On 4 March, a Notice from HM Treasury advised that information on its Consolidated List had been updated, with the entries for entities had been amended.
Day: March 4, 2022
BRITISH BUSINESSMAN’S ACCOUNTS FROZEN OVER SUSPECTED LINKS TO RUSSIAN OLIGARCH
On 4 March, LBC reported that the NCA said it had obtained 2 account freezing orders in respect of 5 accounts held by Graham Bonham-Carter over allegations they contain money linked to Russian oligarch Oleg Deripaska.
https://www.lbc.co.uk/business/c8eb56cd1fb248188cdced96ab4247cc
PAKISTAN TO REMAIN ON FATF GREY LIST
On 4 March, The News International reported that, following the just-completed FATF Plenary, Pakistan will continue to remain on the grey list while but FATF noted that “significant progress” has been made in completing the required action items for removal from the list, and that Pakistan has completed 26 of the 27 action items in its 2018 action plan. Pakistan has been on the grey list since June 2018.
https://www.thenews.com.pk/latest/938656-fatf-retains-pakistan-on-grey-list-once-again
UK REMOVES 7 PERSONS FROM IRAQ SANCTIONS LIST
On 4 March, HM Treasury issued a Notice advising that 7 individuals had been removed from the list of those subject to Iraq sanctions.
US STATE DEPARTMENT FACTSHEET – TARGETING RUSSIAN ELITES AND DEFENCE ENTERPRISES
On 3 March, the State Department issued a Factsheet, saying that OFAC and the Department of State were targeting Russian elites and their financial networks, listed in the Factsheet, and enterprises that design, develop, and produce the weaponry that Putin’s military is using to attack Ukraine.
https://www.state.gov/targeting-russian-elites-and-defense-enterprises-of-russian-federation/
US TREASURY SANCTIONS HIZBALLAH FINANCIERS IN GUINEA
On 4 March, OFAC designated 2 Lebanese in Guinea, said to be 2 key Hizballah financiers operating in Guinea. This action is aimed at disrupting Hizballah’s business network in West Africa, which relies on bribery and influence to circumvent the rule of law. In addition to other sources of funding, Hizballah generates revenue from commercial activities across the world to sponsor acts of terrorism.
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220304
https://home.treasury.gov/news/press-releases/jy0631
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OUTCOMES OF THE FATF PLENARY, 2-4 MARCH
On 4 March, FATF issued a news release saying that during or following the Plenary it had –
- Issued a statement on the war in Ukraine;
https://www.fatf-gafi.org/publications/fatfgeneral/documents/ukraine-2022.html
- approved key work that will prepare for the next round of mutual evaluations – having completed the strategic review begun in 2019 and aimed to streamline the FATF’s processes to make the next round of mutual evaluations more targeted, timely and effective;
- finalised and approved the FATF Methodology to assess countries’ actions to combat money laundering and the financing of terrorism and proliferation, and the FATF Procedures for the fifth round of mutual evaluations (which will have a greater focus on risk and context to ensure that countries prioritise their efforts in areas where the risks are highest, and a stronger focus on DNFBP);
- finalised an update to Recommendation 24, to improve transparency of beneficial ownership of legal persons;
http://www.fatf-gafi.org/publications/fatfrecommendations/documents/r24-statement-march-2022.html
- agreed to begin work on enhancing asset recovery by strengthening collaboration between the FATF and FATF-style regional bodies (FSRB), such as MONEYVAL, and the Asset Recovery Networks;
- agreed to further consider strengthening Recommendations 4 and 38 on the domestic and cross-border frameworks;
- started new work on the proceeds of the trafficking of fentanyl and other synthetic opioids
- agreed on the appointment of a new President of FATF for 2022-2024 – Mr. T. Raja Kumar of Singapore;
- approved the Mutual Evaluation Report on France;
- added UAE to the jurisdictions subject to increased monitoring and removed Zimbabwe;
- left the list of high-risk jurisdictions unchanged;
- announced it had completed research on the money laundering and terrorist financing risks associated with migrant smuggling, with a report due on 22 March;
- published draft guidance on the risk-based implementation of AML/CFT measures in the real estate sector; and
- announced that it had completed its work to identify and analyse unintended consequences of the FATF Recommendations, with a focus on proactive steps to prevent AML/CFT measures leading to, in particular, de-risking, financial exclusion and undue targeting of NPO.
https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-march-2022.html
https://home.treasury.gov/news/press-releases/jy0633
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GIBRALTAR FIU ANNUAL REPORT
The GFIU has issued its annual report
HOW A NETWORK OF ENABLERS HAVE HELPED RUSSIA’S OLIGARCHS HIDE THEIR WEALTH ABROAD
An article from ICIJ on 2 March said that elites close to Vladimir Putin have funnelled billions through tax havens to evade scrutiny and oversight, and lawyers, proxies and bankers across the world made it possible. It says that they range from global law firms, architects of the modern tax avoidance system, to tiny one-person operators working from Bermuda.
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UN REMOVES 2 NAMES FROM ISIL/AL-QAIDA SANCTIONS LIST
On 3 March, the UN advised that the names had been removed from the sanctions list following delisting requests submitted through the Office of the Ombudsperson.
https://www.un.org/press/en/2022/sc14818.doc.htm
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