6 COMPLIANCE LESSONS FOR NON-BANKS FROM RECENT OFAC ENFORCEMENT ACTIONS

On 29 April, an article from the Executive Director at Association of Certified Sanctions Specialists on LinkedIn sets out what she says are 6 important lessons to be drawn from OFAC compliance efforts involving non-financial institutions, and which are uncertain of how to navigate and implement OFAC requirements.  The headings are –

  1. Conduct due diligence on customers and counter-parties;
  2. Contractual clauses won’t protect you when OFAC comes knocking;
  3. OFAC expects full spectrum supply chain due diligence when sourcing products in risky regions;
  4. Irregular monitoring of foreign subsidiaries can spell trouble;
  5. Don’t prematurely stop post-M&A diligence; and
  6. There are higher expectations for maritime shipping

https://www.linkedin.com/pulse/six-compliance-lessons-non-banks-from-recent-ofac-rietbroek-css/

 

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ONLINE GAME LAUNCHED TO EDUCATE SAVERS ON PENSION SCAMS

On 29 April, Investment Adviser reported that 4 of the UK’s digital pension platforms AgeWage, Smart Pension and Nutmeg have worked alongside PensionBee with technology partner Jman Group – have collaborated to create an online game that aims to educate consumers about pension scams.  The 5-minute game, Scam Man & Robbin‘ has the player in the role of ‘Scam Man’, a vigilante whose main objective is to protect people’s pensions from scams.

https://international-adviser.com/online-game-launched-to-educate-savers-on-pension-scams/

https://www.scam-man.com/

 

 

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COMPARATIVE GUIDE TO BLOCKCHAIN AROUND THE WORLD

Available via Mondaq is a comparative guide provided by Dentons which provides an overview of some of the key points of law and practice concerning blockchain and allows one to compare regulatory environments and laws across multiple jurisdictions.  This guide provides answers to a set of questions on the legal and regulatory framework, cryptocurrencies, smart contracts, data and privacy, cybersecurity, IP, trends, tips and predictions – covering a number of countries, including the UK, Gibraltar, Malta, Singapore and Switzerland.

https://www.mondaq.com/guides/14

 

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History of the Incoterms rules

The Incoterms are the internationally-accepted terms used in international trade to explain the terms of the supply.  When you saw”EXW” (ex-works), “FOB” (free on board) or “CIF” (carriage, insurance and freight costs included), these were Incoterms.  In January, the latest set of terms, produced by the International Chamber of Commerce, entered into use.  The ICC website provides information on, and access to, the new terms, and also an interesting infographic charting the history of the Incoterms.

https://iccwbo.org/resources-for-business/incoterms-rules/incoterms-rules-history/

ICC-Incoterms-Timeline-graphic

UK AND ISLE OF MAN: ONE ENTRY ON CENTRAL AFRICAN REPUBLIC SANCTIONS LIST AMENDED

A Notice from HM Treasury on 29 April advised that the entry for Martin KOUMTAMADJI had been amended following changes made to UN and EU lists. The Isle of Man followed suit.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/881937/Notice_CAR_2020_582.pdf

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2020.137.01.0001.01.ENG&toc=OJ:L:2020:137:TOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2020.137.01.0005.01.ENG&toc=OJ:L:2020:137:TOC

https://www.gov.im/news/2020/apr/29/financial-sanctions-central-african-republic/

 

 

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SUMMARY OF ANNUAL UN PANEL OF EXPERTS REPORT ON NORTH KOREA SANCTIONS RE SHIPPING AND MARITIME ACTIVITIES

SUMMARY OF ANNUAL UN PANEL OF EXPERTS REPORT ON NORTH KOREA SANCTIONS RE SHIPPING AND MARITIME ACTIVITIES

APRIL 2019

On 26 February, the Panel of Experts established pursuant to UN Security Council Resolution 1874 (2009) submitted its annual report to the President of the Security Council[1].

