Day: July 26, 2022

A Discussion Paper from RUSI is concerned with a survey of both AML and fraud prevention private-private information-sharing platforms, and explores 15 different initiatives across the US, UK, Singapore, the Netherlands, Switzerland, Estonia and Australia.  It identifies that various capabilities are being demonstrated by platforms – from data-driven development of economic crime typologies, to joint transaction monitoring, to adverse databases, to joint investigations, to messaging capabilities.

https://www.future-fis.com/uploads/3/7/9/4/3794525/rusi_ffis_survey_-_lessons_in_private-private_financial_information_sharing_to_detect_crime.pdf

Summary –

https://www.future-fis.com/lessons-in-private-private-financial-information-sharing-to-detect-and-disrupt-crime.html

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On 23 July, an article from Thai PBS says that a bribery scandal involving Thailand’s national airline and engine manufacturer Rolls-Royce is back in the media spotlight after the Thai anti-graft agency concluded that their engine procurement deal 3 decades ago was “unlawful”.  The National Anti-Corruption Commission (NACC) found that 2 top executives of Thai Airways International (THAI) at that time violated a 1959 law against corruption in state organisations and agencies when the national flag carrier purchased Rolls-Royce engines.  NACC has resolved to indict former finance minister Thanong Bidaya, who oversaw the deal as board chairman, and Kaweepan Ruengpaka, who was the airline’s vice-president for finances at the time.

https://www.thaipbsworld.com/the-rolls-royce-bribery-scandal-that-sent-thai-national-airline-into-nosedive/

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On 25 July, a report from OCCRP says that the Grace Road Church believes a nuclear-tinged Judgment Day is rapidly approaching — and that Fiji is the post-apocalyptic promised land from which they’ll feed humanity.  But despite repeated accusations of abuses, including ritual beatings and forcing members to perform unpaid labour, they’ve received a warm welcome from the Fijian government.  It says that the group is widely seen as enjoying the favour of Fiji’s authoritarian government. It has been lauded by Fiji’s powerful prime minister and received millions in loans from the state-backed Fiji Development Bank.

https://www.occrp.org/en/investigations/korean-doomsday-sect-gets-rich-in-fiji-with-government-help

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On 26 July, FATF published a report saying that real estate is a popular choice for investment, but it also attracts criminals who use real estate in their illicit activities or to launder their criminal profits.  FATF assessments show that the real estate sector often has poor understanding of these risks and regularly fails to mitigate them.  The revised guidance highlights the importance for the sector to increase its understanding of the money laundering and terrorist financing risks it faces. Vulnerabilities include exploitation by PEP, the purchase of luxury real estate, the use of virtual assets, the use of anonymous companies and gatekeepers as instruments to launder the proceeds of crime.  FATF has updated its guidance for a risk-based approach for the real estate sector with input from the private sector, including through a public consultation in March-April 2022 (a summary of responses is also published).

http://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-Real-Estate-Sector.pdf

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/summary-public-consultation-rba-real-estate.html

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On 13 July, the Independent Anti-Corruption Advisory Committee (CCIA) published its report intended to provide a comprehensive analysis of corruption in the financial, banking and insurance systems, seen in the broader context of systemic fraud in these sectors, embezzlement and money laundering.  The report comes 10 years after the reported theft of $1 billion out of the Moldovan banking system and the laundering of more than $20 billion through Moldovan banks.  The publication seeks to illustrate the many ways in which legal amendments, questionable appointments of heads of institutions, lack of genuine independence of oversights institutions and the absence of stronger actions in respect of red flags, resulted in a “captured state”.  This is the first report of the CCIA. Future ones will assess the mandate of anti-corruption institutions, the financing of political parties and corruption in state-owned enterprises.

https://ccia.md/en/2022/07/13/the-offshore-republic-10-years-after-the-embezzlement-of-money-from-financial-banking-insurance-system-in-moldova/

The Report, in English and Romanian, is at –

https://ccia.md/en/reports/

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A Notice from HM Treasury on 26 July advised that 41 new individuals (including Syrians allegedly involved recruiting fighters to take part in the war in Ukraine) and 1 new entity (the AL-SAYYAD COMPANY FOR GUARDING AND PROTECTION SERVICES LTD) had been added to the Russia sanctions lists.  In addition, 1 existing entry for an individual had been corrected.

The Isle of Man followed suit.

https://www.gov.im/news/2022/jul/26/financial-sanctions-russia/

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1093779/Notice_Russia_260722.pdf

https://www.gov.uk/government/news/uk-sanctions-russian-officials-propping-up-putins-proxy-administrations-in-ukraine

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A Notice from HM Treasury on 26 July advised that 4 new individuals and SANAD PROTECTION AND SECURITY SERVICES had been added to the consolidated list and are now subject to an asset freeze.  In addition, the existing entry for the SYRIAN PETROLEUM COMPANY had been amended.

The Isle of Man followed suit.

https://www.gov.im/news/2022/jul/26/financial-sanctions-syria/

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1093775/Notice_Syria_260722.pdf

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On 25 July, the Wall Street Journal reported that the audit and accounting regulator, the Financial Reporting Council, has fined KPMG LLP and sanctioned 5 former employees for providing false and misleading information in relation to two audits, one of them of the now-defunct Carillion PLC.  The fine was reduced from £20 million to acknowledge KPMG’s own reporting of misconduct as well as its cooperation with the regulator.  4 of the accounting firm’s former employees were fined and banned from the auditing profession for varying numbers of years, while a fifth was “severely reprimanded”.

https://www.wsj.com/articles/kpmg-is-fined-17-3-million-in-u-k-for-audit-shortfalls-11658779773

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On 22 July, an article from Stephenson Harwood LLP explained the new ban on providing certain business services to Russian clients.  Broadly speaking (there are exceptions), these include accountancy services, consulting services, and PR services.  The article also compares these UK sanctions to EU ones, finding that they are similar but not identical to the EU sanctions, and highlighting the differences.

https://www.shlegal.com/insights/uk-sanctions-professional-and-business-services-to-russian-clients

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