Day: May 21, 2022

On 21 May, the Guardian reported that he was one of 13 people added to Canada’s sanctions lists.  He is a former KGB agent, and is the owner of UK newspapers the Evening Standard and the Independent.  He also finances Novaya Gazeta, Russia’s leading opposition newspaper.  His son became a peer in the UK House of Lords in 2020.  Others on the new sanctions list are said to include sanctioned include Gleb Frank, owner of one of Russia’s largest fishery companies, and son of Sergei Frank, former minister of transport and former CEO of Sovcomflot, Russia’s largest shipping company.

https://www.theguardian.com/media/2022/may/21/canada-announces-sanctions-on-alexander-lebedev-russia-ukraine-report

UK UNDER PRESSURE OVER ALEXANDER LEBEDEV SANCTIONS AFTER CANADA MOVE

On 21 May, the Guardian reported that the UK government is under pressure to impose sanctions after Canada targeted Alexander Lebedev.

https://www.theguardian.com/media/2022/may/21/canada-announces-sanctions-on-alexander-lebedev-russia-ukraine-report

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On 19 May, ICAEW reported that the CCAB had published the latest guidance, together with the Tax Appendix and the Insolvency Appendix, following HM Treasury’s approval of all 3 documents.  The guidance was initially updated in September 2020, and key changes made since then are highlighted in the article.  It also points out that the guidance will need to be updated in due course to include changes to the 2017 Regulations, which are anticipated to come into force later in 2022.

https://www.icaew.com/insights/viewpoints-on-the-news/2022/May-2022/CCAB-AML-guidance-approved-by-HM-Treasury

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On 20 May, the Wall Street Journal reported that Arthur Hayes, a co-founder and former CEO of cryptocurrency derivatives exchange BitMEX, has been sentenced in the US to serve 6 months of house arrest for failing to establish a compliant AML program.  He was also ordered to serve 2 years’ probation and had paid a $10 million penalty in connection with a settlement with the CFTC.  The judge in the case is quoted as saying that when individuals like Hayes operate platforms without AML programs or KYC programs, they become a magnet for people to launder money.

https://www.wsj.com/articles/former-bitmex-ceo-sentenced-to-house-arrest-on-anti-money-laundering-charges-11653086530

https://finance.yahoo.com/news/bitmex-co-founder-arthur-hayes-204712965.html

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On 20 May, the Council of Europe reported that MONEYVAL had held its latest Plenary session in Strasbourg on 18 to 20 May.  It was carried out in hybrid format, with most delegations and observers physically present.  The Plenary discussed and approved the mutual evaluation reports of Bulgaria and Liechtenstein, and the follow-up reports of Albania, Hungary, Moldova and Slovenia.  Due to a number of deficiencies in its AML/CFT legislation, Slovenia was placed in MONEYVAL’s Compliance Enhancing Procedures.

https://www.coe.int/en/web/moneyval/-/moneyval-holds-its-63rd-plenary-meeting

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