On 21 September, the Guernsey FSC issued a Consultation Paper seeking views from interested parties on proposed Cyber Security Rules and an accompanying Guidance Note for all licensed entities under the various supervisory laws. Responses are called for by 2 November.
Day: September 21, 2020
US REIMPOSES ARMS EXPORT EMBARGO ON IRAN, ADDS 11 INDIVIDUALS AND 2 ENTITIES TO SANCTIONS LISTS AND LISTS PRESIDENT MADURO UNDER IRAN SANCTIONS
On 21 September, OFAC advised that President Trump had signed a new Executive Order “Blocking Property of Certain Persons with Respect to the Conventional Arms Activities of Iran”. At the same time, it listed an additional 11 individuals and 2 Iran-based entities – MAMMUT DIESEL and MAMMUT INDUSTRIAL GROUP, adding them to its SDN List. Finally, it amended 9 existing entries on the SDN List, including President Maduro of Venezuela, all of which were of Iran or had links to Iran.
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20200921
EU AND UK SANCTION 3 COMPANIES AND 2 INDIVIDUALS FOR BREAKING LIBYA ARMS EMBARGO AND HUMAN RIGHTS ABUSES
On 21 September, Arab News reported that the EU has imposed sanctions on 3 companies — 1 Turkish, 1 Kazakh and 1 Jordanian — for breaching the UN arms embargo on Libya. 2 individuals were also made subject with sanctions for supplying material to Libya. See EU Regulation 2020/1309/EU – Mahmoud Mustafa Busayf al-Warfalli , Commander of Benghazi-based al-Saiqa Brigade; Moussa Diab is said to have engaged in “human trafficking and the kidnapping, raping and killing of migrants and refugees”; Kazakhstan-based Sigma Airlines has been listed after having been identified by the UN as one of the commercial air cargo suppliers acting in non-compliance with the arms embargo; Turkey-based Avrasya Shipping and Lebanon-based Med Wave Shippinghave been designated for operating vessels linked to transports of military material to Libya in May and June 2020. Hm Treasury in the UK issued a Notice following the EU lead on 21 September.
https://www.arabnews.com/node/1737786/world
THE FINCEN FILES – LIVE AGGREGATED NEWS UPDATE
This is The Laundry’s ‘live’ aggregated news page for the FinCEN Files. The page will continuously update with new links to content when it is published by various outlets.
INDIA: CORONAVIRUS LOCKDOWN CRUSHES GOLD SMUGGLING – ANNUAL ILLEGAL SHIPMENTS TO FALL FROM 120 TONNES TO 25 TONNES
On 21 September, Business Today reported that the coronavirus lockdown in India has significantly hit the inflow of smuggled gold with illegal shipments estimated to have fallen to nearly 2 tonnes a month. The “normal” nearly 120 tonnes in previous year is about 17% of the country’s annual demand.
ISLE OF MAN: MONEYVAL AML/CFT PROGRESS REPORT
On 21 September, the Isle of Man published a report on progress which has been made in relation to tackling money laundering and combatting the financing of terrorism, following recommendations made by MOEYVAL after an evaluation undertaken in 2016. It claims that more than £24 million has been recovered since January 2019 – including confiscations in respect of domestic offences; with £17,904,384 identified as being the proceeds of crime and recovered from a local financial institution in partial satisfaction of the foreign confiscation order.
AUSTRALIA: STOCKBROKERS THE NEW MONEY LAUNDERING FRONT LINE AS ILLICIT FUNDS TARGET THE ASX
On 20 September, ABC News reported that a proposed change to money laundering laws could flood the stock exchange with dirty cash, experts have warned. AUSTRAC has closed public consultation on a key rule about identifying the source of funds used to buy and sell ASX stocks, which it is said could inadvertently make it easier for criminals to move money. Experts in the field are concerned the proposals could make it easier for criminals to launder money by buying and selling shares in traded companies — and then getting their money out. The proposed changes would mean customers can trade shares and do not have to be identified until 5 days afterwards.
https://www.abc.net.au/news/2020-09-21/stockbrokers-money-laundering-asx-share-market/12678720
CHINA’S UNRELIABLE ENTITIES LIST AND SANCTIONS RISKS FOR FOREIGN BUSINESSES
On 19 September, Deutsche Welle reported that China has announced a sanctions regime Beijing says will “protect the interests” of Chinese companies from “unreliable” foreign companies. It comes as the rift with the US continues, and with a scheme that somewhat mirrors the US Commerce Department Entity List scheme. The Unreliable Entities List will contain foreign companies that “harm China’s national sovereignty, security, and development interests” or violate “internationally accepted economic and trade rules”. Penalties for companies the end up on the list include fines, restrictions on importing and exporting and investment, and restrictions on moving employees into China.
https://www.dw.com/en/china-launches-sanctions-scheme-targeting-foreign-firms/a-54985660
raytodd.blog 