On 7 September, KPMG reported that OFAC has released for publication in the Federal Register 4 documents containing the publication of 14 Russian harmful foreign activities sanctions regulations “web general licenses”. They cover a variety of matters briefly listed in the release from KPMG, with links to each.
On 7 September, OCCRP reported that the Manual contains tips and tricks on how to access records and information in 19 Latin American countries. It contains tools, instructions, and tips on how to find and consult available records and databases in 19 Latin American countries, as well as the US, Belize, and the BVI, which are prime havens for stolen money from the region.
On 7 September, this annual report was published. As well as providing a snapshot of the state of the industry, it also provides an update on the Commission’s regulatory and enforcement performance. It says that it has issued over £100 million in fines and regulatory settlements over the past few years but more importantly, it is ramping up its work and engagement to ensure that operators and their boards are under no illusion that non-compliance won’t be accepted and will be met with an ever-increasing and harsher programme of sanctions.
On 7 September, a news release from HMRC announced that it is currently writing to around 600 people in the UK who used the Euro Pacific Bank (EPB) urging them to check their tax position and make any corrections to their tax affairs. The Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) suspended the operations of the EPB on 30 June for breaching its capital requirements, and it has since entered a liquidation process. Hundreds of civil and criminal investigations involving EPB have already been launched across the J5 jurisdictions of the UK, Canada, Australia, Netherlands and the US.
On 7 September, the EU Sanctions blog reported on a statement from the G7 issued on 2 September. The services ban would not apply if the products are purchased at or below a ‘price cap’, which is yet to be determined. The G7 also announced mitigation mechanisms to ensure that the most vulnerable and impacted countries maintain access to energy markets.