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World-Check 5 years ahead of OFAC designation
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World-Check protects clients from illicit vessel risk
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Read expert commentary from World-Check in Business ethics Times supplement
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How will the UK Bribery Act affect your business?
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FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
1.
31 July 2008
If your bank's clients do business in Colombia, please note that OFAC has designated an number of major FARC financiers, including two Colombian MSBs, as FARC financiers. It is suggested that you immediately run the World-Check data-file against your client list to check to see whether you are currently doing business with those desingated entities. More information in the main article.
2.
30 July 2008
The Republic of Kosovo has begun to issue passports to its nationals who have previously been using United Nations-issued travel documents, as well as passports from the former state of Yugoslavia and from Serbia. It is suggested that you go on the Internet (use Google Images, for example, where I easily found one) and print out a photo of the new passport information and portrait pages to distribute to your staff. Serbia has already announced that it will not accept these new passports. Yes, you should use Passport-Check to verify that they have not been altered.
3.
29 July 2008
The United States continues to expand sanctions actions against the repressive military regime in Burma. The Office of Foreign Assets Control, OFAC, has designated ten government-controlled Myanmar companies involved in mining, distribution, sales and financing of the country's precious gems industry. Compliance officers at International banks who have clients transacting business with overseas suppliers would be well advised to ascertain immediately whether any of their clients are presently purchasing jewellery from Burmese entities, to ensure that no OFAC violations occur in pending transactions.
4.
28 July 2008
Readers who are wondering when fugitive accused arms trafficker Viktor Bout, dubbed the "Merchant of Death," and the "Lord of War" by the media, will be appearing in a US court will have to wait a bit more. Bout's extradition hearing in Thailand was delayed this week for the second time in two months, again due to issues with his lawyers not being present.
5.
27 July 2008
This week the news from New York involved the conviction of one Emmanuel 'Toto' Constant, found guilty of more than $1m in mortgage fraud. This is not unusual, unless you know who Mr. Constant is; a former leader of a brutal Haitian paramilitary unit, known by the acronym FRAPH, that assassinated scores of people in Haiti, solely because they were supporters of another political faction. Should this PEP ever be extradited to Haiti, his chances of a swift conviction and long prison sentence are assured. In New York, he's just another white-collar criminal, but in Haiti, he is regarded as an evil human rights violator of the first order.
6.
26 July 2008
Readers seeking to estimate increased risks involving Venezuela, and looking ahead to elections in that country later this year should review the latest Latin American Report (No. 27) of the Crisis Group.
7.
26 July 2008
Russia watchers please note that the $22.5bn RICO case filed by the Russian Federal Customs Service, against the Bank of New York Mellon, resumes on Monday. World-Check is closely following news of the trial, and will report forthwith on all important developments as they occur.
8.
26 July 2008
World-Check's authoritative and timely seminar series will return to New York City this Fall. It has been tentatively scheduled for October. Watch the Events and Seminar web-pages for details of dates, venues and start times.
9.
25 July 2008
Those readers who are following the activities of a US Congressional committee seeking to pass legislation that would seriously impact the ability of Americans to keep their wealth offshore should read the recently-released report of the Government Accountability Office entitled "Cayman Islands; Business and Tax Advantages attract US Persons and Enforcement Challenges Exist." The report details the offshore financial structure in place in the Cayman Islands, and its reportedly widespread use by US nationals.
10.
25 July 2008
If your clients do any business whatsoever with Zimbabwe, you would be well advised to immediately examine the new OFAC list, issued today against a number of Zim banks, financial entities, government-controlled companies, and even a few PEPs. The Specially Designated National (SDN) status levied against local Zim banks is especially serious. Please ensure that these institutions have neither a correspondent relationship with your bank or client, or pending matters involving payment.
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