Day: July 31, 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