Another case, the 14th, of Monkey pox reported today, as the Pan American Health Organisation urges countries in the region to do more to counter the disease. However, while an increasing number of people seem to believe Covid-19 has gone away (more people, though still a small minotiry, appear to be flouting the mandatory mask wearing on public transport), 3 people in Panama still died last week with the virus, and many hundreds, if not thousands, continue to be affected – and the UK has seen an increase in cases (somewhat of a surprise, at least that the increase came so early in the Autumn).
24 SEPTEMBER 2022
US: 2 ISSUES UNDERMINING THE CHIPS ACT
On 21 September, Global Trade Magazine said that the CHIPS Act was a trumpeted bill to increase US semiconductor manufacturing, but that while it might help the US retain some competitive advantages, there are a couple of reasons why a simple subsidy will not do much in the short term to shift the advantage stateside – a subsidy, it says, only goes so far; and making the chips might be the easy part, with a labyrinth supply chain following.
https://www.globaltrademag.com/two-issues-undermining-the-chips-act/
WHAT TO DO WHEN CIVIL AND INSOLVENCY PROCEDURES CROSS OVER IN RELATION TO INVESTMENT SCAMS
The latest edition of the FIRE newsletter (on fraud, insolvency, recovery and enforcement) included an article saying that once victims/creditors are faced with the realisation that the investment which seemed “too good to be true” actually was, they then have to decide what legal action to take to recover or mitigate their losses – with a choice between appointing (or support the appointment of) insolvency practitioners in their capacity as creditors of the scheme or bringing their own civil claims in their capacity as the victims of fraud. It says that while insolvency is usually the best option in a case involving an investment scheme where extensive evidence of fraud has entered the public domain, but that civil claims are well worth considering at an earlier stage of the fraud’s ‘life cycle’, in situation where there are red flags of fraud, but the scheme is still operational. It also touches upon 4 trends which it predicts will lead to a gradual increase in the coming years in the frequency of investment fraud group actions.
https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_10_-_Insolvency.pdf
FEDERAL REPUBLIC OF NIGERIA v JP MORGAN AND THE QUINCECARE DUTY OF CARE
The latest edition of the FIRE newsletter (on fraud, insolvency, recovery and enforcement) included an article about the Government of Nigeria being defeated in a case (dating back to events in the early 2010s) before the High Court in London, with the Court finding no fraud and that even if fraud had been proven to have occurred, JP Morgan did not act in a grossly negligent manner. The article maintains that following the decision the banks are back to level pegging with the claimants in such cases.
https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_10_-_Insolvency.pdf
Another article considers the question of limitation in Quincecare claims, and whether or when the normal 6-year time limit would apply.
UK: THE BOUNCE BACK LOANS SCHEME – WHAT IS BEING DONE TO RECOVER FUNDS MISAPPROPRIATED BY FRAUDSTERS?
Also in the latest edition of the FIRE newsletter, a short article says the UK authorities are now taking steps to prosecute wrongdoers, but asks what is being done to recover funds misappropriated by fraudsters?
https://thoughtleaders4.com/images/uploads/news/TL4_FIRE_Magazine_Issue_10_-_Insolvency.pdf
WEST AFRICAN LEADERS IMPOSE GRADUAL SANCTIONS ON THE GUINEA JUNTA
On 24 September, a video report from CGTN said that regional grouping ECOWAS had agreed at an emergency summit to impose gradual sanctions on Guinea’s junta over its inflexibility in setting a date to return to civilian rule. This would involve “gradual sanctions” on a list of people linked to the Guinean junta who will be identified “very soon” by the ECOWAS leadership. Poor but mineral-rich Guinea has been ruled by the military since a military coup in September 2021.
https://www.youtube.com/watch?v=zn7tr9PylRk
AML IN AUSTRALIA: WHAT YOU NEED TO KNOW
Comply Advantage has provided a short summary, saying that Australia has put a range of AML/CFT laws in place – with strict penalties for firms that fail to achieve compliance.
