Day: December 21, 2020

On 17 December, the EU published an 8-page guide to provide guidance on certain provisions in the relevant EU Regulation, for the purpose of ensuring uniform implementation by EU operators and national competent authorities (NCA).  The note is presented in the form of answers to the questions considered most likely to arise, and should further questions arise, the EU Commission may revise or extend the publication.

https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/201217-human-rights-guidance-note_en.pdf

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On 21 December, the EU Sanctions blog reported that the Bureau of Industry and Security has removed Ben Gurion University in Israel from the Entity List export restrictions scheme following a request for removal.  It was added to the list in February 1997 in connection with exports of certain US-origin computer systems.  Dow Technology, Hassan Dow, and Modest Marketing LLC have also been removed.

https://public-inspection.federalregister.gov/2020-28031.pdf

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On 20 December, Cruise Radio reported that, over the past several months, cruise enthusiasts watched as a company named Ocean Builders purchased the former P&O Dawn with the intention of turning it into a floating community.  The ship, which would be anchored off the coast of Panama, would have hosted a variety of businesses, including restaurants and nightclubs, eventually becoming a self-sustaining community.  The owners have now said that no protection and indemnity (P+I) insurance unit will insure the ship cannot legally have a crew, would lose its class rating and flag and any possibility of running any of the onboard businesses.  It is now said that once the ship reaches Panama she will be refuelled and resupplied and then sent to a scrapyard in India.

https://cruiseradio.net/how-cruise-ship-went-from-year-round-residence-to-scrapyard/

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A Commentary from RUSI on 21 December commented on the decision of the International Court of Justice, saying that the ruling is good for the global fight against corruption, and bad news for those seeking refuge under claims of diplomatic immunity.  The case involving France was concerned with the vice president of a sovereign country – Equatorial Guinea – being convicted of money laundering, as well as the government of that country shielding his property from enforcement by claiming that it forms part of its diplomatic mission.  It is said that the ICJ declined to give effect to this sleight of hand; it ruled that the diplomatic immunity Equatorial Guinea claimed does not extend to a Paris mansion whose confiscation has been ordered by a French court. It is said that the case is yet another demonstration that the main barriers to the prosecution of high-ranking foreign officials for economic crime are practical and political, rather than legal.

https://rusi.org/commentary/when-no-diplomatic-immunity-good-news-equatorial-guinea-v-france-international-court

 

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On 21 December, an article in Forbes says that a research study first published in May examines how financial statement auditors respond to allegations of financial misconduct towards the companies they audit.  For the study, titled “Whistleblowing Allegations, Audit Fees, and Internal Control Deficiencies”, researchers from the University of Melbourne performed interviews of audit practitioners and examined 770 external whistleblowing allegations of financial misconduct to determine if and how auditors respond.  Amongst its findings were that companies subject to whistleblowing allegations have significantly higher audit fees in the year the external report is filed, regardless of the substance of the allegations.  It is also said that a year prior to the external whistleblowing allegation, audit fees are higher, suggesting that auditors are likely aware of the issue when it was at an internal whistleblowing stage and react by increasing their effort.

https://www.forbes.com/sites/josephbrazel/2020/12/21/how-do-auditors-respond-to-whistleblowing-allegations-towards-their-clients

https://onlinelibrary.wiley.com/doi/10.1111/1911-3846.12619

 

 

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On 21 December, the Daily Observer reported that the FIU has announced Liberia’s automatic removal from its previous downgraded status by the Inter-Governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA) – the relevant FATF-style regional body.  This change was said to be was due to the country’s progress in addressing some of the deficiencies in its AML regime.  Liberia is now set to begin preparation for its second round of Mutual Evaluation that will further gauge the country’s technical and effective compliance to the FAFT Recommendations. In November 2019, Liberia had been downgraded by GIABA — meaning it had to report every 6 months, instead of the usual 1 year, on progress made in meeting international AML/CFT standards and requirements.  GIABA is also to launch a major advocacy mission to Liberia early next year to sensitize the authorities in Liberia on the significance of the FIU operations and the passage of key laws to bring Liberia into full and technical compliance with the FATF Recommendations. 

https://www.liberianobserver.com/news/fiu-announces-liberias-removal-from-downgraded-status-by-giaba/

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On 21 December, the Guardian said that luxury London homes are an “attractive method to launder illicit funds”, a government report has said.  The latest national risk assessment for money laundering has upgraded the risk level for the sector, saying: “corrupt foreign elites continue to be attracted to the UK property market, especially in London, to disguise their corruption proceeds”.  Estate agents had their risk upgraded from low to medium and there were signs that some in the market for high-end homes were failing to comply with rules.

https://www.theguardian.com/money/2020/dec/21/luxury-london-homes-still-used-to-launder-illicit-funds-says-report

https://www.gov.uk/government/publications/money-laundering-regulations-2007-supervision-of-estate-agency-businesses/estate-agency-guidance-for-money-laundering-supervision

Property sector and money laundering risk

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