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Case review 16/03/2018
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.
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.
Case review 15/03/2018
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’.
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.
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.
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.
On October 7, the United States of America formally ended its Myanmar sanctions program, through President Obama signing an Executive Order.
Dedicated Anti-money Laundering Departments Formed; First Merchant Banking Licence Revoked Since 1984 due to AML Compliance Failures