europarl.europa.eu/RegData/etudes/BRIE/2020/649333/EPRS_BRI(2020)649333_EN.pdf

 

US TRADE GROUPS UNITE TO FIGHT FORCED LABOUR IN CHINA SUPPLY CHAINS

On 12 March, American Shipper reported that 5 US trade associations representing the apparel and footwear industries said their members are doing their utmost to prevent the use of forced labour in their China supply chains.  The statement followed news reports claiming that the Chinese government is forcing Uyghurs and other ethnic minorities in the Xinjiang Uyghur Autonomous Region (XUAR) to work in factories throughout the country; and a recent Australian report is said to have identified 27 factories in nine Chinese provinces that use Uygur labour transferred from detention camps in Xinjiang since 2017.

https://www.freightwaves.com/news/trade-groups-unite-to-fight-forced-labor-in-china-supply-chains

 

SINGAPORE SAYS THAT MARITIME PIRATES ARE COMING FROM ELSEWHERE

On 12 March, Insurance Maritime News reported that the Singapore Minister for Defence had said that the pirates responsible for recent incidents in the Singapore Strait were not from Singapore.   He also said that the number of piracy and sea robbery incidents occurring in the Singapore Strait fluctuated considerably from year to year – in 2014, 2015 and 2019 there were 48, 104 and 31 respectively, but in the remaining years over the last decade, the average was around 12.  He also said that the incidents mainly consisted of petty crime involving the theft of crew belongings, engine parts or scrap metal, with all perpetrators are based and operate outside Singapore’s territorial waters.

https://insurancemarinenews.com/insurance-marine-news/singapore-says-that-pirates-are-coming-from-elsewhere/

 

ISLE OF MAN AMENDS ISIL/AL-QAIDA SANCTIONS LIST

On 12 March, the Isle of Man followed the EU and UK in notifying that JAMAAH ANSHARUT DAULAH, ISLAMIC STATE IN IRAQ AND THE LEVANT – LIBYA and ISLAMIC STATE IN IRAQ AND THE LEVANT – YEMEN are now subject to an asset freeze.

https://www.gov.im/news/2020/mar/12/financial-sanctions-isil-daesh-and-al-qaida/

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

 

 

 

 

US SANCTIONS AGAINST BUSINESSES LINKED TO MEXICAN DRUGS CARTELS

On 12 March, the US State Department issued a news release advising that it had designated 4 Mexican businesses pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) due to their links to the Cartel de Jalisco Nueva Generacion (CJNG) and the Los Cuinis Drug Trafficking Organization (Los Cuinis), 2 of the most powerful drug trafficking organisations in Mexico.  Designated were –

  • International Investments Holding S.A. de C.V.;
  • GBJ de Colima, S.A. de C.V., a gas station company located in Villa de Alvarez, Colima;
  • Corporativo Sushi Provi, S. de R.L. de C.V.; and
  • Master Reposterias Y Restaurantes, S.A. de C.V.

In addition to these designations, OFAC identified Cabanas La Loma en Renta and Cabanas La Loma Tapalpa, 2 new names for a cabin rental business located in Tapalpa, Jalisco that was designated in 2015 for providing material assistance to CJNG drug trafficking activities.

https://www.state.gov/sanctions-against-businesses-linked-to-mexican-cartels

 

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

OFAC VENEZUELA SANCTIONS CHANGES – SWISS-BASED OIL BROKER ADDED TO SANCTIONS LISTS

OFAC ISSUES AMENDED VENZUELA SANCTIONS AND FAQ

On 12 March, OFAC announced 3 amended General Licenses concerned with involvement with Venezuela, including one concerned with the winding down of business with Rosneft Trading SA or TNK Trading International SA.  In connection with the latter, OFAC also issued amended FAQ 817 and 818.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200312.aspx

 

OFAC ADDS TNK TRADING INTERNATIONAL TO ITS VENEZUELA SANCTIONS LISTS

On 12 March, OFAC announced that TNK TRADING INTERNATIONAL SA, a Swiss-based, Russian-owned oil brokerage company linked to Rosneft Trading, had been added to its sanctions lists.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200312.aspx

https://home.treasury.gov/news/press-releases/sm937

 

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UK: GAMBLING OPERATOR BETWAY HIT WITH RECORD £11.6 MILLION PENALTY

On 12 March, the BBC and other media reported that an investigation of the operator’s dealings with several high-value customers had revealed compliance shortcomings, including accepted stolen money and ignoring cases of gambling addiction.  Of the £11.6 million Betway must pay, half of that will go to the National strategy to Reduce Gambling Harms. The rest will be returned to victims of crime.

