Month: October 2020

On 30 October, Janes.com and others reported that the UK has effectively barred the sale of the FA-50 to Argentina, with the South Korean manufacturer informing the South American nation that it is unable to supply the light fighter and strike jet with its British-made parts.

https://www.janes.com/defence-news/news-detail/uk-bars-south-korea-from-selling-fa-50-to-argentina

https://www.forbes.com/sites/davidaxe/2020/10/31/no-fa-50s-for-you-uk-diplomats-swat-down-argentine-fighter-plan/?sh=1b0c000718d0

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On 30 October, Malta Today reported that the FIAU finds low level of risk assessment and enhanced due diligence for PEP and voluminous transactions at Lombard Bank.  It has been fined €340,058 for breaching AML obligations by the Financial Intelligence Analysis Unit.

https://www.maltatoday.com.mt/business/business_news/105623/lombard_bank_fined_340000_by_fiau_over_money_laundering_shortcomings

https://www.independent.com.mt/articles/2020-10-30/local-news/Lombard-Bank-slapped-with-340-000-fine-by-FIAU-over-money-laundering-breaches-bank-to-appeal-6736228269

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On 30 October, OFAC issued this Advisory to highlight sanctions risks arising from dealings in high-value artwork associated with persons blocked pursuant to OFAC authorities, including persons on the OFAC List of Specially Designated Nationals and Blocked Persons (the SDN List).

https://home.treasury.gov/system/files/126/ofac_art_advisory_10302020.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201030

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This Occasional Paper from RUSI on 13 October identifies factors that render free-trade zones vulnerable to illicit trade and financial crime and proposes measures to detect and prevent it.  It points out that international organisations such as the OECD, WCO, FATF and the EU have all highlighted criminal risks related to FTZ.  Based on 74 interviews, 2 research workshops and an analysis of publicly available literature, the paper identifies key challenges faced by the case study countries, which are also likely to apply to other countries that host FTZ.

https://rusi.org/sites/default/files/20201012_ftzs_web_2.pdf

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On 30 October, the Isle of Man FSA issued a Discussion Paper, with responses required by 22 January.  The purpose of the paper is to discuss proposals for greater industry funding of financial regulation and Designated Business oversight in the Island.  Increasing funding from industry would provide greater independence from government and move the FSA towards a predominantly industry-funded model (PIFM) in the future.  A separate consultation paper was issued on 16 October with specific proposals to increase fees payable to the FSA from 1 April 2021 and 1 April 2022.

https://consult.gov.im/financial-services-authority/funding-financial-regulation-designated-business/supporting_documents/DP2001T14FundingRegulationandOversight.pdf

https://consult.gov.im/financial-services-authority/fees-from-1-april-2021-and-1-april-2022/consult_view/

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EU Regulation 2020/1578/EU has amended 2 entries on its Burundi sanctions list.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2020.362.01.0001.01.ENG&toc=OJ%3AL%3A2020%3A362%3ATOC

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On 30 October, Dutch News reported that the Dutch government intends to toughen up licensing rules after investigations have revealed that Dutch pleasure boat registrations are being used to facilitate large-scale drug smuggling operations.
https://www.dutchnews.nl/news/2020/10/dutch-pleasure-boat-registration-used-by-criminals-and-drug-smugglers-nieuwsuur/

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On 27 October, Bright Line Law published an article which considers the scope for enforcement of OFAC designation against UK persons.  In certain scenarios, a US sanction will operate to prevent persons in the UK from dealings.  But although there is a need to tread carefully, assisting a person who is OFAC designated in or from the UK, including in relation to property, is possible as long as key points are remembered.

https://brightlinelaw.co.uk/the-impact-of-a-persons-ofac-designation-in-the-uk/

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On 29 October, OFAC advised that 5 individuals – 3 Iranian, an Indian and Chinese national and 11 entities have been added to its sanctions lists, including 8 entities for their involvement in the sale and purchase of Iranian petrochemical products – the AL-BILAD ISLAMIC BANK FOR INVESTMENT AND FINANCE PSC (additional aliases) and Mahmoud MADANIPOUR have been amended.  At the same time OFAC has issued General Licence M (Authorizing the Exportation of Certain Graduate Level Educational Services and Software) and new FAQ 853 on Iranian sanctions.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201029

https://home.treasury.gov/news/press-releases/sm1168

https://home.treasury.gov/system/files/126/iran_gl_M.pdf

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