Day: November 17, 2020

On 17 November, Global Trade Magazine published an article explaining that the new law comes into force on 1 December and creates a comprehensive and unified export control regime that regulates the export of goods, technologies, and services that impact China’s national security.  It applies to the export of dual-use items, military products, nuclear materials, and other goods, technologies, services, and items that are related to the protection of national security and performance of international obligations – known as controlled Items.  It will apply to the transit, transshipment, through transportation or re-export of controlled items, or the export of controlled items from any bonded areas, export processing zones or other special customs supervision zones or export supervised warehouses, bonded logistics centres or other bonded supervision premises to overseas. It will have extraterritorial effect as well, and hence will impact not only Chinese domestic companies in China but also foreign businesses located outside of China.  However, the article says, like other Chinese laws, one notable characteristic of the Export Control Law is the vagueness inherent in the wording, and further definition and explanation is expected in subsequent regulations.  The article proposes a number of steps as critical and essential for an effective trade compliance programme under the Export Control Law, and says that they provide a basis and foundation for the compliance programme but do not constitute an exhaustive list.

https://www.globaltrademag.com/how-chinas-new-export-control-law-may-impact-your-business/

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On 17 November, OFAC advised that it had added 2 names – a Kenyan national and a Somali national – to its SDN List. 

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201117_33

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On 16 November, a release from CFATF was concerned with the Financial and Corporate Service Providers (FCSP) Bill 2020 which defines certain financial schemes as illegal.  The Deputy PM explained that “these may take the form of pyramid schemes, Ponzi schemes and advance-fee schemes, among others, and many of them have plagued unsuspecting Bahamians for generations.  Further, these schemes are fundamentally detrimental to investors and the public. The Bill criminalises the promotion or marketing of these financial schemes and empowers the Securities Commission to dissolve them where circumstances so warrant. It also empowers the Commission to investigate and enforce against persons engaged in financial schemes”.

https://www.cfatf-gafic.org/home/what-s-happening/681-the-bahamas-passes-bill-in-the-house-of-assembly-to-criminalize-financial-schemes

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On 16 November, All Africa reported that the Financial Reporting Centre (FRC), a State agency charged with tracking illicit money, is investigating SportPesa for possible money laundering in the wake of claims the sports betting operator wired $278 million from its local accounts to offshore banks.

https://allafrica.com/stories/202011160925.html

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On 17 November, ABC News reported that a former staffer for a New South Wales Labor MP faces investigation into money laundering after around $60,000 in bundles of cash was seized from the Chinese-Australian man’s Sydney home.

https://www.abc.net.au/news/2020-11-18/investigation-finds-bundles-of-cash-at-ex-labor-staffers-home/12890806

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On 17 November, Vice reported that Greece introduced golden visas in 2014, and as of May 2020, the country had issued 7,550 of them – 5,504 to Chinese citizens.  It is also said that, in 2019, the it was said that there were over 27,000 Chinese agencies specialised in organising Golden Visa deals, and that 57,000 Chinese citizens have invested more than €37 billion in golden visas over the previous decade.  The article highlights a case in which a Chinese woman not only had her apartment grossly overpriced  and located in an entirely different part of Athens, but it had also been sold to another Chinese investor after she’d bought it, at a lower price and, when she confronted her agent in Greece, they asked her to produce a list of documents she didn’t have, to prove the apartment belonged to her.  She is suing and Vice says that her and another are just the tip of the iceberg – and that Athens might be facing a bigger real estate bubble.

https://www.vice.com/en/article/pky4x7/greece-golden-visa-china-scam

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On 17 November, FATF published the latest table of consolidated assessment ratings, following the publication of the latest report on Iceland.

http://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 17 November, FATF published its follow-up report on Iceland, following its mutual evaluation in 2018.  Iceland has been re-rated for no less than 10 Recommendations.  The report also looks at whether Iceland’s measures meet the requirements of FATF Recommendation 15 (New technologies), which changed since their 2019 progress report. The FATF agreed to downgrade the rating to “Partially Compliant” – as Iceland has addressed some of the deficiencies identified and met some of the new criteria but moderate deficiencies remain.  Iceland is Compliant on 21 of the 40 FATF Recommendations and Largely Compliant on 16 of them.  It remains Partially Compliant on 3 Recommendations.  Iceland will continue to report back to FATF on its progress.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Report-Iceland-2020.pdf

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