Day: November 24, 2023

COMPLIANCE ETC: THINGS YOU MAY HAVE MISSED – NOVEMBER 24

Covid-19 is still around, with another 134 cases reported in the week ending 18 November, and 1 more fatality (bring the total since March 2020 to 8,669). there are currently 94 active cases, with 26 patients having Covid in hospital, but none in ICU.

Meanwhile, the Supreme Court has begun its consideration of the mining contract and Law 406 with approved it…people are hoping that the Court will hurry along, but it is obviously a complex matter.

24 NOVEMBER 2023

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LADBROKES AND CORAL OWNER TO PAY £585 MILLION TO SETTLE HMRC BRIBERY INQUIRY

On 24 November, the Guardian reported that Entain, the owner of Ladbrokes and Coral, has agreed to pay almost £600 million to settle an investigation into alleged bribery at a business it owned in Turkey.  The case involved a Turkish-facing online betting and gaming business that Entain owned between 2011 and 2017, as well as the activities of third-party suppliers and former employees of the group.  Entain said it reached, in principle, a deferred prosecution agreement (DPA) with the CPS during a hearing at the royal courts of justice and needs final court approval at a hearing to be held on 5 December.

https://www.theguardian.com/business/2023/nov/24/ladbrokes-and-coral-owner-to-pay-585m-to-settle-hmrc-bribery-inquiry

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EBA CONSULTS ON NEW GUIDELINES ON PREVENTING THE ABUSE OF FUNDS AND CERTAIN CRYPTO-ASSETS TRANSFERS FOR MONEY LAUNDERING AND TERRORIST FINANCING PURPOSES

On 24 November, the European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes.  The Guidelines aim at forging a common understanding to ensure the consistent application of EU law as well as a stronger AML/CFT regime.  A consultation runs until 26 February.

https://www.eba.europa.eu/eba-consults-new-guidelines-preventing-abuse-funds-and-certain-crypto-assets-transfers-money

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SEYCHELLES HQ OF RUSSIAN-OWNED CORPORATE SECRECY FACTORY RAIDED IN POLICE CRACKDOWN

On 21 November, Finance Uncovered reported that police and financial regulators in the Seychelles raided the office of a Russian-owned corporate services provider.  They swooped on the office of Alpha Consulting shortly after an international collaboration of investigative journalists had published details about its activities.

https://www.financeuncovered.org/stories/seychelles-alpha-consulting-payrick-payet-raid-victoria-valkovskaya

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