Day: December 22, 2020

On 22 December, the EU reported that the Commission has adopted new rules on the export, import and intra-EU shipment of plastic waste.  These new rules ban the export of plastic waste from the EU to non-OECD countries, except for clean plastic waste sent for recycling.  Exporting plastic waste from the EU to OECD countries and imports in the EU will also be more strictly controlled.  The new rules take effect from 1 January.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2020.433.01.0011.01.ENG&toc=OJ%3AL%3A2020%3A433%3ATOC

https://ec.europa.eu/environment/news/plastic-waste-shipments-new-eu-rules-importing-and-exporting-plastic-waste-2020-12-22_en

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On 21 December, an article on Lawfare argues that the CJEU’s concerns are inapplicable to the overwhelming bulk of data transfers to the U.S. under standard contractual clauses (SCC) — and that nearly all US companies should have no difficulty showing, as the CJEU requires, that US surveillance authorities at issue will not interfere with their ability to comply with SCC.  It concludes by saying that one hopes that EU supervisory authorities will acknowledge that SCC data transfers to the US do not pose the “surveillance” problem the CJEU thought.

https://www.lawfareblog.com/why-schrems-ii-might-not-be-problem-eu-us-data-transfers

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A post on the FCPA Blog on 22 December said that Odebrecht, the Brazilian construction giant embroiled in numerous corruption and bribery scandals, starting with Operation Car Wash, has announced the completion of independent external compliance monitoring.  The post also says that, after having suffered so much economic and reputational damage, perhaps it isn’t surprising that Odebrecht has also announced that is rebranding, with the new name “Novonor”.

https://fcpablog.com/2020/12/22/odebrecht-completes-monitorship-looks-to-future-with-new-name/

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IOSCO, the International Organization of Securities Commissions has produced guidance following the IOSCO Board having mandated the Committee on Retail Investors (C8) to identify methods for providing investor education about crypto-assets to retail investors.  The guidance contained in a report covers the types of crypto-assets and the main risks associated with these instruments. To assist regulators and retail investor to address those risks, the report also presents 4 areas of guidance – developing educational content about crypto-assets; informing the public about unlicensed or fraudulent firms; using a variety of communication channels to inform investors; and forging partnerships to develop and disseminate educational materials.

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD668.pdf

https://mondovisione.com/media-and-resources/news/iosco-publishes-report-on-education-of-retail-investors-regarding-risks-of-crypt/

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On 22 December, an article from Eversheds Sutherland considered the recently issued report. Described as a ‘stock-take of our collective knowledge of money laundering and terrorist financing risks in the UK’, the NRA is one in a sequence of risk assessments required under the Money Laundering Regulations. Its findings must be taken into account in the risk assessment prepared by each of the UK supervisory authorities.  It is therefore essential that the risks highlighted in the NRA are properly understood at senior manager level, and that compliance teams and MLRO have a good working understanding of what threats have been identified particular to the firm’s relevant areas of business.

https://www.eversheds-sutherland.com/global/en/what/articles/index.page?ArticleID=en/Financial-services-and-dispute-investigation/Third-National-Risk-Assessment-published-by-HM-treasury-Home-Office-UK

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On 22 December, the Globe & Mail reported that Rio de Janeiro state police have arrested outgoing Mayor Marcelo Crivella in connection with an alleged kickbacks scheme.  The evangelical bishop turned politician is scheduled to leave office on 1 January after losing a re-election bid.

https://www.theglobeandmail.com/world/article-rio-mayor-arrested-in-connection-with-alleged-bribery-scheme

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On 22 December, FATF published an updated consolidated schedule, following the publication of reports on Sri Lanka, Bangladesh and Morocco.

www.fatf-gafi.org/publications/mutualevaluations/documents/assessment-ratings.html

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On 22 December, FATF published a report from FATF-style regional body MENAFATF which looks at the actions Morocco has undertaken to address the weaknesses identified in its 2019 review and to meet the requirements of FATF Recommendations.  To reflect the actions they have taken, Morocco’s technical compliance on a large number of Recommendations has been re-rated.  Morocco remains in the Enhanced Follow-Up process and will submit its 2nd Enhanced Follow-Up report to MENAFATF in November 2021.

www.fatf-gafi.org/publications/mutualevaluations/documents/fur-morocco-2020.html

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On 22 December, FATF published this report from FATF-style regional body which examines the actions Sri Lanka has undertaken to address weaknesses identified in its 2015 review and to meet the requirements of FATF Recommendations that have changed since their 2015 mutual evaluation.  To reflect the actions they have taken, Sri Lanka’s technical compliance on Recommendations 14 and 15 has been re-rated:

1. Recommendation 14 is upgraded from non-compliant to largely compliant
2. Sri Lanka is re-rated to partially compliant with Recommendation 15 as there are moderate deficiencies with Sri Lanka’s implementation of R. 15

Sri Lanka will remain in enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

www.fatf-gafi.org/publications/mutualevaluations/documents/fur-sri-lanka-2020.html

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On 22 December, FATF published a report from the FATF-style regional body APG addressing the technical compliance deficiencies identified in its mutual evaluation review and ensuing 2018 and 2019 Follow-Up Reports.  Overall, Bangladesh has made progress in addressing the technical compliance deficiencies identified in its MER and ratings have been upgraded on 2 Recommendations:

1. Bangladesh has been re-rated to largely compliant on Recommendation 28
2. Bangladesh has been re-rated to compliant on Recommendation 33

Bangladesh will remain in enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures.

www.fatf-gafi.org/publications/mutualevaluations/documents/fur-bangladesh-2020.html

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