OTHER THINGS YOU MAY HAVE MISSED – MAY 29

Panama Covid-19 update – press reports suggest that maybe a quarter of the population is now fully vaccinated.

Meanwhile, another 574 new cases have been reported today, and 4 more fatalities. Of 6,276 active cases, 48 are in ICU and 364 in other wards.

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29 MAY 2021

US GOVERNMENT CALLS FOR INFORMATION ON ETHERDELTA HACK

On 21 May, Crypto Briefing reported that authorities are asking victims of EtherDelta’s 2017 hack to fill out a questionnaire related to the event with the search for victims following the indictment of alleged hacker Anthony Tyler Nashatka announced by a federal grand jury in 2019.  The alleged hacker launched a series of phishing attacks leading to losses of funds worth $1.4 million in various cryptocurrencies.

https://cryptobriefing.com/us-government-seeks-info-2017-etherdelta-hack

US: 2 MALAYSIAN NATIONALS SENTENCED FOR ILLEGALLY EXPORTING FIREARM PARTS TO HONG KONG

A news release from US DoJ on 28 May announced that Lionel Chan, 36, of Brighton, Massachusetts, and Muhammad Mohd Radzi, 27, of Brooklyn, New York were sentenced.  From around March 2018, Chan began purchasing a variety of US-origin firearm parts online, including parts used to assemble AR-15 assault rifles and 9 mm semi-automatic handguns, for a buyer located in Hong Kong.  In or around April 2018, Radzi joined the conspiracy and also began illegally exporting firearm parts from the US to Hong Kong. 

https://www.justice.gov/usao-ma/pr/two-malaysian-nationals-sentenced-illegally-exporting-firearm-parts-hong-kong

US ANNOUNCES SANCTIONS ON BELARUS OVER JOURNALIST’S DETENTION

On 29 May, Gulf News reported that the US had announced it would re-impose sanctions against 9 Belarusian state-owned enterprises and is developing additional penalties to target officials over the forced landing of a Ryanair airliner and the arrest of a dissident journalist.  It has also issued a “Do Not Travel” warning to US citizens urging them to steer clear of Belarus, and issued a notice to US pilots to “exercise extreme caution” when considering flying in Belarusian airspace. 

https://gulfnews.com/world/europe/us-announces-sanctions-on-belarus-over-journalists-detention-1.1622290214925

UN SECURITY COUNCIL RENEWS SANCTIONS AGAINST SOUTH SUDAN

On 29 May, Xinhua reported that the UN Security Council had adopted a Resolution to renew for a year, till 31 May 2022, an arms embargo against South Sudan as well as targeted sanctions of travel ban and asset freeze against individuals and entities.

https://www.xinhuanet.com/english/2021-05/29/c_139976494.htm

https://www.un.org/press/en/2021/sc14536.doc.htm

THAILAND: MORE THAN 100 MONKEYS RESCUED FROM SMUGGLERS

On 29 May, Sky News reported that more than 100 monkeys have been rescued from smugglers in Thailand – who were carrying them in bags in the back of a pick-up truck.  Vets set up a field hospital to treat the monkeys, who were struggling and gasping for air when they were found, 4 were in critical condition and 18 did not survive, authorities said.

https://news.sky.com/story/thailand-more-than-100-monkeys-struggling-for-air-rescued-from-smugglers-12320035

GERMAN COMPANY PROPOSES TO TRACE ORIGIN OF GUYANA’S GOLD, AMID DENIAL OF GOLD SMUGGLING FROM VENEZUELA

On 29 May, Demerara Waves reported that the Guyana Gold Board is in talks with a German company to trace the origin of gold to avoid the smuggling and declaration of the precious yellow metal into Germany from other countries.  The Gold Board several months ago engaged the company amid ongoing denials by the Guyana government that Venezuelan gold is being smuggled across the border and sold below market price. 

https://demerarawaves.com/2021/05/29/german-company-proposes-to-trace-origin-of-guyanas-gold-amid-denial-of-gold-smuggling-from-venezuela/

G7 PLANS THREATEN MANX TAX MODEL

On 28 May, Manx Radio reported that the Manx government’s “zero-ten” tax regime is under threat by plans by the G7 look set to agree on the principles of a new global minimum corporation tax.

https://www.manxradio.com/news/isle-of-man-news/g7-plans-threaten-manx-tax-model/

