Day: November 13, 2021

On 14 October, the IMF published an edition of its Fintech Notes, which offer practical advice from IMF staff members to policymakers on important issues.  Despite the advantages, it says that virtual assets are susceptible to criminal abuse. Some of their features — in particular their varying degrees of anonymity or pseudonymity — raise new challenges for country authorities. Criminals have misused these features to facilitate fraud, theft, money laundering and terrorist financing, amongst other crimes.

https://www.imf.org/-/media/Files/Publications/FTN063/2021/English/FTNEA2021002.ashx

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The Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) are, along with 21 other professional bodies, government appointed AML supervisors.  As AML supervisors it is their responsibility to ensure that tax advisory and accountancy firms run by our members understand the AML/CFT risks facing their business and how to mitigate them, and comply with their AML/CFT obligations. Each year they submit a report to HM Treasury giving detailed information about its supervisory activities for inclusion in the Treasury annual report on AML/CFT supervision. The report includes themes arising from the year’s supervision, statistics, and links to available guidance.

https://assets-eu-01.kc-usercontent.com/220a4c02-94bf-019b-9bac-51cdc7bf0d99/a00ac16b-b3ed-43cc-bd73-c736f14f650d/AML%20SUPERVISION%20REPORT%20FINAL.pdf

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On 9 November, the European Policy Center published a Discussion Paper that examines how terrorist prisoners engage in ‘disguised compliance’, whereby they successfully deceive the professionals involved in their de-radicalisation.  As evidence emerges across Europe that this tactic is a growing threat and that terrorist prisoners are actively misleading those concerned with their rehabilitation to gain the opportunity to attack again, this paper provides practical recommendations on how this growing risk can be tackled.  The authors found that current approaches to the risk management of violent extremists are reactive, generic and mechanistic. They rely too much on collaboration and devalue frontline professional intuition.  It advocates an assertive blended approach that includes new technologies and integrity- and ‘sense-checking’ by a team of practitioners.

https://www.epc.eu/content/PDF/2021/Disguised_compliance_by_terrorist_offenders.pdf

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In October, the European Centre for International Political Economy (ECIPE) published this article, saying that US sanctions against Chinese 5G have been inconsistently applied for the supply of critical technologies and participation in standard-setting. Huawei may have been weakened, but it says that the sanctions have also helped Chinese state-owned companies like ZTE and defence contractors.

https://ecipe.org/blog/us-sanctions-against-chinese-5g/

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The European Business Registry Association has published a report in collaboration with its sister organisations – the Association of Registers of Latin America and the Caribbean (ASORLAC), the Corporate Registers Forum (CRF) and the International Association of Commercial Administrators (IACA).  They conducted case study research about the impact the COVID-19 pandemic has had on business registries.

https://ebra.be/wp-content/uploads/2021/10/FINAL-REPORT-on-Case-study-research_Sept-2021.pdf

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On 13 November, Hellenic Shipping News reported that a high-level OECD report on 3D printing technologies has concluded that it is premature to suggest that 3D printing technology will ‘replace’ trade, dispelling the hyped warning of the same over the past few years.  The report is an OECD Trade Policy Paper on 3D printing and international trade and asking what is the evidence to date? 

https://www.hellenicshippingnews.com/oecd-dismisses-3d-printing-trade-threat/

https://read.oecd.org/10.1787/0de14497-en?format=pdf

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Baker McKenzie has released the latest edition of this excellent publication from the lawyers in its London and US offices. In this edition there are comprehensive updates on –

• Reviewing the EU and UK AML regime proposals: What firms need to know;
• Emerging themes in the DPA landscape and SFO position;
• Developments on the Cum-Ex dividend scandal;
• Cyber risk in financial services;
• A Guide to spotting — and stopping — authorised push payment (APP) fraud;
• US AML developments: US Anti-Money Laundering Act of 2020; and
• The Quincecare duty of care: Where are we now?

https://www.bakermckenzie.com/-/media/files/insight/publications/2021/11/compliance-officer-bulletin-october-2021.pdf

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On 10 November, TJI reported that a report by the Canadian Cancer Society says that there are now 38 countries and territories moving forward with plain packaging, with 21 having adopted the measure, 3 having it in practice, and 14 working on it. 

http://www.tobaccojournal.com/Plain_packaging_momentum_continues_worldwide.56741.0.html

The report is at –

https://cdn.cancer.ca/-/media/files/about-us/media-releases/2021/cigarette-health-warnings-report/ccs-international-warnings-report-2021.pdf%3C/p%3E%3Cp%3E

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