Day: December 20, 2021

On 20 December, the Jerusalem Post reported that 3 Israeli companies have been indicted for exporting cruise missiles to China without a licence.  It is alleged thatEphraim Menashe, the owner of the Solar Sky company, brokered a deal with entities from China who were competing for a tender to provide cruise missiles to the Chinese military.  It is said that the deal was handled by Zion Gazit and Uri Shachar, owners of a security consulting company which deals in consulting and mediation between foreign investors and Israeli tech companies; and that Menashe also hired Zvika and Ziv Naveh, the owners of Innocon, which produces UAV for intelligence purposes, and other people who worked to produce cruise missiles and all their parts.

https://www.jpost.com/israel-news/article-689286

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On 20 December, FinCEN advised a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data.   The report aims to further inform efforts to combat wildlife trafficking and the associated movement of illicit proceeds, which are estimated to be between $7 and $23 billion per year and account for a quarter of all wildlife trade.  FinCEN said that it was calling attention to this threat because of –

• its strong association with corruption and transnational criminal organisations, 2 of FinCEN’s national AML/CFT priorities;
• a need to enhance reporting and analysis of related illicit financial flows; and
• wildlife trafficking’s contribution to biodiversity loss, damage to fragile ecosystems, and the increased likelihood of spreading of zoonotic diseases. 

https://www.fincen.gov/news/news-releases/fincen-analysis-reveals-upward-trend-sars-related-wildlife-trafficking

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On 20 December, OFAC advised that 2 Croatian entries listed under the Global Magnitsky sanctions regime had been removed from the SDN List.  At the same time, various Hong Kong, Iran and terrorism sanctions entries have been amended.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20211220

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On 20 December, the Nassau Guardian reported that the Central Bank of The Bahamas (CBOB) and Group of Financial Services Regulators’ (GFSR) Bahamas AML/CFT Report for 2019 to 2020 reveals that The Bahamas’ real estate, gaming and money transmission sectors have the highest AML/CFT risks of those sectors regulated by the CBOB and GFSR.

https://thenassauguardian.com/real-estate-gaming-money-transmission-highest-aml-cft-risks-says-report/

The Report is at –

https://www.centralbankbahamas.com/news/press-releases/group-of-financial-services-regulators-gfsr-bahamas-2019-2020-aml-cft-report?N=C

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On 16 December, the Government Accountability Office published a report saying that money transmitters and non-profits that transfer funds to recipients in countries at high risk for money laundering or terrorist financing have reported bank account closures and delays or denials of requests to transfer funds.  Banks cited the high costs of conducting the due diligence necessary to ensure funds distributed in high-risk countries are not used for illicit purposes, and also cited heightened scrutiny they receive from regulators when banking higher-risk money transmitters and non-profits and uncertainty about regulatory expectations for conducting due diligence.  The GAO spoke to banks and other stakeholders about proposals to improve banking access.  For example, most believe that an enhanced federal role in humanitarian transfers would help ensure money reaches its intended recipients, but it may also discourage high-risk countries from enacting needed reforms.

https://www.gao.gov/products/gao-22-104792

On 17 December, the Foundation for the Defense of Democracies reported that Paraguayan authorities have raided the offices of a dozen US-linked companies and their accountants tied to suspected Paraguayan drug kingpin and linked to the Tri-Border Area (TBA) of Argentina, Brazil, and Paraguay.  It is said that this reflects the growing role of US import-export businesses in conducting suspicious transactions with their TBA counterparts.  It is said that TBA trade-based money laundering schemes heavily rely on US-based companies, many of which are located in Florida.  The raid and the evidence it may yield could offer important data to US investigators about the activities of major Latin American money launderers in the US.

https://www.fdd.org/analysis/2021/12/17/paraguayan-raids-tba-money-laundering/

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A news release from US CBP on 20 December advised that CBP personnel at all US ports of entry will detain disposable gloves produced in Malaysia by Brightway Holdings Sdn Bhd, Laglove (M) Sdn Bhd, and Biopro (M) Sdn Bhd (collectively, Brightway Group).   This is based on information that reasonably indicates the use of forced labour in that entity’s manufacturing operations.

https://www.cbp.gov/newsroom/national-media-release/cbp-issues-withhold-release-order-brightway-group

On 20 December, the European Banking Authority advised that it has published its draft Regulatory Technical Standards (RTS) on a central database on AML/CFT in the EU.  The European Reporting system for material CFT/AML weaknesses (EuReCA) will be a key tool for coordinating efforts to prevent and counter money laundering and terrorism financing in the EU.  The EBA will use EuReCA to provide information on risk affecting the EU’s financial sector. It will also share information from the database with competent authorities as appropriate, to support them at all stages of the supervisory process, and in particular if specific risks or trends emerge.  EuReCA will be an early warning tool, which will help competent authorities to act before the risk crystalise. As such, EuReCA will be key to strengthening AML/CFT supervision and to coordinating efforts to prevent and counter money laundering and terrorism financingin the EU.

https://www.eba.europa.eu/eba-paves-way-setting-central-database-anti-money-laundering-and-countering-financing-terrorism

 

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