SWISS COURT FINDS FORMER UKRAINE MP MARTYNENKO GUILTY OF MONEY LAUNDERING,

On 26 June, UNIAN in Ukraine reported that the Federal Criminal Court of Switzerland found former Ukraine MP Mykola Martynenko guilty of laundering about €2.8 million through the Swiss financial system “as part of a criminal group”, sentencing him to 28 months in prison. The court also convicted another citizen of Ukraine, Pavlo Skalenko, who was sentenced to 24 months. They were said to have used accounts in Swiss banks used to buy real estate and assets in Switzerland and other countries via laundering money obtained illegally in Ukraine and the Czech Republic.

https://www.unian.info/politics/swiss-justice-ex-mp-martynenko-found-guilty-of-money-laundering-11053229.html

 

 

 

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WEBINAR: NEW METHODS OF PAYMENT AND FINANCIAL CRIME

On 22 June, a webinar from RUSI was the second of a series of 3 from RUSI and Standard Chartered. This one considered the role of stakeholders in tackling financial crime, including the current financial threat landscape in relation to new methods of payment including cryptocurrencies, how money laundering can be detected, priorities and best practices in managing exposure, and recent developments in response to the FATF standards for virtual asset service providers (VASP). The other webinars in this series cover ‘Detecting and Seizing the Proceeds of Cybercrime’ and ‘A New Model for Tackling Cyber-Enabled Fraud’.

https://rusi.org/event/new-methods-payment-and-financial-crime

 

 

 

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IS THE IMF DOING ENOUGH TO TACKLE CORRUPTION?

On 25 June, Transparency International published an article on an analysis of IMF anti-corruption efforts.  It reminds one that it is over 2 years since the IMF sent the world a clear signal of its ambition to play a leading role in the fight against corruption. The IMF is said to be committed to increase its dedication to anti-corruption through various channels, including through its regular yearly assessments of member countries (aka “Article IV reports”). The NGO reviewed IMF assessments for 96 countries published between 2019 and February 2020 and compared each country report to its pre-framework counterpart. It also reviewed a smaller group of reports, to examine the extent to which the IMF’s anti-corruption recommendations were specific and actionable. The article says that, despite an overall increase of corruption-related mentions, there continues to be a wide variance in the way the IMF addresses corruption across countries, and it still has a lot of work left to do to better address good governance and anti-corruption issues. The article makes 3 recommendations for the IMF going forward –

  • greater transparency would help the IMF strengthen its methodology;
  • the IMF could improve its effectiveness by sharing its schedule of country visits. This would allow civil society organisations, academics, etc to better understand how and when they can contribute to IMF national assessments and help the IMF receive more informed input; and
  • to reduce the risk of overlooking important weaknesses in national anti-corruption efforts, it is important that the IMF more systematically and consistently consider input from other anti-corruption experts – this includes external experts and those from civil society.

https://www.transparency.org/en/blog/is-the-imf-doing-enough-to-tackle-corruption

 

 

 

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ISLE OF MAN: FIU GUIDANCE ON MAKING SAR AND OTHER DISCLOSURES

The FIU in the Isle of Man has published this guidance. The FIU also says that it plans to produce some webinars to further analyse SAR with the aim of improving the quality of reports and answering any questions reporters may have.

https://media-exp1.licdn.com/dms/document/C4E1FAQHWYk1d2GfZOQ/feedshare-document-pdf-analyzed/0?e=1593280800&v=beta&t=aeTbuYT8EaUemY4TFLzCqaVvbiBB-40n_LSvQBlVvMg

 

 

 

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IMPACT OF SANCTIONS ON INTERNATIONAL ARBITRATION INVOLVING RUSSIAN PARTIES

On 26 June, an article from Dentons said that sanctions imposed by the US, the EU and other jurisdictions in relation to certain Russian individuals and legal entities, since 2014, have had a substantial impact on international arbitration involving Russian parties. One of the problems, it is said, particularly in the light of secondary sanctions, is that it is impossible for a business to predict whether its counterparty, which is not subject to any sanctions at the time of entering into a commercial transaction, will be sanctioned in the future, as new sanctions are regularly introduced against new subjects without any obvious transparent logic behind them.

https://www.dentons.com/en/insights/articles/2020/june/26/-/media/d606e8db66db4d53941ed2724d0b4e0f.ashx

 

 

