12 OCTOBER 2022
IRELAND: REGISTER OF BENEFICIAL OWNERSHIP ANNUAL REPORT 2021
On 10 October, LK Shields published an article saying that the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) has published its annual report for 2021 which states that at the end of 2021, 87% of companies and 73% of societies had filed their beneficial ownership information.
THE FRAMEWORK FOR COOPERATION BETWEEN THE EUROPEAN PUBLIC PROSECUTOR’S OFFICE AND NON-EU THIRD COUNTRIES
On 10 October, White & Case published an article that, in view of the ever-increasing cross-border cooperation among enforcement authorities in criminal matters, it provides a high-level overview of the legal framework within which the EPPO may operate to facilitate the exchange of information and cooperation between the EPPO and authorities in third countries outside of the EU.
PANAMA: FORMER NATIONAL AID PROGRAME (PAN) DIRECTOR AND 4 OTHERS GET 8-YEAR JAIL TERMS FOR EMBEZZLEMENT
On 11 October, Newsroom Panama reported that a 8-year prison sentence was imposed on the former director of the defunct National Aid Program (PAN) and 3 other people for embezzlement involving road projects, after an investigation dating from 2014.
INTERNATIONAL BETTING INTEGRITY ASSOCIATION (IBIA) RECORDED 76 INSTANCES OF SUSPICIOUS BETTING IN THE THIRD QUARTER OF THE YEAR
On 12 October, iGB reported that tennis had the highest number of suspicious betting alerts, at 33, followed by e-sports with 16 and football with 13. Table tennis accounted for 10.
UK: NSUS LIMITED, TRADING AS GGPOKER.CO.UK BRAND, FINED £672,829 BY THE GAMBLING COMMISSION OVER SOCIAL RESPONSIBILITY AND AML FAILINGS
On 12 October, iGB reported that the social responsibility failings included not identifying or interacting with vulnerable customers at risk of experiencing gambling-harms. Additionally, the company sent marketing emails to 125 self-excluded customers.
UK: GAMBLING ACT WHITE PAPER BACK ON TRACK FOR PUBLICATION IN NEXT FEW WEEKS
On 12 October, iGB reported that, after numerous delays, it understands that the White Paper is due to be published in the next few weeks.
TERRITORIALITY VERSUS EXTRATERRITORIALITY IN INTELLECTUAL PROPERTY
A post on the Transnational Litigation Blog on 6 October reported on a recent decision by the US Court of Appeals for the Federal Circuit in a trademark case highlights how the territoriality principle operates – or perhaps doesn’t. It starts by explaining that a core principle in US IP law is that IP rights are territorially limited. A US patent, copyright, trademark, or trade secret affords the holder exclusive rights solely within the US, and this principle also exists at the international level, as reflected in the Agreement on Trade Related Aspects of Intellectual Property (TRIPS).
NISSAN TO PULL OUT OF RUSSIA AND TAKE $686 MILLION LOSS
On 11 October, the Wall Street Journal reported that Nissan is the latest carmaker to announce its exit from Russia, and that it will sell its share in the Central Research and Development Automobile and Engine Institute for just €1.
GERMANY: EU SANCTIONS ON RUSSIAN BANKS HAVE SIZEABLY REDUCED THE NUMBER OF TRANSACTIONS WITH SANCTIONED RUSSIAN BANK ACCOUNTS
On 12 October, the EU Sanctions blog reported on a discussion paper from Deutsche Bundesbank which, inter alia, reports that the overall effect of 2022 sanctions on financial flows is more significant than that of the 2014 sanctions.
NO DIAMONDS IN LATEST PACKAGE OF EU SANCTIONS ON RUSSIA
On 12 October Rapaport reported that the new package extends certain trade bans and imposes restrictions on imports of “elements used in the jewellery industry, such as stones and precious metal”. However, it does not curb imports of diamonds.
SWISS GOVERNMENT TO TRACK CORPORATE OWNERSHIP IN BID TO CURB MONEY LAUNDERING
On 12 October, Yahoo Finance reported that the Swiss government plans to create a central registry to track who actually owns legal entities in a move to fight money laundering via shell companies. The cabinet asked the finance ministry to draft specific proposals by mid-2023.
