Day: June 7, 2021

On 3 June, The Daily Pioneer reported that the Cayman Islands has cancelled the banking licence of the Geneva-based Hinduja Bank over charges of money laundering, saying that regulator Cayman Islands Monetary Authority (CIMA) had revoked the banking licence on 27 May for what is described as a string of AML and governance lapses.  Hinduja Bank was established in 1978 by the Hinduja Group. It became a Swiss-regulated bank in 1994 and operates subsidiaries in Chennai, Dubai, London, Mauritius, Paris and New York. In India, Hinduja Bank operates through its subsidiary IndusInd Bank.  The Hinduja Group controls their entire worldwide operations through holding companies in Mauritius.  It is said that CIMA found that Gilbert Pfaeffli, general director of Hinduja Bank, was “not a fit and proper person to hold the director position of a licensee, and that the bank also violated the mandatory provisions to have at least 2 directors at all times.

https://www.dailypioneer.com/2021/page1/hinduja-bank—s-licence-cancelled-by-cayman-over-money-laundering.html

https://economictimes.indiatimes.com/markets/stocks/news/indusind-tanks-after-order-against-hinduja-bank-resurfaces/articleshow/83200513.cms

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On 7 June, Sandler Travis Rosenberg reported that the Canada Border Services Agency recently updated its policy (which dated from 1 July 2020) on enforcing Canada’s prohibition on the importation of goods mined, manufactured, or produced, wholly or in part, by prison or forced labour.

https://www.strtrade.com/trade-news-resources/str-trade-report/trade-report/june/canada-updates-policies-on-imports-of-forced-labor-goods

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On 4 June, an article from Jones Day was concerned with an Advocate General Opinion on a case involving Iran’s Bank Melli and the EU Blocking Statute which prohibits EU operators from complying with certain US sanctions, whereby creating a Catch-22 for EU operators facing directly opposing legal regimes. Important guidance on the precise scope of the EU Blocking Statute is expected from the European Court of Justice’s in the case.  The AG proposes a strict interpretation of the EU Blocking Statute, although also calling on the EU legislature to review the current operation of the EU Blocking Statute.  The judgment in the case will likely be issued towards the end of 2021.

https://www.jdsupra.com/legalnews/prohibiting-compliance-with-certain-u-s-9566228/

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On 7 June, EurActiv reported that an official inquiry has found that Cyprus’s government broke the law on countless occasions in granting citizenship to thousands of people in a now discredited passports-for-cash scheme.  It awarded citizenship to 6,779 people between 2007 and 2020, the vast majority of them Russians, before the scheme was scrapped.

https://www.euractiv.com/section/justice-home-affairs/news/cyprus-government-broke-its-own-laws-in-granting-golden-passports-inquiry-finds/

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