Panama Covid-19 update – no news as yet, so will have to update as and when receive it…
UPDATE – 237 new cases and only 1 new fatality, 3,036 active cases – 19 in ICU, 100 in other wards and 36 in “hospital-hotel” quarantine. 5,540 tests gave a positive test result of 4.3%.
12 MARCH 2022
Greetings from Volcán (again)! Still “on tour”, so the caution from 10 March still applies…
Bermudan sanctions against Russia
On 12 March, the Royal Gazette reported that the value of Russian assets held in Bermuda is unknown, but a Global Witness report claimed Bermuda-based companies had received $7.1 billion in direct investment by Russian nationals between 2007 and 2016.
UnionPay: China’s alternative to Visa and Mastercard is a controversial new lifeline for Russians
An article in Fortune on 11 March says that China’s UnionPay is emerging as a payments work-around for Russian citizens as sanctions bite, helping cement Russia’s shift away from Western-led systems and towards Chinese providers looking to expand their global footprint.
As Israel avoids sanctioning oligarchs, 14 private jets arrive from Russia
On 11 March, the Times of Israel reported that 14 private jets that had taken off from Russia landed at Ben Gurion Airport in the previous 10 days. It said that Channel 12 reported that an unusual number of rented private jets have been flying from Russia to Israel since the invasion of Ukraine. Israel has not joined the sanctions, but it reportedly has banned the oligarchs from parking their planes in the country.
On 11 March, the Journal of Petroleum Technology carried an article saying that fresh restrictions will likely impact raw material markets globally as the EU and others attempt to squeeze the Russian economy.
An Alert from Greenberg Traurig on 9 March reported that the US Attorney General recently announced a beefed-up effort to ferret out fraud in the various programs providing relief to those adversely affect by COVID-19. It says that DoJ will appoint a chief prosecutor to lead a new task force to specifically identify and prosecute fraud in the various COVID-19 programmes.
WHAT THE EVOLVING LANDSCAPE OF ESG MEANS FOR FRAUD AND INSOLVENCY PRACTITIONERS
A Briefing from HFW on 7 March says that a failure to consider ESG issues may lead to the restructuring or demise of a company. And the rise of ESG on the corporate agenda and the pressure that entails will mean that instances of ESG-related fraud will inevitably increase.
Joint Statement from UK Financial Regulatory Authorities: Sanctions and Cryptoassets
On 11 March, OFSI, the FCA and the Bank of England issued a joint statement on sanctions and the cryptoasset sector, with information on the requirements on firms.
UK RUSSIA SANCTIONS: GENERAL LICENCE – FOOTBALL MATCHES
On 12 March, HM Treasury issued this General Licence following the imposition of sanctions on Roman Abramovich and the consequent effects on Chelsea FC.
NEW INSOLVENCY REMEDY FOR CREDITORS OF JERSEY COMPANIES WITH EFFECT FROM 1 MARCH
On 9 March, Ogier reported on an amendment to existing law which it says is an important development for the insolvency legislation of Jersey, bolstering the jurisdiction’s position as a leading international finance centre.
Former Canadian Government Employee Extradited to the US to Face Charges over Dozens of Ransomware Attacks
A news release from US DoJ on 10 March advised that Sebastien Vachon-Desjardins, 34, of Gatineau, Quebec, had been extradited to the US. He is charged with conspiracy to commit computer fraud and wire fraud, intentional damage to a protected computer, and transmitting a demand in relation to damaging a protected computer arising from his alleged participation in a sophisticated form of ransomware known as NetWalker.
UAE Central Bank adviser appointed as AML expert at GCC secretariat
On 10 March, The National reported that Waleed Alhosani, the current adviser to the governor of the UAE Central Bank, has been appointed as an anti-money laundering and counter-terrorism funding expert at the secretariat general of the Gulf Cooperation Council (GCC).
ICIJ announces the Russia Archive, an inside look at the hidden wealth of oligarchs and elites close to Putin
On 8 March, ICIJ announced that its team was mining millions of leaked files for new revelations. The Russian Archives are described as a library of previous Russia-related exposés, now the focus of renewed interest, as well as ongoing investigations into the hidden wealth of the Putin regime’s ruling elites.
US Imposes Export Ban on Luxury Goods to Russia and Belarus as well as Russian and Belarussian Oligarchs and Malign Actors
On 12 March, Baker McKenzie reported that the US Department of Commerce’s Bureau of Industry and Security imposed restrictions on the exports, reexports, and transfer of luxury goods to all end users in Russia and Belarus and to certain Russian and Belarusian oligarchs and malign actors located worldwide. The Export Administration Regulations are amended with 2 new licence requirements.
On 11 March, Baker McKenzie reported that on 3 March, the Verkhovna Rada of Ukraine adopted a new Law, which came into force on 7 March. It is aimed at enabling Ukrainian authorities to expropriate the property owned by the Russian Federation and its residents for the reasons of public necessity without any compensation paid for such expropriated property.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
On 11 March, OFSI, the FCA and the Bank of England issued a joint statement on sanctions and the cryptoasset sector, with information on the requirements on firms.
