Month: September 2022

On 30 September, KPMG reported that the Bureau of Industry and Security (BIS) of the US Commerce Department advised that 56 of the entities will be listed on the entity list under the destination of Russia and 1 will be listed under the destination of the Crimea region of Ukraine.  Being placed on the Entity List Entities means the entity is subject to licence requirements for the export or transfer of specified items, such as some US technologies.

https://home.kpmg/us/en/home/insights/2022/09/tnf-us-additions-ear-entity-list.html

https://www.bis.doc.gov/index.php/documents/about-bis/newsroom/press-releases/3146-2022-09-30-bis-press-release-bis-adds-57-to-entity-list-final/file

https://www.steptoeinternationalcomplianceblog.com/2022/09/us-implements-subtle-but-significant-expansions-of-export-controls-on-russia-belarus-and-other-countries/

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 30 September, OFAC issued this guidance which emphasises the importance of taking a risk-based approach to managing sanctions risks in the context of new payment technologies such as instant payment systems and to highlight considerations relevant to managing those risks.   This guidance also encourages developers of instant payment systems to incorporate sanctions compliance considerations and features as they develop these systems.

https://home.treasury.gov/system/files/126/instant_payment_systems_compliance_guidance_brochure.pdf

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 28 September, the Wildlife Justice Commission published a report on the rise and fall of one of Vietnam’s biggest wildlife traffickers, Nguyen Van Nam (referred to in the report as Ah Nam).  He was arrested in Hanoi on 30 September 2019 in connection with the illegal trade of ivory; on 16 July 2020 he was convicted and sentenced to 11 years in prison.   Now that the investigation into one of his connections has been concluded, the full extent of efforts to bring Ah Nam to justice can be disclosed.

https://wildlifejustice.org/publications/ah-nam-the-downfall-of-vietnams-wolf-of-wall-street/

–

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 29 September, a news release from US DoJ confirmed the indictment of Oleg Deripaska and 3 others.

https://www.justice.gov/opa/pr/russian-oligarch-oleg-vladimirovich-deripaska-and-associates-indicted-sanctions-evasion-and

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 28 September, a news release from FINTRAC advised of the latest Operational Alert, Laundering of Proceeds from Illicit Cannabis, in support of Project Legion.  This Operational Alert is meant to assist businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in better identifying and reporting to FINTRAC financial transactions related to the laundering of proceeds from illicit cannabis activities.  It was developed in collaboration with law enforcement and Canada’s largest banks to advance and facilitate Project Legion, Canada’s most recent public-private partnership.  The Alert includes an overview of FINTRAC’s analysis of suspicious transaction reports related to illicit cannabis; “red flags” in indicators of illicit cannabis in relation to online unlicensed dispensaries; and possibly related to illicit cannabis in relation to the cultivation, processing and preparation

https://fintrac-canafe.canada.ca/intel/operation/cannabis-eng

https://fintrac-canafe.canada.ca/new-neuf/nr/2022-09-28-eng

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 30 September, an Insight from RUSI asks if ‘failure to prevent’ offences had an impact on the criminal liability for corporate entities?  It explains that the basis of a failure to prevent offence is simple – to have any defence, an organisation needs to prove that it had ‘reasonable’ or ‘adequate’ procedures in place to prevent an individual associated with it from carrying out a criminal activity.  The first failure to prevent offence was introduced in relation to bribery in 2010; 2 further failure to prevent offences followed in the Criminal Finances Act 2017 related to the facilitation of tax evasion.

https://static.rusi.org/340_EI_Corporate%20Criminal%20Liability_Westmore_web_final.pdf

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 29 September, the Guardian reported that Oleg Deripaska, 54, one of Russia’s most powerful oligarchs, who previously had deep links to British establishment figures, has been indicted by the US DoJ for criminal sanctions violations.  The allegations include an elaborate and failed attempt by Deripaska and his associates to shuttle his pregnant girlfriend to the US so that she could give birth there and secure American citizenship for their second child.  It is alleged that Deripaska evaded sanctions in a variety of ways, using corporate shell companies to hide his activities. 

https://www.theguardian.com/world/2022/sep/29/us-charges-russian-billionaire-oleg-deripaska-sanctions

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 29 September, EurActiv reported that the European Commission has formally taken Malta to the EU’s highest court for its cash-for-passports scheme that endows Maltese citizenship on wealthy third-country citizens in return for money and investments.The Commission said it considers the scheme a violation of EU law and has long called on Malta to withdraw the scheme over fears of money laundering and citizenship being granted to high-risk individuals.  It notes that, in March, the Commission issued a recommendation saying that EU Member States “still operating investor citizenship schemes need to terminate them immediately”.

https://www.euractiv.com/section/justice-home-affairs/news/eu-takes-malta-to-court-over-golden-passports/

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

On 29 September, FinCEN has published a Final Rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA).  The Rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the US to report information about their beneficial owners to FinCEN.  Designed to protect US national security and strengthen the integrity and transparency of the US financial system, the Rule is designed to help to stop criminal actors, including oligarchs, kleptocrats, drug traffickers, human traffickers, and those who would use anonymous shell companies to hide their illicit proceeds.  The Rule is effective from 1 January 2024.  Reporting companies created or registered before that date, will have 1 year (until 1 January 2025) to file their initial reports, while reporting companies created or registered after 1 January 2024, will have 30 days after creation or registration to file their initial reports.  Once the initial report has been filed, both existing and new reporting companies will have to file updates within 30 days of a change in their beneficial ownership information.  FinCEN says that it is committed to implementing these statutory obligations in a robust manner while minimising burdens on reporting companies.

https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-beneficial-ownership-reporting-support-law-enforcement

https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y