On 2 July, ITV News reported that an illicit tobacco factory capable of producing more than 390 million cigarettes a year and evading more than £160 million in lost duty and taxes has been dismantled in Co Armagh. An estimated 11 tonnes of loose tobacco was seized, along with 1.6 million counterfeit cigarettes and the materials and equipment to produce many more.
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On 2 July, a news release from OFAC advised that it has cancelled the Regulations because the national emergency on which the restrictions were based was terminated by the President on 1 April.
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On 2 July, a news release from OFAC advised that 22 new individuals had been added to the Burmese/Myanmar sanctions lists. The same news release advised that 4 Iran-linked names had been removed from sanctions lists.
At the same time, the Department of Commerce’s Bureau of Industry and Security (BIS) has also added the following entities that have provided support to the Myanmar military to its Entity List, which imposes export licensing restrictions: King Royal Technologies Co., Ltd; Wanbao Mining; Myanmar Wanbao Mining Copper, Ltd.; Myanmar Yang Tse Copper, Ltd
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On 1 July. Coinfirm provided selected materials and findings from an investigation undertaken by Coinfirm into the trading of Covid-19 vaccination certificates, vaccines and tests in darknet markets. The investigation found scammers offering vaccines on the darknet, probable health sector corruption and further proof that blockchain services with no KYC are used as criminal gateways.
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On 2 July, Reuters reported that French prosecutors have opened an investigation into 4 fashion retailers suspected of concealing “crimes against humanity” in China’s Xinjiang region. France has a Central Office to Fight Crimes against Humanity, Genocide and War Crimes, founded in 2013.
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On 24 June, an article from Littleton Chambers was concerned with a case in which the High Court in England was asked to determine whether, and if so to what extent, a director’s fiduciary duties survive the termination of the directorship. It explained that the question arises because of the way in which the Companies Act sets out director’s duties and the interplay between the codified duties in statute and the common law and equitable duties which are the genesis of the statutory obligations. The article says that conduct entirely post-dating termination can form the basis of a claim – so that there need not be a ”clean break” effected by means of a director resigning.
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On 1 July, the Wall Street Journal reported that the US has won international backing for a global minim tax-rate as part of a wider overhaul of the rules for taxing international companies. Among the countries were all of the G20 major economies, including China and India, which previously had reservations about the proposed overhaul. The governments now will seek to pass laws ensuring that companies headquartered in their countries pay a minimum rate of at least 15%, reducing opportunities for tax avoidance. However, EU low-tax countries Ireland and Hungary declined to sign up to the agreement reached in the OECD framework.
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On 2 July, the European Banking Authority reported that itand the European Securities and Markets Authority (ESMA) have published their revised final joint Guidelines on the assessment of the suitability of members of the management body and key function holders. These Guidelines take into account the amendments introduced by the revised EU Capital Requirements Directive (CRD V) and the EU Investment Firms Directive (IFD), and their effect on the assessment of the suitability of members of the management body, in particular with regard to money laundering and financing terrorism risks, and gender diversity. The joint final Guidelines will apply from 31 December.
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On 1 July, an article from Mourant said that the BVI is introducing a new package of legislation to provide a robust framework for AML/CFT/CPF. The legislative framework is being brought in as part of the extensive preparations for the jurisdiction’s onsite Fourth Round Mutual Evaluation assessment by the Caribbean Financial Action Task Force – which, notably, will consider for the first time the effectiveness of the territory’s AML/CFT/CPF measures.
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Opportunities and Challenges of New Technologies for AML/CFT
This report identifies emerging and available technology-based solutions. It highlights the necessary conditions, policies and practices that need to be in place to successfully use these technologies to improve the efficiency and effectiveness of AML/CFT. The report also examines the obstacles that could stand in the way of successful implementation of new technology.
Stocktake on Data Pooling, Collaborative Analytics and Data Protection
This report says that technological advances in recent years allow financial institutions to analyse large amounts of structured and unstructured data more efficiently and identify patterns and trends more effectively. This report examines commercially available or emerging technologies that facilitate advanced AML/CFT analytics within regulated entities. It also looks at technologies that allow collaborative analytics between financial institutions, while respecting national and international data privacy and protection legal frameworks. Through a questionnaire, engagement with public and private sector experts, and a review of case studies, the stocktake examines commercially available or emerging technologies that facilitate advanced AML/CFT analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection. This report also includes an analysis of the intended objectives and drivers for the use of these new technologies and identifies policy considerations and potential solutions raised by questionnaire respondents and experts when considering or deploying such technologies. This report acknowledges that AML/CFT and data privacy and protection are both significant public interests that serve important objectives, which are neither in opposition nor inherently mutually exclusive.
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