Day: August 8, 2022

On 8 August, OFAC announced that it had sanctioned virtual currency mixer Tornado Cash, which has been used to launder more than $7 billion worth of virtual currency since its creation in 2019.  This includes over $455 million stolen by the Lazarus Group, a Democratic People’s Republic of Korea (DPRK) state-sponsored hacking group.  Tornado Cash is a virtual currency mixer that operates on the Ethereum blockchain and indiscriminately facilitates anonymous transactions by obfuscating their origin, destination, and counterparties, with no attempt to determine their origin.  Criminals have increased their use of anonymity-enhancing technologies, including mixers, to help hide the movement or origin of funds. The sanctions mean that all property and interests in property of Tornado Cash that is in the US or in the possession or control of US persons is blocked and must be reported to OFAC.  In addition, any entities that are owned, directly or indirectly, 50% or more by one or more blocked persons are also blocked.  All transactions by US persons or within (or transiting) the US that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific licence issued by OFAC, or exempt.  These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.

https://home.treasury.gov/news/press-releases/jy0916

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808

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On 5 August, the Law Commission advised that has been asked by the Government to examine the need for reforms to the appeals system, to ensure that the courts have the right powers to enable the effective, efficient and appropriate resolution of appeals.  The comprehensive review, which will include a public consultation, follows calls from several leading bodies for improvements to the law on appeals to be considered.

https://www.lawcom.gov.uk/law-commission-to-undertake-review-of-the-appeals-system/

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On 8 August, OCCRP reported that before being considered for EU membership, the EU Council has said that Georgia must implement reforms to make its institutions more accountable and democratic.  However, it says that, in a new investigation, reporters from OCCRP’s Georgian partner, Studio Monitor, found that the problem extends to the highest levels of the country’s judiciary.  It says that one of Georgia’s most influential judges, Levan Murusidze, failed to disclose assets belonging to his long-term romantic partner in his asset declarations.  This ensured that the multiple apartments, expensive jewellery, and designer clothes she acquired in recent years were hidden from public scrutiny.  Previously Studio Monitor had found that another influential judge, Mikheil Chinchaladze, had failed to declare significant real estate holdings registered to his aunt.  It says that Murusidze and Chinchaladze are alleged to be the leaders of a powerful group of judges, known as “the clan”, that is said to be blocking the kind of reforms required to deepen Georgia’s ties to Europe. 

https://www.occrp.org/en/investigations/unexplained-wealth-of-top-georgian-judge-highlights-obstacles-along-countrys-path-to-europe

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On 8 August, a special report from RUSI contains an examination of the components and functioning of 27 of Russia’s most modern military systems – including cruise missiles, communications systems and electronic warfare complexes – concludes that the degradation in Russian military capability could be made permanent if appropriate policies are implemented.

https://static.rusi.org/RUSI-Silicon-Lifeline-final-web.pdf

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On 8 August, Balkan Insight reported that companies with ties to Slobodan Tesic’s are exporting ammunition to the very country – the US – that slapped sanctions on him and his associates in 2017 and 2019.  It says that he has found a “way around” the US sanctions via 2 Belgrade-registered companies – Valir d.o.o. and Zenitprom.  This is despite Tesic being blacklisted by US authorities for the past 5 years for bribery and violating arms embargos. 

https://balkaninsight.com/2022/08/08/bangs-for-bucks-serbian-arms-dealer-makes-mockery-of-us-sanctions-again/

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