As far as the nuclear and missile programmes were concerned, during 2019, the Democratic People’s Republic of Korea (DPRK) continued maintenance and construction of nuclear facilities, though it declared no nuclear tests and carried out no intercontinental ballistic missile launches.  However, it did carry out 13 other launch tests, launching at least 25 missiles, including new types of short-range ballistic missile and a new submarine-launched ballistic missile.  At the same time, it continued to develop infrastructure and capacity for its missile programme.

Some of the funding and support for the proliferation programmes involving missiles and nuclear weapons and facilities, as well as for the ruling regime as a whole, comes from maritime-related activities.

It is reported that DPRK violates UN Security Council Resolutions (UN SCR) through illicit imports of petroleum, by means of ship-to-ship transfers and through direct deliveries by foreign-flagged vessels[2].  It is said that there was a notable increase in the number of these larger foreign-flagged tankers directly delivering to the country on multiple occasions[3]. One foreign-flag vessel is said to have made up to 15 times over a 7-month period during 2019.

The DPRK and foreign-flagged vessels and their owners are said to continue to employ what are described as elaborate evasion practices. For example, the companies listed as the vessels’ registered owners were dissolved or had been struck off company registers or had not had their information updated in a specialised maritime database[4].  Some of the vessels involved appeared to be falsely flagged based on International Maritime Organisation (IMO) historical data.

The evasion techniques to avoid the detection, identification and monitoring of activities includes –

  • a relatively new practice which involves vessels (both DPRK- and foreign-flagged) seeking to avoid tracking by moving into the territorial waters, knowing that they cannot be followed;
  • the export of banned commodities transported on self-propelled barges over 100 metres in length undertaking ocean-going voyages – the barges being said to be almost certainly Chinese-owned and operated;
  • the suspected acquisition by the DPRK of a bulk carrier, destined for scrap, to illicitly export coal;
  • indirect routing, detours, loitering and the use of false documentation when transporting commodities originating in the DPRK – to obfuscate actual routes, conceal port calls and give the impression that the banned commodities were loaded in ports outside the country.

It is also reported that the DPRK continued to flout UN SCR through illicit maritime exports of commodities, notably coal and sand.  The Panel says that it received imagery and information showing numerous direct deliveries and ship-to-ship transfers of illicit coal and sand from the DPRK on self-propelled ocean-going barges and DPRK vessels also conducted ship-to-ship transfers of coal to larger bulk carriers.  The Panel also observed that the purchase of a vessel that was meant to be scrapped was instead used to export coal.  It is estimated that the DPRK exported 3.7 million tons of coal between January and August 2019, with an estimated value of $370 million.

The Report details what is described as a substantial sand-export operation from the DPRK to China has been carried out since May 2019, with over 100 illicit shipments of sand.

The DPRK also continued to earn income from the illicit sale of fishing rights, with transfers of fishing rights being in violation of UN sanctions.  It has been estimated that the revenue earned by the DPRK in this way was $120 million in 2018.  Sample evidence included images of Chinese fishing vessels displaying fishing permit number plates of DPRK, or with documents or interim certificates of registry of the DPRK, observed in mid-2019.

The DPRK continued to import luxury goods and other sanctioned items, including luxury vehicles, alcohol and robotic machinery. The country’s trading corporations continued to participate in trade fairs within the country. These fairs may be used to expand networks for procurement and other prohibited trade related to WMD.

The DPRK continues to access international banking channels in violation of UN sanctions, mainly by using third-party intermediaries.

The DPRK has continued illegally to acquire virtual currencies and has continued to conduct cyberattacks against global banks. Designated entities are actively seeking to obtain fiat currencies and virtual assets by illicit means, the former through hacking and the latter by illicitly dispatching information technology workers abroad.

UN SCR 2397 (2017) required the repatriation to the DPRK by 22 December 2019 of any nationals of the DPRK who were earning income overseas. These would include those involved in maritime-related activities, both ashore and at sea, as well as in fishing and fish and other food processing.  All Member States were required to submit final reports on the implementation this requirement by 22 March 2020.