WINE BILLIONAIRE PIERRE CASTEL HIT WITH $416 MILLION TAX BILL
On 12 October, The Drinks Business reported that French billionaire Pierre Castel, 95, founder of the Castel Group, has been ordered to pay $416 million in Swiss back taxes after a court ruling found that he had hidden his identity on tax returns for decades.
COUNCIL RAIDS LONDON’S AMERICAN CANDY AND LUGGAGE SHOPS
On 12 October, the Mail Online reported that trading standards, HMRC and police officers have raided souvenir toy and sweet shops on Oxford Street suspected of dealing in counterfeit goods. The raided addresses are currently souvenir shops, but until recently were American candy premises. Westminster Council said it seized more than 14,000 items with an estimated value of £215,000 from 2 shops.
FROM FREEZE TO SEIZE: HOW THE UK CAN BREAK THE DEADLOCK ON ASSET RECOVERY
On 10 October, a Commentary from RUSI says that, while the UK continues to impose sanctions, it is lagging behind allies in developing its approach to the recovery of ill-gotten assets.
US ANTI-BOYCOTT REGULATIONS UPDATED
On 12 October, Sandler Travis Rosenberg reported that the Bureau of Industry and Security has issued a final rule that updates a regulatory provision categorising anti-boycott violations by their seriousness “to better comport with current boycott-related activity and to better align BIS’s penalty determinations with the agency’s view of the seriousness of the alleged violations”.
UK: WILL YOUR UK DAMAGES BE TAXABLE?
On 11 October, an article from Out-Law posed this question warns that the tax treatment of damages should be considered at an early stage as this may need to be factored into the amount claimed. Tax also needs to be considered in settlement negotiations to ensure the offer is enough.
EU PLANS TO REGULATE THIRD-PARTY LITIGATION FUNDERS MEET MIXED RESPONSE
On 11 October, an article from Out-Law says that an EU Parliament vote in favour of new regulation of Europe’s litigation funding sector is a notable development but its impact remains to be seen.
UPDATE ON RECIPROCITY ARRANGEMENTS BETWEEN COURTS IN UAE AND ENGLAND AND WALES
On 12 October, an article from Eversheds Sutherland reported that, in September, the Director of the Dubai Courts issued a letter confirming that moving forwards, English court judgments should be capable of enforcement in the UAE pursuant to the principle of reciprocity following the English Court’s enforcement of a Dubai Court judgment. The article reviews the situation, noting that the letter is not binding on the Courts and the UAE onshore Courts do not in any event have a system of legal precedent, as other jurisdictions do.
ROMANIAN BUSINESSMAN AND COMPANY INDICTED FOR EU FUNDS FRAUD, MONEY LAUNDERING IN EPPO CASE
On 12 October, Romania Insider reported that a Romanian businessman and a company he represented were indicted at the Bucharest Tribunal in an EU funds fraud case investigated by the European Public Prosecutor’s Office (EPPO) in a case involving €3 million in funds, obtained for the development of RECUMED, a research-development centre in medical recovery and bio reconstruction.
LITHUANIA: DECISION OF THE COURT ON A FINE IMPOSED ON ŠIAULIŲ BANKAS
On 10 October, Yahoo Finance reported that a court in Vilnius has partially upheld the application of Šiaulių Bankas and reduced the fine imposed on the Bank for violations and deficiencies in the implementation of the AML/CFT requirements to €440,000. This had followed the scheduled inspection of Šiaulių Bankas in 2019.
THE UK HAS LOST ITS PLACE AMONG THE TOP ENFORCERS OF FOREIGN BRIBERY LAWS
On 11 October, Transparency International made this assertion, following new research. It says that this is the first time the UK has fallen out of the top group and comes against a backdrop of historically low reports in enforcement of cross-border bribery around the world. Just the US and Switzerland remain active enforcers that investigate, charge and impose sanctions proportionate with their share of global exports.
