A news release from the UN on 16 July advised that the relevant sanctions committee had added the leader of Tehrik-e Taliban Pakistan, Noor Wali Mehsud, to its Al-Qaida/ISIL sanctions list.
https://www.un.org/press/en/2020/sc14256.doc.htm
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On 16 July, FinCEN issued an Alert about a high-profile scam (well-publicised in the press) exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organisations, and financial institutions to solicit payments to CVC accounts, claiming that any CVC sent to a wallet address would be doubled and returned to the sender. FinCEN says that it is critical that CVC exchanges and other financial institutions identify and report suspicious transactions associated with this type of activity as quickly as possible.
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On 16 July, the US Treasury issued a news release advising that OFAC had reached an agreement with Essentra FZE Company Limited of UAE (and based in a free zone there) to settle its potential civil liability for 3 apparent violations of the North Korea Sanctions Regulations. It is said to have used a network of front companies in China and other countries using deceptive practices, and received payment for the shipment of goods into its bank accounts at the foreign branch of a US bank between September 2018 and December 2018.
https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200716_33.aspx
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This document from FATF provides some red flag indicators of the risk of illegal wildlife trade being involved.
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A briefing from KPMG looks at supplier payment fraud, explaining how it works – with the objective to reroute a due payment to another bank account. Such fraud may originate externally by a deceitful individual or business, or it may be committed by an employee within the victim organisation. The briefing says that analysis provides clues to why the fraud so often works. It also looks at how the pandemic has affected supplier fraud controls, and the attendant risk. It then suggests a number of things that can be done to mitigate the risk.
https://home.kpmg/im/en/home/insights/2020/07/fraudsters-never-waste-a-good-crisis.html
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A research study produced for a committee of the European Parliament was published by the EU Parliament Research Service on 16 July. It defines loot boxes and describes their behavioural effects, including problematic behaviour. It examines the regulatory framework at EU and national level within which loot boxes operate, provides an overview of public and industry practices, and derives recommendations.
https://www.europarl.europa.eu/RegData/etudes/STUD/2020/652727/IPOL_STU(2020)652727_EN.pdf
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On 16 July, the Wall Street Journal reported that companies will face restrictions on storing information about EU on US servers, after the EU’s top court ruled that such transfers exposed Europeans to American government surveillance without “actionable rights” to challenge it. The ECJ ruling invalidates a popularly utilised EU-US data-transfer agreement – the EU-US Privacy Shield – and is seen as a victory for privacy activists who have stated that the surveillance practices of US should render it ineligible to store European information.
https://www.nytimes.com/2020/07/16/business/eu-data-transfer-pact-rejected.html
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On 16 July, the Business Times in Singapore reported that the US has banned the import of surgical gloves from 2 subsidiaries of Malaysia’s Top Glove, the world’s biggest manufacturer of the product, over forced labour concerns, despite soaring demand during the coronavirus pandemic. Another Malaysian glove maker, WRP, was hit with a US ban last year but it was lifted in March.
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On 16 July, Cooling Post reported that a new document, Checklist on Auctioning of Seized Refrigerants – How to Get it Right, has been produced by the UN Environmental Programme following revelations by the Cooling Post last year that Bulgarian customs authorities were planning to auction over 10 tonnes of seized refrigerant. However, no bids were received and the Bulgarian Customs Agency announced that the seized refrigerant would be destroyed. The document describes the options open to customs and enforcement officers in design with seized refrigerant – including re-exporting, destruction and auctioning. It says that illegal refrigerants intercepted before customs clearance could be turned back at the border. Refrigerants seized after customs clearance could be re-exported to the producer/exporter if known. The concern with both of these options is that these could be smuggled back in at a later date.
https://www.coolingpost.com/world-news/unep-advises-on-dealing-with-seized-refrigerant/
The document itself is at –
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On 16 July, LSM reported that the Board of the Financial and Capital Market Commission (FKTK) is to apply a fine of €906,610 on Signet Bank for breaches of the AML/CFT regulatory requirements. It is said that the Signet bank is a private bank that makes a lot of its “tailor-made” approach to its wealthy client list. A fine of 85% of maximum statutory amount has been applied to the bank, i.e. 10% of the bank’s total annual turnover.
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