Month: July 2021

The latest edition of the Thought 4 Leaders FIRE magazine includes an article about ESG misreporting, saying that the current environment provides all three elements of the oft-touted “fraud triangle” – pressure, opportunity and rationale.  However, it also says that there are several warning signs of ESG-related fraud, many of which are familiar to those involved in the investigation of financial statement fraud.

https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Issue_5_-_Future_of_Fraud.pdf

On 30 July, The Guardian reported that the Liberian-flagged Mercer Street, which is linked to an Israeli tycoon, was hit off the coast of Oman in what is thought to have been a swarm attack involving multiple drones.  Though the vessel is Japanese owned, it is managed by an Israeli-owned company, Zodiac Maritime, part of the billionaire Eyal Ofer’s Zodiac Group.

https://www.theguardian.com/world/2021/jul/30/two-reportedly-killed-in-attack-on-israeli-linked-oil-tanker-off-oman

On 30 July, The Guardian reported that the UK’s largest waste company, Biffa, has been fined £1.5 million after exporting filthy rubbish marked as waste paper for recycling in India and Indonesia, in actions a judge called “reckless, bordering on deliberate”.  The case sees the second time in 2 years that the company has been fined for illegally exporting household waste.  In addition to the fine, Biffa was ordered to pay costs of £153,827.99, and a proceeds of crime order of £38,388.  In 2019, Biffa was fined £350,000, with costs of £240,000 and a proceeds of crime order of £9,912, for sending household waste, described as waste paper, to China between May and June 2015.

https://www.theguardian.com/environment/2021/jul/30/uk-waste-firm-fined-15m-for-exporting-household-waste

On a “staycation”, as the British term it, but normal service will be resumed before the end of the weekend. Taking advantage of special rates due to under-occupancy in 4/5-star hotels…and very nice too. However, wifi not all it could be, and this laptop lacks all my usual links and tools

On 30 July, OFAC announced that it has designated the POLICIA NACIONAL REVOLUCIONARIA alongside both the Director and Deputy Director under the Global Magnitsky sanctions regime.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210730

https://home.treasury.gov/news/press-releases/jy0298

On 30 July, the EU Council announced that it had adopted a framework for targeted restrictive measures to address the situation in Lebanon. This framework provides for the possibility of imposing sanctions against persons and entities who are responsible for undermining democracy or the rule of law in Lebanon.  Sanctions consist of a travel ban to the EU and an asset freeze for persons, and an asset freeze for entities. In addition, EU persons and entities are forbidden from making funds available to those listed. 

https://www.consilium.europa.eu/en/press/press-releases/2021/07/30/lebanon-eu-adopts-a-framework-for-targeted-sanctions/?utm_source=dsms-auto&utm_medium=email&utm_campaign=Lebanon%3a+EU+adopts+a+framework+for+targeted+sanctions

On 23 July, an article from the Center for Strategic and International Studies examines Russia’s growing use of private military companies (PMC) to increase its influence through irregular means. Although Russian PMC present only one of a variety of national security threats and challenges facing the US, this report assesses that they warrant a more substantive and coordinated response from the US and its partners.

https://www.csis.org/analysis/russias-corporate-soldiers-global-expansion-russias-private-military-companies

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EU Regulation 2021/1242/EU contained many amended entries of persons and entities subject to sanctions under EU Regulation 267/2012/EU.  In addition, following the judgment of an EU General Court case, Sayed Shamsuddin Borborudi is removed from the sanctions lists.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2021.272.01.0004.01.ENG&toc=OJ%3AL%3A2021%3A272%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2021.272.01.0073.01.ENG&toc=OJ:L:2021:272:TOC

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

EU Regulation 2021/1241/EU sees one entry deleted and another amended and replaced.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2021.272.01.0001.01.ENG&toc=OJ%3AL%3A2021%3A272%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2021.272.01.0071.01.ENG&toc=OJ:L:2021:272:TOC

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

On 29 July, El Pais reported that the Kokorevs are accused of money laundering for Teodoro Obiang, the long-time dictator of Equatorial Guinea.  They are said to have received €120 million from the country through the sale of weapons, ships and helicopters.  It is alleged that Vladimir Kokorev, his wife Julia Maleeva and their children Igor and Vladimir moved €679 million through a giant web of companies in tax havens over 15 years.  The family’s world came crashing down in 2007.  There is now a 500-page report from Spain’s anti-corruption attorney’s office into the money laundering operation.  In 2018, Vladimir, Julia and Igor Kokorev were arrested in Panama and extradited to Spain, and they have been in pre-trial detention for more than 2 years.  In Mayof this year, a judge issued an order to open the trial against Vladimir, Julia and Igor Kokorev, who face charges of money laundering. The conditions imposed by Panama for their extradition to Spain mean they cannot be tried for other crimes and the family’s defence team has denied all charges and called for them to be acquitted.

https://english.elpais.com/spain/2021-07-29/how-a-russian-couple-sold-679-million-worth-of-weapons-from-their-madrid-home.html

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