OTHER THINGS YOU MAY HAVE MISSED – FEBRUARY 26

Panama Covid-19 update – well, it’s Carnival Times, or should be, the main days of the carnestolendas festivities are from 26 February to 1 March 1, today being start of a holiday weekend (with the usual exodus of families from the city). Tuesday is Carnival Tuesday, but unlike other years, there will be no street parties etc, as the usual activities are once agian prohibited by decree due to Covid crisis. Numbers may be falling, but the latest (Omicron) wave is still with us.

With high levels of vaccination, and compliance with biosecurity generally still well-observed, perhaps one should worry that so far this year, 103 cases of dengue is reported in the country, giving an incidence rate of 2.3 cases per 100,000 inhabitants. The Aedes Aegypti mosquito is the culprit, the species also responsible for transmitting viruses such as Zika and chikungunya.

Numbers and percentages of persons testing positive continue to fall, with 543 new cases reported today and 9 new fatalities. Active cases fall by a further 641 to 7,108, with 28 in ICU across the country, and 163 in other wards.

26 FEBRUARY 2022

FIRE MAGAZINE (FEBRUARY 2022)

COVID: THE PERFECT PETRI DISH FOR CULTIVATING FRAUD

The February edition of FIRE Magazine includes this article which examines the reasons why the COVID-19 pandemic is likely to lead to an explosion of fraud cases.

https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_8.pdf

CAN CRYPTO CURRENCIES BE HELD ON TRUST?

Another article in the February edition of FIRE Magazine poses this question in the light of a recent decision of the High Court of England & Wales.  It is said that, while on the facts of the case it was held that no trust relationship arose between the parties, the case will arguably be more consequential for to its possible implications in respect of Non-Fungible Tokens (NFT) as opposed to its impact on English trust law.

https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_8.pdf

PIERCING THE CORPORATE VEIL

Another article in the February edition of FIRE Magazine is the first in planned series on this subject which look at the mechanisms by which in practice, the corporate veil can be pierced.

https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_8.pdf

THE LEGAL DOCTRINES OF DISHONEST ASSISTANCE AND KNOWING RECEIPT

Yet another article in the February edition of FIRE Magazine says that, for liquidators assisting the victims of such frauds in recovering assets from offshore companies, the legal doctrines of Dishonest Assistance and Knowing Receipt provide an effective way of seeking redress.

https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_8.pdf

PRIVILEGE: WHEN IS IT WAIVED AND WHEN DOES LITIGATION PRIVILEGE APPLY?

On 25 February, an article from CMS Law says that the latest case on privilege sets out the options available if the High Court is not satisfied with an assertion of privilege. 

https://www.cms-lawnow.com/ealerts/2022/02/privilege-when-is-it-waived-and-when-does-litigation-privilege-apply

OLAF HAS HELPED TO SEIZE OVER 430 MILLION ILLICIT CIGARETTES AND STOP THEM ENTERING THE EU MARKET

On 25 February, TJI reported that, in the past year, OLAF took part in several worldwide operations to crack down on the trade of illicit cigarettes and other tobacco products. Altogether, the involvement led to the seizure of 93 million cigarettes smuggled into the EU, and 253 million cigarettes seized outside of its borders.

http://www.tobaccojournal.com/OLAF_fights_illicit_cigarettes.56915.0.html

PARAGUAY: THE NEW SAFE HAVEN FOR BRAZILIAN DRUG TRAFFICKERS AND MONEY LAUNDERERS

An article from Insight Crime on 25 February said that Paraguay is emerging as a vital crossroads for the cocaine trade.  Its Interior Minister Arnaldo Giuzzio was recently removed from his post after he was found to have used one of a trafficker’s vehicles. 

https://insightcrime.org/news/paraguay-the-new-safe-haven-for-brazilian-traffickers-money-launderers/

ARMS TRADE TO AFRICA CAN BE OPAQUE: WHY THIS IS DANGEROUS

On 9 February, an article from Small Arms Survey starts by saying why a detained consignment highlights the fact that the international small arms trade is shrouded in ambiguity, and that available statistics don’t capture all actual (as opposed to reported) transfers.

https://smallarmssurvey.medium.com/arms-trade-to-africa-can-be-opaque-why-this-is-dangerous-d31ecca0e4f4

