Day: October 7, 2022

 On 7 October, a release on Mondo Visione announced that this report was prepared in April and summarises and publishes changes in the risks surrounding financial institutions in Japan, the status of actions taken by businesses under the supervision of Financial Services Agency as of the end of March 2022, the results of the Fourth round of Mutual Evaluation Report of Japan by FATF, and FSA’s initiatives.

https://mondovisione.com/media-and-resources/news/japan-financial-services-agency-anti-money-laundering-counter-financing-of-te/

https://www.fsa.go.jp/en/news/2022/20221007/20221007.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

A release on Mondo Visione on 7 October announced that Singapore had published a 5-pronged strategy to prevent, detect, investigate, and enforce against terrorism financing.  The National Strategy for Countering the Financing of Terrorism provides a roadmap for the development of future action plans to combat terrorism financing.  The 5-point strategy which comprises:

1. Coordinated and Comprehensive Risk Identification;
2. Strong Legal and Sanctions Frameworks;
3. Robust Regulatory Regime and Risk Targeted Supervisory Framework;
4. Decisive Law Enforcement Actions; and
5. International Partnerships and Cooperation.

https://mondovisione.com/media-and-resources/news/singapore-announces-five-pronged-strategy-to-counter-the-financing-of-terrorism/

https://www.mas.gov.sg/-/media/MAS-Media-Library/publications/monographs-or-information-paper/AMLD/2022/National-Strategy-for-Countering-the-Financing-of-Terrorism.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 7 October, FATF issued this updated guidance which sets out the core elements that form the basis for all evaluations, and are based on the Procedures for the FATF Fourth Round of AML/CFT evaluations.  

 

http://www.fatf-gafi.org/media/fatf/FATF-Universal-Procedures.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 7 October, FATF has issued an updated version of this guidance which sets out the procedures that are the basis for the current fourth round of mutual evaluations, which involve 2 inter-related components for technical compliance and effectiveness.

http://www.fatf-gafi.org/media/fatf/documents/methodology/FATF-4th-Round-Procedures.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 7 October, EurActiv reported that President Biden has signed an Executive Order for a new EU-US data transfer framework which will introduce safeguards for US intelligence services’ access to European personal data, overcoming the stumbling block that saw the mechanism fail in 2020.  The move was necessary after a July 2020, decision of the EU Court of Justice which invalidated for the second time the legal framework for transferring personal data across the Atlantic in the landmark Schrems II case.

https://www.euractiv.com/section/data-protection/news/president-biden-signs-executive-order-for-a-new-eu-us-data-transfer-framework/

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

A report from The Sentry says that, between 2012 and 2015, the government of South Sudan received a credit line in US dollars for nearly one billion dollars from Qatar National Bank (QNB) and CfC Stanbic Bank in Kenya.  This was used to issue letters of credit (LC) to support efforts to import much-needed food, fuel, and medicine.  The Sentry’s 3-year investigation into the LC program is said to have found that multimillion-dollar contracts were awarded to foreign-run companies, companies that only existed on paper, and inexperienced middlemen. Businesses with connections to the ruling class were among those that received contracts collectively worth tens of millions of dollars under the program, according to official documents.  It appears that millions of dollars’ worth of essential pharmaceuticals, fuel, and food were not delivered.  Almost $1 billion effectively walked out of the country, and the human cost remains to be calculated.

https://thesentry.org/reports/cash-grab/

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 6 October, an article from Out-Law advised of the first-ever national standard on modern slavery has been published by the British Standards Institution (BSI), providing organisations with important guidance on managing modern slavery risks.  The new standard came into effect on 30 September 2022. It is expected to play a key role in helping businesses to adopt best practices and align with the UN Sustainable Development Goals.

https://www.pinsentmasons.com/out-law/news/british-standard-modern-slavery-benchmark-businesses

https://knowledge.bsigroup.com/products/organizational-responses-to-modern-slavery-guidance/standard

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 6 October, the Woodworking Network names the 6 US importers which were “involved in a scheme to tranship wooden cabinets from China through Malaysia to avoid the payment of anti-dumping and countervailing duties”. 

https://www.woodworkingnetwork.com/news/woodworking-industry-news/customs-border-and-protection-finds-six-companies-transhipped

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

A news release from Europol on 6 October advised that, with the support of Europol and Eurojust, the Italian Financial Corps (Guardia di Finanza) has dismantled a criminal network which relied on corrupt workers in the port of Gioia Tauro to smuggle hundreds of millions of euros’ worth of cocaine into Europe.  Some 300 police officers carried out coordinated raids against the members of this highly professional criminal syndicate linked to the ‘Ndrangheta. 

https://www.europol.europa.eu/media-press/newsroom/news/italian-operation-takes-down-corrupt-port-workers-facilitating-%E2%80%98ndrangheta-drug-trafficking-activities

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

The EU has published a number of new Regulations which –

• extended the geographical scope of the restrictions contained therein to cover all the areas of Ukraine not under the control of the Ukraine government in the oblasts of Donetsk, Kherson, Luhansk and Zaporizhzhia;
• implements the eighth sanctions package;
• adds a further criterion for the listing of natural or legal persons, entities or bodies and further derogations; and
• adds 30 persons and 7 entities to its sanctions lists

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.259.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A259I%3ATOC

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.259.01.0003.01.ENG&toc=OJ%3AL%3A2022%3A259I%3ATOC

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.259.01.0076.01.ENG&toc=OJ%3AL%3A2022%3A259I%3ATOC

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.259.01.0079.01.ENG&toc=OJ%3AL%3A2022%3A259I%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2022.259.01.0098.01.ENG&toc=OJ:L:2022:259I:TOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2022.259.01.0118.01.ENG&toc=OJ:L:2022:259I:TOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2022.259.01.0122.01.ENG&toc=OJ:L:2022:259I:TOC

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