IMPLEMENTATION OF THE DUTCH REGISTER OF ULTIMATE BENEFICIAL OWNERS (UBO) OF TRUSTS AND SIMILAR LEGAL ARRANGEMENTS

On 25 May, an article from Greenberg Traurig says that the aim of the trust register resembles the aim of the UBO register, preventing the financial system from being used for the purposes of money laundering or terrorist financing.  The Implementing Act for the trust register (the draft Bill) is currently under consultation.  The Alert covers the obligation to register and maintain information on UBO and trusts or similar legal arrangements, registration requirements, reporting obligations, applications and access, and ongoing obligations and sanctions.

https://www.gtlaw.com/en/insights/2021/5/dutch-ultimate-beneficial-owner-ubo-trust-register-implementation

UK FREEPORTS: KNOW YOUR CUSTOMS

On 27 May, law firm HFW published the second article about implementation of the UK freeports plan.  The first article introduced the UK’s new Freeports, due to be developed at 8 sites in England (East Midlands Airport, Felixstowe & Harwich, the Humber region, Liverpool City, Plymouth, Solent, the Thames and Teeside).  The latest article discusses creating favourable customs regimes for businesses that import, process and then re-export goods, and explores the size of those benefits, as well as the impact of the accompanying responsibilities.

https://www.hfw.com/downloads/003062-HFW-Freeports-Series-Know-Your-Customs-May-2021.pdf

The first article is at –

https://www.hfw.com/Freeports-Back-in-business-May-2021

US FREEZES FUNDING FOR ETHIOPIA AS MORE TIGRAY ABUSES SURFACE

On 29 May, WA Today in Australia reported that the Te US has asked multilateral development banks to suspend funding to Ethiopia as fresh reports of human rights abuses surface from the war-torn Tigray region.

https://www.watoday.com.au/world/africa/us-freezes-funding-for-ethiopia-as-more-tigray-abuses-surface-20210529-p57wap.html

ILLICIT FINANCIAL FLOWS MAY AFFECT LIBYA’S STABILITY: UN ASSET RECOVERY REPORT

On 29 May, the Libya Herald reported that IFF in Libya can mean fewer hospitals, schools, police, roads and job opportunities, and less investment in urgently needed infrastructure rehabilitation, aUN Interregional Crime and Justice Research Institute (UNICRI) study funded by the EU on the impact of illicit financial flows on Libya’s economic and social development said.  The report explains that IFF impact a country’s economic and social development in a myriad of ways. 

https://www.libyaherald.com/2021/05/29/illicit-financial-flows-may-affect-libyas-stability-un-asset-recovery-report/

GERMANY: RAPID COVID TESTER INVESTIGATED FOR INSURANCE FRAUD SCHEME

On 29 May, Deutsche Welle reported that authorities are looking into claims a company has been charging the government for hundreds of rapid COVID tests it has not carried out.  Widespread free testing for the public is key to Germany’s plan for reopening. Public prosecutors in Bochum opened an investigation into a company carrying out rapid antigen tests that reported many more tests than were actually performed to insurance companies. 

https://www.dw.com/en/germany-rapid-covid-tester-investigated-for-insurance-fraud-scheme/a-57711146

AS DOMINICA BLOCKS FUGITIVE’S EXTRADITION: INDIAN EXTRADITION ARRANGEMENTS

On 29 May, an article in Moneycontrol reported that a Dominican court has restrained local authorities from removing Mehul Choksi, wanted in connection with the PNB bank fraud, to India.  The article goes on to explain the position re extradition involving India, and which countries it has agreements.

https://www.moneycontrol.com/news/india/dominican-court-blocks-removal-of-fugitive-businessman-mehul-choksi-heres-all-you-need-to-know-about-extradition-6959221.html

https://rijock.blogspot.com/2021/05/choksi-hearing-on-habeus-corpus.html

QATAR CUSTOMS THWART ATTEMPT TO SMUGGLE 5 TONNES OF TOBACCO

On 27 May, The Peninsula in Qatar reported that Qatar customs tweeted that it had prevented an attempt to smuggle 5 tonnes of tobacco, which were hidden in “corn flakes.”.

https://thepeninsulaqatar.com/article/27/05/2021/Qatar-customs-thwart-attempt-to-smuggle-five-tonnes-of-tobacco

HONG KONG CUSTOMS FINDS HK$90M IN ILLEGAL CIGARETTES IN THE LARGEST BUST IN 20 YEARS

On 28 May, The Standard reported that Hong Kong Customs had confiscated about 33 million suspected illicit cigarettes and arrested 3 men in Yuen Long and Sheung Shui in their largest bust of black-market cigarettes in 20 years.

