Day: December 9, 2020

On 8 December, WilmerHale published an article which opens with examples of recent China Initiative cases that the US DoJ has brought based largely on the evidence discovered during airport border searches. While the number of these cases has been on the rise, US Attorney Andrew Lelling has referred to the cases announced so far as only “the tip of the iceberg”.  It seems that border searches, conducted by US Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE), will remain one of the most essential investigative tools.  It says that there are countless cases where innocent travellers have been questioned and devices seized and examined without results.  Academic researchers and visiting students have described being targeted by CBP agents, aggressively questioned, and having their devices taken from them.  Often, these encounters have led to missed flights and months without laptops or cellphones, and the critical information contained on them.  The article describes the current state of the law related to border searches, and the law as it pertains to CBP’s and ICE’s authority to seize and examine electronic devices and recent legal challenges to that authority that could ultimately change the landscape for these searches.  The article concludes with a discussion of practical advice for educational institutions, companies, and other organisations to help their researchers, students, and employees prepare to travel to and from the US.

https://www.wilmerhale.com/en/insights/client-alerts/20201209-borderline-the-evolving-landscape-of-the-border-search-doctrine

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On 9 December, the always useful FCPA Blog reported that the World Bank has debarred a Singapore marine equipment supplier – Jason Electronics (Pte) Ltd – for 6 months for misrepresentations in bidding documents connected to a project in Bangladesh.  Jason Electronics is a wholly-owned subsidiary of Jason Marine Group Limited, which is listed on the Singapore stock exchange and specialises in providing marine communications and navigation systems.

https://fcpablog.com/2020/12/09/world-bank-debars-unit-of-listed-singapore-company-for-concealing-agents-commission/

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An article from Out-Law on 9 December contains this warning from a sanctions expert as the end of the Brexit transition period looms.  It is said that while the UK regulations broadly mirror those imposed by the EU, delivering substantially the same policy effects as the existing regimes, organisations cannot assume that they are identical.  In some cases, there are key differences which may have a significant impact on future relations and the ability to conduct business lawfully.  An example given is that the definition of ‘brokering services’ in regulations made under the UK legislation is wider than under the EU regime.

https://www.pinsentmasons.com/out-law/news/brexit-uk-sanctions-different-their-eu-counterparts

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On 9 December, the UK Government unveiled plans to combat fraud, saying they were intended to give businesses confidence in who they are working with.  There are 3 consultations, including on new powers for Companies House to query information and take steps to improve the quality and value of financial information it holds; and saying that it intends to take forward plans to restrict the use of corporate directors on company boards, to stop criminals from hiding behind complex corporate structures.  It is said that the new initiatives follow changes announced in September of wider plans to reform the Companies House register. Under the new proposals, directors cannot be appointed until their identity has been verified and the register’s powers will be expanded so that it can query, investigate and remove false or inaccurate information.  The consultations are on –

Improving the quality and value of financial information on the UK companies register

https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform-improving-the-quality-and-value-of-financial-information-on-the-uk-companies-register

Powers of the Companies Registrar

https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform-powers-of-the-registrar

Implementing the ban on corporate directors

https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform-implementing-the-ban-on-corporate-directors

All 3 consultations close on 3 February.

https://www.gov.uk/government/news/government-launches-consultations-to-crack-down-on-company-fraud-and-improve-corporate-transparency

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On 9 December, OFAC announced that 3 additional individuals and 3 more entities had been added to its human rights abuses sanctions lists.  It says that, on International Anti-Corruption Day, it was targeting corrupt actors and their networks across several countries in Africa and Asia. – mentioning corruption in Liberia, Kyrgyz and SE Asia.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201209

https://home.treasury.gov/news/press-releases/sm1206

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 8 December, Energy FM in the Isle of Man carried an article saying that a report from a Tynwald Committee (Tynwald is the Island’s parliament) has issued a stark warning to the Isle of Man’s legal profession about the way it is run and is regulated.  The Constitutional and Legal Affairs and Justice Committee said that the Islands legal system is in ‘urgent need of reform’.  It has issued a list of 11 conclusions and recommendations, saying that the system is outdated and not in line with other jurisdictions such as England, Wales and Scotland. 

https://www.energyfm.net/cms/news_story_655840.html

The report (large and in 2 volumes) can be accessed at –

https://www.tynwald.org.im/business/pp/Reports/2020-PP-0191(1).pdf

https://www.tynwald.org.im/business/pp/Reports/2020-PP-0191(2).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 9 December, Regulation Asia reported that, in Australia, AUSTRAC has published a new guide for remittance service providers on developing an AML/CFT programme.  It is said that the intention of the guide is to support the identification, mitigation and management of the money laundering and terrorism financing risks remittance services businesses face.  It emphasises the need for remittance businesses to be able to identify changes in the risk environment, and to update their risk assessments accordingly.

https://www.regulationasia.com/austrac-publishes-aml-ctf-guidance-for-remittance-providers/

The guide, along with new fact sheets on risk management, reporting, customer identification and other resources, is available at –

https://www.austrac.gov.au/business/industry-specific-guidance/remittance-service-providers

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 9 December, FATF, in collaboration with Egmont Group, has released a new report to help the public and private sector with the challenges of detecting trade-based money laundering. The report takes stock of current TBML risks and uses case studies to explain the ways in which criminals exploit trade transactions to move money, rather than goods. The report says countries should use national risk assessments and other risk-focused material to raise awareness with the public and private sector entities involved in international trade – including FIU, customs agencies, law enforcement, financial institutions, transport companies, importers and exporters, accountants and auditors.  Key recommendations include improving information-sharing of financial and trade data, and improving cooperation between authorities and private sector, including through public-private partnerships; and a key finding of the report is that greater awareness about all aspects of the trade process, including how different financing processes are managed, would likely increase opportunities to detect and successfully disrupt TBML.

[As an aside, I have always favoured the use of the more encompassing term “trade-based financial crime” when considering risks and undertaking risk assessment – as there is more to trade-based crime than just money laundering.  However, at least TBML is a recognised label.]

www.fatf-gafi.org/media/fatf/content/Trade-Based-Money-Laundering-Trends-and-Developments.pdf

Factsheet for the private sector –

www.fatf-gafi.org/media/fatf/documents/Handout-Trade-Based-Money-Laundering-Private-Sector.pdf

Factsheet for the public sector –

www.fatf-gafi.org/media/fatf/documents/Handout-Trade-Based-Money-Laundering-Public-Sector.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

An article from the law chambers of 5 St Andrews Hill discusses the Law Commission Consultation Paper on Confiscation and Part 2 of the Proceeds of Crime Act 2002 (POCA 2002) and provide insight on some the key proposals.  This was in the light of a consultation paper from the Law Commission on 17 September.  The paper covers numerous different areas and makes some interesting proposals, but there are 3 areas that are particularly worthy of consideration:

1. how the court places a value on the amount a defendant has benefitted from their criminal conduct (the benefit);
2. the enforcement of confiscation orders (enforcement); and
3. a new focus on ensuring the compensation of victims (victims’ rights).

https://www.5sah.co.uk/news-and-events/articles/2020-12-07/consulting-on-the-future-of-confiscation-under-part-2-of-the-proceeds-of-crime-act-2002

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 9 December, a Notice from HM Treasury advised that 12 names – 1 individual and 11 entities – have been removed from the UK Consolidated List.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/942443/Notice_Iraq_2020_2003.pdf

https://www.gov.im/news/2020/dec/09/financial-sanctions-iraq/

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