Day: June 25, 2020

Available on its website, and updated as of 1 June, is guidance which sets out what is expected of firms and their staff in relation to the prevention of money laundering and terrorist financing, but allows them some discretion as to how they apply the requirements of the AML/CTF regime in the particular circumstances of the firm, and its products, services, transactions and customers. It comes in 3 parts, which are available to download.

https://jmlsg.org.uk/guidance/current-guidance/

 

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On 25 June, the Monetary Authority of Singapore (MAS) issued a set of 3 consultation papers on its proposed Guidelines on Environmental Risk Management for banks, insurers and asset managers. The Guidelines aim to enhance financial institutions’ resilience to environmental risk, and strengthen the financial sector’s role in supporting the transition to an environmentally sustainable economy, in Singapore and in the region.  It is said to be part of the Authority’s Green Finance Action Plan to become a leading global centre for green finance. The consultation period runs to 7 August. MAS says that its  Green Finance Action Plan aims to build financial system resilience to environmental risk, develop green finance solutions and markets, and leverage innovation and technology.

https://www.mas.gov.sg/news/media-releases/2020/mas-consults-on-environmental-risk-management-guidelines-for-financial-institutions

 

 

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On 25 June, the Washington Post reported that Honduras’ new penal code, which among other things will shorten sentences for some corruption-related crimes, took effect despite a last-minute attempt by opposition lawmakers to repeal it.

https://www.washingtonpost.com/world/the_americas/honduras-new-penal-code-lightens-sentences-for-corruption/2020/06/25/8d30a9e8-b734-11ea-9a1d-d3db1cbe07ce_story.html

 

 

 

 

 

 

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The Daily Mirror in Sri Lanka has reported that the Cabinet of Ministers has approved to extend foreign exchange controls on outward remittances for another 6 months to limit outflows to preserve foreign currency reserves while rolling back relaxing of certain regulations on inward remittances amid concerns over money laundering and terrorist financing.

http://www.dailymirror.lk/business-news/Exchange-controls-extended-by-another-6-months/273-190706

 

 

 

 

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On 25 June, Oil Price.com reported that Hin Leong Trading has been named in a major $3 billion oil trading scandal, saying that it has emerged that the company had for years forged its records to hide massive holes in its traders’ books amounting to billions of dollars. Hin Leong Trading (Pte) Ltd is a closely held firm owned by billionaire founder Lim Oon Kuin. A 2-month investigation by court-appointed independent administrators has revealed convoluted accounting that allowed the distressed firm to overstate its assets for years.

https://oilprice.com/Energy/Crude-Oil/Inside-Singapores-3-Billion-Oil-Trading-Scandal.html

 

 

 

 

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On 25 June, the Irish Examiner reported on the Criminal Assets Bureau annual report which reveals that 50 individuals and companies were assessed for tax on criminal assets of over €11 million, as the CAB froze almost €65 million in assets last year – a significant increase on 2018 – due largely to the granting of a freezing order involving  €53 million in cryptocurrency.

https://www.irishexaminer.com/breakingnews/ireland/–1007422.html

 

 

 

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A news release from the Federal Council on 24 June advised that the Council had decided to impose coercive measures in response to the current situation in Nicaragua. Following the EU lead, it will impose financial and travel sanctions against 6 persons with ties to Nicaraguan president Daniel Ortega: their assets will be frozen and they will be banned from entering or travelling through Switzerland.

https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-79575.html

 

 

 

 

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On 25 June, the National Cyber Security Centre advised that, just 2 months after launching the service, it has been notified of over 1 million suspect emails.  Fake cryptocurrency investment lures make up more than half of all online scams detected as a result of reporting from the public.  It says that more than half of the 10,000 online links to scams blocked or taken down by the NCSC with the help of the public relate to cryptocurrency schemes.  The service has been receiving a daily average of 16,500 emails.

https://www.ncsc.gov.uk/news/british-public-help-reach-milestone-against-scammers

 

 

 

 

 

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On 25 June, Coindesk reported that Texas resident Rowland Marcus Andrade, the founder of the NAC Foundation, allegedly raised funds by conducting an initial coin offering (ICO) for tokens representing AML Bitcoin, telling investors that the tokens would ultimately be converted into actual AML Bitcoin which, in 2018, was claimed to be “the world’s only patent-pending digital currency with anti-money laundering, know-your-customer, anti-terrorism and theft-resistant properties”. It is said that indictment claims that Andrade also claimed to have substantive meetings with the government of Panama and an elected official in California. The filing alleged that the Panama claims were “overstated,” and while “Andrade was present at a roundtable discussion and had his photograph taken with the [California] official,” “AML Bitcoin was not discussed”.

https://www.coindesk.com/doj-indicts-founder-of-anti-money-laundering-bitcoin-project-for-money-laundering

 

 

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On 25 June, a release on Mondo Visione advised that the report depicts the state of play for 32 African Union Member States and others. It shows the progress achieved on the 2 cornerstones of the Initiative – raising political awareness and commitment and developing capacities in tax transparency and exchange of information (EOI). Tax transparency and EOI have a crucial role to play in helping African governments stem illicit financial flows (IFF) and increase domestic revenue mobilisation. The article and report refer to the growing number of countries joining the OECD Convention on Mutual Administrative Assistance in Tax Matters  Despite this and other progress, important challenges remain ahead, among which the expansion of staff’s knowledge, the availability of beneficial ownership information and the effective implementation of AEOI.

https://mondovisione.com/media-and-resources/news/oecd-significant-progress-made-in-fighting-tax-evasion-and-illicit-financial-fl/

The report itself is available at –

https://www.oecd.org/tax/transparency/documents/Tax-Transparency-in-Africa-2020.pdf

 

 

 

 

 

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