The Panel of Experts noted significant progress in reducing the processing time for humanitarian exemption requests submitted to the Sanctions Committee.

The Report recommends that Member States should encourage ship owners, operators and charterers to incorporate into their due diligence practices available data from organisations that provide data such as ship location, ship registry information and ship flagging information, along with available information from the Sanctions Committee (such as in the Report itself).

For ship registries, the Report recommends that Member States should require beneficial ownership information related to all legal entities seeking to register vessels be provided to the ship registry.

Those Member States with open registries should endeavour to collect identifying and contact information for each individual that owns or exerts control over the foreign entity to which each vessel belongs, whether as a controlling shareholder, a financier of the enterprise, or a senior manager or decision-maker.  They should also endeavour to collect identifying and contact information on vessel owners represented by a resident agent national, should there be no legal entity within its jurisdiction.

The Report recommends that flag States and the maritime industry should consider developing and adopting electronic document management systems to enable rapid, on-site checks for authenticity, validity or cancellation (for sanctions reasons), using a mobile phone application or by accessing the flag State website online.

Another recommendation of the Report would fit in with the ideal of full-scope due diligence across the whole supply chain – saying that Member States should consider adopting guidance measures for commodity traders, suppliers and brokering companies relating to certificates of ultimate origin and destination being required for commodities being sold, in order to be able to apply “know your customer’s customer” due diligence measures.

The Report said that South Korea had shared the list of vessels it has placed under port entry ban due to their confirmed involvement in activities prohibited under Korean law –

Hammer (formerly Sky Angel) 9168441 Vanuatu (formerly Panama) 11 August 2018
Chen Yang (formerly Rich Glory) 8649905 Sierra Leone 11 August 2018
Ga Hong (formerly Shinning Rich) 9596923 Togo (formerly Belize) 11 August 2018
Jin Long 8730986 Belize 11 August 2018
Yu Yuana 9358694 Togo 18 August 2018
An Quan Zhou 66 8742240 Unknown (formerly Panama) 28 December 2018
Tai Xin 9088598 Unknown (formerly Togo) 28 December 2018
Xin Yang 688 8657809 China (formerly Belize) 28 December 2018
Lucky Star 9015278 Unknown (formerly Togo) 28 December 2018
East River 9109952 Panama 28 February 2019

The report recommended the designating of a number of vessels for apparent breaches of UN sanctions –

Bonvoy 3 (IMO No. 8978784), flag unknown

Diamond 8 (IMO No. 9132612), Sierra Leone-flagged

Hokong (IMO No. 9006758), formerly Sierra Leone-flagged

Sen Lin 01 (IMO No.8910378), formerly Sierra Leone-flagged

Subblic (IMO No. 8126082), formerly Togo-flagged

Tianyou (IMO No. 8817007), formerly Sierra Leone-flagged

Unica (IMO No. 8514306), formerly Sierra Leone-flagged

Viet Tin 01 (IMO No. 8508838), Viet Nam-flagged

Vifine also known as Tealway FV (IMO No. 9045962), formerly Sierra Leone-flagged

Yun Hong 8 (maritime mobile service identity No. 413459380), Chinese-flagged

Rui Hong 916 (IMO No. 9058866), formerly Sierra Leone-flagged

Sea Prima (IMO No. 8617524), formerly Saint Kitts and Nevis-flagged

Bok Un 1/Myong Ryu 1 (IMO No. 8532413), Democratic People’s Republic of Korea-flagged

Mu Bong 1 (IMO No. 8610461), Democratic People’s Republic of Korea-flagged

 

 

Ray Todd

Panama City

28 April 2020

[1]  https://undocs.org/S/2020/151

[2]  The Marine Import Terminal at Nampo is the primary port to which foreign-flagged vessels deliver refined petroleum. It has substantial refined petroleum product storage facilities and is serviced by rail lines that enable the transit of refined petroleum products to petroleum demand centres throughout DPRK.