An article in Fortune on 11 March says that China’s UnionPay is emerging as a payments work-around for Russian citizens as sanctions bite, helping cement Russia’s shift away from Western-led systems and towards Chinese providers looking to expand their global footprint.
Panama Covid-19 update – 301 new cases and 3 new fatalities reported today – 3,065 active cases include 17 in ICU and 114 in other wards,
11 MARCH 2022
Greetings from Volcán! Still “on tour”, so the caution from yesterday still applies…
G7 leaders release statement outlining further Russia-related measures to which they have committed
On 11 March, the EU Sanctions blog reported that the G7 had issued a statement which, among other things, say that they will seek to deny Russia Most-Favoured-Nation (MFN) status on key products; maintain the effectiveness of sanctions, particularly with regards to digital assets; improve methods of detecting and intercepting illicit activity; and impose costs on actors using digital assets to enhance/transfer their wealth; and tackle pro-Kremlin disinformation.
Modi’s Hindu Nationalist Agenda Is Corroding India’s Democracy
On 11 March, World Politics Review published an article saying that the Modi administration has doubled down on Hindu nationalism and illiberalism. Meanwhile, the country faces foreign policy challenges, including its relationship with Pakistan and competition for regional influence with China. What will the rest of Modi’s second term bring?
OFAC: Russia sanctions – new Executive Order and General Licenses; plus new and amended FAQ and Designations
On 11 March, OFAC announced that a further Executive Order “Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression”. It also issued new General Licenses 17, 18 and 19, as well as Ukraine-related General License 23. There are also 8 new FAQ and 1 FAQ (1007) which has been amended. A number of individuals are added to sanctions lists, together with 3 entities, 1 yacht (the Tango, which flies a Cook Island flag) and an aircraft linked to Viktor VEKSELBERG. A number of existing entries (including Vekselberg) were also amended.
OFAC NORTH KOREA SANCTIONS: A NUMBER OF INDIVIDUALS AND ENTITIES ADDED TO SANCTIONS LIST
On 11 March, OFAC advised (on the same news release that advised of Russian sanctions changes) that 2 individuals and 3 entities (also subject to Russian sanctions) have been added to the North Korean sanctions lists.
On 10 March, iGB reported that a penalty issued by Dutch gambling authority Kansspelautoriteit (KSA) to Electronic Arts (EA) has been revoked after a Dutch court ruled that loot boxes are not considered gambling products.
US: African Methodist Episcopal Church investigation into missing funds
On 10 March, the Wall Street Journal reported that the church, among the largest US Protestant denominations, has suspended retirement payments and discussed steep cuts to the savings of its ministers amid an investigation into missing funds, according to church documents and officials. The church said federal law enforcement and an outside law firm are investigating “a possible financial crime” involving funds managed by its retirement-services department covering about 5,000 participants, including ministers and bishops.
On 11 March, HM Treasury issued a Notice advising that 15 existing entries on the UK list of those subject to counter-terrorism sanctions had been amended.
WHERE IS POWER COMPETITION TAKING PLACE IN THE AFRICAN CONTINENT?
On 11 March, a Chaillot Paper from the EU Institute for Strategic Studies argues that a space today is not just conceptualised as a territory, but can encompass a broader range of non-territorial dimensions, such as cyberspace or the ‘infosphere’, which have recently gained prominence due to the emergence of new innovations and technologies. While the first section of the Paper focuses on geographical spaces, the second section focuses on key ‘functional spaces’ – including the trade and digital sectors, the job market and the information space – and examines how new power relations and dynamics are unfolding in these domains.
On 11 March, Gizmodo reported that a letter from the FCA said that Bitcoin and other cryptocurrency ATM that allow people to buy and sell crypto are illegal in the UK. That would mean anyone currently operating a Bitcoin ATM is doing so illegally and would have to stop.
Isle of Man: Abramovich’s ‘Manx’ helicopter deregistered
On 11 March, IOM Today reported that the Isle of Man government has confirmed that Chelsea FC owner Roman Abramovich has had his Manx-registered aircraft deregistered; and a spokesperson also confirmed that the total number of Russian aircraft deregistered in the Island has now reached 14.
THIRD COUNTRIES ALIGN WITH EU SANCTIONS ON BELARUS
A news release from the EU on 11 March advised that North Macedonia, Montenegro, Albania, Bosnia and Herzegovina, Iceland, Liechtenstein and Norway have agreed to align with the EU re a Council Decision of 24 February which prolongs the restrictive measures against Belarus for 1 year, until 28 February 2023, and amends the statement of reasons or the information for 27 natural and 7 legal persons subject to restrictive measures.
On 11 March, FATF published a new version of its guide to its AML/CFT Recommendations, which comprise the Recommendations themselves and their Interpretive Notes, together with the applicable definitions in the Glossary.
