On 17 June, Reuters reported that the US State Department has banned Guatemalan lawmaker Boris España Cáceres and his immediate family from entering the US due to “his involvement in significant corruption”.
https://www.reuters.com/world/americas/us-blacklists-guatemalan-lawmaker-corruption-2021-06-17/
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On 17 June, OFAC announced 3 new General Licenses – Syria General License 21, Venezuela General License 39, and Iran General License N, “Authorizing Certain Activities to Respond to the Coronavirus Disease 2019 (COVID-19) Pandemic”. It also issued associated FAQ 906 to 911. The new General Licenses are time-limited and are designed to provide broad authorisations for certain COVID-19-related transactions and activities.
https://content.govdelivery.com/accounts/USTREAS/bulletins/2e471ab
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This White Paper, available to download from Kharon, says that MEU regulations targeting US exports to businesses associated with China’s military, intelligence, and law enforcement have created new legal and compliance challenges for many multinational corporates that export to China. New regulations include tightened export controls of certain items meant for military end users in China and items intended for military end-uses in the country, as well as restrictions on financial investments in certain Chinese military-linked companies.
https://info.kharon.com/whitepapers/2021/meu
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On 16 June, Kharon published an article saying that Hamas has turned to aligned charities, successors to sanctioned organizations and shell companies based abroad to raise funds following the recent conflict with Israel. Hamas is sanctioned by the US and EU but has turned to its various pre-existing networks in Asia, Europe and the Middle East to raise funds. The article mentions some of the foreign charities affiliated with Hamas are also engaged in post-conflict fundraising on behalf of the group.
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FINTRAC in Canada has produced this profile as a s Special Bulletin which presents the results of FINTRAC’s analysis of IMVE-related transaction reporting, supplemented by information from media reports and academic research.
https://www.fintrac-canafe.gc.ca/intel/bulletins/imve-eng.pdf
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On 16 June, a post on the FCPA Blog advised that the World Bank had debarred for 2 years the company after a de facto agent and subcontractor offered and paid bribes to government officials in exchange for a contract on a project in China – the $127 million World Bank-funded Guangxi Laibin Water Environment Project.
https://fcpablog.com/2021/06/16/world-bank-debars-chinese-company-for-bribery/
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On 17 June, the EU Parliament Research Service published a briefing paper on MTIC fraud. It provides an overview of the existing rules concerning VAT, an explanation of MTIC and possible solutions to the problem. It explains that MTIC fraud and “carousel fraud” are forms of fraud in which a business disappears without paying the VAT due to the tax authorities or requesting a VAT refund from the government. In both cases the VAT can be seen as a profit for the ‘missing trader’ who disappears with the money. For MTIC and carousel fraud cross[1]border trade is important as intra-community trade has a zero-rate VAT taxation. There are many different and complex versions of MTIC.
http://www.europarl.europa.eu/RegData/etudes/BRIE/2021/690462/IPOL_BRI(2021)690462_EN.pdf
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El Pais on 16 June reported that an investigation has unveiled the inner workings of a scheme involving dozens of individuals and companies that illicitly sold crude and transferred the money through tax havens in a shady multi-million-dollar business. The report reveals how this scheme involving dozens of people and companies across 30 different countries moves money through tax havens. The origins of the scheme stretch back to the sanctions imposed on Venezuela since 2014, mostly by the US. A network was created involving dozens of companies interwoven with financial partners from 30 countries including Bangladesh, China, Curaçao, Greece, Luxembourg, Malta, Malaysia, Mexico, Norway, Singapore, Sweden, Switzerland, UK and US, among other countries across 3 continents. Tax havens such as the Isle of Man and the BVI were also used.
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