https://complyadvantage.com/insights/aml-australia/
BRAZILIAN FEDERAL POLICE RAIDS 6 CRYPTO EXCHANGES IN MONEY LAUNDERING INVESTIGATION
On 23 September, yahoo Finance carried a Coindesk report that Federal Police had raided on 6 undisclosed crypto exchanges in an investigation into tax evasion and money laundering involving the use of cryptocurrencies. This was part of an operation involving 101 warrants issued by a criminal court in São Paulo, according to an official police report. They include 2 arrest warrants and 37 search and seizure warrants.
https://finance.yahoo.com/news/brazilian-federal-police-raids-6-182551827.html
THE UNEXPECTED RISE IN REMITTANCES TO CENTRAL AMERICA AND MEXICO DURING THE PANDEMIC
On 21 September, the IMF carried an article saying that remittances — the money sent from citizens working abroad to families back home — are a crucial source of income in Central America, Panama, and the Dominican Republic (CAPDR) as well as Mexico. Despite an expected decline at the onset of the pandemic, remittances surprisingly increased in 2020, hitting record levels in 2021. It says that, looking forward, the growth in remittances to CAPDR and Mexico is expected to slow, as some of the extraordinary factors in 2020 and 2021 dissipate. However, over time remittances are expected to grow.
https://www.imf.org/en/News/Articles/2022/09/19/cf-the-unexpected-rise-in-remittances
QATAR: USE OF ATA CARNET APPROVED FOR FIFA WORLD CUP BROADCAST EQUIPMENT
On 31 August, the International Chamber of Commerce reported that customs authorities in Qatar have approved the use of ATA Carnet, an international customs document that permits duty-free and tax-free temporary import of goods, for professional products such as broadcasting equipment on an exceptional basis during the upcoming 2022 FIFA World Cup.
TAX-FREE SHOPPING TO BE RE-INTRODUCED BY BRITAIN FOR OVERSEAS VISITORS
On 24 September, Breaking Travel News reported that Britain will bring back sales tax-free shopping for overseas visitors to boost the country’s retail sector. The previous tax-free shopping scheme was abolished at the end of 2020, and the Chancellor has said the government would replace the previous paper-based system with a digital one.
SWITZERLAND FULLY LEGALISES MEDICINAL CANNABIS
On 24 September, Baker McKenzie reported that, on 1 August, the revised Narcotics Act entered into force. The revision aims at facilitating medical treatments and improving research and development of cannabis. Prior to the revised law, patients and physicians had to apply for special authorization from the Federal Office of Public Health if they wanted to access cannabis for medical purposes. The amendment will allow numerous patients safe and timely access to cannabis medicines as part of their treatment regime. This, it says, signifies a further step in modernising Switzerland’s legislation on cannabis.
SWITZERLAND AND ITALY STEP UP JOINT BORDER CONTROLS
On 22 September, Swissinfo reported that checks are being stepped up on the Swiss and Italian sides of the border to combat irregular immigration and border patrols will check car and rail traffic. Italian-Swiss patrols are now operating near Lake Maggiore.
https://www.swissinfo.ch/eng/switzerland-and-italy-step-up-joint-border-controls/47921486
US: 2 MEN PLEAD GUILTY IN $30 MILLION FOREIGN EXCHANGE FRAUD SCHEME
A US DoJ news release on 23 September advised that a Massachusetts man and a Florida man have pleaded guilty for their roles in perpetrating a foreign exchange trading scheme to steal $30 million from their investor victims. They used their foreign exchange company, Global Forex Management, by promising them large returns based on previous trading results that they had fabricated.
https://www.justice.gov/opa/pr/two-men-plead-guilty-30-million-foreign-exchange-fraud-scheme
MALAYSIA BRINGS HOME 15 VICTIMS OF CAMBODIAN CYBERCRIME RACKET
On 22 September, Swissinfo reported that Malaysian authorities have rescued 15 victims of suspected cybercrime rackets in Cambodia, its foreign ministry said, as the government steps up efforts to help hundreds of its citizens trapped by similar operations across SE Asia. The foreign ministry has said it had received 301 reports of people trapped by the job scam networks in Cambodia, as well as in Laos, Myanmar, and Thailand.
