Day: August 2, 2021

On 29 July, the EBA issued a consultation document, with responses required by 7 November.  It says that there have been a number of reports that suggest that the requirements set out in EU Directive  2015/849 have been implemented unevenly across different sectors and Member States, and that they are not always applied effectively.  This can have adverse consequences for the integrity of the EU’s financial system.  The EBA has a legal duty to prevent the use of the EU’s financial system for AML/CFT purposes, and a mandate to lead, monitor and coordinate the EU financial sector’s fight against laundering and terrorist financing.  The consultation puts forward guidelines which should be applied in a manner that is effective and proportionate to the financial sector operator’s type, size, internal organisation, and the nature, scope and complexity of its activities, and the risks to which the financial sector operator is exposed.

https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Consultations/2021/

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On 2 August, a post on the FCPA Blog advised that the World Bank had developed a Directory which serves as a resource for anyone interested in learning how countries and organisations employ exclusion.  The World Bank, like similar agencies, operates a system whereby companies involved in corrupt activities can be barred from future projects.  The Directory summarises the exclusion systems of 23 different jurisdictions.

https://fcpablog.com/2021/08/02/world-bank-publishes-new-global-suspension-debarment-directory/

The Directory is at –

http://www.worldbank.org/exclusionsurvey

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The Isle of Man FIU offers this Guidance Note on what constitutes “suspicion” for AML/CFT purposes.

https://fiu.im/media/1114/fiu-guidance-suspicion.pdf

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On 29 July, the Krebs on Security carried a post saying that every time there is another data breach, we are asked to change our password at the breached entity. But the reality is that in most cases by the time the victim organisation discloses an incident publicly the information has already been harvested many times over by profit-seeking cybercriminals.  The post provides a closer look at what typically transpires in the weeks or months before an organisation notifies its users about a breached database.  It also provides some tips to help avoid falling prey to incessant data breaches and increasingly sophisticated phishing schemes.

https://krebsonsecurity.com/2021/07/the-life-cycle-of-a-breached-database/

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EU Regulation 2021/1276/EU added new names to the sanctions imposed in response to the actions of the Nicaraguan authorities against opposition parties, media, journalists and other media workers, human rights defenders and civil society, including through the systematic detention and arrest of potential presidential candidates and opposition leaders.  Those designated include the Vice President (who is also the wife of President Daniel Ortega), the President of the National Assembly, the Leader in Nicaraguan National Police, the Attorney General, and the President of the Supreme Court of Justice.

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2021.277.01.0012.01.ENG&toc=OJ:L:2021:277I:TOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2021.277.01.0024.01.ENG&toc=OJ:L:2021:277I:TOC

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EU Regulation 2021/1275/EU creates a new sanctions regime which creates a framework for targeted restrictive measures to address the situation in Lebanon.  A linked EU Council Decision provides for the freezing of funds and economic resources of and the prohibition to make funds and economic resources available to natural persons responsible for grave financial, economic, social and political crisis in Lebanon and natural or legal persons, entities and bodies associated with them. The persons, entities and bodies subject to the restrictive measures would be listed in the Annex to that Decision.

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2021.277.01.0001.01.ENG&toc=OJ:L:2021:277I:TOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2021.277.01.0016.01.ENG&toc=OJ:L:2021:277I:TOC

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On 2 August, Seatrade Maritime News reported that the Republic of San Marino has announced it is partnering with the newest ship registry to come to the market, the San Marino Ship Register (SMSR), and has published the registry’s guidelines for registration.  The Register says it will offer 48-hour registration process, attractive fee and tax regimes with no restrictions on nationalities.

https://www.seatrade-maritime.com/regulation/landlocked-micro-state-san-marino-launches-international-ship-registry

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