On 31 May, an article from Hogan Lovells said that a long-awaited decree regarding the establishment and regulation of the beneficial owner register in Italy was published in the Italian Official Gazette. The Decree implements Legislative Decree 231/2007 on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing. In the coming months the relevant secondary measures will be enacted.
A news release from the EU on 31 May advised that the EU Council extended EU restrictive measures against the Syrian regime, first introduced in 2011,for an additional year, until 1 June 2023, in light of its continued repression of the civilian population in the country. The EU Council also removed from the list 3 persons, so that the list now includes 289 persons targeted by both an assets freeze and a travel ban, and 70 entities subject to an assets freeze.
ACAMS has produced 2 further infographics. One shows the position, as at 25 April, sets out key commodity restrictions imposed against Russia by a number of jurisdictions – such as those applying to natural gas, oil, coal and port access. The other includes the key export restrictions imposed by certain G7 countries, namely the US, EU, Japan, Australia, and the UK on luxury goods destined for Russia, as of 27 April.
On 31 May, Legal Futures reported that the Government has indicated that legal services will not be added to the ban on services exports to Russia that encompasses accountancy, management consultancy and PR.
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On 31 May, FATF published the follow-up report, following the 2021 mutual evaluation report. FATF has now re-rated the country on Recommendation 25 (Transparency and beneficial ownership of legal arrangements), from partially compliant to largely compliant. It says that New Zealand is now compliant on 8 FATF Recommendations and largely compliant on 21. The country remains partially compliant on 11 Recommendations. New Zealand will remain in enhanced follow up and will continue to inform the FATF of progress achieved on improving the implementation of its AML/CFT measures.
EU Regulation 2022/840/EU removed Muhammad Bukhaytan, Salam Tohme and Abdelkader Sabra from the Syria sanctions lists – in the case of one of them because of an ECJ decision, and with the other 2 being deceased. In addition, the entries for 18 natural persons and 13 entities are amended.
On 3 May, ENACT issued a report which reveals a network of organised crime involved in the production and supply chain of coltan in the country. Coltan, a mineral essential to modern electronics, has become a particular focus of criminal networks in the DRC. This study reveals a network of organised crime involved in the production and supply chain of coltan, and its connections to legitimate businesses in advanced economies.
KENYA’S SAND CARTELS: ECOSYSTEMS, LIVES AND LIVELIHOODS LOST
On 3 May ENACT Africa published a report which says that weak legislation, ineffective controls and an insatiable demand all contribute to illegal and unregulated sand mining. Kenya faces a scourge of illegal and unregulated sand mining, a crime which is leaving irreversible scars on ecosystems, lives and livelihoods.
On 12 May, ENACT Africa published a report saying that, without adequate responses, Morocco’s beaches are at risk of being permanently disfigured. The lack of sanction for illegally mined sand in Morocco underlines a political and socio-economic system that facilitates endemic corruption and the degradation of the environment that puts vulnerable coastal ecosystems at risk.