Day: July 15, 2020

On 15 July, HM Treasury published a summary of responses received to the consultation seeking views on the expansion of the Trust Registration Service as required to transpose the EU 5^th Money Laundering Directive into UK law. The consultation closed on 21 February, and the relevant Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 are being considered by the relevant committees of Parliament. The main changes which would be made to expand the scope of the register, and require that information on the register is made available in certain circumstances to those with a legitimate interest. The other changes concern correspondent banking, reporting of discrepancies in beneficial ownership information, CDD on publicly-listed companies, the use of confidential information, registration deadlines for some firms and directions to cryptoasset businesses

https://www.gov.uk/government/consultations/technical-consultation-fifth-money-laundering-directive-and-trust-registration-service

 

 

 

 

 

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On 15 July, the International centre for Counter-Terrorism in The Hague published a paper that provides a brief historical overview of SALW trafficking, smuggling, and use for criminality by terrorists and insurgents. Using historical and contemporary examples, it outlines the use of SALW as both a source of terrorist financing and tools of the trade. This report follows 3 previous ones in a series on SALW as a source of finance for terrorist organisations, with the earlier reports offering a snapshot of this phenomenon across different regions (and available by means of links on the same page). Examples looked at include the IRA, FARC and Tamil Tigers

https://icct.nl/publication/small-arms-and-light-weapon-brief-historical-overview

 

 

 

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On 15 July, the Gibraltar Chronicle reported that 5 people from Gibraltar were among 71 arrested by the Guardia Civil as part of a major AML operation in La Linea. Spanish authorities allege that up to €35 million had been laundered by the criminal group. Another man from Gibraltar is said to be on the run. Over 200 bank accounts have also been frozen and €550,000 in cash seized.

https://www.chronicle.gi/five-from-gibraltar-among-71-arrested-in-spanish-anti-money-laundering-probe/

 

 

 

 

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On 15 July, Newsbook in Malta and others reported that Malta has recovered more than €27.6 million in unpaid taxes to date as a result of the Swiss Leaks and Panama Papers investigations. The tax authorities investigated 237 Maltese taxpayers as a result of the Panama Papers leak, with 74 still pending, and €14.23m in unpaid taxes has been recovered as a result. 96 taxpayers were investigated as a result of Swiss Leaks, with 2 still pending, and cases have led to the recovery of €13.42 million in unpaid taxes.

https://newsbook.com.mt/en/panama-papers-swiss-leaks-help-authorities-recover-over-e27m-in-unpaid-taxes/

https://www.maltatoday.com.mt/news/national/103598/237_maltese_tax_payers_investigated_in_connection_with_panama_papers_#.Xw8DnhOSmM8

https://www.independent.com.mt/articles/2020-07-15/local-news/Over-14-million-recovered-from-Panama-Papers-taxpayer-investigations-13-million-from-Swiss-Leaks-6736225190

 

 

 

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On 15 July, Seatrade Maritime News reported that the International Maritime Bureau (IMB) reports a surge in violent hostage taking and kidnappings of seafarers off West Africa in the first half of 2020.

https://www.seatrade-maritime.com/ship-operations/seafarer-kidnappings-pirates-gulf-guinea-surge-h1

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