OTHER THINGS YOU MAY HAVE MISSED – AUGUST 22

Panama Covid-19 update – it is reported today that at least 111,000 children between 12 and 15 years of age are now vaccinated. Separately, it was also reported that  last week saw 4,723 new cases, 222 fewer infections than the previous week, when there were 5,945, representing a drop of 20%.

Meanwhile, today saw another 614 new cases reported and 5 new fatalities. The number of active cases continued its slow fall, now standing at 9,304, with 105 people in ICU and 287 in other wards.

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

22 AUGUST 2021

ARMY 2021 EXPO IN MOSCOW: RUSSIA OFFERS LATEST SMALL ARMS AND LIGHT WEAPONS FOR THE INDIAN ARMY

On 22 August, the Financial Express reported that representatives of around 150 countries invited through the Ministry of Defence of Russia, the Federal Service for Military-Technical Cooperation of Russia and the Rostec State Corporation are also taking part in the expo.  It says that Rosoboronexport JSC has expressed its readiness to offer to India the whole range of small arms and light weapons, including assault rifles, machine guns, sniper rifles, submachine guns, pistols, grenade launchers etc.

https://www.financialexpress.com/defence/russia-offers-latest-small-arms-and-light-weapons-for-the-indian-army/2315393/

US: RUSSIAN AMMUNITION IMPORT BAN

On 21 August, the Handguns Magazine reported that the import ban was announced on 20 August, with the new sanctions were being added to the CBW Act of 1991.

https://www.handgunsmag.com/editorial/russian-ammo-banned-for-import/424573

THE VEIL OF INTERNATIONAL TRADE: TRADE-BASED MONEY LAUNDERING

On 22 August, an article in the Times of Malta by the Head of Quality Assurance & Testing Unit, Bank of Valletta says that the misuse of the trade system, in a scheme known as trade-based money laundering is one of the principal methods by which money launderers move money for the purpose of disguising its origins and integrating it into the formal economy.  It says it can take place on both a domestic and an international level, but it is the international trade system, with its greater complexities and vulnerabilities, that provides the best opportunities for money launderers.

https://timesofmalta.com/articles/view/the-veil-of-international-trade.894940

TUNISIAN LAWMAKER ARRESTED ON CORRUPTION CHARGES

On 22 August, the Anadolu Agency reported that Lutfi Ali from the Tahya Tounes Party and his wife were taken into custody in the capital Tunis.  The lawmaker faces accusations of money laundering and illicit enrichment.

https://www.aa.com.tr/en/middle-east/tunisian-lawmaker-arrested-on-corruption-charges/2342731

EU CONSULTS ON CHEMICALS LABELLING REVISION

On 22 August, EU Business reported that the European Commission has launched a public consultation on the revision of the EU Regulation on the classification, labelling and packaging of chemical substances and mixtures (aka the CLP Regulation).  The CLP Regulation is the core piece of legislation used in the EU to identify and communicate the hazardous properties of chemicals. It stems from the UN global standard (GHS) and enacts this standard into EU law.

https://www.eubusiness.com/news-eu/chemicals-regulation-clp.98rq

https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12975-Revision-of-EU-legislation-on-hazard-classification-labelling-and-packaging-of-chemicals_en

THE GRINDING GEARS OF GLOBAL SHIPPING

On 6 August, GPF Geopolitical Futures published an infographic, saying that the COVID-19 pandemic exposed widespread structural fragilities in the global trading system, first through production slowdowns and then, almost as quickly, a slingshot recovery in demand.  This, along with labour shortages, left finely tuned logistics networks overwhelmed and off-balance.  It warns that there are simply too many single points of failure – each of which can affect a dozen more – for things to snap back to working order quickly.

https://geopoliticalfutures.com/grinding-gears-of-global-shipping/

THE TALIBAN ARE SITTING ON $1 TRILLION WORTH OF MINERALS THE WORLD DESPERATELY NEEDS

On 19 August, CNN reported that events in Afghanistan brought renewed focus on Afghanistan’s vast untapped mineral wealth, resources that could transform its economic prospects if ever developed.  Supplies of minerals such as iron, copper and gold are scattered across provinces. There are also rare earth minerals and, perhaps most importantly, what could be one of the world’s biggest deposits of lithium — an essential but scarce component in rechargeable batteries and other technologies vital to tackling the climate crisis.  It warns that China, the world leader in mining rare earths, has said that it has “maintained contact and communication with the Afghan Taliban”.

https://edition.cnn.com/2021/08/18/business/afghanistan-lithium-rare-earths-mining/index.html

