Month: March 2022

UK: 3 ENTITIES ADDED TO RUSSIA SANCTIONS LIST

A Notice from HM Treasury on 31 March advised that PHOTON PRO LLP; MAJORY LLP; and DJECO GROUP LP had been added to Russia sanctions lists.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1065607/Notice_Russia__310322.pdf

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NEW UK DATA TRANSFER TOOLS COME INTO FORCE

On 31 March, Field Fisher issued a briefing saying that new UK data transfer tools – the International Data Transfer Agreement (IDTA) – essentially the UK’s equivalent to the EU standard contractual clauses (SCC) – and a separate UK addendum to be used in conjunction with the EU SCC (UK Addendum) – came into force on 21 March.

https://www.fieldfisher.com/en/services/privacy-security-and-information/privacy-security-and-information-law-blog/new-uk-data-transfer-tools-laid-before-parliament

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OFAC TARGETS SANCTIONS EVASION NETWORKS AND RUSSIAN TECHNOLOGY COMPANIES ENABLING PUTIN’S WAR

On 31 March, the US Treasury announced expanded sanctions authorities to include aerospace, marine, and electronics sectors; and OFAC designated 21 entities and 13 individuals as part of its crackdown on the Kremlin’s sanctions evasion networks and technology companies, which are instrumental to the Russian Federation’s war machine.  One of the technology companies designated today exports more than 50% of Russian microelectronics and is Russia’s largest chipmaker.  In addition to the sanctions imposed on Russian actors, the US Treasury is also enhancing and expanding its Russia sanctions authorities.  allows for sanctions to be imposed on any individual or entity determined to operate or have operated in any of the aerospace, marine, and electronics sectors and provides an expanded ability to swiftly impose additional economic costs on Russia for its war of choice in Ukraine. 

https://home.treasury.gov/news/press-releases/jy0692

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220331

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ICC FRAUDNET GLOBAL ANNUAL REPORT 2022

The International Chamber of Commerce has released this report which comprises 28 original articles authored by 46 contributors from some 22 jurisdictions.  Its contents include the following articles –

  • consider the interaction between criminal and civil process in cases involving fraud;
  • evaluating different Unexplained Wealth Orders (UWO) and explaining their effectiveness;
  • pursuing claims against organized crime group representatives in Japan;
  • beneficial ownership in Senegal;
  • the extraterritorial application of asset forfeiture proceedings in South Africa;
  • development and use of Norwich Pharmacal Orders in Ireland re ransomware;
  • enforcement of foreign judgments in Lebanon;
  • tools of the trade available to the asset recovery lawyer in Guernsey;
  • recent developments in Cayman Islands law with particular relevance to the conduct of major cross border litigation and asset recovery;
  • can the BVI survive in a world of international minimum level tax treaties and data hacks and leaks?;
  • beneficial ownership registers offshore: an update;
  • applying traditional asset recovery techniques in the new world of virtual assets and cryptocurrency;
  • law enforcement, criminal cartels and the legitimisation of cryptocurrency;
  • crypto: how various tools have developed relevant to investigations;
  • cases of cryptocurrency fraud raise knotty issues of jurisdiction not only because of the decentralised nature of cryptocurrency – jurisdictional challenges and novel solutions;
  • US: using receiverships to investigate and combat fraud;
  • recognition of foreign insolvencies in Panama;
  • wine fraud in Spain: has over-regulation of the industry led to self-sabotage?;
  • insights on forgery in English Law;
  • searching for the debtors’ bank accounts across the EU; and
  • the Financial Conduct Authority (FCA) and NatWest Bank.

https://www.iccfraudnet.org/reports/ICC_FraudNet_Global_Annual_Report_2022.pdf

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THE WORLD BANK HAS DEBARRED A NIGERIAN TECHNOLOGY COMPANY AND ITS MANAGING DIRECTOR FOR CORRUPT PRACTICES CONNECTED TO A PROJECT IN NIGERIA

On 30 March, the FCPA Blog reported that the World Bank had debarred from projects SoftTech IT Solutions and Services Ltd for 4 years and 2 months, and its managing director Isah Salihu Kantigi for 5 years. As usual, the debarment also qualifies for cross-debarment by the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the African Development Bank.

https://fcpablog.com/2022/03/30/world-bank-debars-technology-company-and-md-for-appreciation-payments-to-project-officials/

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THE ADEQUACY AND EFFICACY OF AUSTRALIA’S AML/CFT REGIME

A report from the Legal and Constitutional Affairs References Committee of the Australian Senate examined the country’s AML/CFT regime and made a number of recommendations for improvement.

https://parlinfo.aph.gov.au/parlInfo/download/committees/reportsen/024754/toc_pdf/TheadequacyandefficacyofAustralia%E2%80%99santi-moneylaunderingandcounter-terrorismfinancing(AMLCTF)regime.pdf

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AN INTRODUCTION TO THE ZONDO STATE CAPTURE COMMISSION IN SOUTH AFRICA

An article from Out-Law on 31 March explained that the Zondo Commission is a judge-led inquiry into alleged ‘state capture’ in South Africa; and findings of the Commission are likely to have a profound impact on the activities of public authorities in the country and on private companies and individuals that operate in South Africa and abroad.

https://www.pinsentmasons.com/out-law/guides/introduction-the-zondo-commission-south-africa

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JETS LINKED TO RUSSIAN OLIGARCHS APPEAR TO HAVE KEPT FLYING DESPITE SANCTIONS

On 31 March, the Guardian reported that private jets linked to Russian oligarchs and officials appeared to continue flying into and out of EU and UK airports despite flight bans and sanctions.  EU sanctions rules allow those targeted by the restrictions to make payments to meet “basic needs” such as legal fees but do not mention expenses associated with the movements of private planes, such as buying jet fuel.

https://www.theguardian.com/world/2022/mar/31/jets-linked-to-russian-oligarchs-appear-to-have-kept-flying-despite-sanctions

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GERMANY TO PROSECUTE ANY INDIVIDUAL WHO DISPLAYS THE PRO-PUTIN LETTER “Z”

On 30 March, Jurist reported that the letter has been used in recent weeks to symbolise support for the Russian invasion of Ukraine.  Displayed on Russian military tanks, it has been used as a means to show support to the Russian regime.  Lithuania is expected to follow the ban of the “Z” symbol.

https://www.jurist.org/news/2022/03/germany-to-criminally-prosecute-individuals-who-display-pro-russia-war-symbol-z/

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REVIEW OF 2021 MARITIME SECURITY

Dryad Global has released its latest annual report which looks at the situation in various parts of the world.  Articles include the “shadow war” between Israel and Iran, including waterborne IED (WIED).  Another article notes the precipitous decline in piracy throughout West Africa in 2021 saw overall incidents of piracy and maritime crime decline by 56% compared to 2020.  A further article comments on the situation in Libya.

https://landing.dryadglobal.com/download-dryad-globals-maritime-security-annual-report-2022

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