[3]  It is said to have been calculated that, in the first 10 months of 2019, foreign-flagged tankers alone had made a total of 64 deliveries, amounting to between 560,000 and 1.531 million barrels of refined petroleum products.

[4]  The IMO Unique Company and Registered Owner Identification Number Scheme.

OTHER THINGS YOU MAY HAVE MISSED – APRIL 28

Panama Covi-19 update – number of news cases down slightly today, at 179 (of 951 new tests carried out), giving a total infections detected to date as 6,200.  There are still 88 in the ICU (unchanged), with another 270 hospitalised (others still unwell are at home or in requisitioned hotel rooms).  Sadly, the number of fatalities have risen by 9 to a total of 176.  A “man” day today, and I ventured out , just to the local supermarket (if only because of a craving for ice cream – which turned out to be genuine, imported Italian ice cream).  It was odd to see that all customers, queuing and inside to be entirely male.

28 April 2020

 BRITAIN’S BIGGEST GAMBLING OPERATORS WILL STOP ALL TV AND RADIO ADVERTISING DURING CORONAVIRUS LOCKDOWN

The Daily Mail reported on 27 April that Britain’s largest gambling businesses will remove all TV and radio advertising for games and products during the coronavirus lockdown, with existing TV and radio advertising slots to be replaced by safer gambling messages, donated to charities or removed from broadcast for at least 6 weeks.

https://www.msn.com/en-gb/news/coronavirus/britains-biggest-gambling-firms-will-stop-all-tv-and-radio-advertising-during-coronavirus-lockdown/ar-BB13h04E?ocid=spartanntp

HIGHEST-RANKING MH17 SUSPECT IDENTIFIED AS SENIOR FSB OFFICIAL, COLONEL GENERAL ANDREY BURLAKA

On 28 April, investigative website Bellingcat reported that its investigation team, in cooperation with Russian colleagues, and with additional reporting from Kevin Hall from McClatchy Newspapers (DC), has been able to identify the person of “Vladimir Ivanovich” as one of the top officials within Russia’s FSB security service: Colonel General Andrey Ivanovich Burlaka. This FSB general is the highest-ranking Russian official identified as a person of interest in the criminal investigation into the downing of MH17.

https://www.bellingcat.com/news/uk-and-europe/2020/04/28/burlaka/

US COMMERCE DEPARTMENT TIGHTENS RULES ON EXPORTS TO CHINA, RUSSIA AND VENEZUELA

On 27 April, the Wall Street Journal reported that the Trump administration is tightening the country’s export control restrictions to prevent U.S. companies from sending products abroad that could strengthen China’s military.  The new rules announced by the Commerce Department expand the list of US-made products and technology that need to be reviewed by national security experts before shipments can be sent overseas. Meanwhile, the EU Sanctions Blog reported that the Commerce Department has also announced amendments to technology export controls relating to Russia and Venezuela in response to concerns that goods intended for civilian use are being diverted for military applications.  The new rules come into effect on 26 June, remove the licence exception for civil-end users (CIV), and imposes licence requirements on national security-controlled items for export to civilian end-users in China, Russia, Venezuela and other so-called D:1 countries.

See also the comprehensive Client Alert from Crowell Moring.

https://www.wsj.com/articles/commerce-department-tightens-rules-on-exports-to-china-11588016185

https://www.europeansanctions.com/2020/04/us-tightens-china-russia-venezuela-tech-exports-controls/

https://www.politico.com/newsletters/morning-trade/2020/04/28/a-potential-game-changer-for-china-export-controls-787183

https://www.crowell.com/NewsEvents/AlertsNewsletters/all/BIS-Broadens-US-Government-Visibility-into-Exports-to-Chinese-and-Russian-Military-End-Users-and-End-Uses

