June advised that Homeland Security Investigations (HSI) and the Association of Certified Anti-Money Laundering Specialists (ACAMS) have formed a partnership and published a report to help combat organised retail crime, the large-scale theft of retail merchandise with the intent to resell items for financial gain, which has become an increased threat to public safety and economy. This report highlights red flags associated with organised theft groups, including structured deposits and withdrawals, large purchases of stored-value cards, high-dollar wire transfers tied to wholesale companies involved with health and beauty supplies, and large purchases of lighter fluid or heat guns, among others. The report also serves as a guide for law enforcement investigators and anti-financial crime professionals, outlining how organised theft groups steal and resell retail goods through online marketplaces and front companies and launder an estimated $69 billion in illicit profits through the US financial system and trade-based money laundering schemes each year.
On 1 June, HM Treasury advised that OFSI General Licence INT/2022/1327076 (Football Matches) permitting Chelsea FC to continue certain operations, has expired. This general licence is not being extended and is no longer applicable. The football season in England has now ended, and the sale of Chelsea is said to be proceeding.
On 1 June, the EU Sanctions blog reported that the UK and EU are reported to have agreed a co-ordinated ban on insuring ships carrying Russian oil. The 6th package of EU sanctions on Russia will include a ban on insurance and reinsurance of Russian ships by EU companies.
On 1 June, Hellenic Shipping News carried an article saying that, since the start of the conflict 3 months ago, Windward has carefully analysed trends and unique, proprietary data points. This article looks back on the first 3 months of the Russia-Ukraine conflict to summarise the many effects on the shipping ecosystem and provide you with actionable insights.
On 31 May, the UN Office n Drugs and Crime published a report saying that migrants on their way from Asia to Europe are being forced to work in the construction, agriculture, and hospitality sectors by human traffickers who abuse their irregular status and fear of deportation. Children, often exploited by their own family members, are compelled to commit crimes, while others are sexually exploited online. Sexual exploitation, primarily of women who are trafficked to countries in Western and Southern Europe, remains the most prevalent form of the crime, while cases of labour exploitation are rising.
On 1 June, the European Securities and Markets Authority issued a news release advising that the European Supervisory Authorities (EBA, EIOPA and ESMA) had published a joint report, which provides a comprehensive analysis on the completeness, adequacy and uniformity of the applicable laws and practices on the withdrawal of licence for serious breaches of the rules on AML/CFT.The joint Report advocates for the introduction in all relevant EU sectoral laws of a specific legal ground to revoke licences for serious breaches of AML/CFT rules.