1 FEBRUARY 2023
Day: February 1, 2023
OFAC TARGETS GLOBAL SANCTIONS EVASION NETWORK SUPPORTING RUSSIA’S MILITARY-INDUSTRIAL COMPLEX
On 1 February, OFAC announced that it had imposed sanctions against 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia’s military-industrial complex.
THE TRUE COST OF FAKE ALCOHOL AND HOW TO CATCH THE CULPRITS
The Fraud Advisory Panel in the UK has published a special report into the extent of the problem and the front-line work of the people trying to tackle it. It mentions cases, saying that toxic alcohol kills about 1,000 people each year in India; and in 2015 fake ‘Jack Daniels’ which was in fact 60% methanol killed more than 2 dozen people in Russia. The report says that the Experts believe that the structure of the modern alcohol industry makes it particularly vulnerable to fraud.
NON-CANADIANS ARE PROHIBITED FROM PURCHASING RESIDENTIAL REAL ESTATE IN CANADA FOR A PERIOD OF 2 YEARS
On 30 January, an article from Dentons reported that, since 1 January, non-Canadians have been prohibited from purchasing residential real estate in Canada for a period of 2 years under the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
THE UK SANCTIONS REGIME DOES NOT BLOCK THE COURTS FROM ENTERING JUDGMENTS IN FAVOUR OF A PARTY ON THE SANCTIONS LIST
On 1 February, Legal Futures reported that the hearing involved applications to stay a $850 million fraud claim brought by 2 Russian banks and for a release from undertakings. It is also said that the “complex and hard fought” litigation was “progressing towards trial” at the time of the invasion of Ukraine in February 2022, when defendants applied for a stay in the proceedings and release from the undertakings they gave the court in connection with the freezing orders against them. While the applications were dismissed, the court granted permission to appeal. It was also noted that that payment of costs orders in favour of the sanctioned claimant was also licensable.
HOW WORLD’S BIGGEST FOSSIL FUEL COMPANIES ‘PROFITED IN MYANMAR AFTER COUP’
On 1 February, the Guardian reported that, in the 2 years since a junta launched a coup, some of the world’s biggest oil and gas service companies continued to make millions of dollars from operations that have helped prop up the military regime. Leaked Myanmar tax records and other reports appear to show that US, UK and Irish oil and gas field contractors – which provide essential drilling and other services to Myanmar’s gas field operators – have continued to make millions in profit in the country after the coup. EU sanctions prohibit European companies from working on Myanmar’s oil and gas field projects, but the US and UK have not yet introduced similar measures and such work is not prohibited.