OTHER THINGS YOU MAY HAVE MISSED – SEPTEMBER 6

Panama Covid-19 update – my favourite story today – 31 people arrested for holding a party on a boat off Bocas del Toro…

Meanwhile, 738 new cases and 12 new fatalities, with 25,296 active cases – 149 in ICU and 1,105 in other wards.

6 September 2020

UK: CUSTODY TIME LIMITS TO BE EXTENDED

On 6 September, Joshua Rozenberg in his blog reported that proposals for custody limits in England & Wales to be extended by 8 weeks. The proposed short-term (9 months) change would mean that the maximum period of custody between the accused being sent to the Crown Court by a magistrates court for an offence and the start of the trial in relation is 182 (less any period the accused was held in custody by the magistrates), but under the proposed change the time limit would be 238 days.

https://rozenberg.substack.com/p/custody-time-limits-to-be-extended

LIBERIA: FIU ORDERS LONESTAR CELL MTN INTERNATIONAL REMITTANCE SERVICE HALTED

On 5 September, Front Page Africa reported that the FIU has with immediate effect ordered a halt to the Lonestar Cell MTN Mobile Money Services, an international remittance service as it is said to pose a “huge” AML/CFT threat. 

SINGAPORE’S OMNIBUS INSOLVENCY LEGISLATION

On 5 September, an article from White & Case was concerned with the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) which came into force on 30 July.  It says that the consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along with other legislative changes, seeks to further strengthen Singapore’s position as an international debt restructuring hub. The article highlights certain key changes effected by the IRDA that are relevant to loan market participants.

https://www.jdsupra.com/legalnews/singapore-s-omnibus-insolvency-20214/

POTENTIAL EXPANSION OF U.S. EXPORT CONTROLS: “FOUNDATIONAL” TECHNOLOGIES, COMMODITIES AND SOFTWARE

On 5 September, Dechert LLP published an article saying that the US Government has begun the process of considering new export controls on “foundational technologies” and is seeking industry comments until 26 October.  It says that the focus is not limited to technology, but includes equipment and software relating to foundational technologies.

https://www.jdsupra.com/legalnews/potential-expansion-of-u-s-export-89592/

ESG: UK CONSULTATION ON A NEW “SUPPLY CHAIN DUE DILIGENCE” LAW AIMED AT PROTECTING GLOBAL RAINFORESTS AND OTHER SENSITIVE HABITATS 

An article from Dentons on 4 September says that the publication ushers in a tectonic shift in the regulatory frameworks underpinning environmental and social governance (ESG).  The proposals involve “due diligence on forest risk commodities” that would impose a duty on large businesses that use forest risk products to ensure they are not sourced from illegally cleared rainforests.  These businesses would need to publish their due diligence plans, report on performance and be exposed to fines and other sanctions for breaches.

https://www.jdsupra.com/legalnews/the-uk-government-ushers-in-a-new-phase-97141/

UK: 2 MEN CHARGED WITH MONEY LAUNDERING AFTER £1 MILLION IS DISCOVERED HIDDEN IN LORRIES AT DOVER

On 6 September, Kent Online reported that 2 lorry drivers have been charged with money laundering offences after more than £1 million was discovered hidden away in trucks trying to leave Dover for the Continent.  2 lorries were found to contain £830,000 in cash and £330,000 respectively.  The drivers of both vehicles were Turkish nationals and said they were working for the same company in Belgium.

https://www.kentonline.co.uk/dover/news/two-drivers-charged-after-1m-is-discovered-hidden-in-lorries-233321/

MARKET FRAGMENTATION IN ASIA PACIFIC REGION HAMPERS FINANCIAL CRIME COMPLIANCE WORK AND REGULATORY INVESTIGATIONS

On 31 August, the Asia Securities Industry and Financial Markets Association (ASIFMA), a regional trade association, has said that, despite being a long priority among financial regulators, AML/CFT compliance investigations have faced many challenges in the region.  In a new report, it is said that market fragmentation still remains a serious challenge for big multi-jurisdictional players.  The report suggests possible solutions or mitigating factors.

The report is at –

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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