Day: October 19, 2021

INSIGHTS FROM UN PANEL OF EXPERTS REPORT ON NORTH KOREA SANCTIONS AND GNS MANIPULATION

Windward considers the Report from the point of view of the shipping sector.  It says that deceptive practices, like AIS manipulation, should be a concern for all compliance professionals.

http://wnwd-6091557.hs-sites.com/the-latest-on-gns-manipulation-and-dprk-new-research

Separately, Windward also offered another report –

HOW TO MANAGE RISK IN THE AGE OF GNS MANIPULATION

This claims a 5,000% increase in GNS manipulation cases.

http://wnwd-6091557.hs-sites.com/the-latest-on-gns-manipulation-and-dprk-new-research

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.buymea3coffee.com/KoIvM842y

On 18 October, the World Bank published the Report, saying that the Report, which is prepared jointly by the World Bank Group’s Integrity Vice Presidency (INT), Office of Suspension and Debarment (OSD), and Sanctions Board, is said to illustrate how the institution’s sanctions system has grown and evolved to meet the challenges and opportunities of an ever-changing global anticorruption landscape.  In fiscal year 2021, the World Bank Group sanctioned 57 companies and individuals, of which 54 were debarred with conditional release, making them ineligible to participate in projects and operations financed by institutions of the World Bank Group.  In addition, 3 companies were sanctioned with conditional non-debarment, leaving them eligible to participate in World Bank Group-financed operations after meeting certain agreed-upon conditions.  It also recognised 92 cross-debarments from other multilateral development banks (MDB), while 45 World Bank Group debarments were eligible for recognition by other MDB.

A full list of the businesses and individuals currently debarred by the World Bank Group can be found at –

www.worldbank.org/debarr

https://www.worldbank.org/en/news/press-release/2021/10/18/world-bank-group-sanctions-system-promotes-accountability-and-transparency-in-combatting-corruption-in-fiscal-year-2021

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.buymea3coffee.com/KoIvM842y

On 19 October, a US DoJ news release advised that the Swiss-based bank and its UK subsidiary have admitted to defrauding US and international investors in the financing of an $850 million loan for a tuna fishing project in Mozambique, and have been assessed more than $547 million in penalties, fines, and disgorgement as part of coordinated resolutions with criminal and civil authorities in the US and the UK.  Credit Suisse will pay approximately $475 million to authorities in the US and the UK, as well as restitution to victims in an amount to be determined by the court.  Separately, re a parallel civil cases the SEC said that transactions “that raised over $1 billion were used to perpetrate a hidden debt scheme, pay kickbacks to now-indicted former Credit Suisse investment bankers along with their intermediaries, and bribe corrupt Mozambique government officials”.   

https://www.justice.gov/opa/pr/credit-suisse-resolves-fraudulent-mozambique-loan-case-547-million-coordinated-global

https://www.ibtimes.com/credit-suisse-pay-475-mn-settle-us-uk-charges-mozambique-bond-offer-3319888

https://www.bbc.com/news/business-58974089

https://mondovisione.com/media-and-resources/news/credit-suisse-fined-147190276-us200664504-and-undertakes-to-the-uk-finan/

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.buymea3coffee.com/KoIvM842y