Day: January 6, 2022

On 6 January, Dechert LLP published an article saying that, almost 5 years ago, France enacted its anti-corruption legislation, Sapin II.  The law was considered ground-breaking at the time and introduced a number of important innovations.  In December 2020, the Law Commission of the French Parliament asked 2 members of the National Assembly to prepare a report assessing the implementation of Sapin II.  Their July 2021 report included 50 recommendations and inspired a new Bill.  The proposed Bill would significantly strengthen the enforcement of anti-corruption laws while also providing added protections for companies and their employees.

https://www.jdsupra.com/legalnews/reforming-france-s-anti-corruption-laws-6174827

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On 6 January, the Guardian reported that Kazakhstan is a power player in the bitcoin world and last year, it became the world’s second-largest centre for bitcoin mining after the US, after China clamped down on crypto mining activity.  As of August, Kazakhstan was hosting 18% of global bitcoin mining.  The government said last year it planned to crack down first on unregistered “grey” miners which it estimates might be consuming twice as much power as the “white” or officially registered ones.  Last year, its energy ministry said that “grey” mining may consume up to 1.2GW of power, which together with “white” miners’ 600MW comes up to about 8% of Kazakhstan’s total generation capacity.

https://www.theguardian.com/world/2022/jan/06/kazakhstan-bitcoin-internet-shutdown

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The Wilson Center says that, to examine the role of the international community in shaping Latin America’s environmental agenda, the Wilson Center’s Latin American Program and its Brazil Institute, the Environmental Change and Security Program, China Environment Forum, and Global Europe Program launched a collaborative research project in 2020.  The latest paper in this series explores the role of agricultural commodities in South America and their influence on accelerating deforestation. 

https://www.wilsoncenter.org/publication/uncovering-deforestation-and-climate-risks-chinese-and-eu-soy-and-beef-imports-south

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On 5 January, following the publication of the follow-up reports on Bahamas and Antigua and Barbuda, FATF has released an updated consolidated schedule of all AML/CFT ratings to date.

https://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

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On 5 January, FATF published the third follow-up report from FATF-style regional body CFATF.  To reflect progress, CFATF has re-rated the country in relation to FATF Recommendation 7 from Non-Compliant to Partially Compliant; Recommendations 22 and 40 from Partially Compliant to Largely Compliant; Recommendations 28 and 37 from Partially Compliant to Compliant; and Recommendation 2 from Largely Compliant to Compliant.  Thus, Antigua and Barbuda is Compliant with 11 Recommendations and Largely Compliant on 25 of them.

https://www.fatf-gafi.org/publications/mutualevaluations/documents/cfatf-antigua-and-barbuda-fur-2021.html

On 4 January, FATF published this follow-up report from FATF-style regional body CFATF.  It has re-rated the country in relation to FATF Recommendations 6, 7, 24 and 33 from Partially Compliant to Largely Compliant and Recommendations 19, 22, 26, 27 and 28 from Partially Compliant to Compliant.  Thus, The Bahamas is Compliant with 18 Recommendations and Largely Compliant on 20 of them – combined they represent 38 out of the 40 FATF Recommendations.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/CFATF-The-Bahamas-Follow-Up-Report-2021.pdf

On 6 January, City AM reported that top City law firm Mishcon de Reya has been slapped with a record £232,500 fine, plus costs, after major breaches of money laundering rules.

https://www.cityam.com/mischon-de-reya-hit-with-record-fine-after-breaching-money-laundering-rules/

https://www.lawgazette.co.uk/news/mishcon-de-reya-fined-232500-over-numerous-aml-failings/5111049.article