Day: July 6, 2022

In March, this report examined the potential maritime radiological and nuclear trafficking risks posed by the multitude of small, traditional, and unregistered vessels plying the world’s oceans. The report specifically examined 4 geographic areas (Brazil, West Africa, the Red Sea, and Indonesia) to assess the risk these types of vessels pose for radiological and nuclear trafficking.  It also proposed areas of potential policy prioritization that would increase maritime domain awareness around these kinds of vessels and mitigate the risk of their trafficking activity.

On 3 July, CIMSEC hosted a podcast which discusses the report.

https://www.stableseas.org/post/maritime-radiological-and-nuclear-trafficking-by-small-traditional-and-unregulated-vessels

https://cimsec.org/sea-control-359-maritime-radiological-and-nuclear-trafficking-with-jay-benson/

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An Expert Briefing in the August edition of Financier Worldwide was concerned with Pillar II of the OECD base erosion and profit shifting (BEPS) agreement in 2020, which advocates a global minimum tax.  It applies to multinational groups with more than €750 million in sales.  Pillar II offers an inclusive framework which participants accept voluntarily.  OECD has issued model guidelines, together with technical comments and examples, in March 2022.  Implementation begins in 2023 and involves fundamental changes to the international tax architecture. It intends to decrease multinational enterprises (MNE) profit-shifting, enhance tax fairness, and boost revenue.  It intends to eliminate harmful tax rivalry between nations and restrict the ‘race to the bottom’ in corporate income tax (CIT) which is often induced by governments vying for foreign direct investment (FDI).

https://www.financierworldwide.com/the-global-minimum-tax-how-the-latest-tax-reform-will-impact-business#.YsYQJGDMKUl

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On 5 July, AIN Online reported on service providers playing host to Russian private aircraft that were undergoing maintenance in its facilities when sanctions were imposed as a result of the war in Ukraine. The grounded aircraft have left the companies wondering who will be paying bills that continue to mount.

https://www.ainonline.com/aviation-news/business-aviation/2022-07-05/sanctioned-jets-proving-problem-service-providers

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On 6 July, OFAC added a number of designations linked to an international network of individuals and entities that has used a web of Gulf-based front companies to facilitate the delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum and petrochemical products from Iranian companies to East Asia.

https://home.treasury.gov/news/press-releases/jy0851

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220706

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On 5 July, the FCPA Blog reported that the Inter-American Development Bank (IDB) had debarred the company for corrupt and fraudulent practices related to a project in Brazil.  Construcap CCPS Engenharia e Comércio S.A. (Construcap) is ineligible to participate in projects and operations financed by the IDB during the 18-month debarment, or those financed by the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, and the African Development Bank.

https://fcpablog.com/2022/07/05/idb-debars-construction-company-for-paying-1-million-in-bribes/

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On 5 July, the relevant UK Government Departments released updated guidance following the enhancement in the sanctions regime following adoption of the Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022.

https://www.gov.uk/government/publications/republic-of-belarus-sanctions-guidance#full-publication-update-history

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