Day: June 15, 2022

On 15 June, many sources contained details of the Cullen Commission report on money laundering involving the gambling sector and property in British Columbia.  It is said that it is impossible to know just how much criminal cash is laundered in the province every year, but that some estimates put the amount “in the billions”.  In additional to a new AML commission, Cullen recommended the creation of “a dedicated provincial money laundering intelligence and investigation unit with a robust intelligence division”.  The report criticised the RCMP for its “lack of attention to money laundering [that] has allowed for the unchecked growth of money laundering since at least 2012”.  Reports of drug traffickers and organised criminals laundering money through British Columbia casinos was one of the main reasons the Cullen Commission was established by Premier John Horgan in May 2019.

https://theprovince.com/news/crime/cullen-commission-makes-101-recommendations-to-tackle-money-laundering-in-b-c

https://www.thestar.com/news/canada/2022/06/15/canadas-anti-money-laundering-regime-is-broken-finds-bc-report.html

https://www.nytimes.com/2022/06/15/world/canada/canada-money-laundering.html

https://www.piquenewsmagazine.com/opinion/opinion-cullen-commission-on-bc-money-laundering-is-only-the-starting-point-of-a-long-road-5483420

The report itself is on the Cullen Commission website –

https://cullencommission.ca/

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On 15 June, FinCEN issued an Advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE).  EFE involves the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.  The Advisory highlights new EFE typologies and red flags since FinCEN issued its first advisory on the issue in 2011. 

https://www.fincen.gov/news/news-releases/fincen-issues-advisory-elder-financial-exploitation

https://www.fincen.gov/sites/default/files/advisory/2022-06-15/FinCEN%20Advisory%20Elder%20Financial%20Exploitation%20FINAL%20508.pdf

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On 15 June, a post from the European Journal of International Law by a Researcher at the Athens Public International Law Centre considers the retaliatory seizure of 2 Greek oil tankers in international waters for Greece’s seizure of an Iranian oil tanker in Greek water.

https://www.ejiltalk.org/irans-seizure-of-the-two-greek-flagged-vessels-an-international-law-perspective/

INDUSTRY RELEASABLE THREAT BULLETIN (IRTB) FOLLOWING SEIZURE OF 2 GREEK TANKERS IN GULF

Following the recent incidents where 2 Greek-Flagged ships were seized by Iranian forces, the Combined Maritime Force (CMF) and the EU’s Naval Force (EUNAVFOR) have issued an Industry Releasable Threat Bulletin (IRTB) on the incident.

https://www.ukpandi.com/media/files/uk-p-and-i-club/articles/2022/20220527-irtb-31.pdf

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On 15 June, HM Treasury published the Government response to a consultation held between 22 July and 14 October 2021.  The response to the consultation summarises views from responses to the consultation and sets out the findings and the decisions the government has taken as a result.

https://www.gov.uk/government/consultations/amendments-to-the-money-laundering-terrorist-financing-and-transfer-of-funds-information-on-the-payer-regulations-2017-statutory-instrument-2022

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On 14 June, an article from Hogan Lovells was concerned with changes to the enforcement of UK sanctions laws that parallel enforcement powers of OFAC in the US.  The 2 major developments introduced by the Act include the introduction of a strict liability test and the publication of breaches.

https://www.engage.hoganlovells.com/knowledgeservices/news/from-15-june-the-uk-sanctions-regime-will-be-moving-to-a-strict-liability-test

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A report from the Governmental Accountability Office on 14 June says that millions of foreign students and scholars study at US universities, and many contribute to US research – but there’s a risk that some may illegally access and share sensitive information, such as data or technology, with their home countries.  The GAO recommends that agencies determine which universities are at greater risk for such transfers and target outreach and education to them.

https://www.gao.gov/products/gao-22-105727

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