Panama Covid-19 update – the continuing effect (one prsumes) of the BA.2 variant sees 2 new fatalities today (after a couple of days without any) and 247 new cases reported, increasing the number of active cases by 110 to 2,110. However, there are only 8 patients in ICU and 70 in other wards nationwide.
7 APRIL 2022
DUTCH AUTHORITIES DETAIN 14 YACHTS ON SUSPICION OF LIABILITY TO SANCTIONS
On 6 April, Superyacht News from eSysman reported that 14 yachts had been detained in the Netherlands on suspicion of being covered by Russian sanctions. 12 were under construction in various boatyards and 2 were undergoing maintenance. Apparently, only 1 of the boats was definitely believed to be owned by an oligarch subject to EU sanctions.
ISLE OF MAN: FURTHER RUSSIAN SANCTIONS
On 7 April, the Isle of Man confirmed that 10 new names (8 individuals and 2 entities), including Boris Rotenberg, Sberbank and the Credit Bank of Moscow, had been added to the Russian sanctions list, with a total of 17 existing entries (in 2 tranches) amended.
PANAMA – REGISTRATION OF BENEFICIAL OWNERS OF LEGAL ENTITIES: NEW REGULATION
On 4 April, the Arias law firm in Panama published an article reporting that, on 25 March, a new Decree had provided for the regulation of the system of registration of beneficial owners of legal entities. The article detailed the important elements of the new regulation. These includes details of the Unique Registration Code (CUR) required for each resident agent that is legally required to represent such entities, and the updating of the beneficial ownership register. The system of registration of beneficial ownership was established under a 2020 law, but there had been criticism at the slow pace of implementation.
CHINA’S ANTI-FOREIGN SANCTIONS LAW IMPACTS ON COMPANIES AND INDIVIDUALS
On 6 April, an article from Horizon’s Corporate Advisory Ltd was concerned with the 2021 the Anti-Foreign Sanctions Law of the People’s Republic of China. This established the regulatory framework for foreign persons, both legal entities and individuals, acting against China’s national interests and expands the scope of penalties and obligations, and significantly impacts external conduct and communications and public relations.
AMENDMENT TO ISRAEL’S AML LAW
On 3 April, an article from Barnea Jaffa Lande reported on a draft amendment which seeks to grant supervisory authority to the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), comparable to that of the Capital Market, Insurance and Savings Authority (CMISA), over financial service providers for aspects of the prohibition on money laundering and terror financing, and is said to represent a dramatic change in the supervision of financial entities in Israel – seeking to grant extensive supervisory and enforcement authorities to IMPA. Consultation on the proposal extends to 18 April.
BEWARE OF TRANSSHIPMENT USED TO EVADE IMPORT CONTROLS IN US
On 5 April, a post on the China Law Blog from Harris Bricken warned that US companies importing goods from SE Asia must beware of transshipment schemes by Chinese suppliers. Some Chinese suppliers merely ship their goods to a nearby country, where they undergo some minor processing, or are simply repackaged, or just directly transferred to a different vessel for onward shipment to the US.
AML AND PENSION TRUSTEES: WHICH TRUST MUST REGISTER WITH HMRC BY 1 SEPTEMBER
A brief from Hogan Lovells on 6 April warned that pension scheme (and other) trustees must register certain trusts with HMRC by 1 September, following the implementation in the UK of the Fifth Money Laundering Directive (5MLD).
US CHARGES RUSSIAN OLIGARCH WITH SANCTIONS VIOLATIONS
On 6 April, the Wall Street Journal reported that the US DoJ had charged Konstantin Malofeyev with violating US sanctions imposed on him in 2014. It is said that he sought to evade the earlier economic sanctions by trying to secretly acquire media outlets across Europe. They also seized millions of dollars they said are connected to his sanctions violations.
PANAMA HIGHLIGHTS PROGRESS IN THE FIGHT AGAINST CORRUPTION
On 7 April, La Prensa reported on an on-site visit of the Anti-Corruption Mechanism of the Organization of American States (OAS). This was focused on recommendations of the mechanism regarding aspects such as bank secrecy, illicit enrichment, bribery, transnational bribery and denial or impediment of tax benefits, when they are derived from acts of corruption. From 4 to 8 April, 6 civil society organisations and 12 public institutions were to participate in the evaluation of the Follow-up Mechanism for the Implementation of the Inter-American Convention against Corruption (MESICIC).
TAIWAN: SANCTIONS AGAINST RUSSIA TARGET EXPORT OF 57 HIGH-TECH COMMODITIES
On 7 April, Republic World reported that Taiwan has imposed fresh sanctions on Russia, targeting the high-tech commodities market. The items will include designated telecommunications equipment, integrated circuit parts, and variable-frequency drives.
INDIA: GOVERNMENT INTRODUCES BILL ON WMD FINANCING
On 6 April, the Economic Times reported that the Government had introduced a Bill to implement UN sanctions and FATF Recommendations.
ECONOMIC CRIME IN THE UK: A MULTI-BILLION POUND PROBLEM
On 6 April, the House of Commons Library issued a briefing paper saying that the precise scale of economic crime in the UK is unknown, but it could run to tens or hundreds of billions of pounds per year. It notes that, in December 2019 the Treasury Committee found various regulatory and legislative failings in the way in which these crimes are being tackled. It urged the Government to make improvements to the supervisory system and to introduce new powers to combat economic crime. A February 2022 Treasury Committee follow-up report concluded that the Government was still not prioritising economic crime sufficiently.
