Month: February 2024

Another big drugs seizure, with 5 tons found on a Malta-flag ship docked in Colón.

Meanwhile, with the continuing problems facing the Canal, the President met with private sector representatives to discuss the need to improve the so-called “dry Canal”. We have seen increased use of the trans-isthmus railway for container traffic in recent months.

It is not that often that Panama makes the pages of the media in the UK, but today The Guardian carried a story saying that arrests of boat captains in Colombia has left more than 3,000 people stranded in 2 remote Caribbean towns, where officials fear the bottleneck could cause a public health emergency.  The Colombian coast guard arrested 2 boat captains on charges of migrant trafficking, because they were carrying around 150 passengers without appropriate documents. The 2 main boat companies then suspended their services while they appealed to local authorities for assurances that they were not facing a broader crackdown.

https://www.theguardian.com/world/2024/feb/29/darien-gap-migration-people-stranded

29 FEBRUARY 2024

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This is an open platform designed to monitor and simulate disruptions to maritime trade traffic flows.  It is intended to assist policymakers and the public assess the impact of realised and future trade shocks, such as natural disasters.  It is understandably currently focusing on the disruption in the Red Sea and to Panama Canal traffic.  It is offered by the IMF in conjunction with Oxford University.

https://portwatch.imf.org

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On 29 February, the Global Sanctions blog reported that the European Parliamentary Research Service published on 23 February a report analysing the legal options for the confiscation of Russian state assets to support the reconstruction of Ukraine.

https://globalsanctions.co.uk/2024/02/eu-report-on-legal-options-for-confiscation-of-russian-state-assets

https://www.europarl.europa.eu/thinktank/en/document/EPRS_STU(2024)759602#:~:text=It%20assesses%20six%20options%20under,state%20sponsor%20of%20terrorism%3B%20and

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The latest edition of the Strategic Trade Review included this article about a study which identifies KYC- based sanction best practices in transshipment, which are essential for effectively countering proliferation and also valuable in reducing smuggling trends by enhancing end-user screening processes.  It was found that KYC-based best practices and red flag indicators are essential for identifying the final recipient or purpose of sensitive goods or dual-use goods/technologies and that national.

https://strategictraderesearch.org/current-issue

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On 28 February, following issue of a follow-up report on Russia, FATF issued an updated consolidated schedule of AML/CFT ratings to date.

https://www.fatf-gafi.org/content/dam/fatf-gafi/Global-Network/4th-Round-Ratings.pdf.coredownload.inline.pdf

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On 28 February, FATF published the first follow-up report on Russia, prepared by FATF-style regional body EAG.  Assessing its technical compliance only, Russia has been re-rated on the following FATF Recommendations.

• Recommendation 6 has been re-rated from partially compliant to largely compliant.
• Recommendation 7 has been re-rated from partially compliant to largely compliant.
• Recommendation 25 has been re-rated from partially compliant to largely compliant.
• Recommendation 15 has been re-rated from compliant to partially compliant.

It is said that Russia remains under regular follow-up and will continue to report on further progress in improving the national AML/CFT system.

https://www.fatf-gafi.org/content/dam/fatf-gafi/fsrb-fur/Russia-EAG-FUR-2024.pdf.coredownload.pdf

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Everyone seems to have forgotten about it, but Covid is still lurking…and the latest statistics here, for week ending 24 February, show a steady, if low, ticking along. There were 90 new cases, with no fatalities and no-one in ICU. However, the number of active cases remained unchanged at 64, with 28 in hospital.

The Cabinet has approved a plan for the orderly closure of the contentious copper mine (though not, I guess, how to pay for it and any compensation claimed by the owners). The plan does involve public and environmental health checks.

Meanwhile, a group of tax consultants have said that Panama will have to implement a global minim tax rate within 5 years, under the Base Erosion and Profit Shifting (BEPS) project to apply the global minimum tax to multinationals. In January, the EU applied the tax on profits of subsidiaries belonging to multinational groups with global revenues of more than €750 million, at an effective rate of 15%.

28 FEBRUARY 2024

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On 28 February, OFAC advised that it had redesignated the Los Pochos Drug Trafficking Organisation (DTO), and designated 3 members and 4 affiliated companies based in Guatemala.  First sanctioned in 2019 pursuant to the Kingpin Act, the Los Pochos DTO is a Guatemala-based organisation primarily engaged in cocaine trafficking from Guatemala through Mexico to the US. The Los Pochos DTO controls narcotics trafficking activities on the Guatemala-Mexico border and is associated with Mexico’s Sinaloa Cartel, one of the world’s most notorious drug trafficking organisations.

https://home.treasury.gov/news/press-releases/jy2133

https://ofac.treasury.gov/recent-actions/20240228

https://ofac.treasury.gov/media/932681/download?inline=

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On 28 February, OFSI at HM Treasury advised in a post that the updated guidance covers new tactics used by illicit actors to evade UK financial sanctions, in order to allow businesses to adjust their compliance measures to stay ahead of potential risks.  It also offers support for dealing with high-risk jurisdictions and provides links to relevant UK regulations.  Additionally, the guidance offers recommendations for implementing additional due diligence practices, which are essential for building robust compliance programs and minimising risks. 

https://ofsi.blog.gov.uk/2024/02/28/ofsi-refreshes-its-guidance-for-the-maritime-sector

https://www.gov.uk/government/publications/financial-sanctions-guidance-for-maritime-shipping/financial-sanctions-guidance-for-maritime-shipping

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On 15 February, the Environmental Investigation Agency reported that, in January, the Standing Committee of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) has recommended that all commercial trade in CITES-listed species with Angola be suspended until further notice.

https://eia-international.org/news/angola-hit-with-trade-sanctions-over-failure-to-tackle-elephant-poaching-and-ivory-trafficking

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