OFAC DELETES 2 MALTA-LINKED ENTRIES ON LIBYAN SANCTIONS LIST

On 21 December, OFAC advised that the entries relating to Rodrick GRECH (aka Roderick GRECH) had been deleted.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20211221

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

EU PROPOSAL FOR A REGULATION TO FIGHT MONEY LAUNDERING AND COUNTER TERRORIST FINANCING

A research briefing from the EU Parliament Research Service on 20 December said that in July the European Commission presented a package of legislative proposals in the area of AML/CFT. The package includes a proposal for a Regulation on preventing the use of the financial system for money laundering or terrorist financing. 

https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/698862/EPRS_BRI(2021)698862_EN.pdf

EU IMPACT ASSESSMENT: AML PACKAGE

Also on 20 December, the EU Parliament Research Service published this document which covers 4 EU Commission proposals on AML/CFT.  The legislative package includes major changes designed to strengthen and tackle shortcomings in the current regulatory framework, such as the creation of a new AML authority. This document analyses the strengths and weaknesses of the impact assessment accompanying the proposed revisions. The Commission consulted a wide range of stakeholders to support the initiative.

https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/699467/EPRS_BRI(2021)699467_EN.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

EU COURT: EU COMPANIES CAN SCRAP IRAN DEALS IF US SANCTIONS’ COSTS TOO HIGH

On 21 December, WHTC reported that European companies can end contracts with Iranian businesses pressured by US sanctions if upholding the deals would lead to “disproportionate economic loss”,  This comes from a judgment from the European Court of Justice whichwas prompted by a lawsuit from the German branch of Iran’s state-owned Bank Melli against Deutsche Telekom after the telecommunications provider terminated a contract with the bank in 2018 prior to its expiry.  It is now up to court in Hamburg to decide whether upholding the contract with Bank Melli would expose Deutsche Telekom, which makes about half of its turnover with its US business, to such a disproportionate economic loss.

https://whtc.com/2021/12/21/eu-firms-can-scrap-iran-deals-if-u-s-sanctions-costs-too-high-eu-top-court-says/

https://curia.europa.eu/jcms/upload/docs/application/pdf/2021-12/cp210227en.pdf

UK: GOVERNMENT CONSULTS ON PLANS TO STRENGTHEN CONTROLS ON SALE OF EXPLOSIVE PRECURSORS

On 16 December, the Home Office reported that the Government had published a consultation on proposals to strengthen the controls in place for purchasing explosives precursors and poisons under the Poisons Act 1972.  It says that following the tragic Manchester Arena attack in 2017, the Government committed to enhance its capabilities to detect terrorist activity involving chemical, biological, radiological, nuclear and explosive material and their precursors, as well as control and safeguard these substances.  The proposed new measures will protect the public further by reducing the threat posed by the illicit use of explosives precursors and poisons.  The consultation closes on 10 March.

https://www.gov.uk/government/news/government-consults-on-plans-to-strengthen-controls-on-sale-of-explosive-precursors

https://www.gov.uk/government/consultations/amendments-to-the-poisons-act-1972

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

HOW WYOMING BECAME ONE OF THE WORLD’S TOP TAX HAVENS

On 20 December, ICIJ published an article saying the schemes consisting of a Wyoming trust and layers of private companies with concealed ownership— allow the world’s wealthy to move and spend money in extraordinary secrecy, protected by some of the strongest privacy laws in the country and, in some cases, without even the cursory oversight performed by regulators in other states.  In recent years, families from India to Italy to Venezuela have abandoned international financial centres for law firms in Wyoming’s ski resorts and mining towns, helping to turn the state into one of the world’s top tax havens.  Trust companies in Wyoming now manage at least $31.5 billion in assets, according to the state.  However, the article says that hoped-for tax revenue from the boom did not materialise, as the Republican legislature rebuffed calls for even a small tax on the profits of companies that create trusts.

https://www.icij.org/investigations/pandora-papers/the-cowboy-cocktail-how-wyoming-became-one-of-the-worlds-top-tax-havens/

UYGHUR FORCED LABOR PREVENTION ACT: US HOUSE AND SENATE REACH AGREEMENT

There have been a number of articles about this Bill after lawmakers in the House of Representatives and the Senate announced that they had reached an agreement on compromise language for a Bill.  The compromise language paves the way for Congress to pass the bill and send it to President Biden.  The new Act, which will soon become law, will essentially prohibit importers from importing all products from the region unless the importer can meet certain conditions.  One article below provides key points that importers should consider over the next 6 months as they prepare for implementation of the legislation.

https://www.globalsupplychainlawblog.com/supply-chain/u-s-house-and-senate-reach-agreement-on-uyghur-forced-labor-prevention-act/

https://www.mondaq.com/unitedstates/international-trade-investment/1142970/congressional-compromise-means-importers-should-start-preparing-for-new-xinjiang-forced-labor-legislation

https://www.globaltradelawblog.com/2021/12/16/the-uyghur-forced-labor-prevention-act-congress-finally-takes-action/#page=1

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