Day: November 12, 2021

On 12 November, OFAC advised that it had issued General License No 4 “Authorizing the Wind Down of Transactions Involving Hidri Trust or Red Sea Trading Corporation”, alongside amended FAQ 927 and new FAQ 935 and 936.

https://home.treasury.gov/system/files/126/ethiopia_gl4.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20211112

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On 12 November, OFAC advised that it had designated 4 entities and 2 individuals pursuant to Executive Order 14046 in response to the growing humanitarian and human rights crisis and expanding military conflict in Ethiopia.  The entities are the Eritrean Defense Force (EDF), People’s Front for Democracy and Justice (PFDJ), Hidri Trust and Red Sea Trading Company (RSTC).  The 2 individuals are Abraha Kassa Nemariam, the head of the Eritrean National Security Office; and Hagos Ghebrehiwet W Kidan, economic advisor to the PFDJ and the chief executive officer of RSTC.

https://home.treasury.gov/news/press-releases/jy0478

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20211112

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On 11 November, Europol advised that the COVID-19 crisis has fuelled the increase of cybercrime in all its forms, while grey infrastructure serves to facilitate the proliferation of crime.  It also says that the accelerated digitalisation related to the pandemic has significantly influenced the development of a number of cyber threats. The Threat Assessment is at –

https://www.europol.europa.eu/sites/default/files/documents/internet_organised_crime_threat_assessment_iocta_2021.pdf

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On 10 November, an article from Mongabay claimed that the company accounted for 10% of the country’s exports of the precious metal in 2019 and 2020, having purchased it from companies prosecuted for buying illegal gold with most of the illegal mines concentrated in Indigenous territories.  It is said that illegal mining generates $600,000 to $800,000 a year in Brazil, according to the Ministry of Mines and Energy estimates.

https://news.mongabay.com/2021/11/top-brazil-gold-exporter-leaves-a-trail-of-criminal-probes-and-illegal-mines/

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On 12 November, the FSA issued a second set of guidance, this time covering –

• Long Term Insurers sector specific guidance note;
• Long Term Insurers Supplemental Information Document; and
• Civil Penalties Regulations guidance note.     

https://www.iomfsa.im/amlcft/amlcft-requirements-and-guidance/

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On 12 November, BNN Bloomberg reported that the FCA has imposed its second penalty in relation to the Cum-Ex tax scandal, fining Sunrise Brokers LLP more than £600,000 pounds over its relationship with hedge-fund manager Sanjay Shah, and for failing to control money laundering and trading risks.  The firm was given a 30% discount on the size of its overall penalty for cooperation.

https://www.bnnbloomberg.ca/u-k-hands-out-600-000-broker-fine-linked-to-tax-scandal-1.1680839

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On 12 November, the Times of Malta reported that Alberto Maurizio is suing Bank of Valletta for closing his account and refusing to release €271,253 in funds since a 2015 report of fraud that was never followed up with police or court action.

https://www.maltatoday.com.mt/news/court_and_police/113143/bank_of_valletta_cash_freeze_challenged_in_court

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EU Regulation 2021/1959/EU said that the sanctions measures had been reviewed and would continue, and that details for 26 individuals should be updated.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2021.400.01.0001.01.ENG&toc=OJ%3AL%3A2021%3A400%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2021.400.01.0148.01.ENG&toc=OJ:L:2021:400:TOC

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An article from Anthony Gold on 10 November explains when the UK Proceeds of Crime Act can be used to confiscate rent from landlords, and discusses some of the recent case law which deals with how much rent a landlord can be required to repay.

https://anthonygold.co.uk/latest/blog/confiscation-of-rent-hmos-and-the-proceeds-of-crime-act-2002/#page=1

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