Day: September 22, 2022

)n 22 September, the Home Office blog carried a post containing this factsheet, saying that the UK  Government committed to bringing forward this further Bill to deliver a suite of wider-ranging reforms to tackle economic crime and improve the transparency of corporate entities.  The new Bill would involve –

• Reforms to Companies House, including identity verification and broadening the powers of Companies House;  
• Reforms to prevent the abuse of limited partnerships, including Scottish limited partnerships, to make them more transparent;
• Additional powers to seize and recover suspected criminal cryptoassets;
• Reforms to give businesses more confidence in sharing information to tackle money laundering and other economic crime, including by allowing certain businesses to directly share information more easily, that could be a third-party; and
• New intelligence-gathering powers for law enforcement and removal of unnecessary burdens on business.

https://homeofficemedia.blog.gov.uk/2022/09/22/factsheet-economic-crime-and-corporate-transparency-ecct-bill/

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On 22 September, the US Treasury announced that OFAC has designated Iran’s Morality Police for abuse and violence against Iranian women and the violation of the rights of peaceful Iranian protestors.  It is also targeting seven senior leaders of Iran’s security organizations: the Morality Police, Ministry of Intelligence and Security (MOIS), the Army’s Ground Forces, Basij Resistance Forces, and Law Enforcement Forces.  These officials oversee organisations that routinely employ violence to suppress peaceful protesters and members of Iranian civil society, political dissidents, women’s rights activists, and members of the Iranian Baha’i community.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220922

https://home.treasury.gov/news/press-releases/jy0969

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On 20 September, the Global Initiative Against Transnational Organised Crime says that a major study has resulted in this comprehensive Strategic Organized Crime Risk Assessment report that covers 15 interconnected illicit markets.

https://globalinitiative.net/wp-content/uploads/2022/09/GI-TOC-Strategic-Organized-Crime-Risk-Assessment-South-Africa.pdf

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On 19 September, the Law Society Gazette reported that the EU is clamping down on what it sees as the worst elements of litigation funding, but UK funders say that those pushing for more regulation have failed to understand how the market works.  It warns that funders look set to fight any attempt by UK legislators to mirror a newly announced clampdown on the sector across the EU.  The EU is said to be planning to curb what it sees as the worst elements of litigation funding, with recommendations for a new system of regulation and a potential cap on fees that can be made on cases.  Other proposals include financial adequacy requirements and an obligation to pay adverse costs, and mandatory disclosure of any litigation funding agreement to all parties and the court.

https://www.lawgazette.co.uk/news-focus/news-focus-eu-to-clamp-down-on-booming-litigation-funding-sector/5113702.article

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On 22 September, the Sydney Morning Herald reported on the case of a whistleblower who exposed lax money laundering compliance in New South Wales poker machine venues will spend the last months of his life defending a legal action brought by ClubsNSW.  Troy Stolz is the former head of AML/CFT at ClubsNSW.  ClubsNSW is also suing Stolz for disclosing confidential information, and has included in its action a claim against his wife, who will now be forced to continue fighting after he is gone.

https://www.smh.com.au/national/nsw/i-ve-nothing-to-lose-dying-whistleblower-sued-by-clubsnsw-20220921-p5bjsr.html

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On 21 September, Reed Smith reported on new FAQ on 19 September, which reverse the controversial expansion of restrictions imposed on certain coal, fertiliser and other Russian-origin goods on 10 August.  These FAQ clarify that restrictions on certain fertiliser and coal products (among others) do not include a ban on their transfer to third countries, and associated insurance and brokering arrangements.  It says that the EU has clarified that certain goods are now permitted to be transferred (including transported) to non-EU countries to mitigate food and energy insecurity.  The EU has also amended a FAQ to clarify that relevant services (such as financial assistance including brokering or insurance) tied to the transfer of the above-listed goods to third countries via EU operators or the EU territory are now permitted.

https://www.mondaq.com/uk/export-controls-trade-investment-sanctions/1232242/eu-u-turns-on-global-transfer-restrictions-of-russian-coal-fertilisers-and-other-goods-

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