Day: July 7, 2020

On 7 July, a post in the always-useful FCPA Blog advised that the Network of Corruption Prevention Authorities (NCPA), which is described as associated with the Council of Europe and is an association of anti-corruption agencies from across the world. The rotating presidency is currently held by the Agence Francaise Anticorruption (AFA). The mapping has been updated in May with further analysis and graphs, as well as references to leading anti-corruption publications.

https://fcpablog.com/2020/07/07/resource-alert-ncpa-releases-updated-mapping-of-anti-corruption-authorities/

The mapping document is at –

https://fcpablog.com/wp-content/uploads/2020/06/NCPA_Analysis_Report_Global_Mapping_ACAs.pdf.pdf

 

 

 

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On 26 May, Aviation Technology reported that Israel Aerospace Industries (IAI) is supplying its drone systems under a lease-to-buy programme offering states with smaller defence and security budgets the ability to keep pace with countries that can afford to buy systems outright. The publication says that IAI has leasing agreements with Australia, Canada, Germany, the European Border and Coast Guard Agency (Frontex), and Israel’s MoD, and Greece. However, the company said more parties that cannot be named at this time are interested in the programme.

https://www.airforce-technology.com/features/iai-lease-to-buy-offers-cheaper-route-to-uas-use/

 

 

 

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On 7 July, HM Treasury published an updated page providing  lists of all financial sanctions imposed in the UK by country, administration or terrorist group.

https://www.gov.uk/government/collections/financial-sanctions-regime-specific-consolidated-lists-and-releases

 

 

 

 

 

 

 

 

 

 

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On 7 July, FATF released this report. In October 2019, the G20 asked the FATF to consider the AML/CFT issues relating to so-called stablecoins. This report sets out the FATF’s views on stablecoins and addresses certain issues, including how the FATF Standards apply and the different businesses involved in stablecoins, and how FATF plans to enhance the global AML/CFT framework for virtual assets and stablecoins.

http://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-FATF-Report-G20-So-Called-Stablecoins.pdf

 

 

 

 

 

 

 

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On 7 July, FATF said that it has completed a review of the implementation of its revised Standards on virtual assets and virtual asset service providers, 12 months after the FATF finalised these amendments. The June 2019 revisions to the FATF Standards clearly placed AML/CFT requirements on virtual assets and virtual asset service providers (VASP). A report published by FATF is the  12-month review it undertook to produce, to measure how jurisdictions and the private sector have implemented the revised FATF Standards, as well as monitoring for any changes in the typologies, risks and the market structure of the virtual assets sector. As well as reviewing progress, the report also issues identified with the revised FATF Standards and Guidance and its next steps regarding virtual assets. The review finds that 35 out of 54 reporting jurisdictions advised that they have now implemented the revised FATF Standards, with 3 having prohibited VASP. FATF has agreed to continue its focus on virtual assets and undertake ongoing monitoring and review, with a further report by June 2021. It will also consider whether further updates are necessary. It also undertook to provide update guidance, and to continue its programme of work to enhance international cooperation amongst VASP supervisors.

http://www.fatf-gafi.org/media/fatf/documents/recommendations/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf

 

 

 

 

 

 

 

 

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ACFCS and the Global Financial Integrity NGO have joined up to offer 2 webinars on the illegal gold trade.  They will explore using financial tools and public policy to fight money laundering using gold, itself a part of the multitrillion dollar vulnerability of trade-based money laundering. They will also analyse gold trafficking as a key money laundering and financing tool for criminal groups and sanctions evasion. They will look at the illegal gold trade through Colombia, Venezuela, Uganda, along with highlighting the role of commodity trading hubs like Dubai and Switzerland and its impact on the US financial system.

https://www.acfcs.org/special-acfcs-gfi-webinar-series-inside-the-illicit-gold-trade-using-financial-tools-and-public-policy-to-fight-money-laundering/

 

 

 

 

 

 

