On 29 March, the Jersey Evening Post reported that more than £250 million worth of Russian assets in the Island have been frozen in line with UK sanctions and regulations, the External Relations Minister has revealed.
On 20 March, a Client Alert from Wilmer Hale advised that the US and EU have agreed, in principle, to the Trans-Atlantic Data Privacy Framework, after more than a year of negotiations. The intention is that the agreement would facilitate data flows while bolstering privacy and civil liberties protections applicable to US signals intelligence activities. It is intended to replace the Privacy Shield, which the Court of Justice of the European Union deemed to be inconsistent with EU law and therefore invalid in July 2020. However, the article also notes that many details must be negotiated and codified in a final agreement.
The Cayman Islands has issued its NRA which was carried out between January and September 2021 by 15 working groups under the stewardship of the Anti-Money Laundering Steering Group (AMLSG) and the National Coordination Team, with the support of an international consulting firm. It is structured into 5 main Chapters, which separately analyse relevant threats, inherent risks, and strength of controls. The 5 Chapters are – Background and Context; Money Laundering Risks; Terrorism Financing Risks; Proliferation Financing Risks; and Overarching Risk Topics.
On 29 March, the always useful FCPA Blog reported that a Mexican law firm has produced an unofficial translation the Second Edition of A Resource Guide to the US Foreign Corrupt Practices Act into Spanish. It notes that a Chinese translation is also available.
On 29 March, a news release from Europol reported that hundreds of officers, including special intervention teams, raided a total of 3 call centres belonging to the same organised crime group. Its members are accused of defrauding victims across the world.
On 28 March, Ganado Advocates in Malta provided a short guide of a new authority set-up to push forward the EU AML/CFT efforts through various means. At present, the European Banking Authority acts as the EU’s supervisory body, but following the establishment of the AMLA, this will take over such role from the EBA and will have more far-reaching powers and supervisory oversight.