The list of “D1” countries can be found at –

https://www.bis.doc.gov/index.php/documents/regulation-docs/2255-supplement-no-1-to-part-740-country-groups-1/file

US STATE DEPARTMENT RENEWS WAIVER TO ALLOW IRAQ TO CONTINUE IMPORTING IRANIAN ELECTRICITY

On 28 April, the EU Sanctions Blog and Reuters on 26 April reported that the extended waiver will run to 26 May.

https://www.europeansanctions.com/2020/04/us-state-dept-extends-iraq-waiver-for-iranian-energy-for-30-days/

https://www.reuters.com/article/iraq-energy-iran-usa/us-renews-waiver-for-iraq-to-import-iranian-electricity-shortens-time-idUSL2N2CE06T

PAKISTAN’S ANTI-GRAFT BODY ISSUES ARREST WARRANT FOR FORMER PM NAWAZ SHARIF IN LAND CORRUPTION CASE

On 28 April, KYC 360 reported that the National Accountability Bureau (NAB) has issued arrest warrants of PML-N supreme leader Nawaz Sharif in a case involving Jang Group editor-in-chief Mir Shakilur Rehman.  Sharif was served notices and questionnaire but no response came from him, as he is in London for medical treatment.  It says that the Jang Group, aka Geo Group, is a subsidiary of Dubai-based company Independent Media Corporation.  Nawaz Sharif left for London in November after the Lahore High Court granted him 4-week permission to leave for a heart condition.  He had been given bail in the Al-Azizia Mills corruption case in which he was serving 7-year imprisonment.

https://www.riskscreen.com/kyc360/news/pakistans-anti-graft-body-issues-arrest-warrant-against-nawaz-sharif-in-land-corruption-case/

FALCON PRIVATE BANK COULD LOSE SWISS LICENCE IN WAKE OF 1MDB CASE

On 28 April, KYC 360 reported that Falcon Private Bank, a wealth manager that was at the centre of Malaysia’s 1MDB scandal, could lose its Swiss banking licence.  In 2015, investigators found nearly $700 million had been transferred from an account at the bank’s Singapore outpost to accounts in Malaysia linked to then Prime Minister Najib Razak.

https://www.riskscreen.com/kyc360/news/falcon-private-bank-could-lose-swiss-licence-in-wake-of-1mdb-case-sources/

US: CALL FOR CHANGE IN UAV EXPORT LICENSING RULES

In its 1 May edition, Air Force Magazine says that unmanned air vehicles (UAV) are crucial technologies for modern military operations for persistent intelligence, surveillance, and reconnaissance, or integrated overwatch and strike operations.  However, the Missile Technology Control Regime (MTCR), which was established to control nuclear proliferation, restricts the export of UAV, treating them as missiles – and, as a result, the US defence industrial base is restricted from exporting these systems, even to key US allies and security partners..  It is said that at least 101 nations operate UAV in a military capacity today.  The article warns that export restrictions are driving security partners into the arms of China, which is using this market vacuum to expand its influence, gain an intelligence advantage, and, perhaps, surreptitiously compromise the ability of potential partners to integrate with US forces. It uses Jordan as a case study, looks at the MTCR and the advantages of having common UAV with allies.  It ends by calling for a change whereby one would redefine UAV as aircraft, not cruise missiles, and therefore not subject to the MTCR guidelines, annexes, or any other US policy driven by the MTCR.

https://www.airforcemag.com/article/modernizing-uav-export-policy-for-effective-coalition-forces/

UKRAINE: ILLEGAL EXPORT OF COMPONENTS TO ARMOURED TO ASIAN COUNTRIES PREVENTED

On 28 April,, Interfax Ukraine reported that officers of the Security Service of Ukraine (SBU) have identified and stopped an attempt to illegally export military equipment to Asian countries at Boryspil International Airport.  It said that officers seized various units for armoured vehicles in the baggage of a non-resident, and that it was planned to take them out as auto parts.

