January 27, 2021 – raytodd.blog

TAKING CASH INTO OR OUT OF BRITAIN

HMRC Agent Update: January 2021 Brexit edition contains information about cash declarations when taking cash into or out of the UK. New requirements have applied since 1 January, including having to declare cash taken to or brought from an EU State.

You need to make a declaration if you are carrying €10,000 or the equivalent in any other currency of cash and travelling to or from a non-EU country;
You also need to make a declaration if you are carrying €10,000 or more of cash and travelling from Great Britain to Northern Ireland;
You need to make a declaration if they’re carrying £10,000 or more into or out of Great Britain from any country, including an EU State;
BUT you do not need to make a declaration when you are taking cash from Northern Ireland into Great Britain.

Note: cash declarations are also required when taking cash into or from the Isle of Man and the Channel Islands, including from and to the UK.

https://www.gov.uk/government/publications/agent-update-january-2021-brexit-edition/agent-update-january-2021-brexit-edition

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

THE CRAZY MARKET FOR THE WORLD’S MOST EXPENSIVE PET FISH – THE ENDANGERED ASIAN AROWANA

An article from The Hustle on 23 January says that certain specimens of the endangered Asian arowana have fetched up to $300,000 at auction. How it asks did a fish become a status symbol? An endangered species in the wild, the Asian arowana is illegal to import, sell, and, in most cases, own in the US. The article poses the questions: How did this fish become such a hot commodity? Who controls the market? And why is it illegal on US soil?

https://thehustle.co/asian-arowana-most-expensive-fish/

BLACK MARKET PESO EXCHANGE (BMPE) EVOLVING IN US

An article from Insight Crime on 26 January said that US federal prosecutors say a real-estate investment firm accepted millions in drug money, revealing how high-end real-estate ventures are being used to launder dirty cash at scale. It was explained in a statement that the “Black Market Peso Exchange facilitates the laundering of vast sums of drug trafficking proceeds”. The forfeiture is said to signal not only the surrender of millions in laundered proceeds, “but also the agreement of corporate defendants to exercise due diligence to ensure they are not assisting in or facilitating money laundering”. The BMPE, which refers to a trade-based money laundering system and came into prominence in the 1980s, is nothing new, but this settlement underscores that the system has evolved to include the investment of dirty dollars within the US into legal, high-end, profit-earning real estate.

https://www.insightcrime.org/news/analysis/black-market-peso-exchange-us/

NCA IN INTERNATIONAL TAKEDOWN OF NOTORIOUS MALWARE EMOTET

A news release from the NCA on 27 January advised that a malware botnet that was used by cybercriminals to infiltrate thousands of companies and millions of computers worldwide has been taken down in an international operation. NCA worked with law enforcement partners across Europe and North America for nearly 2 years to map the infrastructure of Emotet – a pervasive malware that not only infected computers, but also enabled other malware to gain access and cause significant damage to victim networks. Europol and Eurojust co-ordinated the operation, which saw the takedown and searches of properties take place in Ukraine.

https://www.nationalcrimeagency.gov.uk/news/nca-in-international-takedown-of-notorious-malware-emotet

https://www.europol.europa.eu/newsroom/news/world’s-most-dangerous-malware-emotet-disrupted-through-global-action

https://krebsonsecurity.com/2021/01/international-action-targets-emotet-crimeware/

FORMER KYRGYZ PRIME MINISTER ABYLGAZIEV ARRESTED ON CORRUPTION CHARGES

On 27 January, Rferl reported that former Kyrgyz Prime Minister Mukhammedkalyi Abylgaziev, 53, has been arrested on corruption charges. He allegedly helped the Kumtor Gold Company illegally obtain additional lands for geological works and mining while in office. He is also suspected of illegally obtaining unspecified amounts of cash while in office and investing that money into property in Bishkek and nearby districts.

https://www.rferl.org/a/former-kyrgyz-prime-minister-abylgaziev-arrested-on-corruption-charges/31071427.html

UK: FCA ISSUES WARNING OVER ‘CLONE FIRM’ INVESTMENT SCAMS

On 27 January, a news release from the FCA said that, with over £78 million stolen in ‘clone firm’ investment scams and the number of reports for this scam type on the rise, the FCA warns the public to protect themselves. Reports of ‘clone firm’ investment scams increased by 29% in April 2020 compared to March, when the UK went into its first lockdown. Clone firms are fake firms set up by scammers using the name, address and ‘Firm Reference Number’ (FRN) of real companies authorised by the FCA. Once set up, these fraudsters will then send sales materials linking to websites of legitimate firms to dupe potential investors into thinking they are the real firm when they are not. The news release includes tips on how to protect oneself.

https://www.fca.org.uk/news/press-releases/fca-scamsmart-warning-clone-firm-investment-scams

https://www.actuarialpost.co.uk/news/article/attack-of-the-clone-firms-19211.htm

FATF CONSOLIDATED AML/CFT RATINGS

On 26 January, following the publication of the Cuban and Nicaraguan follow-up reports, FATF issued an updated consolidated schedule of all AML/CFT ratings.

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

FATF PUBLISHES CUBA AND NICARAGUA FOLLOW-UP REPORTS

On 26 January, FATF published AML/CFT assessment follow-up reports previously published by FATF-style regional body, GAFILAT.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/GAFILAT-Follow-Up-Report-Nicaragua-2021.pdf

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/GAFILAT-Follow-Up-Report-Cuba-2021.pdf

OFAC: COMMUNIST CHINESE MILITARY COMPANIES GENERAL LICENSE AND RELATED FAQ

On 27 January, OFAC advised the issue of General License 1A (Authorizing Transactions Involving Securities of Certain Communist Chinese Military Companies) and 2 related FAQ. One FAQ explains what the General License covers and the other deals with queries about transactions with entities identified as subsidiaries of a Communist Chinese military company (CCMC).

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/879

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/878

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210127

UK APPROVES MILITARY EXPORTS TO 80% OF COUNTRIES ON ITS OWN RESTRICTED LIST

On 26 January, Action on Armed Violence released a report claiming that the UK has approved exports of military goods to 80% of the countries on its own embargoed, sanctioned or trade restricted list in just over 5 years. The UK lists 73 destinations as being subject to arms embargoes and other restrictions, 58 have had approval to receive goods that fall under ‘military use exports’ between January 2015 and June 2020. More than 4,800 licences have been approved in that time, worth some £2.6 billion of military-use exports to the 58 countries. A majority (69%) of these licences were for the exportation of high-value items such as aircraft, helicopters and drones – but also £300 million-plus worth of approved sales of small arms, explosives and crowd control equipment, going to dozens of nations on the embargoed and restricted list.

https://aoav.org.uk/2021/uk-approves-military-exports-to-80-of-countries-on-restricted-list/