Day: December 16, 2020

An article from OCCRP on 16 December reported that AUSTRAC has found the country’s package tour industry a high-risk sector for money laundering, financing of terrorism and organised crime.   A junket tour is a kind of package trip where guests are taken by the tour operators to a variety of curated entertainment houses, which almost always include casinos.   In return for bringing clients to the casinos, the junket tour operators (JTO) receive commission based on the guests’ gambling activities.  More than 1,000 junket programmes exist in Australia and 61% of Australian casinos work with JTO to bring in guests, while suspicious matter reports submitted to AUSTRAC, catalogued questionable transactions by junket tour operators valued at more than $274 million.

https://www.occrp.org/en/daily/13545-australian-authorities-find-junket-tour-industry-a-haven-for-organized-crime

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A news release from the UN on 16 December advised that the RAFIDAIN BANK had been removed from the list of individuals and entities subject to the assets freeze pursuant to UN SCR 1483.

https://www.un.org/press/en/2020/sc14390.doc.htm

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On 16 December, the OECD published Harmful Tax Practices: 2019 Peer Review Reports on the Exchange of Information on Tax Rulings – Inclusive Framework on BEPS: Action 5.  BEPS Action 5 is one of the four minimum standards which all members of the OECD/G20 Inclusive Framework on BEPS have committed to implement.  One part of the Action 5 minimum standard is the transparency framework for compulsory spontaneous exchange of information on certain tax rulings which, in the absence of transparency, could give rise to BEPS concerns.  Over 130 jurisdictions have joined the Inclusive Framework and take part in the peer review to assess their compliance with the transparency framework.  This report reflects the outcome of the annual peer review of the implementation of the Action 5 minimum standard and covers 124 jurisdictions. It assesses implementation for the 1 January – 31 December 2019 period.

www.oecd.org/tax/harmful-tax-practices-2019-peer-review-reports-on-the-exchange-of-information-on-tax-rulings-afd1bf8c-en.htm

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On 16 December, OFAC advised that it had added a Vietnamese national and a number of companies (2 UAE, 1 Chinese, 1 Hong Kong, 1 Vietnamese) to its SDN List.  These were listed for supporting the Iranian petrochemical industries, with 4 listed for facilitating the export of Iranian petrochemical products by Triliance Petrochemical Co Ltd, an entity itself designated by OFAC in January 2020.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201216

https://home.treasury.gov/news/press-releases/sm1214

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On 16 December, CFATF reported that the BVI FSC has published its “Money Laundering Risk Assessment 2020” report on 10 December.  The report presents the findings of sectoral assessments for the period 2015 to 2019 and is a follow-up to the country’s 2016 National Risk Assessment report. 

The report is at –

https://www.bvifsc.vg/sites/default/files/money_laundering_risk_assessment_2020_report_final.pdf

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On 16 December, the Brussels Times reported that face masks produced by the victims of forced labour in China are being sold on the Belgian market, according to research carried out by OCCRP.  The masks – 3-ply disposable surgical in packs of 50 – masks are sold online under the brand name Hubei Haixin.  OCCRP reported that medical masks and protective equipment made by Uighur laborers in China are being sold across Europe by at least 2 major distributors, and have been bought by governments and health bodies in at least 5 countries, an investigation by OCCRP and partners has found.

https://www.brusselstimes.com/news/business/145679/masks-produced-by-slave-labour-in-china-on-sale-in-belgium

https://www.occrp.org/en/coronavirus/chinas-oppressed-uighurs-made-covid-19-protection-sold-throughout-europe

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On 16 December, an article from Proskauer says that, in the US, law enforcement is now moving past its old strategy of strongly discouraging victims from paying ransoms. Regulatory agencies – such as OFAC and the SEC – are implementing regulations to prevent victims from paying ransom to buy their way out of a ransomware attack.  It advises that firms should consider the impact of the OFAC requirements (and other regulations that will inevitably emerge to address Ransomware concerns) in their contracting with third parties, to ensure that their partners understand what will be expected of them in the event of a Ransomware incident. 

https://www.privateequitylitigation.com/2020/12/regulatory-crackdown-on-ransomware/

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On 16 December, STEP reported that a Bill has been introduced to create a beneficial ownership registry managed by the National Tax and Customs Directorate (DIAN).  It proposes increased transparency, AML and anti-corruption measures that aim to bring the country in line with FATF recommendations. The Bill mainly addresses legal persons with residence in Colombia but includes foreign companies with subsidiaries in Colombia, as well as trusts and NPO.  Ownership or control is 5% or more of capital or voting rights of a legal entity, or 5% or more of the assets, income or profits of the legal entity. In the case that no natural person is identified as having such ownership or control, the legal representative or the person with greatest authority in terms of management and direction of the entity must be identified.

https://www.step.org/industry-news/beneficial-ownership-legislation-introduced-colombian-senate

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On 16 December, FATF published a report highlighting the latest developments and details how criminals continue to exploit the crisis.  A selection of case studies illustrates how the risks have evolved as the pandemic has progressed, and how authorities have dealt with them.  These include mounting cases of counterfeiting medical goods, cybercrime, investment fraud, charity fraud and abuse of economic stimulus measures.  The paper confirms the concerns expressed by the FATF in May, including –

1. Changing financial behaviours – especially significant increases in online purchases due to widespread lockdowns and temporary closures of most physical bank branches, with services transitioning online; and
2. Increased financial volatility and economic contraction – largely caused by the losses of millions of jobs, closures of thousands of companies and a looming global economic crisis.

www.fatf-gafi.org/media/fatf/content/images/Update-COVID-19-Related%20Money%20Laundering%20and%20Terrorist%20Financing%20Risks.pdf

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