https://en.interfax.com.ua/news/general/658463.html

CHINA: MONEY LAUNDERING FINES SOAR

On 28 April, claiming an exclusive, Caixin Global reported that the People’s Bank of China (PBOC) handed down nearly 4 times more fines in the first quarter of 2020 than it did over the same period last year.  It is said that PBOC penalised 93 institutions and their staff a total of $25.9 million for violations of money laundering regulations in the period.  This total is almost as much as for the whole of 2019.  It is said that the reason some institutions have faced such large fines is that the PBOC now calculates fines based on how many times a given institution has violated regulations, and institutions will be fined more than once if they violate several rules at a time, accumulating escalating penalties.

https://www.caixinglobal.com/2020-04-28/exclusive-pboc-money-laundering-fines-soar-101548260.html

BOOKLET SUMMARISES KEY FINANCIAL CRIME RELATED LEGAL AND REGULATORY CHANGES EXPECTED OVER THE NEXT 18 MONTHS TO 2 YEARS

On 28 April, Eversheds Sutherland published the latest edition of its Horizon Scanner.  It summarises key financial crime related legal and regulatory changes expected over the next 18 months to 2 years, as well as providing electronic links to key resources.

https://www.eversheds-sutherland.com/documents/services/litigation/Horizon_Scanner_May_2020.pdf

US: COURT UPHOLDS PENALTIES ON WELLS FARGO BANK FOR TAX SHELTER SCHEME

On 28 April, a release on Mondo Visione reported a decision that a transaction designed to generate massive foreign tax credits (referred to as the STARS tax shelter) lacked economic substance and business purpose, and the court agreed with the government that “STARS was an elaborate and unlawful tax avoidance scheme, designed to exploit the differences between the tax laws of the US and the UK and generate US tax credits for a foreign tax that Wells Fargo did not, in substance, pay”.

https://mondovisione.com/media-and-resources/news/us-department-of-justice-eighth-circuit-upholds-determination-that-wells-fargo/

OSP-NR

https://twitter.com/NCA_UK/status/1255090998054735872?s=20

6 WAYS TO PREPARE FOR THE COMING SURGE IN INTERNAL INVESTIGATIONS

A post on the FCPA Blog by a former Senior Crown Prosecutor for the UK CPS, and Principal Investigative Lawyer for the SFO, says that an immediate impact for compliance professionals following the worst of the covid-19 crisis will be a surge in investigations, and what may be uncovered once the dust settles.  She offers 6 principles to keep in mind about the covid-19 investigations aftermath.

https://fcpablog.com/2020/04/28/former-uk-prosecutor-six-ways-to-prepare-for-the-coming-surge-in-internal-investigations/

US COURT REJECTS APPLICATION TO DISMISS HELMS-BURTON CASE AGAINST VISA AND MASTERCARD

On 28 April, the EU Sanctions Blog reported that a court in the US had dismissed a motion to dismiss a complaint lodged by a Cuban-American citizen seeking compensation for unlawful trafficking in his property which was confiscated by the Castro regime.  It is also said that the same claimant has also filed complaints against travel websites including Booking.com and Tripadvisor for facilitating the reservations.

https://www.europeansanctions.com/2020/04/visa-mastercard-sued-under-helms-burton-act/

WORLD BANK: CORONAVIRUS – HOW DO WE KEEP REMITTANCES FLOWING?

On 23 April, the World Bank released a 30-minute video report including an interview with Dilip Ratha, Lead Economist, Migration and Remittances Unit at the World Bank.  It is predicted that remittances are expected to fall as a result of COVID-19. What can be done to help the poorest and most vulnerable who rely on these payments? A 20% drop in remittances, vital for many poorer, developing countries, is predicted – with COVID-19 only adding to existing difficulties that remittance flows were encountering. It points out that not only have travel restrictions and closed-down economies affecting the issue, but also the money transfer services relied upon (e.g. the local shops providing transfer services) may not be “essential services” and be shut.

https://live.worldbank.org/coronavirus-how-can-we-keep-remittances-flowing?

