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A very suspicious e-mail spoofing email addresses of not one but two banks and appearing to link to a website appearing to relate to an embassy has been received at the offices of The Anti Money Laundering Network. The hook is information on OFAC blacklists. The mail is in HTML format and therefore disguises the destination of links and also enables the placing of in-line graphics. We place regulators, enforcement agencies and those in financial institutions, especially in compliance and risk management, on alert.

In the dying days of the parliament dominated by Malaysia's now disgraced prime minister Najib Razak and those close to him the government passed its Anti-Fake News Act 2018. Its stated aims were sensible but in a country where the government had regularly arrested and held without trial those who expressed opinions contrary to those of or critical of the government and the ruling United Malay National Organisation (UMNO), its true purpose was widely regarded as a tool to further suppress legitimate dissent. Its repeal was an election promise that has been kept.

CoNet Section: 

Case Summary: 

In August 2018, two men were convicted of fraudulent dealings in the assets of a company with the intent to transfer them to a new company so as to continue in business after the old company went into liquidation.

Type of conduct: 
Insolvency offences

So, it's simple: you attach an electronic signature to an electronic document and off it wings by e-mail. Job done, right? Apparently "some businesses are still unsure if electronic signatures would satisfy legal requirements," says The Law Commission. But instead of just saying "of course, in the absence of fraud or some other frustrating or negating matter, that's a validly executed document" the Law Commission has produced "proposals." So, not simple at all, then.

CoNet Section: 

The Hong Kong Monetary Authority (HKMA) has issued warnings relating to fake websites and/or phishing attacks on customers of three banks: China Citic, OCBC Wing Hang and Bank of China.

FCRO Subsection: 

It's not a big-enough proportion: 14 of the USA's states Attorneys General are trying to obtain an order to prevent the implementation of a PoTUS Trump plan that they say will have a serious impact on the ability of the USA's Environmental Protection Agency or EPA to assess, amongst other things, the effects of climate change and the potential risks.

Stuart Dickson Produce Pty Ltd is a Sydney fruit and vegetable wholesaler. The company has been issued with an AUD10,500 penalty notice for buying produce from growers without a written "Horticulture Produce Agreement" (inevitably known as an HPA) in place. But, while the notice has been announced, the ACCC which issued and publicised it, doesn't stand behind it with any great force.

CoNet Section: 

Case Summary: 

A man has been convicted of money laundering after he and two others sold a house without the knowledge of its owner.

Type of conduct: 
Money Laundering

Organised by Casino Essentials, a three-day conference and exhibition started in Las Vegas yesterday with the opening Keynote Presentation by Kenneth Blanco, Director, FinCEN. Before he got down to the nitty-gritty yesterday, Blanco was chummy with the lawyers and gaming industry reps and in his remarks prepared in advance he said "Thank you for that wonderful introduction, Jim" and "Thank you so much, Mindy, for inviting FinCEN to be a part of this event." So, chummy and psychic? How did the rest of his speech go? We know...

The Monetary Authority of Singapore has made a surprising change to the way in which Regulations are published, making the MAS website, and not paper documents, the source of record.

BIScom Subsection: 

When the USA passes laws relating to offshore income and assets, it's big news and around the world US citizens and those providing services to them get into something of a flap. But when the UK introduced, in November last year, a requirement for "anyone who has undeclared UK tax liabilities that involved offshore matters or transfers to disclose the relevant information about this non-compliance" there was barely a ripple. There should have been a storm because penalties are potentially devastating.

CoNet Section: 

FinCEN can't make its mind up. On 16 May this year, FinCEN granted to covered financial institutions a 90 day exception from the requirement to comply with the " Beneficial Ownership Rule for Legal Entity Customers." Leaving aside the fact that, as with the UK's draft Bill, the term "Beneficial Owner" has been co-opted from an entirely different area of law and is therefore a cause for confusion, FinCEN Is up to its old tricks of mitigating the effect of a Rule while pretending that the USA has a strong counter-money laundering regime. The 90 days is up and, guess, what? FinCEN has extended it. What is going on?

In a three year credit deal, the EBRD is lending USD (not euros, which might seem weird) to Bank CenterCredit (BCC - no comments please). The total amount is for a maximum of USD45 million. Special provisions are made for businesses run by women.

* Three-year loan of up to USD40 million provided to domestic small and medium-sized enterprises (SMEs)
* Three-year loan of up to USD5 million under Kazakhstan Women in Business programme

BIScom Subsection: 

The Internet Crime Complaint Centre (IC3) has seen a growing number of reports about extortion attempts received by both e-mail and postal mail which use specific information about the potential victim to add authenticity. While there are many variations in these extortion attempts, there is often something common to the approaches, IC3 says.

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