https://calvinayre.com/2020/03/12/business/betway-to-pay-record-fine-for-aml-problem-gambling-lapses/

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US TREASURY DESIGNATES 2 ZIMBABWEAN OFFICIALS FOR ALLEGED HUMAN RIGHTS ABUSES

On 12 March, KYC 360 reported that OFAC had listed 2 Zimbabwean Officials for Alleged Human Rights Abuses.  Anselem Sanyatwe and Owen Ncube were allegedly involved in directing an attack on peaceful demonstrators and political opponents in Zimbabwe.  They were designated by the US State Department for alleged human rights violations last year, which restricted them from entering the US.  Sanyatwe currently serves as Zimbabwe’s ambassador to Tanzania.

https://www.riskscreen.com/kyc360/news/u-s-treasury-blacklists-two-zimbabwean-officials-for-alleged-human-rights-abuses/

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EUROPEAN BANKING FEDERATION PUBLISHES AML BLUEPRINT

On 12 March, KYC 360 reported that the EBF (European Banking Federation) has published a blueprint providing recommendations for an effective Europe-wide AML policy.  The new blueprint identifies 4 priorities that need to be addressed and, based on the blueprint, offers 20 recommendations.

https://www.riskscreen.com/kyc360/news/european-banking-federation-publishes-aml-blueprint/

The blueprint is at –

https://www.ebf.eu/wp-content/uploads/2020/03/EBF-Blueprint-for-an-effective-EU-framework-to-fight-money-laundering-Lifting-the-Spell-of-Dirty-Money-.pdf

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OTHER THINGS YOU MAY HAVE MISSED – MARCH 11

11 March 2020

A SNAPSHOT OF RWANDA’S TIGHTENED FINANCIAL CRIMES LAWS

On 10 March, ENS Africa published an article about 2 key laws to counter money laundering, the financing of terrorism and the proliferation of WMD, in an effort to strengthen and increase confidence in its financial system.  One of things the laws do is establish the Financial Intelligence Centre (FIC), which has been established as an independent body under the supervision of the Ministry of Finance.  The article considers the responsibilities and powers of the FIC.  Another thing done by the laws is to impose potential sentences of imprisonment of up to 25 years and fines of up to 20 times the amount granted to finance relevant to illegal activities.  The article lists those persons required to file reports with the FIC.  The new laws are said to align Rwanda’s AML/CFT legislation closer with international standards.

https://www.ensafrica.com/news/detail/2342/a-snapshot-of-rwandas-tightened-financial-cri/

 

AUSTRALIA SOLD WEAPONS TO FRAGILE AFRICAN STATES, INCLUDING MALI AS UN WARNED VIOLENCE CREATING “HUMANITARIAN DISASTER”

On 10 March, the Guardian reported that freedom of information releases show that the Australian government approved a large volume of weapon sales to Mali even as the UN warned about the situation in the country.  Australian weapons companies were given 31 permits last year to export weapons and military technology to African nations suffering from instability and violence, including Libya, Sudan, Somalia, Mali, the Central African Republic and the Democratic Republic of Congo; though the majority of exports went to Mali, with 16 permits to Mali alone.

https://www.theguardian.com/australia-news/2020/mar/11/australia-sold-weapons-to-mali-as-un-warned-violence-creating-humanitarian-disaster

 

PODCAST: THE CULLEN COMMISSION – MORE ON MONEY-LAUNDERING AND ORGANISED CRIME ON CANADA’S WEST COAST

In the latest TRACE podcast, former Crown Prosecutor and current investigative journalist, Sandy Garossino, looks at the early days of Vancouver’s money laundering scandal: how the problem was uncovered, the violence associated with infiltration by organised crime, what has been done to remedy the problem to date and what still remains to be done.

https://traceinternational.org/resources-podcast

 

THIRD COUNTRIES ALIGN WITH EU ON UKRAINE SANCTIONS

On 11 March, a news release from the EU advised that Montenegro, Albania, Norway and Ukraine have announced that they will align themselves with EU Council Decision 2020/120/CFSP, which adds a further person to the sanctions imposed as a result of the Russian annexation of Crimea and Sevastopol.

https://www.consilium.europa.eu/en/press/press-releases/2020/03/11/declaration-by-the-high-representative-on-behalf-of-the-eu-on-the-alignment-of-certain-third-countries-concerning-restrictive-measures-in-respect-of-actions-undermining-or-threatening-the-territorial-integrity-sovereignty-and-independence-o/

