Day: August 11, 2021

On 10 August, Insurance Marine News reported that the International Transport Workers’ Federation (ITF) has added 7 countries to its list of flags of convenience, defined by the ITF as countries which take registration fees but then typically avoid any of the responsibilities that go with being a flag state.  The new states are Cameroon, Cook Islands, Palau, Sierra Leone, St Kitts & Nevis, Tanzania (Zanzibar) and Togo.

https://www.itfglobal.org/en/news/countries-take-money-and-run-new-foc-countries-listed

https://insurancemarinenews.com/insurance-marine-news/new-flag-of-convenience-countries-listed-by-itf/

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CipherTrace has published this report which says that, by the end of July 2021, major crypto thefts, hacks, and frauds totalled $681 million.  It said that while this number continues to be dwarfed by previous years’ highs, a breakdown of the types of thefts and fraud confirms a trend observed at the beginning of last quarter – involving DeFi.  The proliferation and escalation of ransomware targeting critical infrastructure marks another disturbing trend in 2021. On the regulatory front, the world is set to accelerate the implementation of the cryptocurrency “Travel Rule”. 

https://info.ciphertrace.com/hubfs/CAML%20Reports/Cryptocurrency%20Crime%20and%20Anti-Money%20Laundering%20Report%2c%20August%202021.pdf

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On 11 August, Yahoo News reported that Scotland could pursue an investigation into former President Donald Trump’s Scottish golf courses after a judge heard that there were “real and substantial concerns” about the Trump Organization and its finances.  A judge of the Court of Session in Scotland gave permission for a judicial review to appeal the government’s decision not to pursue the investigation.

https://uk.news.yahoo.com/scotland-could-pursue-money-laundering-112832834.html

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On 11 August, OCCRP reported that Kenyans are used to seeing procurement scandals in the news, stories about billions in public funds paid to ghost companies for goods and services that never materialize. But they rarely learn who is behind the schemes, or why they’re so common.  Now, however, Africa Uncensored acquired a leak of 25,727 public procurement records that spanned nearly 4 years and 8 government agencies.  It has identified companies linked to public officials, while seeking to understand the systemic loopholes that enable endemic fraud and embezzlement in Kenya.  It says that procurement contracts are now “commonly referred to in Kenya as ‘budgeted corruption’. 

https://www.occrp.org/en/37-ccblog/ccblog/14986-the-cost-of-kenya-s-budgeted-corruption

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On 11 August, FATF published an updated schedule of all AML/CFT assessments to date, following the publication of the follow-up report on Thailand.

http://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 11 August, FATF published the second follow-up report on Thailand.  It is said that, overall, Thailand has made good progress in addressing the technical compliance deficiencies identified in its mutual evaluation report (MER) of December 2017.  FATF Recommendations 13, 16, 19 and 20 have been re-rated form Partially Compliant to Largely Compliant.  Thailand has also made progress on FATF Recommendations that were amended after the adoption of its MER in 2017 and has been re-rated to Compliant on Recommendation 2 and rated Largely Compliant on Recommendation 21.  Thailand new has 31 Recommendations rated C or LC, but will remain in enhanced follow-up, and will continue to report back to FATF-style regional body APG on progress to strengthen its implementation of AML/CFT measures, with a third progress report due 1 February.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/APG-Follow-Up-Report-Thailand-2021.pdf

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On 10 August, a news release from US DoJ advised that Richard Holman, 69, had pleaded guilty in May to bribery.  In 2013-15, Holman and other USDA officials received Corvette wheels, concert tickets, PGA tour tickets, meals, alcohol, strip clubs, parking, concierge medical services, prescription drugs, and other cash tips.  Holman accepted bribes in exchange for ensuring the awarding of USDA contracts.

https://www.justice.gov/usao-dc/pr/former-usda-official-sentenced-bribery-caseformer-usda-official-sentenced-bribery

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On 11 August, an article from Vice reported that Sarah Panitzke, 47, was a well-off expat living in Spain when she became embroiled in a criminal enterprise worth £1 billion.  She has been on the run for 8 years, after laundering approximately £1 billion of illicit money from a large-scale VAT carousel fraud operation through offshore bank accounts. She has been named the most wanted woman in Britain for the past 6 consecutive years.

https://www.vice.com/en/article/4avpqm/britains-most-wanted-woman-laundered-pound1-billion-and-disappeared-into-thin-air

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