Day: November 1, 2022

On 1 November, OFAC announced action against the Islamic State in Somalia (ISIS-Somalia), its first designations against this affiliate of ISIS.  This follows the recent designations of al-Shabaab financial facilitators and weapons smugglers, further targeting a network of weapons traffickers, their associates, and an affiliated business that have facilitated weapons transfers to multiple terrorist groups.  Several of the individuals designated have specifically sold weapons to or were active al-Shabaab members.  The individuals and entity designated are critical nodes for a weapons trafficking network that is closely integrated with ISIS-Somalia.  These networks operate primarily between Yemen and Somalia and have strong ties to al-Qa’ida in the Arabian Peninsula (AQAP) and al-Shabaab.  OFAC also designated a vital supporter of ISIS in Brazil, who has attempted to serve as a liaison for the terrorist group.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221101

https://home.treasury.gov/news/press-releases/jy1066

https://www.buymeacoffee.com/KoIvM842y

On 1 November, KPMG reported that OFAC had issued FAQ 1094.

https://home.kpmg/us/en/home/insights/2022/11/tnf-us-ofac-publishes-russia-related-faq-crude-oil-price-cap.html

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1094

https://www.buymeacoffee.com/KoIvM842y

On 1 November, a news release from FinCEN advised the release of its latest Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021, indicating that ransomware continued to pose a significant threat to US critical infrastructure sectors, businesses, and the public.  The report focuses on ransomware trends in BSA filings from July-December 2021, and addresses the extent to which a substantial number (about 75%) of ransomware attacks appear to be connected to actors in Russia.  Ransomware–related BSA filings in 2021 approached $1.2 billion.

https://www.fincen.gov/news/news-releases/fincen-analysis-reveals-ransomware-reporting-bsa-filings-increased-significantly

https://www.fincen.gov/sites/default/files/2022-11/Financial%20Trend%20Analysis_Ransomware%20FTA%202_508%20FINAL.pdf

https://www.buymeacoffee.com/KoIvM842y

The Ministère de l’Économie, des Finances et de la Souveraineté industrielle et numérique published (in English) this annual report dated July.  The year covered included publication of the FATF mutual evaluation report on France.  The comprehensive report, including case studies etc, notes that, from 2017 to 2021 the number of STR received by Tracfin grew by a factor of 2.3, rising from 68,000 to close on 161,000.  The increase was particularly marked between 2020 and 2021 (+44%), owing mainly to an explosion of reporting from payment institutions (+119%). 

https://www.economie.gouv.fr/files/2022-10/Tracfin_2021_AN_Web2.pdf

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The report is said to highlight the progress that has been achieved by the FSA in meeting its objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector through effective regulation.  It claims to have strengthened its resources, updated guidance, and worked in conjunction with industry to carry out a thematic review of foreign Politically Exposed Persons (PEP).

https://www.iomfsa.im/media/3083/iomfsa-annual-report-2021-22.pdf

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On 31 October, The Peninsula reported that, on 31 October, Canada announced fresh sanctions against Iran, targeting police and judicial officials over what Ottawa described as rights violations at home and abroad – including a violent crackdown on demonstrations sparked by the death of Mahsa Amini.  The sanctions list includes a police commander, the deputy attorney general and its police force, as well as officials in North Khorasan and Mazandaran provinces.  Al-Mustafa International University was also named. 

https://thepeninsulaqatar.com/article/31/10/2022/canada-slaps-new-sanctions-on-iran-over-rights-abuses

https://www.buymeacoffee.com/KoIvM842y

On 28 October, an article from Morgan, Lewis & Brockius LLP said that OFSI has granted the London Court of International Arbitration (LCIA) a General Licence allowing it to process payments from designated parties who are subject to the UK’s recent financial sanctions against Russia and Belarus. 

https://www.morganlewis.com/pubs/2022/10/london-court-of-international-arbitration-is-granted-exemption-from-russia-and-belarus-sanctions

https://www.buymeacoffee.com/KoIvM842y

The Institute for Economics and Peace has published this report which analyses ecological threats in 228 independent states and territories, assessing threats relating to food risk, water risk, rapid population growth and natural disasters.  Its main finding is that without concerted international action, current levels of ecological degradation will substantially worsen, thereby intensifying a range of social challenges, including malnutrition, forced migration and illness.  Current conflicts will escalate and multiply as a result, creating further global insecurity.  It identifies 27 hotspot countries that face catastrophic ecological threats, while also having the lowest levels of societal resilience.  These countries are home to 768 million people and are mainly in Africa and the MENA region.

https://www.visionofhumanity.org/wp-content/uploads/2022/10/ETR-2022-Web.pdf

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