Day: October 23, 2020

On 23 October, FATF reported the outcome of the Plenary held 21-23 October which included statements on the impact of the Covid-19 crisis on risks, policies etc.  It confirmed that Iceland and Mongolia are no longer subject to enhanced monitoring – with no change to the February list of high-risk jurisdictions.  The Plenary issued a statement on strengthening measures to prevent the financing of proliferation of WMD.  Following a public consultation on the draft amendments to Recommendation 1 and its Interpretive Note, the FATF Plenary approved revisions to the FATF Recommendations. The revised Recommendation 1 and its Interpretive note require countries and private sector entities to identify, assess, manage and mitigate the risks of potential breaches, non-implementation, or evasion of the targeted financial sanctions related to proliferation financing.  The Plenary also adopted changes to Recommendation 2 and a new Interpretive Note to Recommendation 2, to enhance domestic co-operation, co-ordination and information exchange among national authorities. The Plenary also adopted a new report on Trade Based Money Laundering (TBML), which it will publish in the near future. It provides an update on new trends and developments and aims to assist both the public and private sectors to better identify and disrupt TBML activity using a risk-based approach. The report will also serve as a practical tool for governments to develop specific measures and practices to overcome the numerous challenges associated with pursing this complex form of money laundering.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-october-2020.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 23 October, OFAC advised that this entity had been added to its SDN Lists, the entity said to be a Research Institution linked to the Triton malware

https://home.treasury.gov/news/press-releases/sm1162

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201023

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 23 October, MONEYVAL released a follow-up report which noted the continuing positive progress made by the Isle of Man to tackle money laundering and terrorist financing since the adoption of its mutual evaluation report in December 2016.  It notes the positive progress made by the FSA in the implementation of its sanctioning regime, and assigns the Island a higher international compliance rating in the area of tipping-off and confidentiality, and a positive compliance rating in the area of new technologies, including virtual assets.  It placed on hold the assessment for one rating related to group-wide requirements for non-financial businesses and professions, pending a decision on this issue by the FATF.  MONEYVAL says that the Island now has reached a level of full compliance with 20 of the 40 FATF Recommendations, but that  it retains minor deficiencies in the implementation of another 19 Recommendations, and larger-scale deficiencies for only Recommendation 23 (The requirements set out in Recommendations 18 to 21 apply to all DNFBP).  However, MONEYVAL decided that the Island will remain in the enhanced follow-up process and will continue to report back on further progress to strengthen its implementation of AML/CFT measures – reporting back next year.  The rating for Recommendation 15 has been downgraded due to the absence of wire transfer requirements for Convertible Virtual Currencies (CVC)/virtual asset service providers (VASP).

One should, of course, bear in mind that such follow-ups only deal with technical compliance, and not effectiveness of controls – the latter, measured by the Immediate Objective (IO) ratings, can only be reassessed following a full re-evaluation.

https://rm.coe.int/moneyval-2020-3-sr-5th-round-fur-mer-isle-of-man/1680a016e6

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 23 October, a post on the (always worth looking at) FCPA Blog advised that the SFO had published a chapter from its internal Operational Handbook that offers “comprehensive guidance” on how it approaches DPA, and how it “engages with companies where a DPA is a prospective outcome”. 

https://fcpablog.com/2020/10/23/sfo-publishes-new-comprehensive-guidance-on-deferred-prosecution-agreements/

The guidance is at –

https://www.sfo.gov.uk/publications/guidance-policy-and-protocols/sfo-operational-handbook/deferred-prosecution-agreements/

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 23 October, a news release from the Icelandic Government advised that FATF has decided that Iceland will be removed from the list of countries with inadequate protection against money laundering and terrorist financing, commonly referred to as the ‘grey list’.

https://www.government.is/news/article/2020/10/23/Iceland-no-longer-on-FATF-grey-list/

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

A news release from the Revenue Commissioners on 22 October advised that Revenue officers had been granted a 3-month cash detention order following the seizure of almost €427,500 at Rosslare Europort when, as a result of routine profiling and with the assistance of detector dog Flynn, Revenue officers stopped a UK-registered vehicle boarding a ferry to Bilbao, Spain.  A man in his 30s, originally from Poland, was questioned in relation to the seizure and investigations are ongoing.

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-221020-revenue-seize-427500-cash-at-rosslare-europort.aspx

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 23 October, a release on Mondo Visione advised that MAS has issued lifetime Prohibition Orders (PO) against Mr Kevin Michael Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Singapore Branch (BSIS).  A further release advised that Kevin Michael Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Singapore Branch (BSIS) had also received lifetime Prohibition Orders.The actions are connected to the 1MDB scandal.

https://mondovisione.com/media-and-resources/news/monetary-authority-of-singapore-bans-kevin-michael-swampillai-for-life/

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 23 October, the Stockholm International Peace Research Institute published a report about the dispute and tensions in the Eastern Mediterranean.  It looks at the background (all the way back to 1923 Treaty of Lausanne, which formally ended the conflicts involving the Ottoman Empire and established the new, sovereign Turkish republic and the treaty’s Aegean map was particularly complicated and has remained disputed.

https://www.sipri.org/commentary/essay/2020/maritime-disputes-eastern-mediterranean-why-and-why-now

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 22 October, McCann Fitzgerald published an article saying that it is essential for businesses to consider Irish company law implications of Brexit for certain corporate structures such as those UK entities with Irish businesses and, Irish entities with UK directors or a UK holding company.  It says that if businesses have not already done so, in reviewing their corporate structures, they should ask whether they will need to establish a new legal presence or business presence elsewhere in the EU, whether by way of incorporation, branch or by a strategic merger or acquisition. 

https://www.mccannfitzgerald.com/knowledge/brexit/Be-Brexit-Ready-Irish-Corporate-Structures

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 13 October, NautaDutilh published an article saying that the Dutch government has drawn up a joint ‘Plan of action Anti-Money Laundering’ including various measures to increase the barriers to money laundering.  One of the proposed measures is to limit large cash payments – there is currently no maximum for cash payments in the Netherlands. Now a draft law includes a total ban on cash payments of €3,000 or more for traders, and that ban cannot be circumvented by means of several individual cash payments. It is said that, given that the Council of Ministers approved the bill on 25 September and will forward it to the Council of State, it still seems feasible for the ban to enter into force by 2021.

https://www.nautadutilh.com/en/information-centre/news/legislative-bill-prevention-of-money-laundering-act-a-ban-on-cash-payments-of-eur-3000-and-more-for-traders

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