Day: December 5, 2020

On 5 December, Malta Today reported that membership-only credit card provider for ultra-rich spenders Insignia has been fined €373,670 over AML compliance breaches.  These included that it was found to have minimised the risk for customers from non-reputable jurisdictions, with its risk-scoring grid failing to identify the true risks.  FIAU found several deficiencies with the company’s business risk assessment, which included insufficient information and lack of detailed controls on high-risk customers.

https://www.maltatoday.com.mt/news/national/106327/malta_luxury_cards_provider_fined_373000_for_money_laundering_breaches

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The US State Department has launched this programme, with its own dedicated website.  The State Rewards for Justice (RFJ) programme offers rewards of up to $5 million for information that leads to the disruption of financial mechanisms of persons engaged in certain activities that support North Korea, including money laundering, exportation of luxury goods to North Korea, specified cyber-activity and actions that support WMD proliferation.  It says it is looking for information on such things as

1. the export from North Korea of military-related weapons and other items to any entity or individual;
2. those who seek to undermine cybersecurity, including of financial institutions and cryptocurrency exchanges around the world;
3. ship-to-ship transfers of coal originating in North Korea or crude oil or petroleum products being shipped to North Korea;
4. North Korean nationals who are sent outside of North Korea to work to generate money for the North Korean government;
5. money laundering to support the Government of North Korea;
6. narcotics trafficking, counterfeiting of goods or currency, and bulk cash smuggling;
7. any shipment or transfer of luxury items to the DPRK, which could include luxury automobiles, designer clothing, jewellery, alcohol, tobacco, perfume, or other similar items likely destined for regime elites; and
8. serious human rights abuses by the Government of North Korea.

https://dprkrewards.com

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 brief from Clifford Chance reports that in September a Ukrainian court at the request of the prosecutor’s office for the Autonomous Republic of Crimea and Sevastopol (currently located in Kiev) issued an order to seize 65 aircraft operated by Russian airlines, as they are flying to Crimea in violation of Ukrainian laws.  In November, another 44 aircraft were added to this list of ‘seized’ aircraft.  The briefing summarises potential legal implications of these events for English law leases with Russian airlines

https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2020/12/2012_Client%20Briefing%20-%20Ukraine%27s%20attempt%20to%20seize%20Russian%20aircraft%20flying%20to%20Crimea.pdf

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 3 December, VAT Live reported that HMRC has launched an online VAT number checker service.  The provides a real-time check that a UK VAT number is valid, plus the name and address of the taxpayer holding the number. This service is being launched as the UK leaves the VIES EU VAT number validation service.

https://www.avalara.com/vatlive/en/vat-news/uk-launches-vat-number-checker.html

The VAT number checker is at –

https://www.tax.service.gov.uk/check-vat-number/enter-vat-details

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