Day: February 17, 2021

On 16 February, Devex reported that an ambitious new program to fight corruption by identifying who benefits from the proceeds of lucrative extractive industries is being launched by transparency campaigners.  “Opening Extractives” is a collaboration between Open Ownership and the Extractive Industries Transparency Initiative (EITI).  The campaigners hope that the project will ultimately reduce funds lost by countries to corruption and increase tax revenue, allowing more public finances to be spent on services such as health care and education.

https://www.devex.com/news/new-project-to-investigate-who-benefits-from-corruption-in-extractive-industries-99164

See also the WWF: Targeting Natural Resources Corruption –

https://www.worldwildlife.org/pages/tnrc-targeting-natural-resource-corruption

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On 20 January, ICIJ published an article saying that English front companies allegedly siphoned millions of dollars from Niger, one of the world’s poorest countries, in a military procurement scandal that has engulfed the country and sparked lawsuits.  Last year, journalists in Niger obtained a confidential audit from the country’s MoD that alleged up to $120 million in defence spending had disappeared from the West African country, often into tax havens and bank accounts controlled by unknown owners.

https://www.icij.org/investigations/fincen-files/niger-scandal-of-the-century-exposed-in-fincen-files-sparks-lawsuit-demanding-action/

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On 10 February, an article from ACFCS offered some helpful indicators and resources to assist banks in their efforts to detect behaviour that could indicate a human trafficking situation, including key tactics and insight from speakers and top thought leaders from recent ACFCS conferences.

https://www.acfcs.org/top-tips-tricks-to-detect-red-flags-of-human-trafficking-in-your-fincrime-compliance-program-including-inconsistent-income-frequent-cc-booking-cancellations/

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

On 17 February, Sandler Travis Rosenberg reported that products made outside Xinjiang that nevertheless incorporate cotton and tomato products produced in the region may be detained upon entry into the US under a withhold release order (WRO), according to information from US Customs and Border Protection.

https://www.strtrade.com/trade-news-resources/str-trade-report/trade-report/february/downstream-products-included-in-xinjiang-import-detention-order-cbp-says

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

On 17 February, HMRC issued guidance to help recognise and reduce the risk of money laundering if you are an accountancy service provider.  It deals with risk assessment information provided to accountancy service providers under the Money Laundering Regulations to assist relevant persons in carrying out their own money laundering and terrorist financing risk assessment.

https://www.gov.uk/government/publications/understanding-risks-and-taking-action-for-accountancy-service-providers/understanding-risks-and-taking-action-for-accountancy-service-providers

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

On 17 February, FATF published the second follow-up report on Barbados technical compliance (not effectiveness) since its mutual evaluation report in 2018, following which it was placed in enhanced follow-up.  It has been re-rated on 13 FATF Recommendations, but this includes being downgraded on 2 – FATF Recommendation 15 (new technologies) and 21 (tipping-off and confidentiality), which are now “Partial Compliant”.  Barbados will continue to report back to the regional CFATF on its progress to strengthen its implementation of AML/CFT measures.  Barbados will also remain in enhanced follow-up on the basis that it has a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes (11 in total).

Click to access CFATF-2nd-Follow-Up-Report-Barbados-2021.pdf

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On 17 February, FATF published an updated schedule following the latest report on Denmark.

https://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 16 February, an article in Insight Crime alleges that the party that has governed Honduras since 2010 has become a federation that welcomes politicians and officials involved in criminal businesses ranging from timber to drug trafficking to the misappropriation of public funds.  It focuses on Hilda Hernández, sister of President Juan Orlando, and his brother Antonio Hernandez.

https://insightcrime.org/investigations/one-party-many-crimes-honduras-national-party/

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On 16 February, the Cayman News Service reported that the Registrar of Companies has begun fining companies registered here that have failed to submit accurate information on their ultimate beneficial owners and ignored warning letters to do so, with 19 administrative fines of $5,000 against companies for noncompliance.  The Ministry of Financial Services also noted that TCSP can also be fined in relation to beneficial ownership noncompliance if they do not fulfil their legal responsibilities to file restriction notices that curb companies’ abilities to conduct certain business activities if they have not provided the ownership information.  As of 1 February, the Registrar had issued warning letters to 18 TCSP that had not filed restriction notices. 

https://caymannewsservice.com/2021/02/registrar-fines-companies-not-revealing-owners/

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y