Day: January 23, 2021

On 22 January, the e Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the FATF-style regional body, published several AML/CFT evaluation follow-up reports, all published in December 2020 –

• Uganda: 5^th Enhanced Follow-up Report & Technical Compliance Re-Rating;
• Ethiopia: 7^th Enhanced Follow Up Report and Technical Compliance Re -Rating;
• Botswana: 4^th Enhanced Follow-Up Report & Technical Compliance Rerating;
• Mauritius: 3^rd Enhanced Follow-up Report & Technical Compliance Re-Rating;
• Seychelles: 2^nd Enhanced Follow-up Report & Technical Compliance Re-Rating; and
• Madagascar: Technical Compliance Re-Rating.

UGANDA

Uganda has made significant overall progress in resolving the technical compliance shortcomings identified in its MER and ratings for 6 FATF Recommendations have been revised.  FATF Recommendations 29 (initially rated PC) and 32 (initially rated NC) upgraded to Compliant (C).  Recommendations 10 (initially rated PC), 23 (initially rated PC), 31 (initially rated PC) and 35 (initially rated PC) upgraded to Largely Compliance (LC).

However, ESAAMLG has also evaluated information provided in support of the request for rerating of FATF Recommendations 2, 14, 30, and 40; and, while the steps taken to address the deficiencies have been noted, the information currently provided does not indicate that the country has made sufficient progress to warrant re-rating. On this basis, it was agreed that the ratings for these Recommendations should remain unchanged.

Uganda will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving and implementing its AML/CFT measures.

https://esaamlg.org/reports/5th%20FUR%20Uganda-%20December%202020%20.pdf

ETHIOPIA

Ethiopia is re-rated “Largely Compliant” with FATF Recommendation 7 (Targeted financial sanctions related to proliferation financing), but will remain in enhanced follow-up and will continue to report biannually on its progress in improving and implementing its AML/CFT measures.

https://esaamlg.org/reports/7th%20Ethiopia%20FUR-December%202020.pdf

BOTSWANA

Overall, Botswana has made progress in addressing deficiencies in technical compliance to justify re-rating of FATF Recommendations 6, 7 and 10 ( all previously rated PC) to Largely Compliant.  Although Botswana has put in place legal framework to address the new requirements of Recommendation 2, there was no sufficient progress to justify a rerating.  Recommendation 15 has not been re-rated as Botswana has not provided information addressing the new requirements.

Botswana will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures.

https://esaamlg.org/reports/4th%20Botswana%20FUR-December%202020.pdf

MAURITIUS

Overall, Mauritius has made sufficient progress in addressing deficiencies in technical compliance identified in its MER to justify re-rating of FATF Recommendations 26 (initially rated PC) and32 (initially rated PC) to Largely Compliant.  Recommendation 15 which was re-rated C has been downgraded from C to Partially Compliant considering that Mauritius has not addressed the new requirements.

Mauritius will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures 2 months before each Task Force meeting.

https://esaamlg.org/reports/3rd%20FUR%20Mauritius-%20December%202020.pdf

SEYCHELLES

Whilst the Seychelles has addressed issues identified in the MER against Criterion 15.2 and partly addressed Criterion 15.1, there are no measures that have been undertaken to address requirements relating to virtual assets and activities of VASP.  In view of the importance of the remaining deficiencies, there is no rerating on FATF Recommendation 15.  It has made sufficient progress in addressing the technical compliance shortcomings identified in its MER and, on the basis of the progress made, Recommendation 1 has been re-rated Compliant while ratings of Recommendations 26 and 29, have been upgraded to Largely Compliant.  Reviewers have also evaluated information provided in support of re-rating for Recommendations 2 and 15 (initially rated NC).  However, while the steps taken to address the deficiencies have been noted, the information currently provided does not indicate that the country has made sufficient progress to warrant re-rating on Recommendations 2 and 15.  On this basis, it was agreed that the rating for these Recommendations should remain unchanged.

The Seychelles will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving and implementing its AML/CFT measures.

https://esaamlg.org/reports/2nd%20FUR%20Seychelles%20-%20December%202020.pdf

MADAGASCAR

Despite Madagascar enacting a new AML/CFT Law, the country has made little progress in addressing the technical compliance deficiencies identified in its MER.  Overall, in light of the progress made by Madagascar since the adoption of its MER, the re-ratings for its technical compliance with the FATF Recommendations were considered and approved by the ESAAMLG Task Force of Senior Officials Plenary as follows –

https://esaamlg.org/reports/1st%20FUR%20Madagascar%20December%202020.pdf

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

On 22 January, an article from CMS Law says that, on 15 January, judgment was handed down in the High Court in a defamation case.  The Claimant filed proceedings on various grounds including breach of GDPR, defamation, misuse of private information, malicious falsehood and harassment.   The defendants are all domiciled in the US, and the hearing concerned a contested application for permission to serve out of jurisdiction.  It is said that the most significant part of the judgment is the analysis on the territorial scope of GDPR.   It says that the findings on the territorial scope of the GDPR will be welcomed by non-European domiciled defendants who are increasingly being targeted in GDPR damages claims in courts in England. 

https://www.cms-lawnow.com/ealerts/2021/01/clarifying-the-territorial-reach-of-the-gdpr-in-data-protection-litigation

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An article in Haaretz on 23 January follows his conviction for bribery in Switzerland.  It also reminds one that, in December 2020, Romania’s Supreme Court handed down another 5-year sentence to Steinmetz.

https://www.haaretz.com/israel-news/diamonds-big-mining-and-soros-the-fall-of-beny-steinmetz-once-israel-s-richest-man-1.5476031

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y