OTHER THINGS YOU MAY HAVE MISSED – AUGUST 14

Some good news, perhaps particularly for the ongoing talks following the recent weeks of protests, as the pace of inflation slowed in Panama in July, with a fall of 1.2% compared to the previous month, which took the year-on-year figure to 3.5%. The largest effect came from an 8.2% drop in the transport group part of the basket of prices used to determine the inflation figure. The figure for the end of 2021 had been 2.6%.

14 August 2022

10 AIRCRAFT BELONGING TO RUSSIAN OWNERS OR CONTROLLED BY THE RUSSIAN FEDERATION REMAIN GROUNDED AT GERMAN AIRFIELDS

On 14 August, Ukrinform reported a Deutsche Welle story saying that they are mostly business jets or aircraft used for charter flights.

https://www.ukrinform.net/rubric-economy/3549955-ten-russian-planes-stuck-in-germany-due-to-sanctions.html

NGO SAYS AUSTRALIAN MINING COMPANY’S MYANMAR SALE ‘POSES MONEY LAUNDERING RISK’

The Mizzima website reported on 14 August that NGO Justice for Myanmar has expressed concern that there is a money laundering risk in Myanmar the airline MAI’s transaction with an Australian mining company – Australian Stock Exchange-listed mining company Mallee Resources Limited (ASX:MYL), formerly Myanmar Metals.

https://www.mizzima.com/article/ngo-says-australian-mining-companys-myanmar-sale-poses-money-laundering-risk

US: REPUBLICAN SENATORS REQUESTING INFORMATION ON DEA STRATEGY TO FIGHT DRUG NETWORKS, CARTELS AND NARCOTICS SMUGGLING

On 12 August, Homeland Preparedness News reported that a group of Republican senators have requested details on the DEA moves to crack down on illegal narcotics and their suppliers.  Citing the ongoing opioid crisis, the senators blamed a mix of issues at the southern border, social network-fuelled sales and precursor chemicals from China.

https://homelandprepnews.com/stories/78017-republican-senators-looking-into-dea-strategy-to-fight-drug-networks-cartels-and-narcotics-smuggling/

UK: FAQ ON THE ECONOMIC CRIME ACT

On 12 August, CMS Law provided a set of FAQ on the Economic Crime (Transparency and Enforcement) Act 2022, which provides for the setting up at Companies House of a register for overseas entities that own certain property registered at the Land Registry or Land Register of Scotland.  The Act affects the UK, but the FAQ relate to England, Scotland and Wales only. 

https://www.cms-lawnow.com/-/media/lawnow/pdfs/roaq/faqs-on-the-impact-on-english-scottish-and-welsh-real-estate-of-the-economic-crime-act.pdf?rev=e64fa441-8b63-46f0-a36b-87b1aa8ac5da&la=en&hash=20A74BE6B4836B4081CC8B4898B3682A36DD1A8F

ROBERT BROCKMAN: BILLIONAIRE ACCUSED OF USING BERMUDA TRUST FOR TAX EVASION DIES

On 12 August, the Royal Gazette reported that Robert Brockman, 81, a billionaire charged with tax evasion and money laundering through a web of offshore entities in Bermuda and Nevis has died.  He was indicted in 2020 in what has been called the largest tax evasion case against an individual in the US.

https://www.royalgazette.com/court/news/article/20220811/billionaire-accused-of-using-bermuda-trust-for-tax-evasion-dies/

BANGLADESH: THE OVERLOOKED LINK BETWEEN FOREIGN CURRENCY RESERVE CRISIS AND MONEY LAUNDERING

On 14 August, The Business Standard published an article which argues that the decrease in export income against import expenditure is regarded as the main reason for the currency reserve crisis – but one of the most important causes behind this is money laundering that’s still prevalent in the country.  The money laundering referred to is largely trade-based money laundering.

https://www.tbsnews.net/thoughts/overlooked-link-between-foreign-currency-reserve-crisis-and-money-laundering-475230

INDIA REGULATOR PROBES AT LEAST 10 CRYPTO EXCHANGES ON MONEY LAUNDERING ALLEGATIONS

On 10 August, Coindesk reported that India’s Enforcement Directorate (ED) is investigating at least 10 crypto exchanges for allegedly assisting foreign companies launder money via crypto, according to the Economic Times.

https://www.coindesk.com/policy/2022/08/11/indias-ed-probes-at-least-10-crypto-exchanges-on-money-laundering-allegations-report/

US: A LOOK AT THE CHIPS-RELATED PORTIONS OF CHIPS+ ACT

On 9 August, an article from CSIS considers the CHIPS and Science Act of 2022, known colloquially as CHIPS+.  It concentrates on the parts dealing with semiconductors, saying that, while enjoying broad bipartisan support, the CHIPS provisions of the legislation stipulate $52 billion toward renewing the heavily outsourced US semiconductor manufacturing sector and bolstering US chip research and development activities.  The provisions seek to lessen US reliance on foreign manufacturing sources, while investing in a local workforce and spurring innovation at home.  It reveals that the US is home to just 12% of the world’s semiconductor manufacturing capacity (down from roughly 40%t in 1990).  It also points out, while the funding for semiconductor-related incentives appropriated by Division A of the CHIPS and Science Act has received significant media coverage, Division B authorizes around $200 billion in funding to support the US science and innovation infrastructure.

https://www.csis.org/analysis/look-chips-related-portions-chips

ZIMBABWE: 97 COMPANIES (72 IN REAL ESTATE) FINED OVER PARTICIPATION IN OR AIDING ILLICIT TRANSACTIONS

On 14 August, Pindula reported that 97 companies have been fined as much as $300 000 by the FIU for offences including neglecting to undertake money laundering assessment risks.  Those affected come under the designated non-financial businesses and professions (DNFBP) heading and include real estate agents (72 of them), corporate trusts, accounting and auditing firms, law firms, car dealers and casino operators.  Dealers in precious stones and precious metals are said to make up the second-largest category.

https://news.pindula.co.zw/2022/08/14/97-companies-fined-as-much-as-300-000-over-participation-in-or-aiding-illicit-transactions/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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