AUSTRALIA: WARNING ABOUT TRADING CRYPTO-ASSET RELATED FINANCIAL PRODUCTS THROUGH UNLICENSED ENTITIES

On 18 August, the Australian Securities and Investments Commission (ASIC) issued a warning which urges Australians to be wary of investing in crypto-asset related financial products, such as options and futures, through unlicensed entities.

https://asic.gov.au/about-asic/news-centre/news-items/warning-trading-crypto-asset-related-financial-products-through-unlicensed-entities/

BRAZILIAN GOVERNMENT DISCLOSES NATIONAL TREASURY RANSOMWARE ATTACK

On 17 August, Bleeping Computer reported that the Brazilian Ministry of Economy had disclosed a ransomware attack that hit some of National Treasury’s computing systems.

https://www.bleepingcomputer.com/news/security/brazilian-government-discloses-national-treasury-ransomware-attack/

SEC ENFORCEMENT ACTION AGAINST LONDON-BASED PUBLISHER – TAKE CARE TO ENSURE PUBLIC DISCLOSURES ARE ACCURATE AND PRECISE

On 20 August, Clifford Chance published a briefing saying that, continuing a recent trend of using disclosure rules to police cybersecurity, the SEC has announced a settlement with London-based publisher Pearson PLC for a 2018 cybersecurity breach that affected the personal data of millions of students.  Amongst other things, it cautions that the penalty is a reminder that companies subject to SEC oversight (including foreign issuers) must take care to ensure their public disclosures are both accurate and precise.

https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2021/08/sec-continues-focus-on-cybersecurity-with-enforcement-action.pdf

AFGHANISTAN’S FALL RENEWS TERRORISM FEARS FOR US

On 17 August, an article in The Hill said that the fall of Afghanistan to the Taliban has raised fears that terrorist groups capable of threatening the US homeland will thrive anew amid the chaos.  Military officials are reassessing their previous estimate that al Qaeda could reconstitute as a threat in 2 years.

https://thehill.com/policy/defense/568095-afghanistans-fall-renews-terrorism-fears-for-us?rl=1

“PUMP AND DUMP” CRUPTOCURRENCY HACKING CASE

On 16 August, the UK law firm of Rahman Ravelli highlighted the practice of “pump and dump’’ in cases concerning cryptocurrency fraud.  It is said to be the first of its kind to come before the English courts and shows the imagination and planning of these types of frauds, which is constantly evolving.  Fraudsters hacked into the cryptocurrency accounts, traded the assets to a third party they had links to at a fraction of their true value, then selling those assets at their proper value, taking their illegal gains out of the exchange, and leaving the genuine owners of the hacked accounts facing losses of over $2.6 million.

https://media-exp1.licdn.com/dms/document/C4D1FAQHoaKTWJ2P3HA/feedshare-document-pdf-analyzed/0/1628765143006?e=1629759600&v=beta&t=vfLlK8uAK4gO19z9p3UUBiL1iu5IwLjBc7oUc_VtSSQ

https://www.rahmanravelli.co.uk/news/rahman-ravellis-representation-of-client-in-landmark-cryptocurrency-case-attracts-widespread-media-attention/

HOW LAUNDERERS EXPLOIT AUSTRALIA’S LAX REAL ESTATE LAWS TO INFILTRATE BANKS

On 6 August, a briefing from Thomson Reuters is said to show how failures on the part of Australia has allowed international money launderers to defeat banks’ anti-crime controls and move wholesale volumes of criminal money through the financial system.  It ends with a summary of Red Flags for banks when dealing with property transactions.

https://media-exp1.licdn.com/dms/document/C561FAQGx8v2iht0NTA/feedshare-document-pdf-analyzed/0/1629450537817?e=1629759600&v=beta&t=Bhi2TFAyZQYM6QphguYsPhM0J2qaXLA4E_zO5noVBUM

US AUTHORITIES FREEZE ASSETS AND CHARGE BRITISH COLUMBIANS IN ‘LONG-RUNNING FRAUDULENT SCHEME’

On 22 August, CBC reported that a former West Vancouver lawyer who was named in the Panama Papers is now facing prosecution in the US and has had his financial assets frozen by the SEC.  Fred Sharp, according to court filings, is one of 6 British Columbians charged by the regulator with “violating anti-fraud provisions” of the US Securities Act, and with 2 of his fellow defendants are also facing conspiracy and securities fraud charges by UD DoJ.

https://www.cbc.ca/news/canada/british-columbia/sec-freezes-assets-british-columbians-investment-scheme-1.6148981

 

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

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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