GLENCORE FACES FLOOD OF UK LITIGATION FOLLOWING BRIBERY CHARGES
On 11 October, Swissinfo reported that Glencore Plc faces a raft of class-action style lawsuits from investment and pension funds in the UK, months after the mining giant pleaded guilty to market manipulation and bribery. It agreed to pay about $1.1 billion to US and Brazilian authorities, with the total amount of the fine in the UK to be set in a sentencing hearing at the beginning of November, having made a $410 million provision for the UK fine in the 2021 accounts of its UK subsidiary Glencore Energy UK Ltd.
US: SNAPCHAT GUN DEALER CONVICTED OF UNLAWFULLY MANUFACTURING AND SELLING FIREARMS
A news release from the Bureau of Alcohol, Tobacco and Firearms on 4 October announced that the defendant used Snapchat to advertise guns for sale.
SANCTIONED RUSSIAN WINS PARTIAL VICTORY IN FRENCH YACHT CASE
On 11 October, Insurance Marine News reported that Alexey Kuzmichev has won a partial victory in a continuing legal action against French customs authorities. French judges decided last week that the raid on 1 of his 2 yachts was unlawful. He had argued that French customs officials did not have the legal right to detain the vessels, despite the fact that Kuzmichev is on the EU sanctions list.
PODCAST: DAPHNE CARUANA GALIZIA: HER WORK, HER MURDER AND THE CHANCE FOR JUSTICE
In the latest TRACE podcast, Paul Caruana Galizia, a journalist with Tortoise media, joins the podcast to talk about the work of his mother, Daphne, the growing danger she perceived as her investigations reached the highest circles of power in Malta, and now the criminal proceedings against the 2 men who killed her. Paul also discusses the Daphne Foundation and the incredible journalistic community that worked together, again, to prove that killing a journalist won’t kill their story.
UPDATED EU RUSSIA SANCTIONS FAQ
On 12 October, the EU Sanctions blog reported that the EU had updated its Russia sanctions FAQ.
OFAC: PUBLICATION OF RUSSIA-RELATED GENERAL LICENSE
On 12 October, OFAC published new General License 13B in the Federal Register, which relates to Executive Order 14024 re Prohibitions Related to Transactions Involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation. It covers the payment of certain taxes, fees, or import duties, and purchase or receive permits, licences, registrations, or certifications.
FLEETWOOD TOWN OWNER ANDY PILLEY AND CO-DEFENDANTS ON TRIAL ACCUSED WITH FRAUDULENT MISS-SELLING OF ENERGY CONTRACTS
On 12 October, the Blackpool Gazette reported that the owner of Fleetwood Town football club and 3 co-defendants have appeared in court charged with their involvement in the £88 million fraudulent mis-selling of energy contracts by and on behalf of businesses based in Fleetwood and Blackpool.
UK LIMITED PARTNERSHIP LEGISLATIVE REFORM PACKAGE INTRODUCED IN THE ECONOMIC CRIME AND CORPORATE TRANSPARENCY BILL
An article from Goodwin on 12 October said that the proposed changes would substantially tighten registration requirements and improve transparency. The aim would be to prevent the use of English and Scottish partnerships (along with companies) for the purposes of economic crime, including fraud, money laundering and terrorist financing. The article provides an overview of the key proposals in the Bill on UKLP reform, along with comments.
5 TRENDS SHAPING FINANCIAL CRIME COMPLIANCE FOR BANKS
On 12 October, American Banker reported on the findings of an annual survey of US financial institutions conducted in May and June by the global market research firm KS&R LexisNexis Risk Solutions. The survey covered a wide range of financial crime compliance functions, including KYC due diligence, AML regulations, and sanctions and screenings for politically exposed persons (PEP).
US COAST GUARD CONDUCTS OPERATION AGAINST ILLEGAL FISHING
On 12 October, La Prensa de Panama reported that as part of the actions to combat illegal fishing, the US Coast Guard completed its first operation of boarding and inspection of high seas fishing vessels under the South Pacific Regional Fisheries Management Organization (SPRFMO), of which Panama is a member. During the 10-day operation, the crew of the Coast Guard vessel James patrolled the Galapagos Marine Sanctuary area.
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