Day: May 22, 2021

Fourthline in the Netherlands published a White Paper in October says that regulators across multiple jurisdictions have turned their attention to the KYC and CDD files of existing bank clients.  It says that common mistakes banks make when initiating a remediation project include putting the burden on clients, recruiting expensive, untrained staff, trying to build a file with patchwork data, and relying on manual processes.  On the other hand, it says that best practices for a successful large-scale remediation process include rewarding clients, improving data quality, and prioritizing cost and time.

https://www.fourthline.com/newsroom/kyc-remediation-best-practices

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A report from the Global Initiative Against Transnational Crime on 21 May said that the devastation of Guinea-Bissau’s forests – a process coordinated by the military – was curtailed in April 2015 by the imposition of a 5-year moratorium on logging exports. Now, the current government looks set to lift the ban – raising widespread concerns of a resurgence in illicit logging.  It says that drivers for lifting the moratorium may be linked to the powerful interests at play in the sector, both within Guinea-Bissau’s elite and those of the Chinese business community, which have long-standing links to the logging business in the country. 

https://globalinitiative.net/wp-content/uploads/2021/05/Deep-rooted-interests-Licensing-illicit-logging-in-Guinea-Bissau-GITOC.pdf

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On 21 May, a report from OCCRP says that, despite repeated warnings, the Macedonian government has done little to stop what experts say is a growing flood of dirty oil from entering the country, with schools, hospitals, and government bodies across North Macedonia have been burning dirty oil in their heating systems.  The main company said to be involved was helped by a powerful Macedonian politician and businessman, Koco Angjusev.  The report says that an increasing amount of dirty fuel from the EU are ending up in the Western Balkans due to weak regulations and poor enforcement.  It is said that a senior customs official, who asked not to be named out of fear of losing his job, told the investigation that “powerful people” facilitated the trade in dirty oil, though he declined to name names. The report also says that the Balkans’ bad oil problem is much bigger than that involving the companies it names, with air pollution the single largest environmental health risk in Europe, killing around 400,000 people a year, with Western Balkan countries as the worst offenders.

https://www.occrp.org/en/investigations/europes-waste-dump-how-dangerously-polluting-oil-ended-up-heating-north-macedonias-hospitals

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SANCTIONS RESEARCH: MORE THAN 72,000 UNIQUE IRANIAN IP ADDRESSES LINKED TO MORE THAN 4.5 MILLION UNIQUE BITCOIN ADDRESSES

On 17 May, Ciphertrace reported that these Iranian IP addresses were either involved in direct cryptrocurrency transactions or were used to query the blockchain to verify funds in cryptocurrency addresses that they control.  It says that Iranian nationals are using Bitcoin to mine and liquidate funds as the country provides licensed mining operations with inexpensive electricity to power mining rigs.  FinCEN has said that institutions should consider reviewing blockchain ledgers for activity that may originate or terminate in Iran.  The article recommends that IP data should supplement all sanctions risk mitigation strategies to ensure you’re a financial institution isn’t transacting with sanctioned countries.   FinCEN has listed a large number of addresses under its sanctions regimes.  The article provides what it terms “Sanctions Obfuscation Red Flags”.

https://ciphertrace.com/sanctions-research-more-than-72000-unique-iranian-ip-addresses-linked-to-more-than-4-5-million-unique-bitcoin-addresses

Meanwhile –

IRAN: ENERGY MINISTRY HAS SAID THOSE MINING CRYPTO USING HOUSEHOLD ELECTRICITY WILL PAY A HEAVY FINE IF THEY ARE IDENTIFIED

On 17 May, Decrypt reported that Iran’s Energy Ministry announced fines for miners using household energy, as the country has become a hot spot for mining activity.  It is said that that cryptocurrency mining is one of the 2 biggest threats to Iran’s electricity supply this year — alongside a reduction in power coming from hydropower plants due to a lack of rain.  Iran legalised industrial cryptocurrency mining in 2019 and in October introduced new regulations that directed the proceeds of Iranian-mined Bitcoin into government funds so Iran would be able to finance imports. 

https://decrypt.co/71100/mining-crypto-home-will-lead-heavy-fine-reports-iran-energy-ministry

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