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Opinion, Sanctions

REVEALED: Sanctions loophole is exposed in UK, leaving country facing accusation its Russia assets regime is weaker than EU or US

Premium January 3, 2023

SANCTIONS: If ownership is difficult to prove in some cases, for example in complex ownership structures involving offshore jurisdictions with limited disclosure requirements, then finding evidence of practical control is even trickier because it is so loosely defined,” Veronika Konecna, head of Russia, CEE and Central Asia at Aperio in London, said.

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NEWS: Britain ‘utterly failing’ to fight ‘dirty money epidemic,’ MPs claim in report

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NEWS: Vietnam continues support for bank engulfed in massive fraud, central bank says

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EUROPEAN NOTEBOOK: Brussels abounds with speculation of amendment to AML Regulation; Commission unimpressed as UAE appears back on agenda at parliament

The UK’s different approach to share ownership by sanctioned people and companies has created a loophole in the global system enforcing sanctions against hostile states, experts warn.

The policy means that the UK regime may be weaker than in the EU and US, but defenders of the rules as they stand say it gives Brits more flexibility to go after hidden assets.

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Premium

NEWS: Britain ‘utterly failing’ to fight ‘dirty money epidemic,’ MPs claim in report

 Premium

NEWS: Vietnam continues support for bank engulfed in massive fraud, central bank says

 Premium

EUROPEAN NOTEBOOK: Brussels abounds with speculation of amendment to AML Regulation; Commission unimpressed as UAE appears back on agenda at parliament

Regulatory Watch News

  • Two Florida Steel Traders Sentenced for Money Laundering and Russia-Ukraine Sanctions Violations

    US Department of Justice

    John Can Unsalan, aka Hurrem Can Unsalan, the president of Orlando, Florida-based steel trading firm Metalhouse LLC, was sentenced to six years in prison for conspiracy to commit money laundering to promote violations of U.S. sanctions against Sergey Kurchenko, a pro-Russian Ukrainian oligarch. Unsalan’s former business associate, Sergey Karpushkin, a Belarusian national residing in Miami, was sentenced to 21 months in prison for his role in the scheme. Unsalan pleaded guilty and was ordered to forfeit $160 million in proceeds from the offense. Karpushkin pleaded guilty to conspiring to violate the International Emergency Economic Powers Act (IEEPA) and to commit international promotional money laundering and was ordered to forfeit $4.7 million in criminal proceeds.

  • Treasury Designates Entities Involved in Raising Funds for Violent Extremists in the West Bank

    OFAC

    WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on two entities for their roles in establishing fundraising campaigns on behalf of Yinon Levi (Levi) and David Chai Chasdai (Chasdai), two violent extremists who were sanctioned on February 1, 2024 in connection with violence in the West Bank. The fundraising campaigns established by Mount Hebron Fund for Levi and by Shlom Asiraich for Chasdai generated the equivalent of $140,000 and $31,000, respectively.

  • FATF Ministers commit to stepping up efforts to fight money laundering, terrorist and proliferation financing

    FATF

    The Ministers of the Financial Action Task Force (FATF) reaffirmed their unwavering commitment to combat financial crime, and fully support the FATF as the global standard-setter for preventing and combatting money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF). During this biennial meeting in Washington DC, members recognised  the achievements of the Singapore Presidency under FATF President T. Raja Kumar. These included major steps taken to enhance the FATF Standards on asset recovery - improving jurisdictions’ toolkits to recover the proceeds of crime, and also to reinforce the international framework for the transparency of beneficial ownership of legal  arrangements, in addition to legal persons. FATF Ministers also recognised that the FATF has led global efforts to effectively implement standards to regulate virtual assets and virtual assets service providers for AML/CFT/CPF.

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