PUTIN ADVISER PROMISES LEGAL ACTION AGAINST ATTEMPTS TO SEIZE RUSSIAN ASSETS
On 6 April, the Guardian reported that former President Medvedev, who advises Vladimir Putin on national security matters, said in a post on Telegram that Russian businesses whose assets were subject to sanctions would take legal action in the US, EU and elsewhere.
AN EU ASSET REGISTER TO COMBAT ILLICIT FINANCIAL FLOWS
A Policy Brief from the Jacques Delor Centre outlines the steps needed to build an interconnected EU asset register based on existing data collection requirements. Such a register could be practically implemented in the context of the ongoing overhaul of the EU AML legislation.
GLOBAL TERRORISM INDEX 2022
The Institute for Economics and Peace, an Australian non-profit organisation, published this Index in March. It sets out to provide a comprehensive summary of the key global trends and patterns in terrorism over the last decade. It takes into account not only deaths, but also incidents, hostages, and injuries from terrorism, weighted over a 5-year period. The dataset contains over 60,500 terrorist incidents for the period 2007 to 2021.
BAHAMAS: LEGISLATION PASSED TO FURTHER STRENGTHEN AML/CFT REGIME
On 7 April, the Nassau Guardian reported that the parliament had passed a compendium of financial services Bills expected to further modernise the jurisdiction’s international regulatory obligations regarding AML/CFT rules. It says that, in particular, the amendment to the Proceeds of Crime Act would empower the FIU to impose an administrative penalty on any financial institution that contravenes the Act. All of the Bills are expected to meet compliance standards set by FATF.
SOUTH KOREA ADDS TO SANCTIONS MEASURES AGAINST RUSSIA
On 6 April, Hellenic Shipping News reported that the South Korean government had introduced additional measures against Russia, including strategic export controls. A Public Notice on Trade of Strategic Items was issued by the Ministry of Trade, Industry, and Energy on 25 March.
ISRAEL HAS LONG EXPORTED ARMS TO INDIA AND NOW IT’S SELLING SPYWARE TOO
On 4 April, the Bulletin of the Atomic Scientists said that the well-known centrepiece of the Israel-India relationship is Israel’s arms exports. The sale of surveillance technology by Israel is the newest aspect of their ties. In January, the New York Times reported that that India and Israel had “agreed on the sale of a package of sophisticated weapons and intelligence gear worth roughly $2 billion—with Pegasus and a missile system as the centerpieces”. However, the Indian Government has denied allegations that it had used Pegasus software illicitly, saying “no unauthorised interception” had occurred and called the allegations an attempt to malign Indian democracy and its institutions.
RUSSIAN BUSINESS AVIATION ON VERGE OF COLLAPSE AS SANCTIONS BITE
On 7 April, AIN Online reported that Russian business aviation industry is faced with its deepest crisis yet as sanctions imposed on Russia over the Ukraine war have already led to the almost complete collapse of the sector and bankruptcies of major operators. Russians are increasingly finding it difficult, if not impossible, to charter a business jet. Russian business jet owners not included on Western sanction lists are considering re-registering their aircraft in Asia or a few countries in Europe and the Middle East that have not yet joined the EU and the US sanctions against Russia.
CBP FACT SHEET: ENFORCING THE PRESIDENT’S EXECUTIVE ORDERS HOLDING THE RUSSIAN FEDERATION ACCOUNTABLE FOR CONTINUED AGGRESSION IN UKRAINE
On 1 April, Homeland Security Today reproduced the Factsheet, saying that US Customs and Border Protection (CBP) plays a critical role in implementing and enforcing prohibitions on imports into the US, as well as on exports of luxury goods.
INDIAN OCEAN PIRACY ON THE DECLINE, WITH YEMEN CONFLICT RISKIEST TO SEAFARERS
On 7 April, Defence Web reported that piracy in the northern Indian Ocean has decreased over the last decade, and now the greatest threat to seafarers in the region is state-backed threats against shipping, particularly in the waters around Yemen. The article is about the latest Dryad Global annual report, including mention of Water-Borne Improvised Explosive Devices (WBIED) .
SOMALIA’S SEA-BASED POLICING BOOSTED WITH NEW MARITIME FACILITY
On 7 April, Defence Web reported on the inauguration of a new, state-of-the-art facility for the Somali Police Force (SPF) in the capital, Mogadishu, funded by the EU and developed by the UN. This furnished and equipped base will allow the SPF to become increasingly more effective,” the UN Secretary-General’s Deputy Special Representative for Somalia said in her remarks at the inauguration ceremony.
FinCEN FOCUS ON MONEY LAUNDERING IN REAL ESTATE
On 7 April, an article from Whitman Legal Solutions LLC says that FinCEN has long had its eye on the real estate industry. It discusses FinCEN’s December 2021 Advance Notice of Proposed Rulemaking Relating to Real Estate Transactions (ANOPR) and where real estate sponsors and investors can expect FinCEN to focus its future regulatory and enforcement efforts.
UK: POLICE RAID OFFICE IN UNITE UNION HQ IN FRAUD INVESTIGATION
On 7 April, the Guardian and others reported that police have raided an office in the headquarters of one of the UK’s biggest unions as part of an investigation into allegations of bribery, money laundering and fraud. The raid was part of a joint inquiry including HMRC, and officers also executed warrants in the South Wales, Merseyside, Cheshire, North Wales, Dyfed-Powys and Northamptonshire police areas.
UK GAMBLING LAW UPDATE: CHANGES TO ASA ADVERTISING GUIDANCE
Northridge Law has produced this 1-page summary to the changes from 1 November 2021.
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