BIG UK REGULATORS ARE STRUGGLING TO ADAPT TO POST-BREXIT ROLES

On 11 October, the Financial Times reported that the House of Commons Public Accounts Committee found that 3 major UK safety and competition regulators are struggling to adapt to expanded roles after Brexit, leaving businesses and consumers facing increased safety risks and higher costs.  The Public Accounts Committee says UK regulators are “struggling to recruit and retain the skills they need to regulate effectively” in their new and expanded roles post EU exit.  Progress on developing long-term regulatory strategies post-EU Exit has been slow, and the future direction of UK regulation still unclear.

https://www.ft.com/content/8ef94ac8-b074-4071-9bd7-96c526020930

https://committees.parliament.uk/committee/127/public-accounts-committee/news/173453/delays-to-postbrexit-regulation-posing-risks-to-uk-consumers-and-businesses/

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OFAC DESIGNATES AL-SHABAAB FINANCIAL FACILITATORS

On 17 October, OFAC announced that it had designated a network of al-Shabaab financial facilitators who hold leadership roles within al-Shabaab and act as key interlocutors between the group and local companies in Somalia.  This network has engaged in weapons procurement, financial facilitation, and recruitment activities for al-Shabaab.  In addition to being leaders within al-Shabaab, these facilitators have had direct contact with other previously designated al-Shabaab officials.

https://home.treasury.gov/news/press-releases/jy1028

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221017

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UK: NEW RUSSIA SANCTIONS GENERAL LICENCE

On 17 October, HM Treasury advised of a new General Licence which permits Designated Persons, companies controlled by DP or their legal representatives to make payments to the London Court of International Arbitration (LCIA) to cover their arbitration costs.  It also permits the LCIA to direct and receive such payments to use them to pay for arbitration costs and Relevant Institutions to process those payments.  This licence takes effect from 17 October.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1111563/17102022_INT-2022-1552576_LCIA_s_FEES_PUBLICATION_NOTICE__FINAL_VERSION_.pdf

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PANAMA: A ‘FLAG OF CONVENIENCE’ FOR ILLEGAL FISHING AND LACK OF CONTROL AT SEA

On 13 October, a report from Mongabay said that Mongabay Latam and Bloomberg Línea have investigated violations and alleged crimes committed by the fleet of ships flying the flag of Panama, the country whose flag is most commonly used.  Analysis of an official database shows that some of the vessels operating under the Panamanian flag do business with a Chinese company that has one of the global fishing industry’s longest criminal records.

Part 1 – https://news.mongabay.com/2022/10/panama-a-flag-of-convenience-for-illegal-fishing-and-lack-of-control-at-sea/

Part 2 – https://news.mongabay.com/2022/10/panama-restricts-information-on-sanctioned-boats-evading-transparency/

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EU ADDS 11 INDIVIDUALS AND 4 ENTITIES TO IRAN SANCTIONS LISTS FOLLIWNG THE KILLING OF MAHSA AMINI AND SUBSEQUENT CRACKDOWN

EU Regulation 2022/1955/EU has added 11 individuals and 4 entities, including the Morality Police, to its sanctions lists.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.LI.2022.269.01.0001.01.ENG&toc=OJ%3AL%3A2022%3A269I%3ATOC

https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=uriserv:OJ.LI.2022.269.01.0009.01.ENG&toc=OJ:L:2022:269I:TOC

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