Day: May 12, 2021

A White Paper from Risk Intelligence in Denmark says that as central hubs to the global supply chain, the physical protection of ports has long been considered important.  However, as ports have increasingly digitalised their operations, the safeguarding of their digital networks and assets has often remained underdeveloped, even as the criticality of them has grown.  The standardisation of port cybersecurity remains far behind that of port physical security and this is all the more concerning as a cybersecurity breach in one port is more able to impact other ports, suppliers, partners, and clients than a traditional security breach could.  It says that the bolstering of port cybersecurity requirements is not only in the interest of port authorities, therefore, but also the private and public parties who rely on the maritime supply chain.

https://f.hubspotusercontent40.net/hubfs/8059546/Whitepaper%20-%20cybersecurity%20threat%20to%20ports%20-%20May2021.pdf

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On 7 May, the Global Infinitive Against Transnational Organised Crime published a report saying that extortion – the extraction of money, goods, services or loyalty through the threat of force – is a pervasive global problem that threatens developing and developed countries alike; and that extortion attacks the order and systems of governance and erodes social confidence in the state. It ultimately reduces the quality of human life, people’s productivity and their right to be free.  The purpose of this handbook is to provide a clear understanding of what extortion is and how it manifests itself in different regions and communities around the world. It identifies successful community– based practices designed to prevent extortion, and proposes recommendations, action plans and guidelines to counter extortion.

https://globalinitiative.net/wp-content/uploads/2021/05/Extortion-handbook-WEB-1.pdf

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The Global Infinitive Against Transnational Organised Crime has published on 5 May a report saying that the countries involved need to balance welcoming “Belt and Road Initiative” (BRI) investments to build infrastructure and increase prosperity with finding ways to shield themselves from the activities of criminals eager to exploit and infiltrate new infrastructural projects and put their hands on the extra cash injected into local economies – although criminal involvement is a little studied aspect of the BRI, both in policy and research circles.  The report is said to be the first mapping of the convergence between BRI infrastructure and criminal flows – taking a close look at existing and potential criminal vulnerabilities in SE Asia as well as central and eastern Africa and identifies areas where BRI projects coincide with trafficking routes for narcotics, illicit environmental commodities and people.

https://globalinitiative.net/analysis/bri-crime/

https://globalinitiative.net/wp-content/uploads/2021/03/Chinas-New-Silk-Road-Navigating-the-Organized-Crime-Risk-GITOC.pdf

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On 11 May, the European Commission published guidance notes, which answers questions such as what sanctions are in place, who do they apply to and what does the freezing of assets entail.  The Note provides guidance on compliance obligations, and exemptions (or derogations), including those pertaining to humanitarian assistance. It also makes clear that EU operators should exercise caution when engaging with an entity owned/controlled by a listed person, and the guidance sets out how to determine the ownership/control of an entity

https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/210511-restrictive-measures-myanmar-guidance-note_en.pdf

https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/210511-restrictive-measures-myanmar-guidance-note-press-release_en.pdf

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On 11 May, an article from the CSB Group advised that the Financial Intelligence Analysis Unit (FIAU) has published an Enforcement Factsheet, drawn up by its Enforcement Section and, in tandem with the preceding Business Risk Assessment, aims to assist those subject to regulations in enhancing the compliance to AML/CFT obligations.  The Enforcement Section has analysed the enforcement actions undertaken by the FIAU in 2019 and 2020 and the factsheet presents the conclusions of this analysis.  It is said that the most common finding noted across all sectors relates to the appreciation of risk, both at the institutional level and at the customer level.  Other common findings relate to the requirements to have in place comprehensive customer risk profiles, transaction monitoring procedures and the need to consider occasional transactions within the context of all that is known about the customer, including past activity.

https://www.mondaq.com/money-laundering/1067030/fiau-has-published-its-enforcement-factsheet-document

https://fiaumalta.org/wp-content/uploads/2021/05/Enforcement-Factsheet.pdf

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