Day: July 2, 2020

In its 3 July edition, Channel News Asia reported that 4 former employees of Chinese bank ICBC (including 2  senior executives of the Spanish branch of the bank) have been fined €22.7 million and given jail terms of between 3 and 5 months for laundering millions of euros for Chinese criminal groups.  The investigation began in February 2016 and involved Madrid-based entity whose services were mainly used by Asian criminal groups, notably the Emperador-Cheqia and Snake organisations. It attracted €140 million in deposits, with Snake notably holding 70 accounts.

https://www.channelnewsasia.com/news/business/spain-fines-staff-china-icbc-money-laundering-12896156

 

 

 

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On 29 June, ACAMS published an article saying that Jyske Bank, Denmark’s third-largest by assets, held several accounts and completed hundreds of transactions for Rifaat Assad, an uncle of Syrian President Bashar Assad, over the course of a decade despite clear indications of egregious illicit finance. This was revealed in a court in Paris where Rifaat Assad, 82, was sentenced to 4 years in prison for embezzling and laundering Syrian state funds into Europe.

https://www.moneylaundering.com/news/exclusive-sentencing-of-bashar-assads-uncle-in-france-exposes-banks-aml-failure

 

 

 

 

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It has been announced that the Malta FIAU, in cooperation with the Malta Gaming Authority, has just published a revised version of the Implementing Procedures Part II for the Remote Gaming Sector for the purposes of the Prevention of Money Laundering and Funding of Terrorism Regulations. Among the changes is further guidance on customer due diligence (CDD) and clarification on the obligations of subject persons when the customer is not willing to provide the same with the necessary information and/or documentation required as part of CDD

https://fiaumalta.org/news/implementing-procedures-part-ii-for-the-remote-gaming-sector-revised-version-2/

 

 

 

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On 1 July, Bloomberg carried a report about Israeli billionaire, Dan Gertler, from Paris-based anti-corruption group Platform to Protect Whistleblowers in Africa (Pplaaf), and shared with Bloomberg News. It also involved a bank that was the Congolese subsidiary of Cameroon’s Afriland First Bank Group.

https://www.bloomberg.com/news/features/2020-07-02/sanctioned-billionaire-dan-gertler-s-haven-a-tiny-congolese-bank

https://www.globalwitness.org/en/press-releases/controversial-billionaire-dan-gertler-appears-have-used-suspected-international-money-laundering-network-dodge-us-sanctions-and-acquire-new-mining-assets-drc/

 

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On 2 July, France 24 reported that Panama’s last 2 presidents, Ricardo Martinelli, 68, and Juan Carlos Varela, 56, faced questions from prosecutors on 2 July, each on charges of corruption and money laundering. Prosecutors have charged Martinelli with corruption over the so-called “New Business” case in which a publishing group was allegedly purchased with public money during his 2009-14 term. Varela was questioned about alleged illegal donations to his political campaigns from Brazilian construction giant Odebrecht during his 2014-19 term.

https://www.france24.com/en/20200702-former-panama-presidents-face-corruption-charges

 

 

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On 2 July, OCCRP issued this warning, referring to a case in Lithuania where the “CE” marks on the Chinese-made masks were fake, and the accompanying documents meaningless. The shipment had been exported by a company whose owner is wanted by the Chinese authorities, and the masks in the boxes had never been tested to European standards. It says that, since the start of the coronavirus pandemic, countries across Europe have been inundated with fake, substandard, and unverified personal protective equipment (PPE). An investigation by OCCRP and 16 European media partners found scores of cases in which PPE was sold throughout Europe using documents that make it look like the goods meet the EU complex safety rules. In reality, the papers are legally worthless.

https://www.occrp.org/en/coronavirus/questionable-paperwork-lets-fake-and-faulty-masks-flood-europe

 

 

 

 

 

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On 2 July, the MoJ launched a consultation on which British courts should have the power to depart from retained EU case law. At present, only the UK Supreme Court and the High Court of Justiciary in Scotland will have this power from 31 December. The consultation runs for 6 weeks to 13 August.

https://www.gov.uk/government/consultations/departure-from-retained-eu-case-law-by-uk-courts-and-tribunals

 

 

 

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On 2 July, OFAC advised that 4 vessels and 4 associated shipping companies had been delisted. At the same time, OFAC announced that General License 37 (Authorizing the Wind Down of Transactions Involving Delos Voyager Shipping Ltd, Romina Maritime Co Inc, and Certain Vessels) had been revoked – delos and Romina being 2 of the shipping companies being delisted.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200702.aspx

 

 

 

 

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On 2 July, the Bank for International Settlements advised that the Basel Committee on Banking Supervision had issued the updated version of its guidelines on the Sound Management of Risks Related to Money laundering and the Financing of Terrorism, with guides on the interaction and cooperation between prudential and AML/CFT supervisors. These guidelines are intended to enhance the effectiveness of supervision of banks’ risk management, consistent with and complementary to the goals and objectives of the standards issued by FATF and principles and guidelines published by the Basel Committee. The revised guidelines include amendments in Part IV (The role of supervisors) and Annex 5 (Interaction and cooperation between prudential and AML/CFT supervisors).  Annex 5 sets out specific principles, recommendations and descriptive examples, to facilitate effective and efficient cooperation in relation to authorisation related procedures of a bank, ongoing supervision, and enforcement actions. It also describes possible methods of implementation including mechanisms to facilitate such cooperation at the jurisdictional and international level.

https://www.bis.org/press/p200702.htm

The revised guidelines are available at –

https://www.bis.org/bcbs/publ/d505.pdf

 

 

 

 

 

 

 

 

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On 2 July, The Journal reported that former President Mary Robinson will lead a panel to investigate the leader of the African Development Bank, Akinwumi Adesina, 60, a Nigerian who is accused by whistleblowers of corruption. He was cleared by the organisation’s ethics committee, but international pressure has mounted with the United States calling in May for an independent investigation.

https://www.thejournal.ie/mary-robinson-bank-african-investigation-5139092-Jul2020/

 

 

 

 

 

 

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