On 17 April, OFAC published an alert to warn US persons about possible evasion of the price cap on crude oil of Russian Federation origin, particularly involving oil exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports on the eastern coast of the Russian Federation.
Day: April 17, 2023
WOLFSBERG GROUP OF BANKS UPDATED ANTI-BRIBERY AND CORRUPTION (ABC) COMPLIANCE PROGRAMME GUIDANCE
On 17 April, the Wolfsberg Group released an updated version of its 2017 guidance designed to promote a culture of ethical business practices and compliance with ABC legal and regulatory requirements. The Guidance is a risk-based approach for the adequate development and implementation of compliance programmes to prevent, detect, and report acts of Bribery and Corruption and identifies areas of elevated risk. The Guidance incorporates learnings from enforcement actions since 2017 with updates to the red flags section and expands the section on customer and transaction corruption risks.
https://www.wolfsberg-principles.com/articles/publication-abc-guidance
THE DARK SIDE OF ILLICIT ECONOMIES AND TBML: FREE TRADE ZONES, PORTS, AND FINANCIAL SAFE HAVENS
On 23 March, the International Coalition Against Illicit Economies (ICAIE) published a report which has a focus on the Americas, but also illuminates the convergence of transnational criminal activities and illicit financial threats across other regions and global supply chains. It highlights the importance of public-private partnerships to counter illicit trade and TBML.
EMERGING TRANSNATIONAL ORGANISED CRIME THREATS IN LATIN AMERICA: CONVERGING CRIMINALISED MARKETS & ILLICIT VECTORS
On 11 April, a report from the International Coalition Against Illicit Economies (ICAIE) says that the multi-billion dollar illicit economies across Latin America, long centred on the cocaine and narcotics trade but diversifying to new commodities and activities, are undergoing a volatile, profound reordering and restructuring, with long-term strategic repercussions in the years to come for the US and its key allies in the hemisphere. It argues that the malign influence of China, Russia, and Iran exacerbates regional anti-crime strategies. In this context, the report identifies 5 emerging security trends that offer new challenges to law enforcement and policy communities in the
region that are far-reaching, and threaten to accelerate the negative trends unless dealt with effectively.
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