Day: November 24, 2021

n 24 November, OFAC issued new General License 8I “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities”. 

https://home.treasury.gov/system/files/126/venezuela_gl8i.pdf

 

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 24 November, OFAC announced that it had amended the Syrian Sanctions Regulations to expand the authorisations for NGO to engage in certain transactions and activities.  This action builds upon the US Government’s longstanding humanitarian exemptions, exceptions, and authorisations in the Syria sanctions programme — and helps ensure the continued provision of humanitarian assistance, including certain early-recovery activities, that benefit the Syrian people.  The US Treasury’s recent sanctions review highlighted the need for continued review of existing authorities to facilitate legitimate humanitarian activity while continuing to deny support to malicious actors.

https://home.treasury.gov/news/press-releases/jy0505

On 24 November, a statement from the Financial Services Authority advised that a TCSP had received a civil penalty of £321,550 (discounted by 30% to £225,085) for contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019.  It was also established that a number of entities administered by the TCSP were not complying with their own respective obligations under the Code.   

https://www.iomfsa.im/fsa-news/2021/nov/public-statement-concerning-the-regulatory-investigation-of-the-isle-of-man-financial-services-authority-in-respect-of-bridgewater-iom-limited-and-the-associated-outcomes/

 

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 24 November, Legal Futures reported that the Solicitors Regulation Authority (SRA) identified authority, independence and resources as the key pillars of the roles of money laundering compliance officer (MLCO) and reporting officer (MLRO) – while most it talked to were generally fulfilling the first 2, the third was the biggest challenge.  It is proposed that MLRO and MLCO workloads be reduced and that firms should consider appointing deputies.

https://www.legalfutures.co.uk/latest-news/reduce-aml-officers-billable-targets-regulator-tells-firms

The SRA report is at –

https://www.sra.org.uk/sra/how-we-work/reports/money-laundering-governance-three-pillars-of-success/

 

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 24 November, a news release from Europol advised that Europol, Eurojust and the European Judicial Network have published the third annual edition of the SIRIUS European Union Digital Evidence Situation Report.  This year, the report goes beyond a comprehensive status update by including an assessment of the impact of the COVID-19 pandemic on the access of EU authorities to electronic evidence held by foreign-based online service providers (OSPs) in 2020. It says that the volume of cross-border requests submitted by EU authorities to 8 large online service providers (OSP) increased 27% in 2020 in comparison with the previous year, with a large majority of them issued by Germany and France, and mainly to Facebook and Google. There was a very significant increase of 112% in emergency disclosure request in 2020 compared to 2019, with Facebook receiving most of them, among the OSP analysed. The report says that cross-border access to digital evidence is crucial to most investigations, and it became even more relevant during the pandemic.

https://www.europol.europa.eu/newsroom/news/cross-border-access-to-electronic-evidence-update-and-impact-of-pandemic-data-requests

The Report is at –

https://www.europol.europa.eu/publications-documents/sirius-eu-digital-evidence-situation-report-3rd-annual-report-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