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UN SECURITY COUNCIL EXTENDS ARMS EMBARGO AND TRAVEL RESTRICTIONS ON DEMOCRATIC REPUBLIC OF CONGO

A news release from the UN on 25 June advised that the Security Council has renewed the sanctions regime imposed on DRC for 1 year, while extending for 13 months the mandate of a Group of Experts tasked with assisting in the oversight of those measures.

https://www.un.org/press/en/2020/sc14229.doc.htm

 

 

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ENGLISH LIQUIDATORS PERMITTED TO COMPEL DOCUMENTS FROM EU-BASED COMPANIES

An article from Out-Law on 26 June said that a recent High Court case considered if in English law insolvency officeholders could use their powers under English insolvency legislation to compel entities to produce documents, if those entities are not in the UK but are in the EU.  While UK common law does not assist, EU regulations do (at least for the time being) – though more generally English insolvency legislation does not have extra jurisdictional power to compel the production of documents from outside the UK.

https://www.pinsentmasons.com/out-law/legal-updates/english-liquidators-documents-eu-based-companies

 

 

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UN WORLD DRUG REPORT 2020

On 26 June, the UN Office for Drugs and Crime published the latest edition of its drug reports.  It provides a global overview of the supply and demand of drugs. It also analyses trends in drug use. It looks at their impact on health, while also taking into account the possible effects of the COVID-19 pandemic. Presented in 6 separate booklets, the Report provides a wealth of information and analysis to support the international community in implementing operational recommendations on a number of commitments made by Member States, including the recommendations contained in the outcome document of the special session of the General Assembly on the world drug problem, held in 2016 –

  1. provides a summary of the 5 other booklets by reviewing their key findings and highlighting their policy implications.
  2. focuses on drug demand and contains a global overview of the extent of and trends in drug use, including drug use disorders, and its health consequences.
  3. deals with drug supply and presents the latest estimates and trends regarding the production of and trafficking in opiates, cocaine, amphetamine-type stimulants and cannabis.
  4. addresses a number of cross-cutting issues, including the macrodynamics that are driving the expansion and increasing complexity of the drug markets, and describes some of the rapidly evolving drug-related concerns: the latest, multifaceted global opioid crisis; rapid market changes; the market for new psychoactive substances; the use of the darknet for supplying drugs; and developments in jurisdictions that have measures allowing the non-medical use of cannabis.
  5. looks at the association between socioeconomic characteristics and drug use disorders, including at the macro-, community and individual levels, with a special focus on population subgroups that may be impacted differently by drug use and drug use disorders.
  6. addresses a number of other drug policy issues that all form part of the international debate on the drug problem but on which in-depth evidence is scarce, including access to controlled medicines, international cooperation on drug matters, alternative development in drug cultivation areas, and the nexus between drugs and crime.

https://wdr.unodc.org/wdr2020/index.html

statista

https://www.statista.com/chart/22118/drug-related-deaths-per-million-people/

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BBC INVESTIGATES UK PLASTIC WASTE EXPORTS TO TURKEY – DUMPED NOT RECYCLED

A post on the Gov.uk blog on 26 June says that the BBC report shows that it appears some waste is ending up dumped on roadsides instead of being recycled. Under EU rules, waste cannot be exported to non-EU/EFTA countries (such as Turkey) if it is for disposal, and the global market for secondary materials is subject to strict controls under international rules. Businesses involved in the shipment of waste are therefore required to take all necessary steps to ensure that the waste they ship and recycle is managed in an environmentally sound manner. The post says that the Environment Agency has observed an increase in exports to Turkey in recent months and are working to quantify this where possible in order to identify any Turkish sites of concern.

https://www.bbc.co.uk/news/av/uk-53181948/why-is-uk-recycling-being-dumped-by-turkish-roadsides

https://deframedia.blog.gov.uk/2020/06/26/bbc-investigates-plastic-waste-exports-to-turkey/

 

 

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ZIMBABWEAN GOLD SMUGGLED TO DUBAI

Pindula News and others on 26 June reported that Zimbabwe is losing millions of dollars in revenue due to the smuggling of gold to Dubai through South Africa. It is said that gold alone generates US$1 billion annually and small-scale miners account for over 60% and at times as much as 70% of gold production in the country.

https://news.pindula.co.zw/2020/06/26/a-lot-of-zimbabwean-gold-smuggled-to-dubai/

 

 

 

 

 

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