On 8 October, the UN added 1 name to its ISIL/Al-Qaida sanctions list, on the advise of the relevant UN Panel of Experts – JAMAL HUSSEIN HASSAN ZEINIYE.
https://www.un.org/press/en/2020/sc14321.doc.htm
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On 8 October, a release on Mondo Visione reported the release by the US Attorney General’s Cyber-Digital Task Force of this Framework which provides a comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency; details the important relationships that the DoJ has built with regulatory and enforcement partners both within the US Government and around the world; and outlines the DoJ response strategies.
Part I provides a detailed threat overview, cataloging the 3 categories into which most illicit uses of cryptocurrency typically fall – financial transactions associated with the commission of crimes; money laundering and the shielding of legitimate activity from tax, reporting, or other legal requirements; and crimes, such as theft, directly implicating the cryptocurrency marketplace itself.
Part II explores the various legal and regulatory tools at the US Government’s disposal to confront the threats posed by cryptocurrency’s illicit uses It highlights the strong and growing partnership between the DoJ, SEC, the Commodity Futures Commission, and agencies within the US Treasury, among others, to enforce federal law in the cryptocurrency space.
Part III contains a discussion of the ongoing challenges the government faces in cryptocurrency enforcement — particularly with respect to business models (employed by certain cryptocurrency exchanges, platforms, kiosks, and casinos), and to activity (like “mixing” and “tumbling,” “chain hopping” and certain instances of jurisdictional arbitrage) that may facilitate criminal activity.
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On 8 October, OFAC formally designated 16 Iranian banks for operating in Iran’s financial sector, 1 bank for being owned or controlled by a sanctioned Iranian bank, and an Iranian military-affiliated bank under Treasury’s counter-proliferation authority. It also issued General License L (Authorizing Certain Transactions Involving Iranian Financial Institutions Blocked Pursuant to EO 13902) and related FAQ 842 to 847, and 845 provides a provides for a 45-day wind-down period for non-US persons engaged in previously non-sanctionable activity involving the Iranian financial sector or Iranian financial institutions that are now sanctioned pursuant to EO 13902.
https://content.govdelivery.com/accounts/USTREAS/bulletins/2a4e84b
https://home.treasury.gov/news/press-releases/sm1147
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201008
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On 8 October, AUSTRAC announced that a new financial crime guide will help businesses to combat Australia’s illegal wildlife trafficking trade by identifying, targeting and reporting suspicious financial activity. It draws on intelligence collected from known instances of wildlife trafficking operations and aims to educate the businesses AUSTRAC regulates on how illegal wildlife trafficking operates, the ways it can be detected by suspicious financial activity and when they should report to AUSTRAC. In Australia, native reptiles are overwhelmingly the most trafficked Australian native live animal.
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On 8 October, a news release from the Insolvency Service advised that new laws will require mandatory independent scrutiny of pre-pack administration sales where connected parties are involved in the purchase – such as the insolvent company’s existing directors or shareholders. Pre-pack administrations involve arrangements to sell part or the whole of a company’s business or assets prior to the company entering into administration. The sale is completed on or shortly after the appointment of an administrator and the speed of the transaction helps preserve the value of the business while saving jobs. While pre-pack administration sales are widely considered to be a valuable rescue tool, concerns have been raised that arrangements may not always be in the best interests of creditors. The release explains that the power to regulate connected party sales in administration lapsed in May 2020, but was revived by the Corporate Insolvency and Governance Act 2020, giving the Government powers to introduce regulation via affirmative secondary legislation.
https://www.gov.uk/government/news/pre-pack-sales-to-face-mandatory-independent-scrutiny
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A news release from the US DoJ on 7 September announced that the US has seized 92 domain names that were unlawfully used by the IRGC to engage in a global disinformation campaign. 4 of the domains purported to be genuine news outlets but were actually controlled by the IRGC and targeted the US for the spread of Iranian propaganda, and the seizure documents describe how all 92 domains were being used in violation of US sanctions targeting both the Government of Iran and the IRGC; and the remaining 88 domains targeted audiences in Western Europe, the Middle East, and South East Asia and masqueraded as genuine news outlets while actually being operated by the IRGC to spread pro-Iranian disinformation around the globe to the benefit of the Government of Iran.
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On 7 October, Bitcoin.com reported that the Spanish Prosecution office says it is investigating Arbistar, a suspected pyramid scheme masquerading as a bitcoin trading platform, for allegedly running a bitcoin trading scam with preliminary findings suggesting $1 billion in investors’ funds cannot be accounted for and 32,000 families affected.
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An article from Allen & Overy on 5 October was connected with an important business and human rights case on the docket of the US Supreme Court. It has agreed to determine the contested scope of the Alien Torts Statute in the context of an appeal by Nestlé USA Inc, the US affiliate of Swiss-based Nestlé, and Cargill Inc, the largest privately held company in the US. They, together with the Solicitor General, on behalf of the Trump administration, challenge the holding by the Court of Appeals for the Ninth Circuit that US corporations can be held liable under the ATS for aiding and abetting human rights violations abroad by virtue of their corporate conduct in the US. The ruling involves 3 former child slaves who accused Nestlé and Cargill of aiding and abetting human rights violations, and a court had found that they had aided and abetted its overseas suppliers’ violations of international norms.
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