Day: February 23, 2021

A report from the Transnational Alliance to Combat Illicit Trade on 20 January, in light of what was said to be the strong and widespread impacts of illicit trade on countries’ economic output and performance, investigated whether a correlation can be established between individual countries’ creditworthiness and their vulnerability to illicit trade.  The report compared the credit ratings attributed by S&P Global, Fitch Group and Moody’s and the scores attributed by the Global Illicit Trade Environment Index, and finds that countries that are poorly equipped to tackle illicit trade also suffer from poor credit worthiness.  It is said that the corruption, crime, human trafficking, money laundering, and environmental degradation connected with illicit trade all combine to weaken a country’s economic, financial and institutional stability that underpin its credit ratings.

https://www.tracit.org/uploads/1/0/2/2/102238034/tracit_illicittradeandsovereigncreditratings_jan2021_hr_final.pdf

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On 23 February, an article from Michael Volkov is concerned with US Treasury and Commerce Department regulations governing involvement in unsanctioned foreign boycotts.  Known collectively as the “antiboycott laws,” these regulations (and corresponding statutes) generally prohibit US persons and companies from participating in activities at odds with broader US foreign policy objectives.  The primary target of these laws is the Arab League’s long-standing controversial boycott of Israel, but participation in any unsanctioned boycott activity is also generally prohibited.

https://www.jdsupra.com/legalnews/export-regulation-101-a-primer-on-u-s-5832236/

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On 23 February, Euronews reported that Aivars Lembergs, 67, the mayor of the city of Ventspils since 1988, has been convicted by a court in Riga and sentenced to 5 years imprisonment for bribery and money laundering.  Lembergs’ son, Anrijs, and business partner, Ansis Sormulis, were also sentenced to 2 years in prison and had their assets confiscated, for being accessories.  The decision brings an end to the longest criminal trial in Latvia’s recent history, though Lembergs has said he will appeal.

https://www.euronews.com/2021/02/23/aivars-lembergs-one-of-latvia-s-richest-men-is-jailed-for-bribery-and-money-laundering

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A Briefing from The Sentry says that gold’s meteoric rise in price has brought renewed attention to the problem of conflict gold — gold that funds armed groups and criminal networks.  It is estimated that over $4 billion in conflict-affected or high-risk gold from Central and East Africa flows to international markets annually.  It is said that electronics, jewellery, automotive, and financial services companies are at risk of purchasing conflict and high-risk gold from DRC, the Central African Republic (CAR), Sudan, and South Sudan via Dubai, UAE.  Gold from these conflict-affected countries is primarily smuggled to neighbouring countries — namely Uganda, Rwanda, Cameroon, Kenya, Chad, and Burundi — and then exported to Dubai before ending up in jewellery or gold bars around the world.  The Briefing says that the trade in conflict gold is prolific and problematic, but companies, governments, and financial institutions can pursue the identified 5 actions to have significant impact.  It does say that international regulations, due diligence standards, and industry auditing programs established over the past decade to combat the conflict gold trade have significantly improved awareness of the problem – but the Briefing identifies 5 main obstacles to a sustainable solution, presenting new opportunities for governments and industry to have an impact.

https://cdn.thesentry.org/wp-content/uploads/2021/02/ConflictGoldResponsibleGold-TheSentry-Feb2021.pdf

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On 22 February, OFAC announced that Maung Maung KYAW and Moe Myint TUN have been added to the SDN List. These are 2 generals appointed as members of the State Administration Council. 

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210222_33

https://home.treasury.gov/news/press-releases/jy0031

https://www.state.gov/promoting-accountability-for-those-responsible-for-violence-against-protestors-in-burma/

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