COMPLIANCE ETC: THINGS YOU MAY HAVE MISSED – MAY 23

Well, ex-President Martinelli’s involvement in the New Business alleged corruption trial, which began today, appears to have finally made the press outside of Panama – or at least France 24, saw nothing in UK media.

Meanwhile, the Ministry of Environment has launched a public consultation on Coiba National Park, on the Pacific coast of the Gulf of Chiriquí, known for its biodiversity. A former high-security prison, think Alcatraz and Devil’s Island, where my wife’s uncle, a naval officer, was incarcerated by Noriega, probably avoiding being “disappeared” thanks to the US invasion in 1989. Apparently, UNESCO have warned the Government that more needs to be done to protect the island.

The media here has reported claims by the former Comptroller of the Republic about alleged bribery attempts linked to construction of the Centennial Bridge over the Canal in the early 2000s. The minister involved died in 2017.

Despite the recent heavy rainstorms, the Canal has again reduced the draught restrictions because of the drought. It is said that rainfall was less than 50% of normal from February to April near the Canal and the lakes that feed it. Rainfall levels have been in line with 2019, which saw the lowest levels in 2 decades.

Finally, I note that my old employer, the Isle of Man Government, is advertising for the “new” full-time post of “Sanctions Officer”, just one of several jobs I seem to have done simultaneously for several years…. A grade lower than mine admittedly, perhaps demonstrating that sanctions administration and compliance has been recognised as a full-time job.

23 MAY 2023

https://www.buymeacoffee.com/KoIvM842y

OFAC TARGETS DPRK MALICIOUS CYBER AND ILLICIT IT WORKER ACTIVITIES  

On 23 May.OFAC advised that it had sanctioned 4 entities and 1 individual involved in obfuscated revenue generation and malicious cyber activities that support the North Korean (DPRK) Government.  The DPRK conducts malicious cyber activities and deploys information technology (IT) workers who fraudulently obtain employment to generate revenue, including in virtual currency, to support the Kim regime and its priorities, such as its unlawful WMD and ballistic missile programs. Those designated include Pyongyang University of Automation, one of the DPRK’s premier cyber instruction institutions, the Chinyong Information Technology Cooperation Company, and one of the latter’s representatives, based in Vladivostok, Kim Sang Man.

https://ofac.treasury.gov/recent-actions/20230523

https://home.treasury.gov/news/press-releases/jy1498

AML COMPLIANCE REPORT ON BAHAMIAN INTERNATIONALLY-ACTIVE PUBLIC BANKS AND TRUST COMPANIES

On 17 May, the FATF-style regional body CFATF announced that the Central Bank in the Bahamas had released an AML compliance report prepared by Evaluasi, a specialist firm comprising some of the world’s leading AML researchers.  The Central Bank commissioned Evaluasi to conduct an assurance study or “shadow shopping” exercise on a large majority (more than 75%) of Bahamian internationally active public banks and trust companies.  It is said that this is thought to be the first time any financial regulator has conducted a shadow shopping exercise on an entire class of supervised institutions to check AML compliance.

https://www.cfatf-gafic.org/home/cfatf-news/786-bahamian-banks-and-trust-companies-record-highly-favourable-compliance-result-in-central-bank-assurance-study

https://www.centralbankbahamas.com/news/press-releases/press-release-bahamian-banks-and-trust-companies-record-highly-favourable-compliance-result-in-central-bank-assurance-study-1?N=C

IOSCO CONSULTATION ON GLOBAL RULES TO CLEAN UP CRYPTO

On 23 May, Financial News London reported that the International Organisation of securities Commissions, the global standard-setter for securities regulators, has set out its view of the major problems plaguing the digital asset industry, with 18 recommendations, in a consultation issued on 23 May.

https://www.fnlondon.com/articles/iosco-pushes-global-crypto-standard-to-clean-up-fraud-pump-and-dump-schemes-and-insider-trading-20230523

https://www.iosco.org/news/pdf/IOSCONEWS693.pdf

https://www.iosco.org/library/pubdocs/pdf/IOSCOPD734.pdf