i-law.com - Newsletter (Money Laundering Bulletin)

: Poisoned channels – a dive into streaming services; Online Published Date : 04 May 2022 | Appeared in issue: 294 - 04 May 2022; Continuous flows of video, music and gaming content online are multiplying the opportunities for fraud, extortion and laundering. Rose Pengelly explores the risk in real-time. Scaling-up uncheckedThe sector is expanding rapidly – US-based Grand View..

: Ukraine-Russia conflict [15] – sanctions: silver, caviar and social media; Online Published Date : 04 May 2022 | Appeared in issue: 294 - 04 May 2022; 29/4/22: The USA tunes general licences around divestmentof holdings in GAZ Group while the UK seeks to deny designated persons use ofthe internet to broadcast to its citizens. Herbert Smith Freehills lawyerstrace through the measures. USALast..

: EU moves to ban Russian oil imports; Online Published Date : 05 May 2022 | Appeared in issue: 294 - 04 May 2022; On4 May [2022], the European Commission set out proposals for a sixth package ofsanctions against Russia, which, if agreed by member states, would see importsof its oil to the European Union cease by year end. Crude oil purchases from Russia would..

: Islamic State: still in business; Online Published Date : 05 May 2022 | Appeared in issue: 294 - 04 May 2022; The Islamic Statein Iraq and Syria (ISIS) is a shadow of its former self in the Middle East, but,having spawned global affiliates, is very much a going concern. PaulCochrane investigates a persistent terrorist financing threat. The fall and riseAt..

: One fifth effective – FATF assessment; Online Published Date : 10 May 2022 | Appeared in issue: 294 - 04 May 2022; Denis O’Connor, a Fellow of both theInstitute of Chartered Accountants in England & Wales and the CharteredInstitute of Securities and Investment, was a member of the British Bankers’Association Money Laundering Committee from 2003-10 and a member of the JointMoney Laundering Steering Group’s Board and Editorial Panel between 2010 and2016. He has been a frequent speaker at industry conferences on financial crimeissues, both in the UK and abroad.

: Faster forward – UK agenda; Online Published Date : 11 May 2022 | Appeared in issue: 294 - 04 May 2022; Timon Molloy (timon.molloy@informa.com), Editor

: Access points: how to respond to raids by UK investigating authorities; Online Published Date : 11 May 2022 | Appeared in issue: 294 - 04 May 2022; Lloyd Firth (+44 (0)20 7872 1014, lloyd.firth@wilmerhale.com),counsel in WilmerHale’s UK white collar defence and investigations team.

: Ukraine-Russia conflict [16] – sanctions: accounting, company formation, management consulting; Online Published Date : 11 May 2022 | Appeared in issue: 294 - 04 May 2022; 10/5/22: The US Office of Foreign AssetsControl has been busy as ever since the invasion of Ukraine issuing general licenses,most recently to recognise that Executive Order 14024 applies to theaccounting, trust and corporate formation services, and..

: Bermuda fines Conyers Corporate Services (Bermuda) Ltd almost US$1m after AML control failings; Online Published Date : 12 May 2022 | Appeared in issue: 294 - 04 May 2022; The Bermuda Monetary Authority (BMA) has imposed a civilpenalty of B$981,000 (US$981,000) on Conyers Corporate Services (Bermuda)Limited for historic breaches of the Corporate Service Provider Business Act2012 and the Proceeds of Crime (Anti-Money..

: Québec Inc. fined C$101,227 in Canada for lack of AML controls; Online Published Date : 12 May 2022 | Appeared in issue: 294 - 04 May 2022; Québec Inc., also trading as Groupe Sam's Globale, a realestate broker in Montréal was ordered to pay an administrative monetary penaltyof C$101,227 (US$77,520) on 19 October 2021 [1] after FINTRAC discovered sixbreaches of Canada’s anti-money..

: Artful endeavour; Online Published Date : 16 May 2022 | Appeared in issue: 294 - 04 May 2022; Tommaso Di Ruzza (https://www.linkedin.com/in/tommaso-di-ruzza-5014b91a7) is an AML/CFT senior consultant and former Director of the Financial Information Authority (AIF), Holy See/Vatican City State.

: Russian assets in reparation – how likely? Freezing, seizing & forfeiture under UK law; Online Published Date : 18 May 2022 | Appeared in issue: 294 - 04 May 2022; John Binns (+44 (0)20 7430 2277, jbinns@bcl.com) is a partner at BCL SolicitorsLLP, specialising in financial crime and money laundering, including advice tothe regulated sector.

: France rates positive overall for AML/CFT, weak in property sector – FATF; Online Published Date : 19 May 2022 | Appeared in issue: 294 - 04 May 2022; By Keith Nuthall

: Wells Fargo Advisors pays US$7m for late SARs; Online Published Date : 21 May 2022 | Appeared in issue: 294 - 04 May 2022; The broker-dealer and investment adviser arm of Wells Fargo,the US banking group, has agreed to pay US$7m to resolve charges brought by theUS Securities and Exchange Commission (SEC) that it failed to make timelydisclosure of at least 34 suspicious..

: Big money – cash movement across borders; Online Published Date : 23 May 2022 | Appeared in issue: 294 - 04 May 2022; Anonymous, fungible, almost never an audittrail, cash remains king for criminals, but inserting large sums into the financialsystem, especially in major economies, is a challenge so shipping currency tojurisdictions with weaker controls has clear,..

: Russia sanctions – the professions respond; Online Published Date : 24 May 2022 | Appeared in issue: 294 - 04 May 2022; By Keith Nuthall

: Reform, but enough? – the FATF strategic review; Online Published Date : 24 May 2022 | Appeared in issue: 294 - 04 May 2022; Three years after theFinancial Action Task Force embarked on a major audit of its approach to combatingmoney laundering and terrorist financing, leading practitioners share theiropinions of the global standard setter’s conclusions and whether the..

: Collateral damage – AML & sanctions in war; Online Published Date : 25 May 2022 | Appeared in issue: 294 - 04 May 2022; Criminal money does not pose the same existentialthreat as an invading army but its corrosive flow will continue around andthrough any conflict. There will be delay, at least, as the bad actors adapt tocircumstance while a clear focus on sanctions..

: National risk assessments almost worthless, says World Bank study; Online Published Date : 25 May 2022 | Appeared in issue: 294 - 04 May 2022; By Sara Lewis