https://www.thestandard.com.hk/breaking-news/section/4/173363/Customs-smokes-out-HK$90m-in-illegal-cigarettes,-largest-bust-in-20-years

UK: POLICE FORCE OBTAINS GANG INJUNCTIONS BANNING BROTHERS FROM MUSIC VIDEOS GLORIFYING GUN AND DRUG CRIME

On 28 May, Legal Futures reported that West Midlands Police has secured gang injunctions banning two brothers from Birmingham from appearing in drill music videos glorifying gun and drug crime.  The injunctions ban the brothers from “creating or publishing any audio-visual material that may reasonably be seen as inciting or encouraging crime or gang-related violence or membership”.

https://www.localgovernmentlawyer.co.uk/community-safety/393-community-safety-news/47233-police-force-obtains-gang-injunctions-banning-brothers-from-music-videos-glorifying-gun-and-drug-crime

SINGAPORE COURT CLARIFIES CONDITIONS FOR GRANTING POST-JUDGMENT MAREVA INJUNCTION

On 28 May, an article from Out-Law was concerned with freezing injunctions, saying that the Singapore Court of Appeal has confirmed for the first time the conditions required to grant a freezing order (aka a Mareva injunction) after a judgment has been made against the subject of the injunction.  It also clarified the conditions to be met before a party who has obtained a worldwide freezing order can be released from the undertakings made to the court, so they can start enforcement proceedings in other jurisdictions.

https://www.pinsentmasons.com/out-law/news/singapore-court-clarifies-conditions-for-granting-post-judgment-mareva-injunction

ADVANCING HUMAN RIGHTS THROUGH TRADE – WHY STRONGER HUMAN RIGHTS MONITORING IS NEEDED AND HOW TO MAKE IT WORK

On 26 May, a report from Chatham House says that while there are considerable structural, political and resource-related challenges to conducting more systematic and effective human rights monitoring, recent experiences in this field can help policymakers design more effective monitoring mechanisms for the future.  It says that there are 2 main groups of human rights-related concerns about the way that trade and investment agreements are designed and implemented. The first group of concerns arises largely from the effects that a new trade agreement might have on the economies of the trading partners, and the second group stem from the ever-widening scope of trade and investment agreements, now increasingly focussing on ‘behind the border’ issues such as regulatory standards (which may create non-tariff barriers to trade) and investor protection. This, according to some commentators, is contributing to shrinkage in regulatory space to address human rights issues as they emerge.  It cautions that although many trade agreements either provide for or envisage human rights monitoring in some shape or form, the monitoring systems that have emerged so far are not especially coherent or systematic. 

https://www.chathamhouse.org/2021/05/advancing-human-rights-through-trade

UKRAINE INTRODUCES NEW IMPORT BAN ON A WIDE RANGE OF PRODUCTS ORIGINATING FROM RUSSIA

On 22 May, an article from Baker McKenzie reported on a new import ban on 24 new categories of products originating from the Russian Federation, in an amended list of products prohibited for import into Ukraine from the Russian Federation. The import ban is effective until 31 December but will most likely be extended for another year.

https://globalcompliancenews.com/ukraine-introduces-new-import-ban-on-a-wide-range-of-products-originating-from-russia-09042021/

NORTH KOREA’S CEMENT INDUSTRY

On 19 May, an article from 38 North looked at the country’s cement industry.  It seeks to complement previous (linked) articles, saying that the oldest facilities predate the peninsula’s 1945 partition and the newest, world-class at the time, were foreign-bought; and later, for a time, foreign-owned.

https://www.38north.org/2021/05/north-koreas-cement-industry-further-concrete-leads

THE USE AND LIMITS OF MUTUAL LEGAL ASSISTANCE TREATIES (MLAT): A CASE STUDY IN CANADA AND THE UK

On 27 May, an article from Dentons says that MLAT are one of the most important tools available to law enforcement agencies conducting international investigations.  Recently, decisions in Canada and the UK highlighted both their necessity as well as their limitations in respect of these investigations.  The recent cases involved limits to MLAT evidence in Canadian criminal trials; and saying that international investigations require international cooperation.  The article says that, taken together, the cases illustrate both the necessity for MLAT in international investigations, the difficulties with relying upon them, and their tensions with domestic laws. It warns that the upshot of both decisions is most likely a reduction in net total enforcement efforts in both Canada and the UK.  Enforcement authorities, prosecutors, and defence counsel already face enormous resource, staffing, logistics, costs, timing and legal issues when multi-jurisdictional investigations occur.  The cases expose a further difficulty: the frailty of international investigations when success is tied directly to the use of (or conscious choice to forgo the use of) MLAT processes. 

