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‘Thirupathy, Karnan’
Marine Brief: latest decisions March 2018

16 March 2018

In this briefing we consider some recent decisions that have been handed down in the UK and overseas courts, that include: the meaning of “unit” under the Hague Rules; the right of owners to abandon a vessel arguably late and claim a CTL; and ‘whaling’ in Singapore, which is a cyber attack case, where payments are made by a bank on the instructions of an impostor.

No Singapore ship arrest in aid of foreign court proceedings

16 March 2018

In The Eurohope, the Singapore High Court was asked to consider whether a ship can be arrested in Singapore for the purpose of obtaining security in aid of foreign court proceedings. It held that it could not. However, this decision does not affect the courts’ power to retain property arrested as security for foreign arbitration, which is expressly provided for by Section 7 of the International Arbitration Act (IAA).

‘Whaling’ in Singapore

15 March 2018

Major Shipping & Trading Inc v Standard Chartered Bank (Singapore) Ltd, is the first reported decision by the Singapore High Court regarding a social engineering scam known as ‘whaling’ or ‘spoofing’.

CSE sanctions breaches: the long arm of US sanctions

05 March 2018

Last year, the Singapore listed company CSE Global Limited (CSE Global) and its wholly-owned Singaporean subsidiary CSE TransTel Pte. Ltd. (CSE TransTel) (collectively referred to as “CSE”) entered into a settlement agreement with the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) requiring CSE to pay a settlement of US$12 million.

Five lessons from the ZTE sanctions violations

11 January 2018

As we start the new year, we examine some of the lessons to be learnt from the ZTE sanctions violations settlement which was the largest such settlement with the US regulators in 2017.

Sanctions Update: Trump Presidency: What Will Happen To U.S. Sanctions?

17 November 2016

The United States currently has in place economic and trade sanctions applicable to various foreign countries and regimes, and other persons considered threats to U.S. national and economic security. These sanctions are potentially applicable to all nationalities – businesses dealing with anyone sanctioned by the U.S. could find themselves being sanctioned, meaning they are locked out of the U.S. market, unable to use the U.S. banking system and unable to transact with U.S. customers & suppliers.

Sanctions Update: Remaining U.S Sanctions On Myanmar Lifted

12 October 2016

On October 7, the United States of America formally ended its Myanmar sanctions program, through President Obama signing an Executive Order.

Singapore: Anti-money Laundering Update

27 June 2016

On 13 June 2016, the Managing Director of the Monetary Authority of Singapore (the MAS), Mr. Ravi Menon, announced the establishment of two new dedicated departments to supervise anti-money laundering (AML) efforts and to boost regulatory enforcement, respectively. The new departments are expected to be operational by 1 August 2016.

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