Month: December 2022

On 30 December, VoA reported that a Botswana court has issued an arrest warrant for former President Ian Khama, who fled to South Africa, with 14 charges ranging from unlawful possession of firearms to money laundering.  He was officially charged in absentia in April 2022 but has not made a single court appearance. Khama was charged along with former intelligence boss Isaac Kgosi, suspended police commissioner Keabetswe Makgophe and Victor Paledi, a former senior government employee.

https://www.voanews.com/a/exiled-former-botswana-president-khama-faces-arrest-/6898164.html

https://www.buymeacoffee.com/KoIvM842y

On 30 December, OFAC advised that, from 2013 to 2017, Danfoss’s wholly owned UAE subsidiary, Danfoss FZCO routed payments from customers in Iran, Syria, and Sudan to its bank accounts in the UAE, including one branch of US bank.  Danfoss agreed to remit $4,379,810 to settle its potential civil liability for 225 apparent violations.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221230_33

On 30 December, OFAC issued this Guidance on the price cap imposed by the US as part of an international coalition, including the G7, the EU, and Australia.

https://home.treasury.gov/system/files/126/price_cap_prelim_guidance_petroleum_products_20221230.pdf

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On 27 December, an article in The Diplomat says that it has not been as easy for the US to gain buy-in as some in Washington expected.  It says that some of the new controls introduced in October won’t be effective unless the other major semiconductor-producing nations get on board – which they have been reluctant to do so far. 

https://thediplomat.com/2022/12/why-europe-struggles-with-us-export-controls-on-china/

https://www.buymeacoffee.com/KoIvM842y

The National Bureau of Economic Research in the US has published this working paper on detecting fake trading in cryptocurrency exchanges.  It says that quantifying the wash trading on each unregulated exchange, it averaged over 70% of the reported volume.  It also documents how these fabricated volumes (trillions of dollars annually) improve exchange ranking, temporarily distort prices, and relate to exchange characteristics (e.g., age and userbase), market conditions, and regulation.

https://www.nber.org/system/files/working_papers/w30783/w30783.pdf

On 29 December, Global Trade Magazine published an article about ISF (Import Security Filing, aka as “10+2”), a documentation system that ensures all cargo passing through US ports is legal and safe. The article covers all of the details of how ISF works, what data is required, and how to submit ISF filings.  ISF only applies to cargo shipped via ocean or sea – it does not apply to cargo imported by air.  However, ISF does apply to Foreign Cargo Remaining On Board (FROB), Immediate Exportation (IE), and Transport & Exportation (T&E) shipments – but the data needed for these types of shipments differ slightly from the requirements for standard inbound cargo.

https://www.globaltrademag.com/how-to-submit-isf-filing-to-customs-and-border-protection/

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On 28 December, the Guardian reported that at least 12 of the 13 Protection and Indemnity (P&I) clubs – which cover 90% of the world’s ocean-going ships, including those from the UK and the US – are cancelling war-risk coverage across Russia, Ukraine and Belarus from January, leaving cargo and freight companies liable for major losses.

https://www.theguardian.com/business/2022/dec/28/insurers-end-war-risk-cover-for-shipping-in-ukraine-invasion-territories

On 28 December, a Notice from HM Treasury advised that the entries for the OJE PARVAZ MADO NAFAR COMPANY had been amended, and that for Said Mikhailovich GUTSERIEV had been corrected.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1126856/Notice_Russia_281222.pdf

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On 28 December, OFAC advised that it had deleted the names of 2 individuals and 3 entities from its SDN List.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221228

https://www.buymeacoffee.com/KoIvM842y

On 28 December, a Notice from HM Treasury advised that Jimmy Cherizier (aka “Barbeque”) has been added to its sanctions lists.  He is described as one of Haiti’s most influential gang leaders and leads an alliance of Haitian gangs known as the “G9 Family and Allies”.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1126816/Notice_Haiti_281222.pdf

https://www.buymeacoffee.com/KoIvM842y