https://www.dentons.com/en/insights/articles/2021/may/27/the-use-and-limits-of-mutual-legal-assistance-treaties-a-case-study-in-canada-and-the-united-kingdom

RUSSIAN DIPLOMAT SAYS HUNDREDS OF SOLDIERS HEADING TO CENTRAL AFRICAN REPUBLIC ARE INSTRUCTORS

On 29 May, Rferl reported that the Russian deputy ambassador to the UN has described hundreds of Russian soldiers due to be sent to CAR this month as “unarmed instructors”.  He said that they “are not armed because they are not supposed to be armed. They are instructors”.  CAR notified the UN Security Council on 4 May that it intended to welcome 600 additional instructors – as it is obliged to give 20 days’ notice under the latest arms embargo on the country.

https://www.rferl.org/a/russia-troops-car-instructors/31279721.html

ASEAN LOBBYING TO REMOVE ARMS EMBARGO CALL FROM UN RESOLUTION ON MYANMAR

On 27 May, Radio Free Asia reported that it is said that ASEAN sent a letter asking sponsors of draft UN General Assembly resolution to remove clause on weapons sales.

https://www.rfa.org/english/news/myanmar/asean-embargo-05272021184301.html

UK-MADE TEAR GAS USED AGAINST PROTESTERS IN OMAN

On 28 May, Ekklesia reported that the Campaign Against the Arms Trade has called for an investigation into the use of UK-made tear gas in Oman.  This follows the publication of images which show the use of tear gas canisters made by Derby-based PW Defence.  It says that the UK has licensed over £16 million worth of tear gas to Oman since 2015 and has also provided police and military training to Omani forces.  The real value will be far higher, as there have also been multiple open licences which allow for an unlimited transfer of tear gas canisters.

https://www.ekklesia.co.uk/2021/05/28/uk-made-tear-gas-used-against-protesters-in-oman/

WHAT COVID-19 TAUGHT US ABOUT FRAUD AND MONEY LAUNDERING

On 28 May, a 30-minute podcast from ACFCS says that fraudsters and money launderers adapted quickly to the pandemic reality, and continue to profit from the shift to digital-first financial services.  It asks what new strategies and attitudes must be employed by financial institutions to deal with financial crime in the digital transformation?

https://www.acfcs.org/what-covid-19-taught-us-about-fraud-and-money-laundering/

LATVIAN STATE POLICE CONFISCATES PROPERTY WORTH ABOUT €230,000 IN SO-CALLED MAGNITSKY CASE

On 28 May, the Baltic News Network reported that the Latvian State Police Economic Crimes Enforcement Unit has confiscated real estate property worth approximately €230,000.  It says that authorities have found multiple episodes in which foreigners acquired real estate in the prestigious part of Riga in exchange for residence permits.  Among the assets are 2 pieces of real estate in Latvia purchased using money from Cyprus-based accounts.  There is also one arrested account that was used to sell a yacht owned by a widow of an ex-deputy of the Russian State Duma.

https://bnn-news.com/latvian-state-police-confiscates-property-worth-about-eur-230-000-in-so-called-magnitsky-case-225274

NEW E-LEARNING COURSE: INTERNATIONAL COOPERATION AND MUTUAL LEGAL ASSISTANCE IN CRIMINAL MATTERS

On 28 May, the Basel Institute on Governance announced a new free eLearning course which addresses a common barrier to successful corruption and money laundering cases and attempts to recover stolen assets from abroad.  It takes participants step by step through a fictional investigation into a corrupt e-passport procurement deal.  On average, it takes 3 hours to complete the 10 sessions. At the end, the participants can download a personal certificate.

https://baselgovernance.org/news/new-elearning-course-international-cooperation-and-mutual-legal-assistance-criminal-matters

DENIABILITY IN THE NUCLEAR NON-PROLIFERATION REGIME: THE UPSIDE OF THE DUAL-USE DILEMMA

On 23 May, an article recently published in the International Studies Quarterly was by an assistant professor at the Watson Institute at Brown’s University, started by reminding one that nuclear technology is often “dual-use,” having both peaceful and military applications.  It argues that poor knowledge of past nuclear programmes can hamper future verification efforts.  It argues that one potential benefit of the use of dual-use items is that  proliferators who are caught are more likely to come into future compliance if they can avoid costs by denying that they were ever out of compliance.

