Month: June 2020

On 29 June, Janes.com reported that the US Government has urged India to reconsider its planned acquisition of Russian fighter aircraft, a move that risks potential sanctions under the US Countering America’s Adversaries Through Sanctions Act (CAATSA). It is said that an official from the US State Department did not make specific reference to the Indian Air Force (IAF) procurement but said that India has not been safeguarded from possible penalties under the law.

https://www.janes.com/defence-news/news-detail/update-us-highlights-caatsa-risk-in-indian-fighter-procurement

 

 

 

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A news release from the Isle of Man FSA on 30 June draws attention to a press release from the Isle of Man FIU, the guidance document included in that press statement is also replicated on the FSA website under the heading “FAQs and External Guidance”.  The guidance is intended to assist persons submitting SAR and other information to the FIU. It complements the relevant sections of the AML & CFT Handbook issued by the FSA and the guidance in relation to the Gambling (AML/CFT) Code issued by the GSC. It will be refreshed on a regular basis based on new typologies, case studies and feedback from the various industry sectors. The FSA news release also announced video presentations next month in connection with the new guidance.

https://www.iomfsa.im/fsa-news/2020/jun/guidance-for-making-sars-and-other-disclosures-to-the-fiu/

 

 

 

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A news release from Europol on 30 June advised that the Italian Carabinieri, supported by Europol, took down a network of wine counterfeiters, selling online fake premium Italian wines and law enforcement officers carried out raids in 8 Italian provinces. The investigation discovered that low-quality wines were refilled in bottles under original labels and then sold as real ones on a big online auction platform. The wines were sold in Belgium, France, Germany, Italy, Spain and the US, often ending in the glasses of unaware customers of wine bars and catering services.

https://www.europol.europa.eu/newsroom/news/fake-wines-sold-under-expensive-italian-labels-market

 

 

 

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On 30 June, the Irish independent reported that Jonathan O’Connor, 38, has been accused of money laundering after gardai found nearly €900,000 in alleged crime proceeds at a farmyard in Co Cavan. He is alleged to have had €88,000 in cash in a vehicle, with the rest of the cash found in 19 packages concealed behind brickwork in outhouses.

https://www.independent.ie/irish-news/courts/dad-of-three-accused-of-money-laundering-after-gardai-found-almost-900k-at-farmyard-court-39328392.html

 

 

 

 

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On 30 June, What Mortgage carried an article saying that fraudulent mortgage applications increased by 5% in 2019 and it is reported that 13% of adults believed it was ‘reasonable’ to exaggerate income when filling in the forms – so lenders and AML services are on high alert for any suspicious activity. It says that, to help mortgage applicants understand more about what to consider during their application to avoid money laundering doubt Smart Search has offered its tips on what to look out for. The article lists these tips.

https://www.whatmortgage.co.uk/feature/avoiding-money-laundering-suspicion-applying-mortgage/

 

 

 

 

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On 30 June, FATF reported on the outcome of the recently-held Plenary.  It says that –

• FATF discussed the results from a 12-month review that monitored how countries and services providers are implementing the FATF requirements on virtual assets and virtual asset service providers (VASP), and the FATF Report to the G20 on so-called ‘Stablecoins’;
• it updated its statement on Iceland and Mongolia, with work with these countries based on the original timelines.
• it has now agreed to a public consultation of modifications to Recommendation 1 and its Interpretive Note, which aim to strengthen requirements for jurisdictions and private sector entities to identify, assess and mitigate the risks of potential breaches, non-implementation, or evasion of the targeted financial sanctions related to proliferation financing; and
• discussed and approved the priorities of the FATF under the Presidency of Marcus Pleyer, which will commence on 1 July.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-june-2020.html

It also released a statement on achievements at the end of the Chinese presidency of FATF –

http://www.fatf-gafi.org/publications/fatfgeneral/documents/chinese-presidency-outcomes.html

 

 

 

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On 30 June, FATF launched a public consultation saying that it is considering proposals for amendments to Recommendation 1 and its Interpretive Note to require countries and the private sector to identify, and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions related to proliferation financing, as contained in FATF Recommendation 7, and to take action to mitigate these risks. The consultation runs to 31 August. FATF reminds one that the proposals remain in draft stage and the FATF will be further considering the proposals in light of the public consultation, in its next Plenary meeting in October 2020.

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/consultation-recommendation-1.html

 

 

 

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On 30 June, the Irish Times and others reported that the gardai have seized €449,000 in cash and arrested 7 people as part of an investigation into crime gangs working together to launder money from organised crime. The suspects arrested including an Irish man who has long been a target for the Garda as well as 6 Chinese nationals. It is said that the investigation into the laundering of Irish drug gang money by using Chinese-owned businesses in Ireland has been ongoing for some time.

https://www.irishtimes.com/news/crime-and-law/seven-held-450-000-seized-as-cab-investigates-gang-money-laundering-1.4292604

 

 

 

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On 30 June, The Diplomat carried an article claiming that the first transactions involving cryptocurrencies have been made recently by Islamic State-linked terrorist networks in the Philippines. It is reported that a terrorist-linked money laundering operation involving cryptocurrencies generated funds, which were then allegedly used to finance the activities of terror networks operating in the conflict-ridden Mindanao region in the southern Philippines. In the light of this news, the article explores the propensity for SE Asian militants to adopt cryptocurrency for fund raising, fund moving, and fund using for terrorist purposes.

https://thediplomat.com/2020/06/how-terrorists-use-cryptocurrency-in-southeast-asia/

 

 

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On 25 June, an article from Greenberg Traurig reported that the NCA has been prevented from reversing the first blow to its previously winning record in obtaining Unexplained Wealth Orders (UWO). It says that, on 19 June the Court of Appeal ruled that the NCA had ‘no real prospect’ of succeeding in overturning a decision by the High Court in April 2020 to discharge 3 UWO, also deciding that there was ‘no compelling reason’ why the appeal should be heard.

https://www.gtlaw.com/es/insights/2020/6/not-so-fast-uk-court-of-appeal-denies-nca-a-shot-at-redemption-following-first-uwo-defeat

 

 

 

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