US: CFIUS TO BASE MANDATORY CRITICAL TECHNOLOGY REVIEWS ON EXPORT CONTROL CRITERIA

On 18 June, Jones Day published an article saying that the US Treasury recently issued proposed regulations that will alter and in some cases expand the scope of critical technology foreign investments subject to mandatory review by the Committee on Foreign Investment in the United States (CFIUS). It says that the proposed regulations align the CFIUS mandatory review of foreign investments in critical technology US businesses with existing export control regimes, which could subject new categories of investments and foreign investors to mandatory review by CFIUS once the proposed regulations become effective. It says that the proposed regulations would require parties to adjust due diligence procedures early in the life cycle of a transaction by shifting from an industry-level analysis of the US business to instead account for the export controls governing the target’s sensitive technologies to the foreign parties to the transaction.

https://www.jonesday.com/en/insights/2020/06/cfius-to-base-mandatory-critical-technology-reviews-on-export-control-criteria

 

 

 

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THE $35 MILLION CHALET A RUSSIAN TYCOON CAN’T PROVE HE OWNS

On 19 June, Bloomberg reported that Vitaly Malkin, 67, cannot prove he owns a luxury ski chalet in France’s Courchevel region. But the Russian businessman still has to pay the taxes on it. After a 4-year court battle the former Russian senator was ordered by a French court to pay a $1.7 million tax bill on the chalet, which has been valued at €31.7 million. Malkin had used a Luxembourg vehicle to buy the chalet designed to prevent the wealthy from getting out of paying France’s traditional wealth tax. He made his fortune as the co-founder of a bank in the early 90s, briefly one of Russia’s biggest.

https://www.bloomberg.com/news/articles/2020-06-19/the-35-million-ski-chalet-a-russian-tycoon-can-t-prove-he-owns?sref=ldCf194q

 

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PROSECUTORS SEEK TO SEIZE MIAMI PENTHOUSE ALLEGEDLY LINKED TO REPUBLIC OF CONGO PRESIDENT’S SON

On 22 June, the Wall Street Journal reported that prosecutors say the condo was bought with money misappropriated from a state-owned oil company. Denis-Christel Sassou Nguesso, whose father has been president since the late 1970s, transferred millions of dollars through an unknown associate to bank accounts in South Florida to buy the condo. It is said that it is not clear why prosecutors, who were assisted by Homeland Security Investigations, are not trying to seize a second property too. The US Attorney’s Office declined to comment.

https://www.wsj.com/articles/prosecutors-seek-to-seize-miami-penthouse-allegedly-linked-to-republic-of-congo-presidents-son-11592615406

https://www.riskscreen.com/kyc360/news/miami-feds-file-lawsuit-to-seize-congo-ministers-3-million-biscayne-bay-penthouse/

 

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NEW ZEALAND POLICE SEIZE $140 MILLION FROM RUSSIAN ‘COMPUTER GENIUS’ ALEXANDER VINNIK

On 22 June, the New Zealand Herald reported that Russian IT expert Alexander Vinnik, 37, was on a family holiday in Greece when investigators arrested him on an extradition order from the US, and has since been extradited to France where he remains in custody. Where prosecutors alleged Vinnik controlled a Bitcoin exchange BTC-e which laundered billions of dollars for criminal networks. Now the police in New Zealand has announced around $140 million controlled by a New Zealand company has been frozen in connection to the global investigation and controlled by a New Zealand-registered company.

https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12339302

 

 

 

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