On 9 March, Stuff reported that Swiss-based commodities trader Mercuria Energy Group Ltd struck a deal last summer to buy US$36 million of copper from a Turkish supplier – but when the cargoes started arriving in China, all they held were painted rocks. About 6,000 tons of blister copper in more than 300 containers were switched with jagged paving stones, spray-painted to resemble the semi-refined metal. Turkish police have taken 13 people into custody in relation to the faux copper scheme. Mercuria, one of the 5-biggest independent oil traders in the world, is seeking redress in both Turkish courts and a UK arbitration case against the copper supplier.
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 9 March, FATF published this report from the relevant FATF-style regional body, CFATF. This follow-up report looks at the actions Cayman Islands has undertaken to address the weaknesses identified in the report and to meet the requirements of FATF Recommendations that have changed since their 2019 mutual evaluation. The Cayman Islands has been re-rated on several Recommendations, but will remain in enhanced follow-up and will continue to report back to the CFATF on progress to strengthen its implementation of AML/CFT measures. Regular follow-up is the default monitoring mechanism for all countries. Enhanced follow-up is based on the CFATF’s policy that deals with members with significant deficiencies (for technical compliance and/or effectiveness) in their AML/CFT systems and involves a more intensive process of follow-up. It should be noted that, as is normal, the report does not address the progress that Cayman Islands may have made to improve its effectiveness. The Cayman Islands has made progress to address the technical compliance deficiencies identified in the MER and requested a re-rating (including in respect of revised Recommendations) in relation to 16 Recommendations. As a result of this progress, the Cayman Islands has been re-rated on 16 Recommendations – 1, 2, 15, 18, 21, 22, 23, 24, 25, 26, 28, 29, 32, 34, and 35. However, it has been downgraded on Recommendation 15 from LC to PC for failing to meet the requirements of the revised Recommendation, primarily due to non-commencement of the new VASP Law. It is concluded that the Cayman Islands will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes (which, as mentioned above, are not assessed or affected by this assessment of technical compliance)). Under this enhanced follow-up process, Cayman Islands will continue to report back to the CFATF on progress to strengthen its implementation of AML/CFT measures.
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 9 March, Artnet reported that the UK art market has been subject to stringent new regulations since an EU AML Directive came into force in January 2020 – but experts say that some art businesses may have misunderstood a key part of the regulations, and could be unwittingly breaking them, as rules allow for a business to rely on CDD checks carried out by someone else.
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 9 March, the Guardian reported on the Tax Justice Network new listing which says that Britain’s overseas territories have topped a list of the world’s most significant tax havens ahead of Switzerland, the Netherlands and Luxembourg. The TJN listing ranked the BVI as the “greatest enabler of corporate tax abuse”, with the Cayman Islands in second place and Bermuda third. The top 10 are –
UAE ATTRACTS CORPORATE BILLIONS TO CLIMB TAX-HAVEN RANKING
On 9 March, Reuters reported that the Tax Justice Network has added the UAE to its top-10 ranking, which includes Switzerland and Bermuda. The UAE joined the top ranking at number 10 after multinationals rerouted over $218 billion of foreign direct investment via the Netherlands to the UAE to save taxes, the study said.
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 8 March, an article from Crowell Moring says that the Departments of State, Commerce, and Treasury had issued press releases announcing new sanctions and export controls. The article then summarises these. They include the Entity List subject to export restrictions, the Proscribed Countries List of countries subject to a policy of denial for all exports of defence articles and defence services, State Department CAATSA and US Treasury OFAC sanctions.
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
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