THINGS YOU MAY HAVE MISSED – NOVEMBER 29

Apparently the WHO has decreed that monkeypox should now be called mpox…

The standard recent apology in advance for any duplication, omission etc…but still away…

29 NOVEMBER 2022

DANISH FSA REPORTS JYSKE BANK TO POLICE FOR POSSIBLE BREACH OF AML ACT

On 28 November, Yahoo Finance reported that the Financial Supervisory Authority (FSA) said in a statement it among other things had found “significant shortcomings” in the bank’s customer due diligence measures.

https://uk.finance.yahoo.com/news/danish-fsa-reports-jyske-bank-140442205.html

CHINA: AML/CFT ASSESSMENT FOLLOW-UP REPORT

On 29 November, FATF published the Second Enhanced Follow-up Report on China, saying that, overall, it has made progress in addressing some of the technical compliance deficiencies identified in its 2016 Mutual Evaluation report.  The country has been upgraded on 2 FATF Recommendations: Recommendation 7 – Targeted financial sanctions related to proliferation; and Recommendation 24 – Transparency and beneficial ownership of legal persons.  China is now compliant on 9 Recommendations, largely compliant on 22 and partially compliant on 5 Recommendations.  The country remains non-compliant on 4 Recommendations.  China will remain in enhanced follow up and will continue to inform the FATF of progress achieved on improving the implementation of its AML/CFT measures.

https://www.fatf-gafi.org/media/fatf/content/images/Follow-Up-Report-China-2022.pdf

FATF CONSOLIDATED AML/CFT ASSESSMENT RATINGS

On 29 November, following publication of the update on China, FATF issued an updated consolidated schedule of all AML/CFT ratings to date.

https://www.fatf-gafi.org/media/fatf/documents/4th-Round-Ratings.pdf

UK: NOTICE TO EXPORTERS – REVISED EXPORT LICENCE UNDERTAKINGS

On 29 November, the Department for International Trade issued Notice to Exporters 2022/29 which advised of revised undertakings to be used in support of various types of export licences.  Exporters will be required to use undertakings in the new format if signed after the 31 December.

https://www.gov.uk/government/publications/notices-to-exporters-202229-revised-licence-undertakings-and-notice-of-expiry-of-previous-undertaking-templates/nte-202229-revised-licence-undertakings-and-notice-of-expiry-of-previous-undertaking-templates

UK: SOLICITORS REGULATION AUTHORITY – COMPLYING WITH THE UK SANCTIONS REGIME

On 28 November, the SRA released new guidance designed to help solicitors understand their obligations and how to comply with them.  It says that it will have regard to it when exercising its regulatory functions.

https://www.sra.org.uk/solicitors/guidance/financial-sanctions-regime/ 

CANADA: AN ENTIRE AGREEMENT CLAUSE IS NOT A COMPLETE BAR TO A FRAUDULENT MISREPRESENTATION DEFENCE

An article from Dickinson Wright on 29 November was concerned with an Ontario Court of Appeal case which overturned a summary judgment decision on the basis that an entire agreement clause in an agreement of purchase and sale will not preclude a defence of fraudulent misrepresentation.  This was despite the general rule that when a contract contains an “entire agreement” clause, a party cannot rely on prior representations to avoid its obligations under the agreement.

https://www.canada-usbizlawblog.com/2022/11/29/an-entire-agreement-clause-is-not-a-complete-bar-to-a-fraudulent-misrepresentation-defence/

UK: FORMER PREMIER LEAGUE STAR IN COURT CHARGED OVER ALLEGED £15 MILLION PYRAMID SCAM

On 29 November, the Evening Standard reported that Ex-Charlton Athletic defender Richard Rufus, 47, allegedly claimed to be a successful foreign exchange trader to convince his alleged victims to invest.  But Rufus, who offered returns of 60% a year from the “low-risk” scheme, is said to have lost money “hand over fist”.

https://www.standard.co.uk/news/crime/premier-league-paul-elliott-southwark-crown-court-london-david-davies-b1043463.html

HIGH COURT OF SINGAPORE HAS DISMISSED AN CLAIM BY KUVERA RESOURCES PTE LTD CONCERNING THE VALIDITY AND ENFORCEABILITY OF A CLAUSE REQUIRING COMPLIANCE WITH US SANCTIONS

On 29 November, the EU Sanctions blog reported on a recent case involving a situation in 2019 when JP Morgan’s sanctions screening revealed that coal being shipped on a vessel fell within the scope of US Syria sanctions.  It informed Kuvera that it was unable to accommodate the presentation of documents and Kuvera brought proceedings for breach of contract.

https://www.europeansanctions.com/2022/11/singapore-court-sanctions-clause-judgment/

ALL DUTCH I-GAMING OPERATORS ORDERED TO STOP CASHBACK BONUSES

On 29 November, iGB reported that Dutch regulator de Kansspelautoriteit (KSA) has ordered all Dutch i-gaming licensees to stop offering cashback bonuses.

https://igamingbusiness.com/legal-compliance/compliance/all-dutch-operators-ordered-to-stop-cashback-bonuses

DUTCH GAMBLING OPERATORS UNDER TAX INVESTIGATION FOR PRE-2021 ACTIVITIES

On 29 November, iGB reported that 8 operators are under tax investigation for their activities in the country before it regulated online gambling, with authorities planning to look into 7 more.

https://igamingbusiness.com/legal-compliance/legal/operators-under-tax-investigation-for-dutch-grey-market-era-activities

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: