Day: December 29, 2020

On 29 December, the Daily Mail carried an article saying that a redacted report just published says that the authorities in Cyprus should consider stripping citizenship from a dozen individuals over their alleged involvement in acts of theft and fraud.  The probe was into 42 foreign nationals who obtained a Cypriot passport in exchange for millions in investments.  A redacted, 53-page report comes from the review of the country’s now-defunct citizenship-for-investment (CBI) programme.  Along with those facing the loss of Cypriot citizenship, another 5 individuals could face charges for allegedly lying on their applications.  According to the report, one investor used 2 different names and had tried to open bank accounts with each of them Another investor paid over €3.2 million to obtain citizenship in 25 credit card instalments inside of 30 minutes without raising any red flags.  The report criticises the Cypriot Interior Ministry.

https://www.dailymail.co.uk/wires/ap/article-9096883/Probe-Lax-oversight-let-alleged-cheats-Cyprus-passport.html

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The UK Cabinet Office on 29 December published this Bill which is intended to enable the UK Government to implement and ratify the Agreements agreed between the UK and the EU on Christmas Eve.  According to a constitutional law expert, clause 29 of the Bill has the effect of requiring us to proceed as if domestic law had been amended via a Henry VIII power (i.e. other than by full Parliamentary process in an Act) in circumstances where it has not been amended but where amendment is needed to implement the Agreements.

https://www.gov.uk/government/publications/eu-future-relationship-bill

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On 29 December, a special report from News 18 reported that, within weeks of US sanctions being imposed, a little-known company based in the UAE took over management of several tankers that had been shipping Venezuelan oil. The vessels got new names – and then they resumed transporting Venezuelan crude.  It is one of 3 UAE-based entities identified by Reuters that have shipped Venezuelan crude and fuel during the second half of this year.  The article says that the UAE is a hub for companies helping Venezuela skirt American sanctions.  The US hopes to topple socialist President Nicolas Maduro by cutting off the country’s crude exports.  The article says that determining who’s behind a tanker can be difficult. Oil tankers often are run by a management firm that is in charge of the crew and can administer freight contracts. The management company can be a separate entity from the registered owner, which is typically a special purpose vehicle that owns just that vessel. But it is also common for the manager to own the special purpose vehicle (SPV).  For most in the industry, the main point in using SPV is to insulate owners and managers from liability, not avoiding law enforcement. Still, changes to a ship’s ownership and management registrations can blur who is in control, especially if the vessel is registered in jurisdictions with loose disclosure requirements.

https://www.news18.com/news/world/special-report-uae-emerges-as-hub-for-companies-helping-venezuela-avoid-u-s-oil-sanctions-3225845.html

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