AL-SHABAAB CRAFTS NEW WAYS TO REPLENISH FUNDS

On 27 April, Homeland Security Today reported that local Al-Shabaab terrorists are leading a vicious extortion ring for the Somali-based terror organisation within Kenyan borders.  It says an article from the Daily Nation in Kenya reports the organisation finding new ways to make vast sums of money, something that could boost its capacity to carry out more terror attacks.

https://www.nation.co.ke/news/Shabaab-crafts-new-ways-to-replenish-funds-/1056-5534812-o20563/index.html

THE NEXUS BETWEEN FAR-RIGHT EXTREMISTS IN THE US AND UKRAINE

An article in the CTC Sentinel, the magazine of the Combat Terrorism Center at West Point, says that neo-Nazi and white supremacist groups in the US and Europe have become more active and dangerous in the last decade and have developed a much deeper online presence.  This has helped them establish closer transnational contacts.  One common preoccupation for both individuals and groups has been the conflict in Ukraine, where a well-established far-right extremist movement and its associated militia have consistently engaged with and welcomed far-right ideologues and fighters from other parts of Europe and North America. The links between white supremacists in North America and Europe continue to deepen, it says, with Ukraine’s National Corps, formed in October 2016 at a conference in Kyiv, a key facilitator.

https://ctc.usma.edu/the-nexus-between-far-right-extremists-in-the-united-states-and-ukraine/

SWISS TO TRY PSG CHIEF AND QATARI BEIN SPORTS CEO, NASSER AL-KHELAIFI, IN SEPTEMBER

On 28 April, Al-Arabiya reported that Paris Saint-Germain president Nasser al-Khelaifi and FIFA’s former secretary general Jerome Valcke will be tried in September in a corruption case linked to the attribution of broadcasting rights.  They are to be tried, along with a third, unnamed man, for criminal mismanagement, incitement to criminal mismanagement, falsifying documents and corruption.  The third man, described as “a businessman in the sports rights sector”, is charged with bribery over a $1.35 million payment to Valcke’s company Sportunited LLC.

https://english.alarabiya.net/en/sports/2020/04/28/Swiss-to-try-PSG-chief-Qatari-BeIN-Sports-CEO-Nasser-al-Khelaifi-in-September.html

SEC AWARDS OVER $18 MILLION TO WHISTLEBLOWER

A release on Mondo Visione on 28 April advised that the SEC had announced an award of more than $18 million to a whistleblower whose significant information prompted an examination that resulted in an important enforcement action.  The whistleblower repeatedly reported the problem internally before contacting the SEC.  The SEC has awarded over $448 million to 81 individuals since issuing its first award in 2012.  All payments are made from an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.

https://mondovisione.com/media-and-resources/news/sec-awards-over-18-million-to-whistleblower/

SEC CHARGES COMPANY AND ITS CEO OVER ALLEGED COVID-19 SCAM

A release on Mondo Visione on 28 April reported that charges had been laid against Praxsyn Corporation and its CEO for allegedly issuing false and misleading press releases claiming the company was able to acquire and supply large quantities of N95 or similar masks to protect wearers from the COVID-19 virus. The SEC previously issued an order in March which suspended trading in the securities of Praxsyn.  The SEC’s complaint, filed in federal court in the Southern District of Florida, charges Praxsyn and CEO Frank J Brady with violating anti-fraud provisions of the federal securities laws, and seeks permanent injunctive relief and civil penalties.  The SEC also seeks an officer and director bar against Brady.

https://mondovisione.com/media-and-resources/news/sec-charges-company-and-ceo-for-covid-19-scam/

 

 

If you’d like to help to contribute to the cost of the new laptop and desktop I have had to acquire, now that I am 5,000 miles away from my originals – https://www.buymeacoffee.com/KoIvM842y