Day: May 18, 2022

On 18 May, a release on Mondo Visione advised that, despite a fall in ransomware incidents, employees now find themselves on the cyber frontline following a dramatic rise in phishing attacks.  Kroll reported a 54% increase in phishing attacks from the end of last year.  Email compromise and ransomware were the 2 most common threat incident types for the quarter.  Data reflects an ongoing trend, seen by Kroll since mid-2021, of attackers using email compromises as an initial access method for financial extortion, placing employees in the firing line of cyberattacks.

https://www.kroll.com/-/media/kroll-images/pdfs/q1-2022-threat-landscape-report.pdf

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On 18 May, EU Sanctions blog reported that the State Department had designated Maria Consuelo Porras Argueta de Porres and her husband, Gilberto de Jesus Porres de Paz.  She was included on a list of corrupt and undemocratic actors submitted to Congress and his now barred from entry into the US.

https://www.europeansanctions.com/2022/05/us-designates-guatemalan-attorney-general/

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On 5 April, the University of British Columbia said that a new modelling approach combines machine learning and human insights to map the regions and ports most at risk for illicit practices, like forced labour or illegal catch, and identifies opportunities for mitigating such risks.  Using an online survey of experts, the researchers also found that labour abuse and illegal, unreported and unregulated (IUU) fishing are globally pervasive: of more than 750 ports assessed around the world, 57% are associated with risks of labour abuse or IUU fishing.  However, in addition to revealing the global extent of these risks, the study also highlights potential pathways to reduce these risks through actions at port that detect and respond to labour abuse and deter the landing of illegally caught fish.  It notes that all voyages begin and end in port.  These bustling stopovers serve as critical hubs where officials can monitor and enforce legal frameworks that govern labour and catch.

https://oceans.ubc.ca/2022/04/05/new-study-reveals-extent-of-labor-abuse-and-illegal-fishing-risks-among-fishing-fleets/

https://www.nature.com/articles/s41467-022-28916-2

https://windward.ai/blog/overlooked-but-significant-indicator-of-iuu/

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On 18 May, ICIJ reported that the Tax Justice Network singled out lax trust laws as a major drawback to financial transparency reforms in its biennial report, calling on G-7 nations to commit to creating a global asset register.  It is said that the US is the world’s largest enabler of financial secrecy, surpassing notorious tax havens like Switzerland, the Cayman Islands and Bermuda.

https://www.icij.org/investigations/pandora-papers/us-lands-top-spot-as-worlds-biggest-enabler-of-financial-secrecy-in-new-index/

https://fsi.taxjustice.net/

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On 18 May, an article from Out-Law explained that the Zondo Commission is a judge-led inquiry into alleged ‘state capture’ in South Africa.  The findings of the Commission are likely to have a profound impact on the activities of public authorities in the country and on private companies and individuals that operate in South Africa and abroad.

https://www.pinsentmasons.com/out-law/guides/introduction-the-zondo-commission-south-africa

https://www.pinsentmasons.com/out-law/analysis/zondo-case-for-independent-anti-corruption-agency-south-africa

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On 17 May, the Chartered Institute of Taxation said that the rules on UK domicile have been in the news again, courtesy of the revelation that the Chancellor’s wife is a ‘non-dom’, thus only paying UK income tax on her UK-source income or capital gains tax on gains from disposals of UK assets, and not on that from overseas, unless any overseas income or gain is remitted to the UK.  The explainer sets out how the domicile rules work and seeks to answer some of the most common questions about them, focusing mainly on income tax and capital gains tax.

https://www.tax.org.uk/uk-domicile-and-non-doms-an-explainer

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