Day: July 27, 2022

On 27 July, the FSA has issued a “Dear CEO” letter to banks which provides observed examples of effective control frameworks, good practice and other key considerations to help banks to assess, and to take steps to gain assurance that their financial crime systems and controls in relation to account warnings and blocks are commensurate with the risk profile of their bank.  It is said that the information may also be of relevance to other firms that are subject to the Island’s AML/CFT framework.

https://www.iomfsa.im/fsa-news/2022/jul/dear-ceo-letter-to-the-banking-sector-in-relation-to-aml-account-warnings-and-blocks/

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In its 28 July edition, The Star in Kenya reported that motor vehicle dealers, the legal sector, casinos and the gaming industry have made Kenya highly vulnerable to money laundering; and that car dealers have emerged to be the leading laundering agents.  This is according to the Money Laundering and Terrorism Financing National Risk Assessment 2021 (NRA) Report.  The report also says that terrorism is not a major proceeds-generating crime in Kenya and is rated as of low risk in terms of the level of threat to money laundering – and the overall vulnerability for terrorism financing was assessed as medium-low.  The US Government recently listed Kenya as a “major money laundering jurisdiction”.

https://www.the-star.co.ke/news/2022-07-28-fraud-and-forgery-are-main-threats-in-kenya-new-report-shows/

https://www.frc.go.ke/23-others/77-launch-of-the-money-laundering-and-terrorism-financing-nra.html

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On 27 July, the EU Sanctions blog reported that –

• On 9 August, new powers come into force that will authorise government departments, agencies and relevant bodies to share information to enable and/or assist HM Treasury to discharge its sanctions-related functions; and
• On 30 August, the definition of a “relevant firm” (that is subject to certain reporting obligations) is extended to include crypto-asset exchange providers and custodian wallet providers

https://www.europeansanctions.com/2022/07/uk-extends-definition-of-relevant-firm-to-crypto-exchange-providers/

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On 19 July, the Dossier Center published a report (in English and Russian) about how Wirecard COO Jan Marsalek fled from a €2 billion corruption saga in Germany. 

https://dossier.center/yan-german-en/

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On 26 July, a report from the Global Initiative Against Transnational Organised Crime pointed out that south-eastern Europe contains more than a hundred ports and 12 container terminals, which are important entry and exit points for trade in the Adriatic, Aegean, Black and Ionian Seas, as well as along the Danube.  It reveals that there is a maritime Balkan route bringing drugs into SEE through key commercial seaports: cocaine from Latin America and heroin via Turkey and the Middle East.  Other commodities being smuggled along this route include weapons, waste, counterfeit goods and cigarettes.  In addition, the report provides a glimpse of smuggling along the Danube.

https://globalinitiative.net/analysis/balkans-maritime-routes-ports-crime/

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A news release from the UN on 26 July advised that the relevant UN security Council Sanctions Committee had amended the entries for 44 individuals and entities on the US SCR 1718 (2006) sanctions list.

https://press.un.org/en/2022/sc14983.doc.htm

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On 26 July, the Department for International Trade published this Notice about the extended sanctions imposed following the coming into force of the Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022.

https://www.gov.uk/government/publications/notice-to-exporters-202222-introduction-of-additional-sanctions-against-russia/nte-202222-introduction-of-additional-sanctions-against-russia

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EU Regulation 2022/1308/EU provided that the entry for 1 person (Mahmoud Mustafa Busayf AL-WERFALLI), who is now deceased, should be deleted and that the statement of reasons and identifying information for 2 other persons should be updated.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2022.198.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A198%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.L_.2022.198.01.0019.01.ENG&toc=OJ:L:2022:198:TOC

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On 26 July, the gCaptain website reported that the UN Panel of Experts had alerted EU forces enforcing the UN sanctions on Libya of an apparent attempt by a ship, previously suspected of an earlier violation (under a different name and flag), to carry embargoed military goods to Libya.  The ship, flying the Equatorial Guinea flag, was stopped and inspected, found to be carrying dozens of military vehicles in violation of the UN arms embargo on Libya, and diverted to an EU port pending further action.

https://gcaptain.com/eu-naval-force-stops-smuggling-ship-off-libya/

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On 26 March, the Transnational Litigation Blog provided a Primer on forum selection clauses, which are a contractual provision that selects a specific court to resolve disputes.  The purposes of such clauses is to reduce litigation uncertainty, to confer a tactical advantage on the party whose home jurisdiction is chosen as the exclusive forum, and to select a body of procedural law to apply.  On 26 July, a further post attempted to bring together 6 recent posts on forum selection clauses to form a coherent narrative on developments. 

https://tlblog.org/a-primer-on-forum-selection-clauses/

https://tlblog.org/forum-selection-clause-roundup/

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