Day: November 26, 2020

On 24 November, Swissinfo reported that the Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client; saying that the private bank had “failed to fulfil, or did not adequately fulfil, its obligations to clarify high-risk transactions by the client, which were in some cases in the tens of millions”.  The affair dates back to 2018 but only recently became known through a decision by the Geneva Criminal Court.  The Geneva public prosecutor’s office ordered account freezes totalling $1.2 billion at the end of 2018.  Following a partial release, around $900 million remains frozen, and in July the court rejected an appeal by Carlos Manuel de São Vicente to unblock the funds.

https://www.swissinfo.ch/eng/swiss-regulator-censures-bank-syz-over-money-laundering/46054728

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 26 November, an article in Forbes magazine examined the position and raised more questions about the Japanese owner of the Wakashio as Mauritius prepares its multi-billion dollar legal case for damages from the vessel’s insurers.  It says that one of the biggest reasons for this opaqueness is the widespread use of secret offshore shell companies by the global shipping industry. While an established Japanese shipping company, all of the owner’s vessels are registered in ‘flags of convenience’ nations, such as Panama, the Marshall Islands and Liberia.  Questions have also been raised about what sort of insurance the Wakashio had.  The magazine says that there are no less than 10 unanswered questions about ownership of 11 vessels in the Nagashiki Shipping fleet.  The article concludes by says that while the various legal cases are likely to drag on for years for the Wakashio, the complex business structures surrounding the  owner and operator is a perfect example for why there needs to be global shipping reform.

https://www.forbes.com/sites/nishandegnarain/2020/11/26/eu-database-raises-more-questions-about-japanese-owner-of-mauritius-oil-spill-ship/?sh=69818029537b

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

An article from Out-Law on 26 November says that action is required from UK exporters of dual-use items ahead of the fast-approaching expiry of the Brexit transition period on 31 December as the licensing regime is due to change after that date.  It warns that exporting without a required licence is a strict liability criminal offence, which includes inadvertent breaches, and a more serious offence for deliberate evasion of export controls.  Current licences to export dual-use items to a non-EU country issued by the UK, will remain valid for export from the UK from 1 January. However, an export licence issued by another EU Member State will no longer be valid for export from the UK.

https://www.pinsentmasons.com/out-law/news/uk-dual-use-exporters-face-brexit-deadline-new-export-licence

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