On 10 November, OFAC advised that a number of individuals and entities have been added to its Iran and non-proliferation sanctions regimes.  2 of the individuals are Taiwanese.  2 of the entities are Taiwanese and 2 are from Hong Kong.  They are said to be part of a procurement channel supplying the Iranian military, including with US-origin electronic components.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201110

https://home.treasury.gov/news/press-releases/sm1180

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A news release from the US State Department on 9 November said that, in his official capacity as President of Nicaragua from 1997 to 2002, Aleman was involved in corrupt acts such as misappropriating millions of dollars of public funds for the benefit of himself and members of his family.  As a result of the designation, Alleman and his immediate family members are ineligible for entry into the US.  In addition to Aleman, the US is also is publicly designating the following members of Aleman’s immediate family: Maria Fernanda Flores Lanzas de Aleman, Maria Dolores Aleman Cardenal, Maria Alejandra Aleman Cardenal, and Carlos Miguel Aleman Cardenal.

https://www.state.gov/designation-of-former-president-of-nicaragua-aleman-due-to-involvement-in-significant-corruption/

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On 10 November, the Sowetan Live reported that Mozambique has filed provisional embezzlement, money laundering and abuse of office charges against former finance minister Manuel Chang over $2 billion in state-guaranteed debt borrowed during his term in office.  He has been in custody in South Africa since December 2018 and is being sought both by Mozambique and the US to face prosecution over the loans.  3 former Credit Suisse bankers who helped arrange the loans pleaded guilty in the US earlier this year to conspiracy charges including bribery and fraud.

https://www.sowetanlive.co.za/news/africa/2020-11-10-mozambique-files-charges-against-ex-fin-min-over-2-billion-debt/

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On 10 November, a release on Mondo Visione advised that the  proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal particulars.  It is proposed that it would be mandatory for a financial institution to use at least one of the several types of information for non-face-to-face verification, through channels such as phone banking or online banking, before it undertakes any transactions or request from an individual.  The consultation closes on 9 December.

https://mondovisione.com/media-and-resources/news/monetary-authority-of-singapore-consults-on-requirements-to-strengthen-financial/

The consultation paper is at –

https://www.mas.gov.sg/publications/consultations/2020/consultation-paper-on-notice-on-identity-verification

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On 9 November, Insight Crime reported that Paraguayan authorities have announced sanctions against Banco Itaú, a major Brazilian bank in the latest case of Latin American governments cracking down on financial institutions that do not comply with AML regulation.  The bank had allegedly failed to report suspicious transactions to the Secretariat for the Prevention of Money or Property Laundering (Secretaría de Prevención de Lavado de Dinero o Bienes – SEPRELED).  This was the largest fine related to money laundering in Paraguayan history.  The article also reminds one that, in June 2019, the bank had agreed to return $13.1 million to the 4.7 million customers it overcharged in 2008-18, as well as paying a penalty of nearly $2 million; in October 2019, Brazil’s Operation Car Wash (Lava Jato) anti-corruption probe found Banco Itaú had enabled $16.4 million used for the payment of bribe; and in November 2019, the city of São Paolo fining Itaú $662 million for evading state taxes.  It also says that, in 2019, Paraguay was named as the country with the second-highest risk of money laundering in Latin America, and that Brazilian authorities had sought the extradition of former Paraguayan President Horacio Cartes (2013-2018) to face money laundering charges related to the Odebrecht scandal.

https://www.insightcrime.org/news/brief/paraguay-money-laundering-impunity/

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A news release from US Customs & Border Protection advised that officers working at the Dallas Fort Worth port of entry intercepted a shipment of counterfeit footwear, handbags, and textiles worth over $9.3 million dollars.  The counterfeit designer merchandise originated in China and was destined for McKinney, Texas.  It is said that a thorough examination of the shipment of 148 boxes manifested as “Ladies Sweater Ladies Sweatpants” yielded a treasure trove of poorly packaged footwear, handbags and textiles bearing protected trademarks such as Chanel, Gucci, Louis Vuitton, and Adida’s Yeezy designer footwear line. 

https://www.cbp.gov/newsroom/local-media-release/cbp-intercepts-93m-counterfeit-designer-merchandise

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On 10 November, HMRC and HM Treasury published a summary of the responses to the consultation which ended on 21 February and seeking views on the expansion of the Trust Registration Service as required to transpose the 5^th EU Money Laundering Directive into UK law.  It sought proposals on the types of express trusts that would be required to register, data collection and data-sharing, and on penalties.

https://www.gov.uk/government/consultations/technical-consultation-fifth-money-laundering-directive-and-trust-registration-service

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On 5 November, the Federal Register in the US announced the revocation of the designation of ETIM with effect from 20 October.

https://www.federalregister.gov/documents/2020/11/05/2020-24620/in-the-matter-of-the-designation-of-the-eastern-turkistan-islamic-movement-also-known-as-etim-as-a

 

 

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On 5 November, an article from Clyde & Co was concerned with the 9^th DPA agreed by the SFO, this time with Airline Services Ltd for a section 7 offence of failing  to implement adequate procedures to prevent one of its agents abusing the tender process, by using commercially sensitive information, to corruptly win contracts for ASL to refit commercial airliners.  The company was allowed more than the normal maximum discount on the financial penalty involved (50% instead of 30%), the presiding judge saying that 50% could be appropriate not least to encourage others how to conduct themselves when confronting criminality.  It also reported on SFO’s revised guidance, issued in October, which raises a number of further important issues, re-emphasising parts of the previous Handbook and enhancing existing factors, reflecting the SFO experience in negotiating DPA.

https://www.clydeco.com/en/insights/2020/11/deferred-prosecution-agreements-9th-dpa-confirmed

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