UK: Economic Crime(Anti-Money Laundering) Levy Regulations 2022
These Regulations make provision about the assessment, payment, collection and recovery of the economic crime (AML), which is charged for the financial year beginning with April 2022 and subsequent financial years. The appropriate collection authority is either the Financial Conduct Authority, the Gambling Commission or the HMRC Commissioners. They come into force on 1 April.
EU: Restriction of the use of hazardous substances in electronics
On 10 March, the EU launched a public consultation, lasting until 2 June. The aim of the consultation is to enable all interested stakeholders, including members of the public, to provide evidence and give views on the best options to improve the RoHS Directive. The Restriction of Hazardous Substances Directive on the restriction of the use of certain hazardous substances in electrical and electronic equipment was adopted in February 2003 took effect on 1 July 2006.
EU Regulation 2022/401/EU of 8 March, published on 11 March, deleted 7 individuals from the EU Iraq sanctions list, following the decision of the relevant UN Sanctions Committee on 3 March.
Independent review of UK Border Force: terms of reference
On 10March, the Border Force and Home Office issued these terms, setting out the aim, scope and timescale for the Independent Review of Border Force. An Independent Reviewer was announced on 17 February.
On 11 March, the House of Commons Library published a briefing saying that the UK’s exit from the EU was cited by the International Trade Secretary as one reason for the need to revise the criteria. References to the European Union and the EU 2008 common position have been removed from what is now called the Strategic Export Licencing Criteria. The paper briefly explains how the criteria fits into the UK’s strategic export controls system and how the criteria has evolved, before comparing each criterion in turn with the 2014 version.
Brazil to Extradite ‘Cocaine King of Milan’ to Italy
On 11 March, OCCRP reported that the Brazil’s Supreme Court has approved the extradition of the drug lord Rocco Morabito. Italian authorities say he is a leader of south-west Italy’s ‘Ndrangheta mafia. In the early 1990s, he moved to Brazil, passing himself off as a Brazilian national involved in agribusiness, and later established himself in Uruguay.
US Border Agents Seize $2.5 Million in Palm Oil Shipments in Baltimore
On 10March, OCCRP reported that agents have seized 4 palm oil shipments in Baltimore, Maryland. The shipments, which originated in Malaysia, and were reportedly produced by forced labour.
Solway Investment Group – allegations that Solway-Linked Companies Moved Nearly $2 Billion in Suspicious Funds
On 9 March, a report from OCCRP says that Solway was labelled a “high-risk” client over suspect transactions by Swedbank Estonia, while companies tied to the mining group and its executives were reported to US regulators.
Guernsey provides overview of steps taken to date in response to war in Ukraine
On 11 March, a news release set out the steps that Guernsey says it has undertaken. On sanctions it says that Guernsey follows UK foreign policy, such as in the response to the Russian Federation’s invasion of Ukraine.
UK: Leading criminal law firm fined £98,000 after a ransomware attack that encrypted nearly a million files exploited
On 11 March, Legal Futures reported that criminal law firm Tuckers has been fined £98,000 by the Information Commissioner after a ransomware attack that encrypted nearly a million files exploited.
Endless Chemical Innovations Are Killing Thousands of Americans
On 11 March, Insight Crime reported that the US annual drug report has warned about the continued growth of synthetic drugs, warning of a glut of chemical precursors, and even pre-precursors, for fentanyl coming from China and India. The report’s warning of a diversified synthetic drug market comes as over 100,000 overdose deaths in the US from April 2020 to April 2021, mostly from fentanyl. InSight Crime looks at 3 critical takeaways from the report – analogues, designer drugs and new psychoactives; diversity of precursor chemicals; and innovations in methamphetamine.
On 11 March, the Krebs on Security blog reported that Ukrainian Internet users came under renewed cyberattacks, with one Internet company providing service there saying they blocked 10 times the normal number of phishing and malware attacks targeting Ukrainians.
On 10 March, Insurance Marine News summarised the contents of the first of 2 recent article from Norway-based marine insurer and Group Club Gard. The first article was War in Ukraine – Impact on contractual obligations, and the second was War in Ukraine – impact on crew contracts, claims and repatriation.
Any modest contributions for my time and ongoing expenses are welcomed! I have a page where you can do so, and where contributions start as low as $3, athttps://www.buymeacoffee.com/KoIvM842y
EU Regulation 2022/401/EU of 8 March, published on 11 March, deleted 7 individuals from the EU Iraq sanctions list, following the decision of the relevant UN Sanctions Committee on 3 March.
On 11 March, FATF published a new version of its guide to its AML/CFT Recommendations, which comprise the Recommendations themselves and their Interpretive Notes, together with the applicable definitions in the Glossary.
On 11 March, Gizmodo reported that a letter from the FCA said that Bitcoin and other cryptocurrency ATM that allow people to buy and sell crypto are illegal in the UK. That would mean anyone currently operating a Bitcoin ATM is doing so illegally and would have to stop.
On 11 March, HM Treasury issued a Notice advising that 15 existing entries on the UK list of those subject to counter-terrorism sanctions had been amended.
raytodd.blog 