 

SWEDBANK REPORTS $4.8 MILLION IN POTENTIAL SANCTIONS BREACHES TO OFAC

A news release from the Swedish bank on 11 March advised that an investigation of Swedbank’s work on AML conducted by the law firm Clifford Chance has found that transactions amounting to approximately $4.8 million in total constitute potential sanction violations between 2007 and March 2019.  This has been reported to OFAC.  The investigation focused on dollar-denominated transactions from 3 Baltic subsidiaries in Estonia, Latvia, and Lithuania, processed through the US financial system during the period 2014-2019.

https://mb.cision.com/Main/67/3056878/1209269.pdf

 

CAMBODIA RANKS AT BOTTOM FOR RULE OF LAW IN EAST ASIA

On 11 March, Radio Free Asia reported that Cambodia has been placed 15th out of 15 countries surveyed in the East Asia and Pacific region for adherence to rule of law, according to a report released by the World Justice Project.  It is also 127th out of 128 countries and jurisdictions worldwide.

https://www.rfa.org/english/news/myanmar/law-03112020173431.html

 

AI TO BE USED IN CANADA’S MONEY LAUNDERING ENFORCEMENT EFFORTS

On 11 March, The Epoch Times reported that the national FIU, FINTRAC, is exploring artificial intelligence and machine learning to help sort through a deluge of data in the hunt for hidden dirty cash.  The agency says technology can help money launderers but also create more efficient and effective ways of doing business for enforcement agencies.  This is mentioned in an article about the FINTRAC annual report, which has been published.

https://www.theepochtimes.com/ai-to-be-used-in-canadas-money-laundering-enforcement-efforts_3268360.html

 

MIAMI CRIME EXPERT TO PLEAD GUILTY IN VENEZUELA GRAFT CASE

On 11 March, Associated Press reported that Bruce Bagley, 73, a University of Miami professor who is a top expert on money laundering in Latin America was arrested in November and is scheduled to plead guilty for trying to hide $3 million in proceeds from a corruption scheme with Venezuela’s government.

https://apnews.com/b9843dfd8e939f045c04701e9105ab47

 

IRELAND: FORMER SOLICITOR FACING €1.2 MILLION FRAUD CHARGES SENT FOR TRIAL

On 11 March, the Irish Independent reported that Michael Small, 53, is accused of multiple counts of theft, deception and accounting offences, alleged to have taken place over a 2-year period while he was in practice as a solicitor in Limerick.

https://www.independent.ie/irish-news/courts/former-solicitor-facing-12-million-fraud-charges-sent-for-trial-39036764.html

 

UK CONSULTS ON SIMPLIFYING THE PROCESS ALLOWING FOREIGN INVESTMENT FUNDS TO BE MARKETED IN THE UK

As part of the UK Budget on 11 March, HM Treasury announced a consultation to 11 May which sets out the UK government’s proposal for a new process for allowing investment funds domiciled overseas to be sold to UK investors, to replace the existing regime, which is said not to be viable over the long-term. The proposed ‘overseas funds regime’ would introduce 2 new regimes based on the principle of equivalence: one for retail investment funds and one for money market funds.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/871744/Overseas_Fund_Regime_Consultation_Publication__for_publication_.pdf

 

UK CONSULTING ON MARKET ACCESS ARRANGEMENTS FOR FINANCIAL SERVICES BETWEEN THE UK AND GIBRALTAR

Another UK Budget announcement on 11 March, in the light of Brexit and UK commitments to Gibraltar, was a consultation which invites views on the main features of the proposed Gibraltar Authorisation Regime, including how firms will enter and exit the regime and measures to ensure the protection of UK consumers. The new regime is intended to protect financial stability, promote the safety and soundness of firms, protect market integrity and ensure high levels of consumer protection. It is based on aligned standards of financial regulation, authorisation, supervision and enforcement and will be underpinned by bespoke arrangements for information-sharing, transparency and co-operation between regulators.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/871724/Consultation_for_publication_-_Market_access_between_UK_and_Gibraltar.pdf

 

HMRC TO GET PREFERENTIAL STATUS (AGAIN) AS OF 1 DECEMBER

On 11 March, an article from Morgan Lewis says that from 1 December, HMRC will be given preferential creditor status for certain taxes which a company has collected but failed to pay to HMRC on the date it enters insolvency.  This was announced in the UK Budget on 11 March, and the necessary legislation will be introduced in the Finance Bill 2020.