https://academic.oup.com/isq/advance-article-abstract/doi/10.1093/isq/sqab036/6278489?redirectedFrom=fulltext

INJUNCTIONS AND TRUSTS

On 28 May, Monckton Chambers published the text of a speech given by Steven Gee QC for the Chancery Bar Association.  It looks at the history of injunctions the position now, and also considers the meaning and effect of an example freezing order (formerly called a Mareva injunction) and recent judgments which have misunderstood this.

https://files.monckton.com/wp-content/uploads/2021/05/28170413/SGQC-ChanceryBarAssociaation-lecture-25.5.2021.pdf

BITCOIN MINING OPERATION IS UNCOVERED DURING UK DRUG BUST

On 28 May, the Wall Street Journal reported that when police raided a suspected illegal cannabis farm in Birmingham, instead of halogen lamps and weed, they found about 100 computers mining bitcoin.

https://www-wsj-com.cdn.ampproject.org/c/s/www.wsj.com/amp/articles/bitcoin-mining-operation-is-uncovered-during-u-k-drug-bust-11622219458

CHINA RELEASES NEW RULES ON RECYCLED IRON AND STEEL IMPORTS

On 28 May, Insurance Marine News reported on China’s recent Notice on Matters Relating to the Regulation of the Import of Recycled Iron and Steel Raw Materials, and says that the P+I Club, the American Club, reminded members that the penalties for importing solid waste, and for transboundary movements of hazardous wastes, were now as much as 5 times higher than prior penalties.

https://insurancemarinenews.com/insurance-marine-news/china-releases-new-rules-on-recycled-iron-and-steel/

DENMARK TO SEND FRIGATE TO PROTECT SHIPPING IN THE GULF OF GUINEA

On 28 May, Insurance Marine News reported that the Danish Parliament has approved plans to send a naval warship to boost maritime security in the Gulf of Guinea.

https://insurancemarinenews.com/insurance-marine-news/denmark-to-send-frigate-to-protect-shipping-in-the-gulf-of-guinea/

 

 

 

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ICELAND: COMPANY EMBROILED IN THE FISHROT FILES SCANDAL EXPOSED TO BE RESORTING TO DIRTY TACTICS AGAINST CRITICS

On 27 May, Transparency International said that it is deeply concerned over recent reports that Samherji, Iceland’s major fisheries company, sought to intimidate and smear journalists and civil society reporting on the allegations that the company bribed foreign officials.  It claims that the company’s self-styled ‘guerrilla division’ collected personal information on independent actors, including Transparency International Iceland, to undermine their credibility.  Samherji is at the heart of the Fishrot Files scandal, first reported in 2019, which implicates the company in the bribery of government officials in Angola and Namibia for fishing quota rights. 

https://www.transparency.org/en/press/iceland-samherji-fishrot-files-bribery-dirty-tactics-against-critics-exposed

 

 

 

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THE MACAO MONEY MACHINE: PROFIT SHIFTING AND TAX LEAKAGE IN INDONESIA’S WOOD PULP EXPORTS

On 19 May, a report from Global Financial Integrity says that it worked with the coalition of NGO to analyse the classification of the wood pulp as well as its movement between jurisdiction to determine any potential trade misinvoicing schemes (a form of trade-based money laundering) that could be involved.  A comparison of trade statistics compiled, respectively, by the governments of Indonesia and China highlights major discrepancies in the trade of dissolving pulp, a specialized grade of wood pulp used in the manufacture of textile products.  The coalition of civil society organisations behind the report call on the Government of Indonesia to implement a number of recommendations.

https://secureservercdn.net/45.40.149.159/34n.8bd.myftpupload.com/wp-content/uploads/2021/05/Macao-Money-Machine-Nov-2020.pdf?time=1622144571

 

 

 

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

LATIN AMERICAN FRAUD ENFORCEMENT REVIEW: Q1 2021

On 27 May, King & Spalding published the Review saying that enforcement authorities throughout the Americas continued investigations of fraud, corruption, and other misconduct across the region.  The Review contains some of the highlights of the last quarter.

https://www.kslaw.com/news-and-insights/q1-2021-latin-american-enforcement-review

 

 

 

