The ICC says that, following feedback from its Incoterms® 2020 community, it is offering its practical trade term wall chart for free. From obligations and costs to the risks of buyers and sellers under each Incoterms® rule, it explains will be able to access a range of information in just a glance. It is available for free download.
https://2go.iccwbo.org/incotermsr-2020-practical-free-wallchart.html_
For example –
A release on Mondo Visione on 10 August advised that the SEC had announced that Interactive Brokers LLC will pay an $11.5 million penalty to settle charges it repeatedly failed to file SAR for US microcap securities trades it executed on behalf of its customers. In parallel actions. Meanwhile, FINRA and CFTC announced settlements with Interactive Brokers related to AML failures in which the registered broker-dealer agreed to pay penalties of $15 million and $11.5 million, respectively, for a total of $38 million in penalties paid to the 3 agencies.
https://www.investmentnews.com/interactive-brokers-finra-money-laundering-195922
A release on Mondo Visione on 10 August advised that the High Court has ordered 2 companies and 3 individuals to pay a total of £10,715,000 in restitution to members of the public who were induced to transfer their pensions into self-invested personal pensions (SIPP). The order was made against Avacade Limited (in liquidation), Alexandra Associates (UK) Limited (t/a Avacade Future Solutions), Craig Lummis, Lee Lummis and Raymond Fox.
On 10 August, the Daily Maverick in South Africa reported that criminal entrepreneurs are tapping into Uganda’s vast reserves of sand, exploiting a sector which is largely unregulated by government. They run and sell shipments of illegally mined sand using an established regional and global black market. Unregulated extraction, especially around Uganda’s Lake Victoria, is destabilising the area’s sensitive ecology, and there is also evidence that it threatens local rural livelihoods, including fishing and agriculture. For Ugandan sand, the cargo’s immediate destination is Uganda’s neighbouring countries of DRC, South Sudan and Rwanda. Sand is also exported to China. Attempts by Uganda’s National Environment Management Authority to stop the ongoing excavations by a licensed Chinese company at Lake Victoria in 2018 failed – it being said that local government officials supported by the president’s brother were seen siding with the Chinese business.
On 6 August, an article from Baker McKenzie said that Belgium now fully implemented the into Belgian law after a delay of approximately 7 months after the intended deadline of 1 January. The article explains what has changed, what the changes mean and what comes next. It notes that Belgium has additionally decided to add professional football clubs and sports brokers in the football sector to Belgium’s AML framework, following recent scandals. However, it remains to be seen how the Belgian legislator and Federal Public Service Economy will actually implement and apply the AML framework to the football sector.
On 10 August, Irish Legal News reported that the Cabinet has approved the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020 to transpose the criminal justice elements of the 5th EU Money Laundering Directive and strengthen existing legislation. The article summarises the contents of the Bill.
https://www.irishlegal.com/article/bill-to-transpose-fifth-eu-money-laundering-directive
On 10 August, Malta Today reported that a forfeiture law will empower the Asset Recovery Bureau to confiscate assets acquired through criminal means without criminal conviction. The Proceeds of Crime Bill will empower the Asset Recovery Bureau to file civil proceedings for the confiscation of assets acquired through criminal means. A specialised civil court will be created to deal with asset recovery. The Bill is expected to be put on parliament’s agenda when it reconvenes in October.
On 10 August, a Notice from HM Treasury advised that the details for 6 CAR-related entries on the Consolidated List of sanctions have been amended. This follows EU Regulation 2020/1171/EU. A news release from the Isle of Man on 10 August announced that it had followed suit.
https://www.gov.im/news/2020/aug/10/financial-sanctions-central-african-republic/
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