https://www.jdsupra.com/legalnews/hm-revenue-customs-to-get-preferential-90935/

 

100 CORRUPT OFFICIALS WANTED BY THE PEOPLES’ REPUBLIC OF CHINA

On 11 March, in his always interesting blog, Kenneth Rijock reproduces a poster containing the photos of the 100 most wanted fugitive Chinese government officials, all wanted for corruption.  Many are believed to be living in the US and Canada.

http://rijock.blogspot.com/2020/03/wanted-by-peoples-republic-of-china.html

 

US: 27 CHARGED IN MASSIVE HORSE DOPING BUST

On 11 March, an article from OCCRP said that 27 individuals, including trainers, veterinarians and drug suppliers, have been charged with a variety of crimes related to a massive horse doping scheme aimed to rig races across the US.  They are accused of crimes ranging from misbranding and drug alteration to smuggling and obstruction of justice.  Those involved include the trainer of one of the top racehorses in the world and winner of the 2020 Saudi Cup, and 2 top trainers, Jorge Navarro and Jason Servis.

https://www.occrp.org/en/daily/11786-us-27-charged-in-massive-horse-doping-bust

 

KENYA: TAX AGENCY TO COLLECT $200 MILLION DEMURRAGE BACK TAXES

On 3 March, the East African reported that shipping companies are foreseeing an increase in fees they charge importers after the High Court ruled in favour of Kenya Revenue Authority (KRA) and the latter will now collect $200 million in back taxes from shipping companies.  It is explained that “demurrage” was accrued in respect of cargo containers which have overstayed beyond their free stay period at different KPA-owned container freight stations.  Demurrage is the term for the charge levied by shipping lines on importers for holding the container beyond the free period.  The Court has held that demurrage is a form of income tax and that the shipping lines’ local agents have an obligation to withhold tax on the demurrage charge when remitting payments.  Shipping lines wanted the court to make a finding that demurrage charges are not subject to tax in Kenya.

https://www.theeastafrican.co.ke/business/KRA-to-collect-demurrage-back-taxes/2560-5477022-pqpvgh/index.html

 

THE SPECIAL RELATIONSHIP – HOW THE FCA ASSISTS SEC INVESTIGATIONS

On 11 March, Corker Bining published a blog post which sets out to explore the key methods the FCA uses to assist their US counterparts, the SEC, and questions the protections afforded to individuals interviewed under compulsion by the FCA at the SEC’s request.  It points out that the cooperation has existed for longer than one might think, and how the Securities Exchange Act 1934 in the US and the Financial Services and Markets Act 2000 provide a legal framework.  It then examines the process for cooperation, including SEC presence at “compelled interviews” under UK legislation, and asking if this is a means to circumvent the 5th Amendment (i.e. the right not to incriminate oneself).

https://www.corkerbinning.com/the-special-relationship-how-the-fca-assists-sec-investigations/

 

US COMMERCE DEPARTMENT EXTENDS HUAWEI EXPORT LICENCE PRIVILEGE

On 11 March, American Shipper reported that the US Department of Commerce has announced that it will extend a temporary general license for certain US exports to Chinese telecommunications equipment manufacturer Huawei Technologies Co Ltd and 114 overseas affiliates until 15 May, as the current temporary general licence was due to expire on 1 April.

https://www.freightwaves.com/news/commerce-extends-huawei-export-license-privilege

 

MYANMAR SHOULD FINALLY COME CLEAN ABOUT ITS CHEMICAL WEAPONS PAST

On 11 March, the Bulletin of the Atomic Scientists carried an article pointing out that, for all the criticism of the Myanmar government on human rights grounds, no US government official had publicly discussed the country’s secret chemical weapons programme since the Reagan Administration.  However, the article does say that there are signs that Myanmar is finally making moves to come clean to the international community about its chemical weapons programme, which is believed to be inactive.  It is said that, to date, the most detailed public information on Myanmar’s chemical weapons programme is a declassified 1991 US National Intelligence Estimate.  It was alleged that, that, with West German assistance in the early 1980s, Myanmar built a small chemical weapons production facility that was used to manufacture about 500 litres of mustard agent.  There were also unverified claims from insurgents that the army had imported chemical weapons from China.  A West German company is named in the article, Fritz Werner – which denies assisting Myanmar/Burma – which was also implicated in equipping Saddam Hussein’s Iraq.

https://thebulletin.org/2020/03/myanmar-should-finally-come-clean-about-its-chemical-weapons-past-with-us-help/

 

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