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

THE USE AND LIMITS OF MUTUAL LEGAL ASSISTANCE TREATIES (MLAT): A CASE STUDY IN CANADA AND THE UK

On 27 May, an article from Dentons says that MLAT are one of the most important tools available to law enforcement agencies conducting international investigations.  Recently, decisions in Canada and the UK highlighted both their necessity as well as their limitations in respect of these investigations.  The recent cases involved limits to MLAT evidence in Canadian criminal trials; and saying that international investigations require international cooperation.  The article says that, taken together, the cases illustrate both the necessity for MLAT in international investigations, the difficulties with relying upon them, and their tensions with domestic laws. It warns that the upshot of both decisions is most likely a reduction in net total enforcement efforts in both Canada and the UK.  Enforcement authorities, prosecutors, and defence counsel already face enormous resource, staffing, logistics, costs, timing and legal issues when multi-jurisdictional investigations occur.  The cases expose a further difficulty: the frailty of international investigations when success is tied directly to the use of (or conscious choice to forgo the use of) MLAT processes. 

https://www.dentons.com/en/insights/articles/2021/may/27/the-use-and-limits-of-mutual-legal-assistance-treaties-a-case-study-in-canada-and-the-united-kingdom

 

 

 

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NORTH KOREA USING BARGES TO MOVE CARGOS OTHER THAN SAND AND COAL

On 28 May, 38 North reported that high-resolution satellite imagery of North Korea’s Nampho port area taken in July last year shows 2 barges carrying unusual cargos, adding to findings from the UN Panel of Experts that North Korea is now using these difficult-to-trace vessels to move a wider variety of sanctions-breaking shipments.  It is noted how North Korea had used barges on at least seven occasions to carry vehicles and industrial equipment in breach of UN Security Council Resolutions, publishing images showing the vessels transporting trucks and tanker railcars.  North Korea had previously only used this type of barge to transport designated raw materials.  It says that the expanded use of these barges could spell additional trouble for sanctions enforcement going forward.  The vessels are difficult to differentiate and broadcast little or no identifying information, making typical open-source methods related to tracking associated company networks and their owners more challenging.

https://www.38north.org/2021/05/north-korea-using-barges-to-move-cargos-other-than-sand-coal

 

 

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GDPR ENFORCEMENT TRACKER

CMS Law offers this facility which contains a list and overview of fines and penalties which data protection authorities within the EU have imposed under the EU General Data Protection Regulation (GDPR). 

https://www.enforcementtracker.com/

 

 

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TANKER’S IMPOSSIBLE VOYAGE SIGNALS NEW SANCTION EVASION PLOY

On 19 May, ABC News published an article on the use by rogue states and their enablers of “spoofing” to fool satellite-based ship-tracking systems so that they can circumvent sanctions without detection.  The article considers research by Windward into the Cyprus-flagged oil tanker BerlinaAround the same time in March the Berlina was pinging that location at sea, it was physically spotted loading crude oil in Venezuela – and 9 other tankers, some connected to the same owner, were sending signals that showed them moving nearby in the Caribbean at an identical speed and direction — and with sudden changes in weight indicating they had somehow been loaded full of crude without ever touching port.

https://abcnews.go.com/US/wireStory/tankers-impossible-voyage-signals-sanction-evasion-ploy-77976573

 

 

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CRYPTOCURRENCY: A DECENTRALISED FINANCE (DEFI) PROTOCOL BUILT ON THE BINANCE SMART CHAIN APPEARS TO HAVE BEEN A SCAM

On 24 May, Coindesk reported that cryptocurrency project DeFi100, a decentralized finance (DeFi) protocol built on the Binance Smart Chain, appears to have been a scam, with the people running it having taken investors’ money and running.  One unconfirmed source put the loss at $32 million.  Coindesk says that while it’s possible the site has been hacked, given that there’s been no public comment from DeFi100, it’s more likely the event is a so-called “rug pull”.

https://www.coindesk.com/people-behind-crypto-protocol-defi100-may-have-absconded-with-32m-in-investor-funds

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INSIDER THREAT: DIGITAL FINANCE PLATFORM UPHOLD HAS DISMISSED ITS CHIEF COMPLIANCE OFFICER, CLAIMING HE POCKETED CORPORATE AND USER FUNDS

On 23 May, Coindesk reported that the company said that the “stalwart of the UK crypto scene” had “wrongfully and fraudulently misdirected” corporate and user funds totalling £516,242, all of which has been replaced.  The former official has denied the allegations.

https://www.coindesk.com/uphold-exec-accused-of-fraudulently-misdirecting-700k-in-funds

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