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November 2018 About Us November 2018 About Us Founded in 2014, Aperio Intelligence is a specialist, independent corporate intelligence firm staffed by individuals who collectively have decades of experience in undertaking investigations and intelligence analysis. Our team has worked in over 150 countries, on thousands of cases, for a wide range of leading global corporations, financial institutions and law firms. We have both knowledge of and access to relevant public and proprietary data sources, as well as a longstanding network of reliable, informed local contacts in the regions where we operate, cultivated over decades, who support us regularly in undertaking local enquiries on a confidential and discreet basis. As a specialist provider of corporate intelligence, we source our intelligence and conduct research to the highest legal and ethical We provide specialist investigation skills, together with local standards. jurisdictional knowledge, to enable you to identify and understand financial crime, integrity and reputational risks arising from a lack of We operate a “Client First” policy that ensures strict adherence to the knowledge of counterparties or local jurisdictions. We empower you core principles of quality control, confidentiality and respect for time to make better informed decisions, allowing you to achieve positive constraints, and provide cost-effective solutions, which allows our outcomes and realise the full benefits of your business activities. clients to obtain the highest quality standard of EDD at one of the best cost-to-benefit ratios in the marketplace. Our independence enables Our enhanced due diligence (EDD) services help clients comply with us to avoid many of the potential conflicts of interest that may affect anti-bribery and corruption, anti-money laundering and other relevant our larger competitors. financial crime legislation, such as sanctions compliance, or the evaluation of tax evasion risks. For banking and asset management Should you like to know more about our services or discuss how we clients, our services are designed to support on-boarding new may be able to help you, please do not hesitate to get in touch with our customers or third parties, reviewing existing relationships, or as part London or Paris offices. of a remediation process. We support clients in assessing complex integrity and political risks in opaque and high-risk markets through local insight and contact networks. Critical to our intelligence-gathering capabilities are the Find out more about the Aperio Intelligence Team at: languages we speak in-house, including all major European languages, www.aperio-intelligence.com as well as Russian, Arabic, Farsi, Mandarin, Cantonese and Japanese. 2 FINANCIAL CRIME DIGEST IN THIS ISSUE: NOVEMBER 2018 TECHNICAL UPDATES 03 SPECIAL FEATURE 16 Welcome to the November edition of the Financial Crime THE IMPLICATIONS OF UNEXPLAINED WEALTH ORDERS Digest, Aperio Intelligence’s monthly newsletter, an informative FOR PROFESSIONAL SERVICES FIRMS summary of the most recent developments relating to the PRESS AND MEDIA 19 world of money laundering, fraud and terrorist financing, bribery MONEY LAUNDERING | FRAUD | TERRORIST FINANCING and corruption, and sanctions. PRESS AND MEDIA 33 BRIBERY | CORRUPTION [email protected] PRESS AND MEDIA 43 SANCTIONS COUNTRY UPDATES 51 TECHNICAL UPDATES EC follows up on illegal tax breaks for yachts and aircraft The EU Commission (EC) announced on 8 November that it is stepping up its efforts to tackle tax avoidance in the yacht and aircraft sectors by implementing infringement proceedings on tax breaks applied in the pleasure craft industries of Italy and the Isle of Man. These provisions can generate major distortions of competition, as highlighted by the “Paradise Papers” leaks, explains the EC’s press release. The EC has sent a letter of formal notice to Italy for not levying the correct amount according to which the larger the boat VAT practices with regard to the supplies of VAT on the leasing of yachts and a is, the less the lease is estimated to take and leasing of aircraft. reasoned opinion to Italy because of its place in EU waters. The Paradise Papers revealed widespread illegal system of exemptions for fuel. • excise duty rules for fuel in motor boats VAT evasion in the yacht and aviation sectors, A letter of formal notice has also been in Italy. In breach of EU rules, Italy allows facilitated by national rules which do not sent to the UK concerning the Isle of chartered pleasure crafts to qualify as comply with EU law. The European Parliament Man’s abusive VAT practices with regard “commercial” even when being enjoyed has recently indicated that its TAX3 to supplies and leasing of aircraft. The for personal use. Committee following up on the