Day: July 23, 2020

The Basel Institute on Governance has released its AML Index, an independent annual ranking that assesses the risk of money laundering and terrorist financing around the world. The Index it provides risk scores based on data from 16 publicly available sources such as FATF, Transparency International, World Bank and the World Economic Forum. The risk scores cover 5 domains – Quality of AML/CFT Framework; Bribery and Corruption; Financial Transparency and Standards; Public Transparency and Accountability; and Legal and Political Risks.  BIS says that the Index will disappoint anyone wishing for tangible progress in combating money laundering and terrorist financing around the world. In fact, only 6 countries improved their scores by more than one point. 35 countries went backwards. The Index also showcases the changing nature of money laundering risks. This year’s Index contains a new indicator for human trafficking – which is said to be the third-largest source of income for organised crime groups after drug and arms trafficking. The Index illustrates money laundering risks in different regions, and regional infographics show how countries score in relation to each other. Afghanistan, Haiti, Myanmar, Laos and Mozambique hold the top 5 places – Finland, Estonia and Andorra the bottom 3. Panama is at 36 and the UK at 116.

An example of the regional infographics –

https://www.baselgovernance.org/news/basel-aml-index-2020-released-today

https://www.baselgovernance.org/sites/default/files/2020-07/basel_aml_index_2020_web.pdf

On 22 July, ACAMS issued a statement saying that the top official of the Egmont Group, an international group of 164 FIU, has voiced concern that an unprecedented police raid on Germany’s AML body at the behest of state prosecutors could undermine its independence.

https://www.moneylaundering.com/news/exclusive-egmont-group-raises-concern-over-raid-on-german-fiu/?type=free

A release from the National Cyber Security Centre on 23 July says that a new report on the cyber threat to sports organisations reveals a range of attacks by hackers. The NCSC’s first analysis of threats to the sports industry finds at least 70% of institutions suffer a cyber incident in just 12 months. Sports organisations are urged to implement cyber security measures to prevent cyber criminals cashing in on lucrative industry.

https://www.ncsc.gov.uk/news/defences-tested-as-cyber-attackers-take-aim-at-uk-sports-sector

On 23 July, an article from Out-Law was concerned with the UK government having confirmed that trust vehicles including registered pension schemes, life insurance policies and registered charitable trusts will be exempt from new registration requirements being brought in under AML rules. This follows a consultation held earlier this year on the changing requirements for trusts to register beneficial ownership information. In addition to the original list of exempt trusts, which included charitable trusts and pension trusts, other structures such as will trusts only receiving assets from an estate are also exempt from the regulations.

https://www.pinsentmasons.com/out-law/news/uk-anti-money-laundering-trust-registration

A comprehensive article from Out-Law on 23 July poses this question, saying that parties will have to consider whether their contract has been frustrated in circumstances where they do not have a force majeure clause in their contract, or if the clause does not cover the particular ‘event’. It warns that frustration of a contract under English law can be difficult to establish, and the circumstances in which the doctrine can be invoked are narrow.

https://www.pinsentmasons.com/out-law/guides/english-contracts-frustration-coronavirus

The AFA has released its annual report for 2019, so far only in French.  Its 2018 report has been made available in English, so hopefully one will see the new edition available in English in due course. In the meantime, those with something better than my schoolboy French can find the new report at –

https://www.agence-francaise-anticorruption.gouv.fr/files/files/RA%20Annuel%20AFA_web.pdf

On 23 July, the Home Office issued an updated collection of documents and links concerned with firearms law, safety and statistics.  Includes material on air weapons, deactivated weapons, how to import a weapon into the UK and the use of firearms aboard UK-registered ships.

https://www.gov.uk/government/collections/firearms

EU Regulation 2020/1082/EU added Noor Wali Mehsud (aka Abu Mansoor Asim) to its ISIL/Al-Qaida sanctions list following the decision of the relevant UN sanctions committee on 16 July.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2020.238.01.0082.01.ENG&toc=OJ:L:2020:238:TOC

https://www.gov.uk/government/publications/current-list-of-designated-persons-al-qaida

On 23 July, OFAC announced that Ricardo Jose MORON HERNANDEZ and Santiago Jose MORON HERNANDEZ have been added to the SDN lists.  They are accused of providing support for Nicolas Ernesto Maduro Guerra and the corrupt activities of members of the illegitimate regime of his father, Nicolas Maduro Moros. Members of the Moron Hernandez family are trusted partners of Nicolas Maduro and his son, Maduro Guerra

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200723.aspx

https://home.treasury.gov/news/press-releases/sm1068

On 23 July, Ghana Web reported that the US Government has lifted the visa sanctions imposed on some category of Ghanaians in 2019. The sanctions were over claims that Ghana was unreasonably delaying the return of its nationals ordered to be removed from the US. The lifting of the visa restrictions followed an agreement.

https://www.ghanaweb.com/GhanaHomePage/NewsArchive/US-lifts-visa-sanctions-imposed-on-Ghanaians-1014547