Day: May 5, 2022

Law firm HFW has published 2 documents on 4 May.  One deals with how to prepare for and deal with a Dawn Raid or Search conducted by the Police, SFO or FCA in the UK.  The other is on how to respond to a notice requiring the production of documents – saying that a number of law enforcement and government agencies including the SFO, the FCA, the Competition and Markets Authority (CMA), the Insolvency Service, and the Information Commissioner’s Office (ICO) have statutory powers which allow them to compel the production of documents and information from individuals and companies. Some powers can be exercised without the need for a Court Order.

https://www.hfw.com/downloads/004001-HFW-How-to-prepare-for-and-deal-with-a-Dawn-Raid-or-Search.pdf

https://www.hfw.com/downloads/004002-HFW-How-to-respond-to-a-section-2-notice.pdf

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On 5 May, the EU Sanctions blog advised that in the preceding 2 weeks the EU Commission had updated many of the FAQ relating to the Russia sanctions regime.

https://www.europeansanctions.com/2022/05/eu-commission-updates-russia-sanctions-faqs/

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On 5 May, a Notice from HM Treasury advised that EVRAZ PLC, a UK-incorporated holding company of a multinational steel manufacturing and mining company group, had been added to the sanctions lists.  It also issued General licence INT/2022/1710676 which allows for the continuation of business operations of the North American subsidiaries specified in the Licence – Evraz North America PLC; Evraz Inc; and Evraz Inc (Canada).

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1073490/Notice_Russia_050522.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1073555/GL_publication_notice_Evraz.pdf

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On 5 May, OFAC advised that it had issued several new or amended General Licenses, plus 1 new and 1 amended FAQ.  The General Licenses are 7A (Authorizing Overflight Payments, Emergency Landings, and Air Ambulance Services); 26A (Authorizing the Wind Down of Transactions Involving Joint Stock Company SB Sberbank Kazakhstan, Sberbank Europe AG, or Sberbank (Switzerland) AG); 31 (Authorizing Certain Transactions Related to Patents, Trademarks, and Copyrights); and 32 (Authorizing the Wind Down of Transactions Involving Amsterdam Trade Bank NV).  The FAQ relate to Afghanistan-related transactions with Transkapitalbank (TKB) and Executive Order 14065 block the entire Donetsk and Luhansk oblasts?

https://content.govdelivery.com/accounts/USTREAS/bulletins/3167a16

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On 2 May, Insight Crime published a report saying that since Maduro became President in 2013 the country’s cocaine trade has undergone revolutionary changes, and is at risk of becoming the world’s fourth-largest cocaine-producing country.  The InSight Crime investigation looks at one of the world’s most important cocaine trafficking hubs – and the authoritarian regime that keeps the drugs flowing.

https://insightcrime.org/investigations/venezuelas-cocaine-revolution/

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On 4 May, a post on the UKSC Blog was concerned with the above case and the attribution of directors’ criminal actions and who should have priority over assets derived from their criminal schemes.  2 directors committed various criminal tax offences in breach of their fiduciary duties and made a secret profit of £4.55 million.  Their company subsequently went into administration and when it did so, another company (Aquila) was assigned its proprietary rights.  The 2 individuals were convicted, but their company was not charged. The CPS sought confiscation orders but Aquila asserted that as it had a proprietary claim to the secret profit as it has priority over the confiscation orders.  In its decision, the Supreme Court reaffirmed the existing law on constructive trusts, illegality and attribution of directors’ wrongdoing to their companies. It is said that this case is helpful for companies seeking to recover and retain directors’ secret profits.  The Court noted that the CPS may have avoided their problem by including the directors’ company in the original indictment.

http://ukscblog.com/case-comment-crown-prosecution-service-v-aquila-advisory-ltd-2021-uksc-49/

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On 5 May, the Law Society Gazette reported that the  legal sector is not affected by the latest round of sanctions announced by the UK covering services exports to Russia.  Hence, lawyers free to act for sanctioned clients so long as they have a licence from OSFI to receive reasonable fees for legal advice.

https://www.lawgazette.co.uk/news/legal-services-escape-latest-russia-sanctions/5112401.article

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On 2 May, Herbert Smith Freehills published an article about Australia’s proposed AML/CTF regulation, which it says is likely to cause an increase in the regulatory and reporting requirements of the gatekeeper professions in addition to the upfront and ongoing costs of set up and maintenance.  A Senate Report has recommended that the Federal Government take immediate action to enact AML/CFT legislation regulating the DNFBP sector to address the significant costs for Australia of transnational serious organised crime.

https://www.herbertsmithfreehills.com/latest-thinking/scope-of-australia%E2%80%99s-anti-money-laundering-and-counter-terrorism-financing-regime-to

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