SANCTIONS CONSIDERATIONS FOR MARITIME ARBITRATORS

An article on Insurance Maritime News on 23 April reports that a partner and associate at law firm Clyde & Co have written on Sanctions Considerations for Maritime Arbitrators. They note that, in recent months the US had increased the force and scope of its sanctions regimes and had targeted the shipping sector in particular, directing a “maximum pressure” campaign on enforcement of Iran and Venezuela sanctions. It is said to be necessary for arbitrators to recognise the risk and to consider the due diligence and other requirements necessary to comply with the relevant sanctions – and the article from Clyde has summarised some potential pitfalls, illustrating how sanctions risk could arise in maritime arbitration – for example, that one of the entities or persons in the dispute is listed as a SDN by OFAC under a sanctions regime, which could be a shipowner, charterer, manager, cargo shipper, intermediate cargo owner or cargo consignee or end-receiver.

https://insurancemarinenews.com/insurance-marine-news/sanctions-considerations-for-maritime-arbitrators/

The Clyde Alert is at –

https://www.clydeco.com/insight/article/sanctions-considerations-for-maritime-arbitrators?utm_source=vuture&utm_medium=email&utm_campaign=sanctions%20considerations%20for%20maritime%20arbitrators

 

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EUROPEAN SUPERVISORY AUTHORITIES CONSULTATION PAPER ON PROPOSED ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) DISCLOSURE STANDARDS FOR FINANCIAL MARKET PARTICIPANTS, ADVISERS AND PRODUCTS

A release on Mondo Visione on 23 April advised that the 3 European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have issued a consultation paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products. Responses are requested by 1 September.

The consultation paper is at –

https://eba.europa.eu/sites/default/documents/files/document_library/Publications/Consultations/2020/Joint%20Consultation%20Paper%20on%20%20ESG%20disclosures%20standards%20for%20financial%20market%20participants/882742/JC%202020%2016%20-%20Joint%20consultation%20paper%20on%20ESG%20disclosures.pdf

https://mondovisione.com/media-and-resources/news/european-supervisory-authorities-joint-consultation-paper-on-esg-disclosures-st/

 

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DUBAI SHIPPING MAGNATES FACING £72.2 MILLION FRAUD CLAIMS HAVE £62 MILLION IN ASSETS FROZEN

On 23 April, The National in UAE reported that shipping broker Muhammad Tahir Lakhani, 58, and his 2 sons, Ali and Hasan, are facing allegations in the UK, the US and Malaysia.  Mr Lakhani is the founder of the Dubai Trading Association and the fraud allegation centres on the sale of 13 mortgaged tankers for scrap. A joint case has been brought by finance houses in the UK, the US and Malaysia. A worldwide freezing order was issued earlier this month on Mr Lakhani’s assets in the Commercial Court in London.

https://www.thenational.ae/world/dubai-shipping-magnates-facing-72-2m-fraud-claims-have-62m-in-assets-frozen-1.1010315

 

 

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GUERNSEY FSC: FINANCIAL CRIME HANDBOOK CONSULTATION

On 17 April, the FSC said that it was undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (first published in November).  The idea is to take into account Guernsey’s National Risk Assessment AML/CFT which was published in January 2020.  A news release summarises the subject matter of the consultation. The consultation closes on 22 May.

https://www.gfsc.gg/news/article/financial-crime-handbook-consultation-0

 

 

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2019 KIDNAPPING AND EXTORTIVE CRIME TRENDS IN REVIEW

On 23 April, Control Risks published an article and infographic saying that global kidnapping and extortive crime environment saw several notable developments in 2019 – a spike in kidnapping in the Gulf of Guinea; the spread of virtual kidnapping scams into new countries, including the US and Spain; and numbers of ransomware attacks rebounded. It also explains terms like “virtual kidnapping” (where extortionist call a victim and try to convince them that a loved one has been kidnapped or detained).

https://www.controlrisks.com/our-thinking/insights/2019-kidnapping-and-extortive-crime-trends-in-review

 

 

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POLICE FREEZE £1.6 MILLION FROM ‘COMPLEX WEB’ OF 25 BANK ACCOUNTS LINKED TO MAFIA CASH AFTER PROBE INTO ITALIAN CRIME GANG MONEY LAUNDERING FIRMS IN LONDON

On 23 April, the Daily Mail reported that investigators from the Met Police Economic Crime Unit found that dozens of front companies were opened in the UK. Each had been set up or was partly managed by a third party in an attempt to hide the real movement of money. The investigation was begun in 2018.

https://www.dailymail.co.uk/news/article-8249361/Police-freeze-1-6million-complex-web-25-bank-accounts-linked-mafia-cash.html

http://news.met.police.uk/news/1-dot-9m-euros-seized-from-bank-accounts-after-two-year-money-laundering-investigation-400617

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DUBAI REGULATOR FINES FIRM $600,000 FOR ILLEGAL ACTIVITIES

International Adviser on 23 April reported that the Dubai Financial Services Authority (DFSA) has issued a penalty against La Tresorerie over it regulatory filings. It is stressed that the current senior management of La Tresorerie was not involved in the scheme, as the breaches had been made prior to their arrival at the company. Multiple serious breaches of its legislation that stemmed from an illegal cash service the business provided its clients. 

https://international-adviser.com/dubai-regulator-fines-firm-600000-for-illegal-activities/

 

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CANADA EXTENDS BAN ON ARMS EXPORTS TO TURKEY

On 23 April, Middle East Monitor reported that Canada has extended indefinitely its ban on new arms exports to its NATO ally Turkey and reminded one that the ban goes back to October 2019 as a response to Turkey’s military incursion into northern Syria.  Other countries imposing a similar embargo include the UK, France, Germany, Sweden, Norway, the Czech Republic and the Netherlands.

https://www.middleeastmonitor.com/20200423-canada-extends-ban-on-arms-exports-to-turkey/

 

 

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ClubsNSW SUES ITS FORMER EMPLOYEE WHO BLEW THE WHISTLE ON POKIES MONEY LAUNDERING

On 22 April, ABC News reported that a whistleblower who exposed a widespread lack of AML compliance around poker machines in registered clubs, is being sued by ClubsNSW – accused of giving a confidential ClubsNSW board paper to an MP.  The document stated: “Current levels of AML/CTF (anti-money laundering/counter-terrorism financing) compliance are at best at 5-10 per cent for the approximately 770 clubs in NSW that are full reporting entities”. It is said that the legal action could test the tradition of parliamentary privilege, which has allowed MPs to disclose information from whistleblowers in Parliament.

https://www.abc.net.au/news/2020-04-23/clubsnsw-sues-whistleblower-over-pokies-money-laundering-leak/12174234

 

 

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