On 24 July, the SRA produced this report, saying that it is required by law to produce a risk assessment of its supervised sector. This is in order to help firms to better estimate the risks they are exposed to. It says that the sectoral risk assessment must be considered as a part of each firm’s firm-wide risk assessment.
Month: July 2023
UK: JMLSG PROPOSED AMENDMENTS TO CRYPTOASSETS TRANSFERS GUIDANCE
The Joint Money Laundering Steering Group (JMLSG), a private sector body that is made up of the leading UK Trade Associations in the financial services industry, has published proposed amendments to its Guidance relating to cryptoasset transfers, following amendments to the relevant AML legislation. Responses are due by 25 August.
https://www.jmlsg.org.uk/latest-news/jmlsg-guidance-consultation-cryptoasset-transfers/
STUDY: CYBER INSURANCE AND THE RANSOMWARE CHALLENGE
On 31 July, a Commentary from RUSI involved a study examining the role of cyber insurance in addressing the threats posed by ransomware. It does not advocate for an outright ban on ransom payments or for stopping insurers from providing coverage for them. Instead, it makes the case for interventions that would improve market-wide ransom discipline so that fewer victims pay ransoms, or pay lower demands. Its recommendations start from the position that the UK Government’s light-touch approach is unsustainable and requires more intervention in private markets that are involved in ransomware prevention and response.
https://static.rusi.org/OP-cyber-insurance-ransomware-challenge-web-final.pdf
THE LATEST UN MONITORING TEAM REPORT CONCERNING THE THREAT FROM DA’ESH, AL-QAIDA AND THEIR AFFILIATES
On 25 July, the UN published the latest UN 1267/1988 monitoring team report concerning the threat of Da’esh, Al-Qaida and their affiliates. It highlights interesting details concerning their activities over the first half of 2023 in various regions, including East and West Africa, the Levant, Iraq, the Arabian Peninsula as well as Central, South- and SE Asia. The Monitoring Team recommends that the Sanctions Committee encourage Member States to provide updated information along with supporting documentation to the list entries and narrative summaries and to respond to annual review requests in a timely manner; and the that the Committee encourage Member States to propose new listings and amendments to ensure that the sanctions list mitigates the threat of terrorism more effectively.
https://documents-dds-ny.un.org/doc/UNDOC/GEN/N23/189/74/PDF/N2318974.pdf?OpenElement
FEDERATED STATES OF MICRONESIA BRINGS CRIMINAL PROCEEDINGS AGAINST FRAUDULENT SHIP REGISTRY SCHEME
In the latest edition of Trust & Verify from VERTIC an article says that ship registration plays an important function towards safety and security of maritime transport, and effective registries significantly contribute towards implementation and enforcement of UN sanctions. It explains that registers that are open to foreign-owned ships (such as Liberia and Panama) are known as open registries and are sometimes called flags of convenience. In March, the Supreme Court of the FSM sentenced 2 individuals for crimes arising from their involvement in running a fraudulent international ship registry, purportedly on behalf of the Pacific Island state.
https://www.vertic.org/wp-content/uploads/2023/07/TV172-REV2.pdf#page=13
DUAL-USE GOODS AND FINANCIAL CRIME COMPLIANCE IN THE FINANCIAL SERVICES SECTOR
On 12 July, the International Chamber of Commerce published a new paper which addresses dual-use goods challenges, providing guidance on implementing controls and risk-based approaches for identifying and managing associated risks in trade finance.
KEY FEATURES OF THE UK’S ELECTRONIC TRADE DOCUMENTS ACT
On 28 July, a briefing from the HFW law firm provides an initial overview of the UK’s new Electronic Trade Documents Act, how the Act functions and the potential implications for international trade.
https://www.hfw.com/downloads/005147-HFW-Features-of-the-UKs-Electronic-Trade-Documents-Act-2023.pdf
PANAMA IN WORLD WAR 2: THE CANAL AUTHORITIES DURING THE WAR
OFAC NEW VIDEO SERIES: “INTRODUCTION TO OFAC”
On 28 July, OFAC announced the first episode of its “Introduction to OFAC” web series, a series of short videos created to provide viewers with a high-level introduction on the fundamentals of OFAC and sanctions implementation. This episode introduces viewers to OFAC, its place within the US Government, history, mission, and relationship with the public.
https://www.youtube.com/watch?v=A1QAv7eNgVo
https://home.treasury.gov/news/featured-stories/ofacs-introduction-to-ofac-web-series
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