Day: October 1, 2021

On 1 October, FATF released a follow-up report on Canada, following its original mutual evaluation report (MER) of 2016.  Canada has been in an enhanced follow-up process following the adoption of the MER.  Now, to reflect Canada’s progress, FATF has now re-rated the country on the following Recommendations:

12 – PEPS – from non-compliant to largely compliant 

16 – Wire transfers – from partially compliant to largely compliant 

17 – Reliance on third parties – from non-compliant to compliant 

20 – Reporting of suspicious transactions – from partially compliant to largely compliant

22 – DNFPB: CDD – from non-compliant to partially compliant

23 – DNFPB: Other Measures – from non-compliant to largely compliant

This report also looks at whether Canada’s measures meet the requirements of FATF Recommendations 2, 5, 7, 8, 15, 18 and 21, which changed since their 2016 MER.  FATF agreed to downgrade Canada on Recommendation 8 (Non-profit organisations) from compliant to partially compliant, and upgrade the rating for Recommendation 15 (New technologies) from non-compliant to largely compliant.  As a result, Canada is compliant on 11 of the 40 FATF Recommendations and largely compliant on 23. It remains partially compliant on 5 Recommendations and non-compliant on one.  FATF has agreed to move Canada from enhanced follow-up to regular follow-up, and Canada will continue to report back to FATF on its progress.

Bear in mind that such follow-up reports do not reassess effectiveness ratings, only technical compliance.

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

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On 30 September, KPMG reported that Hong Kong will be added to the Eu “grey list” of non-cooperative jurisdictions for tax purposes on 5 October.  KPMG explained that this means that the EU considers that aspects of Hong Kong’s territorial tax system may facilitate tax avoidance or other tax practices regarded as harmful; but thatit also means that Hong Kong has agreed to make changes to the relevant legislation. The EU has granted the affected jurisdictions until 31 December 2022 to make necessary changes.

https://home.kpmg/us/en/home/insights/2021/09/tnf-hong-kong-added-eu-grey-list-tax-purposes.html

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On 29 September, the National Interest published an article posing this question.  It says that South Sudanese elites have responded to the UN’s accusations of corruption with their own: that the UN is fomenting an “international campaign” to destabilise South Sudan and its government.  The UN has released a report accusing South Sudan’s elite class of stealing tens of millions of dollars from the poor and war-torn country.  It concluded that $73 million had disappeared from public coffers since 2018, with $39 million stolen in the span of 2 months. 

https://nationalinterest.org/blog/buzz/73-million-missing-south-sudan%E2%80%99s-coffers-corruption-or-conspiracy-194551

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On 28 September, the Guardian published an exposé of how thousands of outsourced workers on inferior pay and conditions to fulfil demand for cheap meat.  Meat companies have been hiring thousands of workers through subcontractors, agencies and bogus co-operatives on inferior pay and conditions. 

https://www.theguardian.com/environment/2021/sep/28/revealed-exploitation-of-meat-plant-workers-rife-across-uk-and-europe

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On 30 September, the Buenos Aires Times reported that the headquarters of the Argentine Football Association (AFA) and several high-profile local football clubs were raided by police, as part of an investigation into alleged money laundering and tax evasion related to the transfer of footballers to Mexico.

https://batimes.com.ar/news/argentina/football-clubs-afa-headquarters-raided-as-part-money-laundering-probe.phtml

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