On 22 February, following publication of the Vietnam MER, FATF issued an updated schedule of all AML/CFT ratings to date.
http://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf
Day: February 22, 2022
FATF: VIETNAM AML/CFT MUTUAL EVALUATION REPORT
On 22 February, FATF published a report prepared by FATF-style regional body, APG. The onsite visit took place in November 2019. It says that while Vietnam has made improvements in its technical compliance since the last review in 2009, significant gaps still remain and need to be addressed to make the AML/CFT regime effective in combating serious money laundering threats and vulnerabilities. It has also received a poor rating for effectiveness.
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UK AMENDS ENTRIES FOR 2 BANKS ON RUSSIAN SANCTIONS LIST
On 22 February, HM Treasury issued a Notice advising that the existing entries relating to BANK ROSSIYA and BLACK SEA BANK FOR DEVELOPMENT AND RECONSTRUCTION have been amended.
OFAC: RUSSIA-RELATED SANCTIONS DESIGNATIONS; GENERAL LICENSES; NEW AND UPDATED FAQ
On 22 February, OFAC announced that –
- Directive 1A had been issued under hew Executive Order 14024 and concerned with prohibitions related to certain sovereign debt of the Russian Federation;
- Added 3 individuals and a large number of entities to the SDN List or Non-SDN Menu-Based Sanctions list ;
- Issued 2 new General Licenses – authorising certain servicing transactions involving State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank; and authorizing the wind down of transactions involving State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank;
- Issued 2 new FAQ (964 and 965); and
- Updated several other FAQ
https://home.treasury.gov/system/files/126/russia_directive_1a.pdf
https://home.treasury.gov/system/files/126/russia_gl2.pdf
https://home.treasury.gov/system/files/126/russia_gl3.pdf
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220222
https://home.treasury.gov/news/press-releases/jy0602
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UN ADDS 1 NAME TO ITS SOMALIA SANCTIONS LIST
On 21 February, the UN advised that ALI MOHAMED RAGE, a spokesman for Al-Shabaab has been added to the Somalia sanctions list under UN SCR 751.
https://www.un.org/press/en/2022/sc14797.doc.htm
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SUISSE SECRETS: THE OFFSHORE SECRETS OF KAZAKHSTAN’S PRESIDENT TOKAYEV
On 22 February, OCCRP published an article saying that President Kassym-Jomart Tokayev has sought to distance himself from his powerful predecessor, who many in Kazakhstan hold responsible for the country’s vast wealth inequality. But Tokayev’s family has its own foreign secrets: lakeside townhouses, Moscow apartments, Swiss bank accounts — and a money trail that goes far offshore.
https://www.occrp.org/en/suisse-secrets/the-offshore-secrets-of-kazakhstans-president-tokayev
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EU CODE REMOVED FROM UK CUSTOMS SYSTEM – IMPORTERS TOLD TO USE CORRECT COUNTRY CODE
On 18 February, VAT Live reported that, from 8 February, the country code “EU” was removed from the UK Trade Tariff and CHIEF system. HMRC will also soon be removing the code from the Customs Declaration Service (CDS) and the Online Tariff Tool.
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UK DESIGNATES 5 RUSSIAN BANKS AND 3 INDIVIDUALS
On 22 February, a Notice from HM Treasury advised that 5 Russian banks and 3 individuals following the Russian recognition of the so-called Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR) regions of Ukraine, and the entry of Russian forces into Ukraine under the guise of “peacekeeping. The banks are IS Bank; Rossiya Bank; PJSC Promsvyazbank; JSC Genbank; andJSC Black Sea Bank Development and Reconstruction; and the individuals include Boris and Igor Rotenberg.
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UK SHIPPED MORE THAN 10,000 TONNES OF BANNED PESTICIDES OVERSEAS IN 2020
On 21 February, Unearthed published a report saying that the UK exported thousands of tonnes of banned pesticides in 2020, with shipments including a wider range of toxic substances than ever previously revealed. The Health and Safety Executive (HSE), which regulates UK exports of prohibited chemicals, has confirmed that in that year British exporters shipped pesticide products overseas containing 12,240 tonnes of chemicals banned from use in this country’s own fields. These exports are legal because loopholes in UK law allow companies to continue producing pesticides for export long after they have been prohibited from domestic use in order to protect human health or the environment. The EU is drafting proposals for a EU-wide ban on the manufacture for export of chemicals that are banned in the EU. Under UK and EU regulations, any company that wants to export a banned chemical need to produce an “export notification” detailing the reasons the product is banned, its intended uses, and the amount the company intends to export. This document must be sent to authorities in the importing country before the export can be shipped. 80% of destinations were low- or middle-income countries such as Brazil, Colombia and India, where experts say hazardous pesticide use poses the greatest risks. The bulk of the notified exports were shipments of paraquat by the agrochemical giant Syngenta. The company still manufactures the weedkiller at its factory in Huddersfield although its use has been banned in the UK. The main intended destination for Syngenta’s paraquat exports was the US, where the company is currently facing legal action from farmers who developed Parkinson’s disease.
https://unearthed.greenpeace.org/2022/02/22/bees-syngenta-paraquat-uk-exports/
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GERMANY PULLS PLUG ON NORD STREAM 2 PIPELINE
On 22 February, Politico reported that the undersea pipeline, meant to ferry natural gas directly from Russia to northern Germany, is owned by a subsidiary of Gazprom. The Chancellor said that no certification of the pipeline can now take place and without this certification, Nord Stream 2 cannot go into operation.
https://www.politico.eu/article/germany-to-stop-nord-stream-2
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