On 17 June, Wikborg Rein reported that Norway had adopted additional Russia-related sanctions, by largely implementing sanctions equivalent to the EU’s sixth sanctions package (which was adopted by the EU on 3 June).
On 17 June, the US Treasury announced that OFAC had designated the state-owned Nicaraguan mining company Empresa Nicaraguense de Minas (ENIMINAS) as well as one official of the Government of Nicaragua, Ruy Lopez Delgado, the president of the board of directors of ENIMINAS.
On 17 June, OFAC added Carlos Erik MALPICA FLORES to its sanctions. He is a former National Treasurer of Venezuela; a former Vice-President of Finance for Petroleos de Venezuela, S.A. (PDVSA); and a former Presidential Commissioner for Economic and Financial Affairs.
On 17 June, a news release from FATF detailed the outcome of the Plenary held during the week in Berlin. FATF expressed its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of life caused by the ongoing Russian invasion of Ukraine. As a result of the invasion, FATF agreed to severely limit the Russian Federation’s role and influence within the FATF. FATF also –
- approved a report that will help the real estate sector to better detect and prevent money laundering;
- finalised a targeted update on implementation of the FATF requirements on virtual assets and virtual asset service providers (VASP);
- finalised a report that shares good practices and recommendations for combating money laundering and terrorist financing by sharing information while adhering to data protection and privacy;
- agreed to start new work that includes a project on countering the laundering of proceeds from ransomware attacks;
- agreed an update to the FATF best practices paper on combating the abuse of NPO;
- agreed to undertake new projects on the misuse of citizenship and residency by investment schemes, guidance for assessors on how to assess implementation of the UN Convention Against Corruption, and a horizontal review on how the non-financial sector facilitates corruption;
- considered Mutual Evaluation Reports on Germany and the Netherlands;
- added Gibraltar to jurisdictions subject to increased monitoring, but removed Malta;
- made no changes to the list of high-risk jurisdictions
On 16 June, Infobaie and others reported that a Panamanian court has provisionally dismissed Ramon Fonseca and Jürgen Mossack, founders of the now-defunct law firm linked to the hack known as the “Panama Papers” involving Brazilian construction giant Odebrecht, and 39 others investigated for alleged money laundering crimes in the case. It is claimed that the Prosecutor’s Office “did not demonstrate which accounts were created in Panama, created with the purpose of hiding money of illicit origin, nor the amounts of money entered from offshore companies”.
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