MONTENEGRO PROBES ALLEGATIONS OF PRESIDENT DJUKANOVIC’S INVOLVEMENT IN MONEY LAUNDERING RING

On 18 November, BNE Intellinews reported that Montenegro’s specialised prosecution has launched a probe into allegations by Albanian oil businessman Rezart Taci that President Milo Djukanovic has been participating in an international money laundering scheme.

https://www.intellinews.com/montenegro-probes-allegations-of-president-djukanovic-s-involvement-in-money-laundering-ring-227333/?source=albania

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MORE SWISS BANKS REPRIMANDED FOR VENEZUELA BUSINESS

On 18 November, Swissinfo reported that Switzerland’s financial regulator has reprimanded 2 more banks for breaching their obligations to combat money laundering as it wrapped up a 5-year investigation into banks’ dealings with people linked to Venezuela’s state oil company PDVSA.  It has already taken issue with 2 former chief executives of private bank Julius Bär and rapped Credit Suisse for anti-corruption failings.  FINMA has now reprimanded 5 banks in total since the investigation began in 2016.  Banca Zarattini & Co SA and CBH Compagnie Bancaire Helvétique SA were both in breach of regulations and have had measures imposed upon them.

https://www.swissinfo.ch/eng/swiss-banks-slammed-for-venezuela-business/47121378

https://www.nasdaq.com/articles/two-more-swiss-banks-broke-money-laundering-rules-in-venezuela-finma

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EUROPE AND THE UK’S VAST SHIPMENTS OF BANNED, BEE-KILLING ‘NEONICS’

On 18 November, Unearthed published details of a new investigation which has uncovered EU exports to the global south of chemicals that it has branded a ‘serious’ threat to world pollinator populations.  It says that an investigation has found that the EU and the UK are shipping thousands of tonnes of ‘neonicotinoid’ pesticides to poorer countries, years after banning the chemicals from their own farms to protect bees.  It is said that over just 4 months last year, EU Member States and the UK issued plans export more than 3,800 tonnes containing the ingredients thiamethoxam, imidacloprid or clothianidin.

https://unearthed.greenpeace.org/2021/11/18/revealed-europe-and-the-uks-vast-shipments-of-banned-bee-killing-neonics/

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IF THE DIRECTORS OF A COMPANY DEFRAUD ITS CUSTOMERS, THE PROCEEDS CAN STILL GO TO THE COMPANY

An article from Carey Olsen on 16 November concerned a case in England which involved a Jersey-registered company.  The Supreme Court decided a case against the CPS and involving a fraudulent scheme perpetrated by 2 directors of the company.  The scheme was a fraud on the customers and on the company, as instead of turning over around £4.55 million in proceeds from the scheme to the company, the directors kept these funds for themselves.  The scheme was uncovered and the directors were convicted of tax fraud, the CPS sought to confiscate the proceeds of the crime, and HMRC was pursuing the company’s customers to make good on tax credits fraudulently obtained under the scheme.  The Court has now ruled that the proceeds belong to the company (or the liquidators or anyone left to pick up the pieces where directors have breached their duties to a company).  It confirms the situation that (even in cases of criminal fraud by directors), the proceeds of that fraud can remain available to compensate the victims – in this case, the company defrauded and those doing business with it – rather than being confiscated by prosecutors as the proceeds of crime.

https://www.careyolsen.com/briefings/winner-takes-it-all-priorities-between-directors-companies-and-third-parties-when

https://www.mondaq.com/uk/directors-and-officers/1132054/a-heavy-blow-uk-supreme-court-decision-in-crown-prosecution-service-v-aquila-advisory-ltd

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