Day: August 30, 2021

In its 31 August edition, Hellenic Shipping News reported that a market analysis has said that the unparalleled scale of tankers carrying sanctioned crude oil from Iran or Venezuela has begun to actively hurt demand for compliant crude tankers.  It also said that US sanctions against Iranian and Venezuelan oil exports had brought about a parallel oil market, where sanctioned crude oil is actively traded.  The vessels involved sail outside of the regulatory framework set by IMO, often operating without insurance and disobeying the common safety regulations the rest of the industry embraces.

https://www.hellenicshippingnews.com/frontline-demand-for-freight-in-the-compliant-tanker-market-hurt-by-scale-of-parallel-oil-market-where-sanctioned-crude-oil-is-actively-traded/

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On 25 August, Recorded Future published a Cyber Threat Analysis which explains that SIM swapping involves deceiving a mobile provider (usually through social engineering) into transferring a victim’s phone number to a SIM card controlled by a cybercriminal.  Once the SIM card has been activated, a cybercriminal controls the phone number and can reset victim passwords and take control of social media, online banking, and cryptocurrency accounts.  In some instances, even security measures such as 2-factor authentication (2FA) can be bypassed.  It also explains that “How-to guides” on SIM swapping, for sale or freely available, outline some of the most popular typologies for SIM swapping attacks.

https://go.recordedfuture.com/hubfs/reports/cta-2021-0825.pdf

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On 30 August, following publication of the report on Japan, FATF issued an updated schedule of AML/CFT assessment ratings to date.

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

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On 30 August, FATF published the MER, saying that Japan’s measures are delivering results, but the country needs to prioritise efforts in certain areas to improve the effectiveness of the AML/CFT framework.  The onsite visit took place in October/November 2019. 

https://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Mutual-Evaluation-Report-Japan-2021.pdf

https://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Executive-Summary-Mutual-Evaluation-Report-Japan-2021.pdf

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On 26 August, Baker McKenzie reported that Belarus has become subject to phased tightening of international sanctions restrictions.  The article discusses in detail the sanctions restrictions recently introduced by the US, the EU, the UK, Canada, Switzerland and Ukraine with respect to Belarus. 

https://insightplus.bakermckenzie.com/bm/viewContent.action?key=Ec8teaJ9VaqMfM2mgG1Li17eOOGbnAEFKCLORG72fHz0%2BNbpi2jDfaB8lgiEyY1JMz1e2tr2Ki2qDj4hl%2BJ2FQ%3D%3D&nav=FRbANEucS95NMLRN47z%2BeeOgEFCt8EGQ0qFfoEM4UR4%3D&emailtofriendview=true&freeviewlink=true

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On 3 August, Latin Lawyer published an article saying that, since 2014, Brazil’s Operation Car Wash investigation into widespread bribery and corruption involving politicians and state-owned enterprises has dominated headlines and captured public attention across Latin America and around the world.  The international interest in combating corruption in the region shows no sign of abating. It says that companies operating in Latin America should be mindful of recent legislative, judicial and enforcement trends, and of global regulators’ focus on fighting corruption in the region.  The article examines recent trends in legislative and constitutional anti-corruption enforcement regimes in Latin America; changes in data protection regimes that may affect corporate investigations in the region; and global enforcement of corruption-related conduct in Latin America, including the impact of Covid-19-related investigations and cooperation among US, Latin American and other regulators.

https://latinlawyer.com/guide/the-guide-corporate-compliance/second-edition/article/2-latin-americas-compliance-climate-today

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