FATF-style regional body APG released on 16 September an updated version of the November 2020 4th follow-up report on Bangladesh. Following its 2016 evaluation Bangladesh was placed in enhanced follow-up.
On 20 September, Herbert Smith Freehills published a briefing which looks at the proposed creation of an EU-wide Anti-Money Laundering Authority, as set out in the EU’s recent AML reform package. It looks at its powers and, in particular, the circumstances in which it will directly supervise regulated entities.
On 20 September, the FCA reported that OPBAS had released its latest report on progress made in tackling money laundering by professional body supervisors over the past year. It says that OPBAS continues to find differing levels of achievement and some significant weaknesses. The report highlights examples of effective supervision from some supervisors, but says that there are key areas in which many need to improve.
On 20 September, the State Department advised that it was adding 7 persons to the United States’ Undemocratic and Corrupt Actors list, under section 353 of the United States–Northern Triangle Enhanced Engagement Act, which generally makes the perpetrators ineligible for visas and admission to the US.
El Salvador – Elsy Dueñas De Aviles, Oscar Alberto López Jerez, Hector Nahun Martinez Garcia, Jose Angel Perez Chacon, and Luis Javier Suárez Magaña, current Magistrates of the Constitutional Chamber of the Supreme Court;
Guatemala – Maria Consuelo Porras Argueta De Porres, current Attorney General; and Angel Arnoldo Pineda Avila, current Secretary General of the Public Ministry.
A news release from the US DoJ on 20 September announced that the DoJ had entered into agreements to distribute $19.25 million to the UN for the purchase and distribution of COVID-19 vaccines and $6.35 million to Medical Care Development International (MCDI) for the purchase and distribution of medicines and medical supplies throughout Equatorial Guinea as part of the implementation of a civil forfeiture settlement resolving the disposition of certain assets previously allegedly purchased by the current First Vice-President of Equatorial Guinea Teodoro Nguema Obiang Mangue with the proceeds of corruption.
On 20 September, Field Fisher published this briefing, explaining that “trade remedies” usually come in the form of additional duties on imported goods (e.g. anti-dumping duty or import quotas), designed to create a level playing field in the domestic market. It explains that UK producers who believe unlawful practices are being used can apply to the new Trade Remedies Authority (TRA) to investigate their allegations. These unlawful practices can include dumping of goods for less than their value, or a direct or indirect subsidy on the imported goods’ costs, including delivery and production. The UK already has a range of trade remedies measures in place across a range of sectors that it inherited from the EU. The UK trade remedies system is based on WTO law, but has its own novel features, which are found across a complex web of primary legislation and statutory instruments. The article explains the process, and the (limited) appeal process.
A briefing from the Security Assistance Monitor says that the US remains the world’s largest purveyor of arms. US lawmakers and advocates have long sought to create safeguards against the misuse of the billions in US weaponry shipped abroad every year. It says that end-use monitoring (EUM) is intended to be the answer to those concerns and is aimed at satisfying statutory requirements for the US Government to provide assurances that arms are not being misused, diverted, or otherwise violating the terms of their export. Unfortunately, it says, the current EUM regime fails to address today’s concerns about the human impact of US arms transfers. The briefing is intended to give an overview of current EUM policies, dispel commonly held misconceptions of current EUM practice, and offer recommendations for how these regulations could be strengthened.
On 20 September, Legal Futures reported that a law firm owner who ignored AML responsibilities – and even overrode a negative due diligence check – has been banned by the Solicitors Disciplinary Tribunal (SDT) from holding compliance roles. Silas Ogbonna also failed to undertake a simple internet search that would have told him that one of his clients was a PEP, triggering extra obligations.
On 14 September, Nishimura & Asahi published an article about the results contained in the recent FATF mutual evaluation report on AML/CFT in Japan. Like many other states (as the article explains), Japan has been placed in enhanced follow-up. The article examines the findings of the MER and the action plan initiated by the Japanese government to close gaps that have been identified.