https://www.swissinfo.ch/eng/malaysia-brings-home-15-victims-of-cambodian-cybercrime-racket/47920092
THE MARITIME ANTI-CORRUPTION NETWORK HAS COLLECTED OVER 50,000 REPORTS OF CORRUPT DEMANDS OVER 10 YEARS
On 24 September, Hellenic Shipping News reported on the work of the MACN, and the 50,000 reports of corrupt demands globally, covering more than 1,000 ports in over 150 countries, through its anonymous incident reporting system. Over 2,000 of those reports are linked to the risk of the vessel and crew’s safety including threat of physical violence.
https://www.hellenicshippingnews.com/cutting-out-corruption/
CHILE: CORPORATE CRIME LIST WIDENS, BUT MOST TAX CRIMES ARE STILL NOT INCLUDED
On 24 September, the Corporate Crime Observatory reported that new laws seek to update and strengthen regulations related to illegal migration and arms trafficking, but the anti-corporate tax evasion efforts appear still inadequate. The Chilean legislature has expanded the list of offences that may give rise to criminal liability for legal entities.
https://www.corporatecrime.co.uk/post/chile-corporate-liability
EU SANCTIONS – CLARIFICATION PUBLISHED ON THE CARRIAGE OF CERTAIN RUSSIAN CARGOES INCLUDING COAL AND FERTILISERS
On 23 September, the UK P+I Club issued Circular 09/22, saying that on 19 September the EU further amended its FAQ clarifying the application of provisions relating to the carriage of certain cargoes from Russia, including coal and other solid fossil fuels as well as certain types of fertiliser. It says that the FAQ now make it clear that the transport of coal and certain specified goods (and related insurance) is in fact not prohibited when the goods are being carried to third countries.
FATF WEBINAR: BENEFICIAL OWNERSHIP TRANSPARENCY OF LEGAL PERSONS
FATF has released a recording of a live webinar held on 1 September. Following the FATF adoption of revision to Recommendation 24 on beneficial ownership of legal persons in March, this webinar brought together a panel of experts with a global and domestic focus on enhancing beneficial ownership transparency. The panel includes experts who helped shape the FATF work in this area.
https://www.youtube.com/watch?v=bKMbD2Yparw
KREMLIN PROPOSES RUSSIAN AIRLINES BUY SEIZED WESTERN JETS
On 22 September, AIN Online reported that the Russian government has asked local airlines to weigh in on an idea to purchase Airbus and Boeing jets operating in the country from their Western lessors using money from the National Welfare Fund (NWF). Russian carriers continue to operate nearly 740 regional and commercial airliners owned by foreign lessors but forcefully kept in the country.
INDIA: DELHI COURT REMANDS 3 POLITICAL PARTY OFFICE-HOLDERS ON MONEY LAUNDERING ALLEGATIONS
On 24 September, the Hindustan Times reported that a court had sent the president, general secretary and office secretary of the Popular Front of India (PFI), Delhi to 7-day Enforcement Directorate (ED) custody in connection with their alleged involvement in the offence of money laundering in the guise of cash donations. This followed a coordinated operation across 15 states and a Union territory, National Investigation Agency (NIA), ED, and state police forces carried out simultaneous raids across the country.
ISRAEL: KARISH NATURAL GAS FIELD – EXPERTS EXAMINE HOW THE DECISION TO START PRODUCTION MIGHT AFFECT NEGOTIATIONS WITH LEBANON, HEZBOLLAH, US-ISRAEL RELATIONS, AND OTHER FACTORS
On 20 September, an analysis from the Washington Institute for Near East Policy explains that, before the end of the month, Israel is scheduled to begin production at the Karish natural gas field off its northern coast. The announcement has prompted threats from Lebanese Hezbollah, ambiguous comments from certain Israeli officials, and suggestions of a possible US-orchestrated diplomatic breakthrough. 7 experts examine what might result.
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