Paradise procedures concern: Papers will also look at this issue. • abusive VAT practices in the Isle of Man. • a reduced VAT base for the lease of The EC believes that the UK has not yachts offered in the tax law of Italy. taken sufficient action against abusive The press release can be found HERE. Italy has established VAT guidelines 3 aperio-intelligence.com FINANCIAL CRIME DIGEST | NOVEMBER 2018 TECHNICAL UPDATES The US reimposes sanctions on Iran; France and Germany likely to host special purpose vehicle The United States fully reimposed the technologically feasible to avoid sanctions The US continues to maintain a general sanctions on Iran that had been waived exposure.” Humanitarian transactions to licence for sales of agricultural commodities, under the Joint Comprehensive Plan of non-designated entities however are allowed food, medicine, or medical devices to Iran. Action (JCPOA) on 5 November, which to continue using SWIFT. SWIFT issued a Funds held at foreign financial institutions on target critical sectors of Iran’s economy, statement on 5 November that it would be behalf of the Central Bank of Iran institution such as energy, shipping and financial suspending “certain Iranian banks” from can be used to facilitate humanitarian trade. services. Described by the Department accessing its system in the interest of the of the Treasury as the “toughest U.S. stability of the global financial system. Despite the reimposition of US sanctions sanctions ever imposed on Iran,” the on Iran, the EU remains committed to the reimposition of the final tranche of The OFAC revised the Iranian Transactions JCPOA. In a joint statement published on sanctions against Iran pursuant to and Sanctions regulations to implement the 2 November the EU expressed deep regret Executive Order (EO) 13846, also saw sanctions and published several Frequently about the US withdrawal and stated that it is the imposition of blocking sanctions on Asked Questions (FAQs) to provide guidance “determined to protect European economic hundreds of additional targets. on implementation issues. The OFAC also operators engaged in legitimate business added more than 700 individuals and entities with Iran, in accordance with EU law and with Secretary of State Mike Pompeo announced to the list of Specially Designated Nationals UN Security Council resolution 2231.” during a press briefing on 2 November that and Blocked Persons (SDN List), covering eight jurisdictions have been granted a “hundreds of targets previously granted The EU has updated its Blocking Statute significant reduction exception (SRE) relating sanctions relief under the JCPOA, as well to penalise EU companies that comply to Iranian petroleum sales: China, India, as more than 300 new designations.” These with certain US sanctions on Iran that are Japan, Italy, Greece, Turkey and Taiwan, which include many Iranian banks, their foreign and inconsistent with the EU’s commitments means that financial institutions facilitating domestic subsidiaries, Iranian vessels, energy under the JCPOA. However, the EU has transactions involving Iranian petroleum or firms, and Iranian airline Iran Air. not initiated any enforcement actions petroleum products, are subject to secondary despite some EU companies having already sanctions unless they are facilitating The sanctions include designations of abandoned trade and investment in Iran in transactions for an entity from an SRE around 50 Iranian financial institutions anticipation of the reimposed US sanctions. jurisdiction. The jurisdictions granted an SRE and many of their foreign subsidiaries and The EU, Germany, France, Britain, Russia and have significantly reduced their oil imports branches. These designations include Bank China have also agreed to set up a special from Iran and therefore have been granted Melli and 13 of its subsidiaries, along with purpose vehicle (SPV) for non-US trade with the right to continue to pay for petroleum the Export Development Bank of Iran, the Iran, which is intended to enable European imported from Iran for six months. Iran-Venezuela Bi-National Bank, Bank Sepah, companies to bypass US sanctions targeting and Bank Tejarat, among others. Notably, Iran’s oil and financial sectors. The Wall Street The US Embassy in Iraq announced on 8 the reimposed measures also include the Journal announced on 26 November that November that Iraq has been granted a 45- authority to sanction persons providing France and Germany will likely host the SPV, day waiver to continue to import natural gas specialised financial messaging services according to senior diplomats. and energy supplies from Iran. The temporary to the Central Bank of Iran and the other waiver is conditional on Iraq not paying Iran designated Iranian financial institutions.
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