Day: December 11, 2020

On 11 December, the lobby group FACT issued a news release saying that, with a veto-proof majority of 84 to 13, the US Senate has passed historic legislation to end the incorporation of anonymous companies in the US.  The Corporate Transparency Act, which is included in the annual “must-pass” defence Bill known as the National Defense Authorization Act, was previously passed by the House of Representatives also by a veto-proof majority.

https://thefactcoalition.org/with-veto-proof-majority-senate-sends-landmark-bill-ending-anonymous-companies-to-presidents-desk/

FACT also supplied a factsheet on the Act –

https://thefactcoalition.org/fact-sheet-a-brief-summary-of-the-corporate-transparency-act-of-2019-title-lxiv-of-the-ndaa-h-r-6395/

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On 3 December, the FATF-style regional body for Latin America held a virtual Plenary –

1. It discussed and approved the 2^nd Regular Follow-up and Requalification Report on Cuba and the 5^th Intensified Monitoring and Requalification Report on Nicaragua, which will be published after the conclusion of the process of reviewing quality and consistency with FATF. Delegations took note of the progress made by both countries.
2. Reports of voluntary progress were also received from Colombia, Costa Rica, Guatemala, Honduras, Panama, Peru, the Dominican Republic and Uruguay.
3. Approved the Strategic Plan 2020-2025 – which will be published in due course.
4. Changes were approved in the International Standards and the Evaluation Methodology of the Fourth Round of Mutual Assessments.
5. Reports were adopted from Working Groups on strengthening International Cooperation through the GAFILAT Asset Recovery Network (RRAG); analysis of the approach and impact of the informal economy on GAFILAT’s mutual evaluation processes; a guide to sectoral risk assessment associated with money laundering and the financing of terrorism; and on the submission of effectiveness information in the Mutual Assessment process, which contains guidelines and guidelines that may be useful to countries when developing, organising, systematising and presenting information on effectiveness in Mutual Assessment processes.

https://www.gafilat.org/index.php/es/noticias/126-principales-resultados-de-la-xlii-reunion-del-pleno-de-representantes-del-gafilat-ii-pleno-virtual

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On 10 December, an article from Sayari is concerned with an alleged money laundering scheme carried out by a family network based in Peru which underscores how the Peruvian fishing industry has become a viable channel to clean illicit proceeds from a variety of predicate crimes.  It is said that the network — composed of several immediate family members and 2 of their financial fixers — used shell companies based in the BVI, along with real estate and seafood companies in Peru to launder millions derived from drug trafficking and tax evasion, according to Peruvian prosecutors.  They also invested the ill-obtained funds in luxury real estate and vehicles in Peru.

https://sayari.com/blog/offshores-seafood-companies-and-real-estate-unpacking-the-barrera-palacios-money-laundering-network-in-peru/

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On 11 December, the Center for a New American Security published an article saying that the incoming Biden Administration will have an opportunity to strengthen the US counterproliferation finance regime, upholding the integrity of the international financial system and improving global security. To achieve these goals, the Biden administration will likely work closely with FATF and like-minded nations to create a multilateral and comprehensive approach to strengthening global counterproliferation finance efforts. It makes a number of recommendations that address legal, regulatory, and enforcement avenues for the US to leverage its traditional leadership role in global counterproliferation.

https://www.cnas.org/publications/commentary/americas-2021-counterproliferation-finance-agenda

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RUSI has released a new podcast which takes stock of the setbacks and the triumphs for UWO, and considers what the future may hold for UWO.

https://www.rusi.org/multimedia/episode-seven-unexplained-wealth-orders-where-next

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EU Regulation 2020/2021/EU of 10 December amended the list of those designated under the sanctions regime relating to the Democratic Republic of Congo, with 1 name removed and others amended, and Annex Ia to EU Regulation 1183/2005 replaced.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2020.419.01.0005.01.ENG&toc=OJ%3AL%3A2020%3A419%3ATOC

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On 9 December, Addleshaw & Goddard LLP published an article about a recent Court of Appeal judgment which contains useful guidance on the use and purpose of search orders. If a search order is obtained, the search must be undertaken carefully, with appropriate safeguards, and must go no further than what the order permits. Otherwise, there is a risk that a court will find the Claimant to have breached the search order and the Defendant may look to have the claim struck out accordingly. It makes clear that an order for inspection is distinct, will require separate justifications and must be obtained prior to the inspection of documents found during the search order.  The judgment made clear that the purpose of the search order involved was the preservation of evidence and, whilst the search order authorised inspection of the documents, it only authorised inspection during the course of the search, not subsequently, and only for the purposes of the search.

https://www.addleshawgoddard.com/en/insights/insights-briefings/2020/litigation/search-orders-dont-permit-inspection-and-subsequent-analysis/

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On 11 December, CNN published a report saying that, in less space than a square mile, you have offices tied to the following – an alleged financier for Hezbollah; an individual accused of helping Iran acquire millions of dollars of military equipment in violation of US sanctions; a man accused of helping Venezuelan President Nicolas Maduro plunder his country’s resources; and a company that allegedly opened a bank in North Korea in violation of UN sanctions.  If that was not enough, there is also an office linked to a powerful SE Asian militia and a casino mogul accused of trafficking drugs, wildlife and even humans.

https://edition.cnn.com/2020/12/10/business/hong-kong-front-companies-intl-hnk-dst/index.html

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On 11 December, KYC 360 reported that McKinsey & Co is to repay $44 million for contracts it had with South African Airways and state logistics company Transnet., as it seeks to clear its name in the country.  It was associated with the Gupta family, some of whom have refused to return to South Africa from Dubai to face corruption charges.  McKinsey is one of a number of international companies caught up in South African probes mainly targeting firms doing business with state entities.

https://www.riskscreen.com/kyc360/news/south-african-graft-probe-mckinsey-to-repay-44-million-testify/

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