Day: October 12, 2020

On 6 October, a news release from the EU advised that it had made available 2 free tools for those wishing to do business with Iran –

Due Diligence Helpdesk – provides concrete, tailor-made support to EU SME by carrying out due diligence and thereby checking if specific business projects comply with EU sanctions.  In doing so, the platform aims to encourage EU SME to engage in legitimate business involving Iran and provide reassurance to other stakeholders, such as European banks. The Helpdesk will also publish guides, organise trainings and webinars and support business matchmaking events.

https://www.sanctions-helpdesk.eu/

Sanctions Tool – is based on an easy-to-use interactive questionnaire. It provides EU SME with a general, non-binding guidance on whether their business projects could fall under EU sanctions concerning Iran.

https://sanctions-tool.ec.europa.eu/

https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1804

On 9 October, a news release from the WCO advised that, in cooperation with Argentinean Customs, Spanish Customs prevented the illicit import of fossils of high paleontological value.  Spanish Customs were able to identify a high-risk container, which was duly inspected by Customs officers in May 2020 in the seaport of Valencia.  During the inspection, Customs officers found more than 4,000 fossils, including 5 well-preserved dinosaur eggs and a complete specimen of the dinosaur, minerals, as well as multiple specimen of animals protected by CITES.  Many fossils had been mixed with stones of different shapes and colour of no paleontological value in order to evade Customs controls.

http://www.wcoomd.org/en/media/newsroom/2020/october/operation-corsair-intelligence-exchange-led-to-the-seizure-of-more-than-4-000-fossils.aspx

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On 12 October, various media reported that FATF-style regional body. APG, has decided to keep Pakistan on its Enhanced Follow-up List for its slow progress on the technical recommendations of the FATF to fight terror financing.  It will have to continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. 

https://www.newindianexpress.com/world/2020/oct/12/fatfs-regional-group-keeps-pakistan-on-enhanced-follow-up-for-meagre-progress-against-terror-fund-2209228.html

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

On 12 October, Global Cement reported that the building materials producer faces a court action in Florida, where the court has accepted a request for damages from over 20 parties from Cuba whose land was nationalised and subsequently had a cement plant built on it.  The action is brought under Title III of the Helms-Burton Act.  Switzerland-based Holderbank held a stake in the partly-state owned Carlos Marx cement plant near Cienfuegos since 2001 via a “complex network of letterbox companies and transactions” in the Netherlands and Spain, according to the Tages Anzeiger newspaper.  Holderbank later became Holcim and then LafargeHolcim.

https://www.globalcement.com/news/item/11459-lafargeholcim-faces-us-270m-compensation-claim-over-violation-of-us-sanctions-in-cuba

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

On 12 October, KYC 360 reported that a UN report says that the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars in tariffs and payoffs but moving the money through local banks and even investing it in real estate and businesses.  Financial dealings with the Shabab are prohibited under UN Security Council sanctions.

https://www.riskscreen.com/kyc360/news/feared-shabab-exploit-somali-banking-and-invest-in-real-estate-u-n-says/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

On 9 October, Arendt & Medernach in Luxembourg published an article saying that the register of beneficial ownership (RBO) is accessible to the public. However, the EU Directives and the RBO Law provide that public access to a beneficial owner’s information can be temporarily restricted in ‘exceptional circumstances’, as detailed in the legislation.  The Luxembourg District Court has asked the Court of Justice of the EU to give a preliminary ruling on the interpretation and scope of the concepts of ‘exceptional circumstances’ and ‘risk’ set out in the Directives and domestic law.  The article says that the outcome of this proceeding will likely clarify which justifications may be used to request a temporary restriction on public access to a beneficial owner’s information in the RBO.

https://sites-arendt.vuturevx.com/144/2468/october-2020/2020.10.09—nf-litig—beneficial-owner-information-cjeu—extwebs.asp?sid=9aefb4f8-986e-4e84-89bc-5da1a17be302

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

On 9 October, 7 central banks and the BIS released a report assessing the feasibility of publicly available Central bank digital currencies (CBDC) in helping central banks deliver their public policy objective.  It outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue, and central banks are to continue investigating CBDC feasibility without committing to issuance.  BIS and banks have identified the core features of any future CBDC system, which must be –

• Resilient and secure to maintain operational integrity.
• Convenient and available at very low or no cost to end users.
• Underpinned by appropriate standards and a clear legal framework.
• Have an appropriate role for the private sector, as well as promoting competition and innovation.

https://www.bis.org/press/p201009.htm

The report is at –

https://www.bis.org/publ/othp33.htm

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y