Day: June 16, 2022

A paper from the Basel Institute on Governance on 16 June says that corporate digital identity (ID) has the potential to dramatically simplify the identification and verification of companies and to reduce the risks and costs of doing business. It also says that, provided there is political will, technological innovation and policy can help in several areas to facilitate corporate digital ID and thus enhance overall efficiency, market integrity, financial stability and inclusion.  Legal Entity Identifier (LEI), decentralised identifiers (DID) and reforms built on public individual digital ID systems show particular promise, particularly for SME, thereby supporting broader sustainable development, employment and innovation.  The paper examines these innovations in corporate digital ID and explore pathways for the future.

https://www.bis.org/publ/bppdf/bispap126.pdf

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On 16 June, OFAC imposed sanctions on a network of Iranian petrochemical producers, as well as front companies in the People’s Republic of China (PRC) and the UAE that support Triliance Petrochemical Co. Ltd and Iran’s Petrochemical Commercial Company (PCC), entities instrumental in brokering the sale of Iranian petrochemicals abroad.  This network helps effectuate international transactions and evade sanctions, supporting the sale of Iranian petrochemical products to customers in the PRC and the rest of East Asia.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220616

https://home.treasury.gov/news/press-releases/jy0819

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An article from The Intercept on 14 June considered the example of Home Depot’s Lifeproof line: vinyl planks made to look like wood that lock together without glue.  The article says that the story of vinyl flooring begins 6,600 miles away in the Xinjiang region of north-western China, where it is intertwined with the persecution of the predominantly Muslim Uyghurs.  Home Depot itself says that it prohibits the use of forced or prison labour in its supply chain.  However, a newly-issued report asks all companies that source from China — including Home Depot — to scrutinise their supply chains.  It is said that the report has major implications for the retailers and marketers of flooring, and there are a lot of people walking around their homes right now on floors that are virtually certain to be made in part with forced labour.  In the report, researchers focus in part on a flooring factory in Vietnam called Jufeng New Materials that supplies Lifeproof tiles to Home Depot, via a Georgia-based company called Home Legend.

https://theintercept.com/2022/06/14/china-uyghur-forced-labor-pvc-home-depot

The report, “Built on Repression”, is available at –

https://www.shu.ac.uk/helena-kennedy-centre-international-justice/research-and-projects/all-projects/built-on-repression

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The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) has released its 1922 report.  The Trends and Developments report presents the EMCDDA’s latest analysis of the drug situation in Europe. Focusing on illicit drug use, related harms and drug supply, the report contains a comprehensive set of national data across these themes and key harm-reduction interventions.

https://www.emcdda.europa.eu/system/files/publications/14644/EDR_2022_18-ONLINE.pdf

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On 16 June, a Notice from HM Treasury advised that 4 existing entries on the list of those persons and entities subject to sanctions for being involved in the proliferation and use of chemical weapons.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083370/Notice_Chemical_Weapons_160622.pdf

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On 16 June, HM Treasury published several Notices advising changes to UK sanctions lists –

• Adding 6 entities to the Myanmar sanctions lists;
• Amending the entries for 3 entities and 1 individual on the Syrian sanctions lists;
• Amending the entry for 1 individual on the Libya sanctions list;
• Amending 12 entries for individuals on the Iran (human rights) sanctions lists; and
• Amending 3 entries for individuals on the counter-terrorism sanctions list.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083377/Notice_Myanmar_160622.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083388/Notice_Syria_160622.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083388/Notice_Syria_160622.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1055453/Notice_Iran__Human_Rights__160222.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083374/Notice_Counter_Terrorism__International__160622.pdf

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On 16 June, Malta Today and the Times of Malta reported that Malta had been removed from the FATF grey list following a vote at the FATF Plenary.  A formal announcement is expected on 17 June.

https://www.maltatoday.com.mt/news/national/117326/malta_taken_off_the_greylist_by_fatf#.YqsZ3qLMKUk

https://timesofmalta.com/articles/view/malta-removed-from-fatf-grey-list.962000

Meanwhile –

EMPLOYERS’ ASSOCIATION CALLS ON GOVERNMENT AND OPPOSITION TO SAFEGUARD MALTA’S REPUTATION

On 16 June, Newsbook in Malta reported that the Malta Employers’ Association has called on the government and the Opposition to commit towards the promotion and safeguarding of Malta’s reputation across all levels.  This came in reaction to the news that Malta has been removed from the FATF’s grey list. 

https://newsbook.com.mt/en/employers-association-calls-on-government-opposition-to-safeguard-maltas-reputation/

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On 16 June, a Notice from HM Treasury advised that 12 new entries have been added to the consolidated list and are now subject to an asset freeze.  In addition, the existing entry for Yuriy Volodymyrovych IVAKIN has been corrected.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083380/Notice_Russia_160622.pdf

The sanctioned names include Russian Children’s Rights Commissioner Maria Lvova-Belova – for the forced transfer and adoption of Ukrainian children – and the head of the Russian Orthodox Church, Patriarch Kirill, his prominent support of Russian military aggression in Ukraine.  Also included were 4 senior military officials from a unit “known to have killed, raped, and tortured civilians” in the Ukrainian town of Bucha.

https://uk.news.yahoo.com/uk-sets-russia-sanctions-barbaric-103516824.html

https://www.gov.uk/government/news/uk-sanctions-russian-linked-to-forced-transfers-and-adoptions

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