On 8 November, FATF published the 6th follow-up report on Sri Lanka by FATF-style regional body APG. As is normal, the report does not analyse any progress Sri Lanka has made to improve its effectiveness, only its technical compliance with the FATF 40 Recommendations since the 2015 mutual evaluation (MER). Overall, Sri Lanka has made some progress in addressing the technical compliance deficiencies identified in its MER and has been re-rated on Recommendation 32 (re physical cross-border transportation of currency and bearer negotiable instruments). Sri Lanka now has 32 Recommendations rated C/LC and will remain in enhanced follow-up, and will continue to report back to the APG on progress to strengthen its implementation of AML/CFT measures. Its 7th progress report is due 1 June 2022.
On 8 November, OFAC announced sanctions on 2 ransomware operators and a virtual currency exchange network for a recent incident and laundering cyber ransoms. At the same time, FinCEN issued an Advisory, which included the following illustration of the role of a convertible currency exchange (CVC) –
On 4 November, The Yucatan Times reported on an investigation by journalists of “Mexicans Against Corruption and Impunity”. It tells the story of a plot surrounding the shipment of food supplies to Venezuela. It is said that between 2019 and 2020, 8 Mexican companies used a structure of at least 13 importers created in Hong Kong, Panama, Uruguay, and the BVI to send food to Venezuela for an amount of $64 million.
This 172-page report is from the UN Office on Drugs and Crime and cases of international cooperation in criminal matters involving the UN Convention as a legal basis are presented and analysed – with 104 cases from 34 jurisdictions. It examines the types of international cooperation involved, geographical differences between regions and states, the facts and types of offences that gave rise to the need for international cooperation, and the relationship between the Convention and relevant bilateral and multilateral cooperation treaties in cases of international cooperation.
On 8 November, Professional Security Magazine Online reported that the latest Crime Survey for England and Wales (CSEW) shows a 12% increase in total crime, driven by a 43% increase in fraud and computer misuse for the year ending June 2021 compared with the pre-COVID year ending June 2019.
On 8 November, Journal du Cameroun and others reported that the Economic Community of West African States (ECOWAS) has imposed sanctions on the transition authorities in Mali for failure to restore democratic rule in Mali. The sanctions include a travel ban and a freeze on financial assets. It also directed the President of the ECOWAS Commission to consider and propose additional sanctions at its next Ordinary Session on 12 December should the situation persist.
On 4 November, an article from Bird & Bird was one of a series on the implications of EU regulation 2020/1503/EU, which enters into force on 10 November. This article addresses the question of which obligations under money laundering law apply to a crowdfunding service provider.