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On 7 July, an article in Info Security reported on recent cases of SIM-swapping, saying that as it requires substantial effort and costs from attackers, we are seeing high net worth individuals and people in positions of corporate, government, or social influence increasingly being targeted. It also asks what is the likely attack formula and how do you know if you have been attacked?  It then discusses how mitigate the risks of such an attack. It also warns that, with SIM-swap cases already rising and additionally cases of criminal activity being linked to the COVID-19 pandemic it is important to highlight that SIM-swapping is a key reason why a phone number may not be the best verifier of a person’s identity as it represents a hole in the authenticator process.

https://www.infosecurity-magazine.com/opinions/proliferation-sim-swapping-fraud/

 

 

 

 

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On 7 July, a news release advised that the new UK sanctions regime that came into effect on 6 July did not automatically extend to the Isle of Man, but would be extended to the Island in due course (a suitable application order would be required to make it part of Manx law, with any appropriate amendments).  In the meantime, the legislation and the requirements do not apply to Island businesses and persons – except to the extent that, as UK nationals or UK persons (e.g. a UK-registered company) are caught by the new regime’s extraterritorial reach (see the guidance from HM Treasury and the FCO for details).

https://www.gov.im/news/2020/jul/07/financial-sanctions-global-human-rights/

 

 

 

 

 

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On 6 July, K2 Intelligence published a Client Alert which considers the FATF documents and illegal wildlife trafficking, ad implications for the private sector.  It then lists a number of Red Flag indicators.

https://s3.amazonaws.com/documents.lexology.com/aa2fa25a-486c-4dc6-83a9-6334e1b52d93.pdf?AWSAccessKeyId=AKIAVYILUYJ754JTDY6T&Expires=1594137286&Signature=Coid5TaRGYQTmLkI8y%2BVUJNuOkg%3D

 

 

 

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On 1 July, the Institute for Science and International Security has published an analysis of the UN Security Council Panel of Experts’ report concerning the implementation of UN sanctions on North Korea. The report identified 250 alleged violations of North Korea sanctions involving 62 countries, an increase of 6 compared to the previous year. The number of countries engaged in military-related exports/training activities decreased from 15 to 9 (DRC, Egypt, Eritrea, Iran, Myanmar, Rwanda, Syria, Uganda, Yemen (Houthi faction)), but the number importing goods such as coal, earth/stone, and other sanctioned goods increased significantly from 13 to 21 countries. It is said that Iran and Eritrea hosted representatives of entities designated for their activities related to arms sales, and the report says that they warrant special scrutiny, as they provide a platform for the DPRK to sell arms (e.g. to Syria) and also make sensitive procurement for its own WMD and missile programmes.  26 countries and territories were involved in business and financial-related sanctions violations – Angola, Austria, Bulgaria, Cambodia, China, France, Hong Kong, Indonesia, Iran, Italy, Lebanon, Libya, Mozambique, Namibia, Nepal, Nigeria, Qatar, Russia, Senegal, Singapore, Syria, Tanzania, Thailand, Tunisia, UAE, Vietnam.  However, for both of the foregoing lists, China was involved in the majority of violations.  4 states had alleged business arrangements with designated DPRK entities – Cambodia, China, Namibia, Senegal.  17 countries were involved in the illicit supply of goods to North Korea – BVI, China, DRC, Germany, Guatemala, Honduras, Hong Kong, India, Indonesia, Italy, Luxembourg, Marshall Islands, Russia, Senegal, Singapore, South Africa, South Korea.  21 countries are listed as being involved in buying goods from North Korea – Algeria, Bolivia, Botswana, China, Colombia, Costa Rica, Cote d’Ivoire, El Salvador, Germany, Ghana, Guatemala, Honduras, India, Indonesia, Kenya, Russia, Senegal, South Africa, South Korea, Uruguay, Vietnam.  The report contains a sizeable section on shipping-related sanctions.

https://isis-online.org/uploads/isis-reports/documents/North_Korea_PoE_sanctions_analysis_report_July_1_Final.pdf

 

 

 

 

 

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