A newsletter from the National Coordinator for Anti-Money Laundering and the Combatting of Terrorist Financing outlines the sanctions position for Gibraltar. It reminds one that UK financial sanctions against individuals and entities connected with the Russian Federation take effect in and are applicable in Gibraltar as soon as they come into operation in the UK.
Month: February 2022
ISRAELI MINING TYCOON DAN GERTLER OFFERS US PLEA DEAL TO END CORRUPTION PROBE
On 28 February, Haaretz reported that Gertler is suspected of bribing the former president of the Democratic Republic of Congo, Joseph Kabila, and some other senior Congolese officials, in exchange for rights to mine resources in the country. He is said to have sent representatives to negotiate with US law enforcement authorities over the past few months, and said to include+ a prison sentence to be served in Israel.
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SWITZERLAND EXTRADITES KEY FIGURE OF ‘CUM-EX’ SCANDAL TO GERMANY
On 28 February, Deutsche Welle reported that Swiss authorities have handed over a German lawyer, Hanno Berger, 71, accused of scamming German and European governments in one of Germany’s biggest tax fraud scams in recent memory. The elaborate scheme cost treasuries €55 billion.
https://www.dw.com/en/switzerland-extradites-key-figure-of-cum-ex-scandal-to-germany/a-60903053
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MONACO CLAMPS DOWN ON RUSSIAN ASSETS AFTER UKRAINE INVASION
On 28 February, Reuters reported that Monaco will proceed with freezing assets and imposing sanctions on certain Russians following the invasion of Ukraine. It is said that the Principality has adopted and implemented, without delay, procedures for freezing funds and economic sanctions identical to those taken by most European States, but did not say whose assets would be frozen.
UK: BILL TO CREATE A REGISTER OF OVERSEAS ENTITIES AND WHITE PAPER ON REFORMING COMPANIES HOUSE
On 28 February, the Business Secretary made an oral statement to the House on corporate transparency and economic crime measures. He announced a white paper that sets out a comprehensive package of reforms to Companies House. He also said that a Bill to be introduced the following day will create a Register of Overseas Entities to crack down on foreign criminals using UK property to launder their money.
https://www.gov.uk/government/publications/corporate-transparency-and-register-reform
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EU NOTICE TO IMPORTERS RE GOODS ORIGINATING IN THE NON-GOVERNMENT CONTROLLED AREAS OF THE DONETSK AND LUGANSK OBLASTS OF UKRAINE
On 28 February, the EU published a Notice to Importers saying that Council Regulation (EU) 2022/263 of 23 February introduced a prohibition to import into the EU of goods originating in those areas as of the day following that of its publication.
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EU ADDS FURTHER 26 INDIVIDUALS AND 1 ENTITY TO SANCTIONS LISTS
EU Regulation 2022/336/EU added further persons and the Gas Industry Insurance Company SOGAZ to its sanctions lists.
EU ADDS ALI MOHAMED RAGE TO SOMALIA SANCTIONS LIST
EU Regulation 2022/340/EU adds Ali Mohamed Rage, a spokesperson for Al-Shabaab.
UK ASSET FREEZE ON 3 RUSSIAN BANKS
On 28 February, a Notice from HM Treasury advised that VEB.RF, BANK OTKRITIE FINANCIAL CORPORATION PJSC, and PJSC SOVOCOMBANK had been added to sanctions lists and were now subject to an asset freeze.
THE PROBLEM OF TRACING DIRTY MONEY FROM RUSSIA: HOW “ILLEGAL” ARE “ILLICIT” FLOWS?
A post on the LSE Business School blog says that the invasion of Ukraine has prompted renewed calls to tackle the flow of ‘dirty money’ from Russia into other European states. It argues that, However, before one can propose concrete advice on how to tackle these flows, one must confront some basic definitional questions. What do we mean by ‘illicit’ finance? How can we trace it? Is illicit finance always against the law? The post pinpoints 3 difficulties in conceptualising and, hence, tracing illicit financial flows, and suggest that, given these challenges a wider approach to studying the transnational reach of dirty money is needed.
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