Kenneth Rijock
Wednesday, August 21, 2019
Tuesday, August 20, 2019
ST KITTS PULLS ITS FLAG FROM YET ANOTHER LOADED IRANIAN OIL TANKER, DESTINATION: SANCTIONED SYRIA
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| MT BONITA QUEEN |
The Government of St Kitts & Nevis has reportedly abruptly cancelled the vessel registration of the MT BONITA QUEEN, an Iranian crude oil tanker, which has taken on a cargo of crude at the terminal at Kharg island, and has sailed for an internationally-sanctioned destination in Syria. Apparently, St Kitts fears US push back should another vessel flying the SKN flag enter the Mediterranean, bound for Syria. Perhaps the Kittitians might want to cancel ALL the Iranian oil tankers it has on its maritime registry.
Will the US seize the ship and cargo ? This vessel is of particular concern, since there are now issues of doubt regarding the destination of the now-released GRACE 1, allegedly now destined for Greece, who has subsequently demurred.
TURKEY'S ZIRAAT BANK BREAKS TIES WITH CENTRAL BANK OF VENEZUELA
Most likely fearing sanctions enforcement action by the United States, Turkey's Ziraat Bank has closed its correspondent accounts at, and terminated its relationship with the Banco Central de Venezuela (BCV), Venezuela's Central Bank. Ziraat allegedly operated as a clearing house for transactions between Venezuela and Turkey, exchanging Turkish Lira for more suitable currency.
We have been warning our readers about Ziraat Bank on this blog since 2012. You are advised to review our prior arrticles:
(1) Russia Investigating Money Laundering in Four Turkish Banks that Operate in Russia, December 27, 2015.
(2) American Regulators show interest in Turkish Banks as Sanctions Evasion Facilitators, July 14, 2014.
(3) Are Five Turkish Banks in Iraq assisting Iran in Sanctions Evasion ? December 2, 2012.
NEW JERSEY SUPREME COURT HOLDS LIFE SETTLEMENTS VIOLATE STATE LAW
The Supreme Court of New Jersey, in a decision based upon the state's Insurable interest statute, has held that Life Settlements, investments by third parties in large life insurance policies violate the Laws of New Jersey, and its Constitution, and the policies are void ab initio.
An Insurance Interest is an interest in an individual which would result in a financial loss or hardship, in the event of death. Immediate family members of the insured, businesses that would suffer from his demise, or who are creditors also qualify. All others may not acquire an interest in a life insurance policy naming him as the insured.
The case involved a $5m life insurance policy acquired by investors who were not related to the insured, and had no other Insurable Interest. The Court stated that the policy was a wager on the life of another, and violates New Jersey's public policy. Three other states have addressed the same issue.
This decision is relevant to compliance, due to the fact that Life Settlements, which are investments in the secondary market for life insurance, are often owned by business associations or trusts, and beneficial ownership can be accomplished without the insuror becoming aware, thereby allowing the proceeds of crime to be laundered through life settlements, and reap a substantial return, when the insured passes away. When a bank client seeks to deposit a very large check from a life insurance company in the name of a trust or corporation, the circumstances may demand inquiry into whether the payment was from a life settlement investment.
An Insurance Interest is an interest in an individual which would result in a financial loss or hardship, in the event of death. Immediate family members of the insured, businesses that would suffer from his demise, or who are creditors also qualify. All others may not acquire an interest in a life insurance policy naming him as the insured.
The case involved a $5m life insurance policy acquired by investors who were not related to the insured, and had no other Insurable Interest. The Court stated that the policy was a wager on the life of another, and violates New Jersey's public policy. Three other states have addressed the same issue.
This decision is relevant to compliance, due to the fact that Life Settlements, which are investments in the secondary market for life insurance, are often owned by business associations or trusts, and beneficial ownership can be accomplished without the insuror becoming aware, thereby allowing the proceeds of crime to be laundered through life settlements, and reap a substantial return, when the insured passes away. When a bank client seeks to deposit a very large check from a life insurance company in the name of a trust or corporation, the circumstances may demand inquiry into whether the payment was from a life settlement investment.
Monday, August 19, 2019
PARAGUAY DESIGNATES HEZBOLLAH & HAMAS INTERNATIONAL TERRORIST ORGANIZATIONS, AQ & ISIS AS GLOBAL TERRORIST ORGANIZATIONS
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| Flag of the President of Paraguay |
By Presidential Decree, the Republic of Paraguay has designated Hezbollah and Hamas as an international terrorist organization, and has named Al-Qaeda and ISIS as global terrorists. Coming on the heels of Argentina's anti-terrorist designation of Hezbollah, it indicates a movement towards recognition of the threats posed by global terrorist organizations operating in Latin America.
Readers of the Spanish language will find the complete text of Presidential Decree 2307 below.
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