Day: May 20, 2020

Reuters and others on 20 May reported that Bolivian authorities have fired the country’s health minister and launched a probe into potential corruption after officials allegedly bought ventilators at inflated prices – $27,683 each, according to press reports.  It is said that 4 health ministry officials had been detained over the scandal and that some officials abroad and intermediaries involved in the deal would also be investigated.  The scandal emerged after Bolivian officials purchased 170 emergency respirators from the Spanish company, GPA Innova.

https://www.trtworld.com/americas/bolivia-fires-health-minister-as-probe-begins-over-ventilator-deal-36490

https://www.reuters.com/article/us-health-coronavirus-bolivia-ventilator/bolivia-probes-officials-over-ventilator-deal-after-public-outcry-idUSKBN22W337

 

 

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On 19 May, the Department for International Trade published the Tariff which will replace the EU External Tariff after 31 December.  The tariff rates will apply to imports into the UK unless some exemption or preference applies.  It does not cover import VAT and other import changes (such as excise duties on certain goods, like alcohol and tobacco).  Neither does it detail licensing or other restrictions, such as anti-dumping controls.  You can search the new Tariff using an 8-digit commodity code, a production description or a combination of the two things.

https://www.gov.uk/guidance/uk-tariffs-from-1-january-2021

 

 

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On 20 May, OFAC advised that a number of individual and entities had been added to its sanctions list pursuant to the Countering America’s Adversaries Through Sanctions Act (CAATSA).  The new names include 2 Iranian prisons and the LAW ENFORCEMENT FORCES OF THE ISLAMIC REPUBLIC OF IRAN COOPERATIVE FOUNDATION, as well as an Interior Minister and senior law enforcement officials.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200520.aspx

https://home.treasury.gov/news/press-releases/sm1015

 

 

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On 20 May, Global Trade Review reported on Singapore’s beleaguered commodities trade sector, suffering a string of high-profile company collapses and allegations of fraud.  It says that the oil trading industry has been rocked by the sudden downfall of Hin Leong, founded in 1963 and which grew to become one of Asia’s largest fuel trading houses.  Then another trade faced difficulties after accusations of fraud.  One source quoted says that several examples of fraudulent practices have emerged in the sector.  Banks have been urged to continue support for the sector despite the problems.

https://www.gtreview.com/news/asia/analysis-banks-nervous-over-fraud-losses-as-singapore-oil-traders-collapse/

 

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On 20 May, EurActiv reported that the ECJ has said in a non-binding Advocate General Opinion that  prohibiting imports of cannabidiol oil (CBD) from other Member States is contrary to EU law since there is no scientific evidence that hemp-based products have psychotropic effects.  The case concerns the marketing in France of an e-cigarette using CBD oil imported from the Czech Republic, where organic hemp plants were processed.  It is said that the Opinion represents a symbolic victory for the CBD industry, whose European market is expected to grow 400% by 2023.

https://www.euractiv.com/section/health-consumers/news/eu-court-advises-against-hemp-derived-oil-imports-ban/

 

 

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On 20 May, a post on the FCPA Blog says that in October, new regulations from the Brazilian Central Bank will go into effect.  As the post mentions, the new regulations cannot be unconnected to Brazil being due to undergo a FATF evaluation next year.  The post provides an introduction to the new regulation which further increase obligations covering various compliance aspects.

https://fcpablog.com/2020/05/20/new-brazil-bank-regulations-require-significant-compliance-changes/

 

 

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