BEHIND THE SCENES OF CENTRAL BANK DIGITAL CURRENCY (CBDC)

On 9 February, a Fintech Note from the IMF examines the handful of countries’ projects in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. The paper studies 6 advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.

https://www.imf.org/-/media/Files/Publications/FTN063/2022/FTNEA2022004.ashx

UK: DORMANT ASSETS ACT HAS NOW RECEIVED ROYAL ASSENT

On 25 February, an Insight from Simmons & Simmons reported that the Act has now received Royal Assent.  However, a separate piece of secondary legislation will be needed before a date is set for the measures to come into effect.  The Dormant Asset Scheme – established by the Dormant Bank and Building Society Accounts Act 2008 and launched in 2011 – is being expanded to include the insurance, pensions, investment and wealth management, and securities sectors.

https://www.simmons-simmons.com/en/publications/cl029kg6u1qe10a4765eto3ip/dormant-assets-scheme-expanded—a-new-awakening

3 MEN CONVICTED OF CONSPIRING TO PROVIDE MATERIAL SUPPORT TO PLOT US POWER GRID ATTACKS

On 25 February, Homeland Preparedness News reported that 3 men had pleaded guilty after seeking to provide material support to domestic terrorists in an attempt to destroy energy facilities throughout the US.  The right-wing extremists are said to have engaged in a disturbing plot, in furtherance of white supremacist ideology, to attack energy facilities in order to damage the economy and stoke division in the US.

https://homelandprepnews.com/stories/76056-three-men-convicted-of-conspiring-to-provide-material-support-to-plot-u-s-power-grid-attacks/

US: FOUNDER OF BitConnect INDICTED ON CHARGES OF ORCHESTRATING A GLOBAL PONZI SCHEME

A release on Mondo Visione on 25 February reported that a federal grand jury in San Diego had returned an indictment charging the founder of BitConnect with orchestrating a global Ponzi scheme.  BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion.  The founder was Satish Kumbhani, 36, of Hemal, India.

https://mondovisione.com/media-and-resources/news/us-department-of-justice-bitconnect-founder-indicted-in-global-24-billion-cry/

FRANCE STOPS SHIP SUSPECTED OF BELONGING TO RUSSIAN COMPANY TARGETED BY EU SANCTIONS

On 26 February, Rferl reported that Russian cargo ship Baltic Leader, which belongs to a company targeted by EU sanctions, was diverted to the port of Boulogne-sur-Mer.  The vessel transporting cars, which was headed for St Petersburg.

https://www.rferl.org/a/russian-ship-seized-france/31724913.html

https://www.laestrella.com.pa/opinion/opinion-grafica/220226/opinion-grafica-26-febrero-2022

https://www.visualcapitalist.com/a-guide-to-cannabis-in-the-u-s/

CITIZENSHIP BY INVESTMENT (CBI) – THE CARIBBEAN SOLUTION – ST KITTS & NEVIS; GRENADA; DOMINICA

On 22 February, Dixcart published an article saying that there are a number of different options for citizenship within the Caribbean. The most popular passport schemes include St Kitts & Nevis, Grenada and Dominica.  These schemes each offer the option of residence in other CARICOM countries (Antigua & Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St Kitts & Nevis, St Vincent & Grenadines, Suriname and Trinidad & Tobago).  The key characteristics of each scheme are detailed in the article.

https://www.dixcart.com/citizenship-by-investment-the-caribbean-solution/

ROMAN ABRAMOVICH HANDS CONTROL OF CHELSEA FC TEAM TO FOUNDATION

On 26 February, Rferl reported that Chelsea owner Roman Abramovich has unexpectedly turned over the “stewardship and care” of the Premier League soccer team to its charitable foundation trustees, the Russian billionaire announced.

https://www.rferl.org/a/31725339.html

NARCOTICS SMUGGLING RISKS FOR SHIPS

On 25 February, the UK P+I Club hosted an hour-long webinar which focused on how narcotics are smuggled onboard, drug traffickers’ imaginative and innovative ways to deceive and the ways authorities can counter them. A contributor also gave an extensive presentation on Loss Prevention.

https://www.ukpandi.com/news-and-resources/videos/uk-pi-club-live-webinar-series-23-narcotics-smuggling-risks-for-ships/

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

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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