On 14 June, UA Wire in Ukraine reported that a US court has decided to reject billionaire Oleg Deripaska’s lawsuit against the US Treasury to lift personal sanctions imposed in 2018.  Deripaska, formerly Russia’s richest person, will remain on the OFAC blacklist.  The businessman had claimed that his rights guaranteed by the Fifth Amendment to the US Constitution, which prohibits being tried twice for the same crime and seizing property without fair reparation, were violated.  The US Treasury cited examples showing his apparent connection to the Russian regime.

https://uawire.org/russian-billionaire-deripaska-loses-court-case-against-u-s-treasury-department-to-lift-sanctions

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On 14 June, the Rio Times reported that an annual survey of 15 Latin American countries, compiled by the Americas Society/Council of the Americas and Control Risks, found a decline in the efficiency and independence of anti-corruption agencies in almost all of those countries.

https://riotimesonline.com/brazil-news/brazil/latin-american-nations-capacity-to-fight-corruption-weakened-report/

The report is at –

https://www.as-coa.org/events/2021-capacity-combat-corruption-index-launch

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Eversheds Sutherland has published a leaflet purpose of which is to provide a quick reference guide to company insolvency laws and procedures in a range of jurisdictions.  It summarises the law relating to corporate insolvency and restructuring on a country-by-country basis and answers some of the questions most likely to be asked by distressed companies or their creditors.  It only considers the rules that apply to general company insolvency and does not address the insolvency procedures that apply to individuals or special insolvency regimes (for example, those applicable to credit institutions, investment banks or insurers).

https://www.eversheds-sutherland.com/documents/services/financial/insolvency-guide.pdf

 

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On 14 June, ITV News reported that a new body – the Economic Financial Crime Bureau (EFCB) – has been set up by in Guernsey to investigate money laundering, financial crime and to recover proceeds of unlawful conduct.  It plans to use a range of methods – including the law and intelligence – to identify criminal activity.

https://www.itv.com/news/channel/2021-06-14/new-body-created-to-tackle-financial-crime-in-guernsey

https://www.gov.gg/Economic-Financial-Crime-Bureau-launch

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On 13 June, an article in BNE Intellinews says that there is one place that Russia is truly vulnerable.  It imports almost all of its precision machine tools and the majority of them come from Western Europe and the US, as its own once legendary machine tool sector was destroyed in 1991 and never rebuilt.  Russia is planning to revive the sector.

https://www.intellinews.com/long-read-russia-s-sanctions-soft-underbelly-precision-machine-tools-213024/

 

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