Day: June 1, 2020

On 1 June, STEP reported that the Eastern Caribbean Court of Appeal has ruled that a free-standing freezing injunction cannot be granted against a BVI company that is not party to substantive proceedings either in the BVI or elsewhere.  It says that this new case undermines an earlier decision which provided the BVI courts with the power to grant an interim freezing order in support of foreign proceedings, and which has been regarded as a key element of the BVI’s fight against fraud.

https://www.step.org/news/bvi-appeal-court-rules-freezing-injunction-against-bvi-company-was-wrongly-granted

 

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On 1 June, HM Treasury issued 2 Notices following changes made to relevant EU sanctions regimes.

4 entries relating to the sanctions on Syria have been removed from the Consolidated List and are no longer subject to an asset freeze; and 1 other entry has been amended and remains subject to sanctions.

1 entry relating to the sanctions on CAR has been amended on the Consolidated List.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/888991/Notice_Syria_2020_716.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/888987/Notice_CAR_2020_717.pdf

 

 

 

 

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A release on Mondo Visione on 1 June reported that these firms used unauthorised celebrity endorsements on social media as part of their marketing. The FCA orders require them to stop selling CFD to UK customers, to close existing positions with UK customers, to return UK customers’ money and to notify UK customers of the FCA’s action.  The firms are entitled to seek a review of the FCA’s action.  The firms are named as Hoch Capital Ltd (t/a iTrader and tradeATF), Magnum FX (Cyprus) Ltd (t/a ET Finance), Rodeler Ltd (t/a 24option) and F1Markets Ltd (t/a Investous, StrattonMarkets and Europrime).

https://mondovisione.com/media-and-resources/news/uk-financial-conduct-authority-bars-cypriot-firms-that-used-unauthorised-celebri/

 

 

 

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On 31 May, an article from Ballard Spahr reported a Notice from FinCEN Notice that gives the financial industry and affected stakeholders an opportunity to comment on existing regulatory requirements, as well as associated burdens.  It also says that the Notice provides interesting insights and statistics into current SAR reporting.  These include that, in 2019, 54% of SAR came from banks and nearly 33% from MSB – meaning that those from other types of organisation were in percentages in single figures, or even less than 1%.  It seems that FinCEN also revised its methodology of calculating the burden of filing SAR, including the time and effort estimates involved in the determination not to file a SAR.  FinCEN describes 6 stages involved in the filing of a SAR but its cost estimates only try to account for the final 3 stages.

https://www.jdsupra.com/legalnews/fincen-seeks-industry-comments-on-sar-71298

 

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EU Regulation 2020/717/EU of 28 May amended the EU sanctions regime, with a new entry relating to Martin KOUMTAMADJI, President and commander-in-chief of the Front Démocratique du Peuple Centrafricain (FDPC), founded the FDPC in 2005.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2020.168.01.0061.01.ENG&toc=OJ:L:2020:168:TOC

 

 

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On 31 May, Cayman Compass reported that CIMA says that the bank has contravened AML rules, and not been managed in a fit and proper manner.  The article says that Hinduja Bank is part of the Mumbai-headquartered Hinduja Group, an Indian conglomerate with a portfolio of holdings in ten different industries and a direct presence in 38 countries.

https://www.caymancompass.com/2020/05/31/cima-revokes-hinduja-banks-licence/

 

 

 

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Marine Link and others on 1 June reported that Panama’s Maritime Authority has said it will impose sanctions on vessels, including fines of up to $10,000 and withdrawing its flag from the ship, if they deliberately deactivate, tamper or alter the operation of their tracking transponders.  The Panama Maritime Authority said it is constantly monitoring its fleet and it will initiate an internal investigation if it detects a vessel’s transponder is down or not reporting.

https://www.marinelink.com/news/panama-fine-ships-tamper-transponders-478940

 

 

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On 28 May, the EU announced that sanctions on Syria had been renewed for a further 12 months.  2 Syrian businessmen, Hayan Mohammad Nazem Qaddour and Maen Rizk Allah Haykal, and a company, Developers Private Joint Stock Company, have been delisted. Major General Qasem Soleimani and Brigadier General Jamea Jamea, have also been removed from the list, being deceased.

https://www.consilium.europa.eu/en/press/press-releases/2020/05/28/syria-sanctions-against-the-regime-extended-by-one-year/

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32020R0716&from=EN

https://english.enabbaladi.net/archives/2020/06/eu-lifts-sanctions-on-investors-of-marota-city-project

 

Click to access Notice_Syria_2020_716.pdf

 

 

 

 

 

 

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