Financial Crime USA – Atos Victims Group http://atosvictimsgroup.co.uk/ Sat, 09 Oct 2021 10:31:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://atosvictimsgroup.co.uk/wp-content/uploads/2021/05/default1.png Financial Crime USA – Atos Victims Group http://atosvictimsgroup.co.uk/ 32 32 Democrats urge federal agencies to fight against use of cryptocurrencies for ransomware payments https://atosvictimsgroup.co.uk/democrats-urge-federal-agencies-to-fight-against-use-of-cryptocurrencies-for-ransomware-payments/ https://atosvictimsgroup.co.uk/democrats-urge-federal-agencies-to-fight-against-use-of-cryptocurrencies-for-ransomware-payments/#respond Fri, 08 Oct 2021 19:25:00 +0000 https://atosvictimsgroup.co.uk/democrats-urge-federal-agencies-to-fight-against-use-of-cryptocurrencies-for-ransomware-payments/ A group of Democrats on Friday urged the Biden administration to do more to deal with the increasing use of cryptocurrency markets in ransomware attacks, which have become a growing national security threat over the past decade. past year. Sense. Ed markeyEd MarkeyHillicon Valley – Brought to you by American Edge Project – Americans Blame […]]]>

A group of Democrats on Friday urged the Biden administration to do more to deal with the increasing use of cryptocurrency markets in ransomware attacks, which have become a growing national security threat over the past decade. past year.

Sense. Ed markeyEd MarkeyHillicon Valley – Brought to you by American Edge Project – Americans Blame Politicians, Social Media For Spread Of Disinformation: Poll Democrats Urge Federal Agencies To Combat Use Of Cryptocurrency For Overnight Energy Ransomware Payments & Environment – Biden to restore national monuments canceled by Trump MORE (D-Mass.), Sheldon White HouseSheldon Whitehouse Hillicon Valley – Brought to you by American Edge Project – Americans Blame Politicians, Social Media For Spread Of Disinformation: Poll Democrats Urge Federal Agencies To Combat Use Of Cryptocurrency For Ransomware Payments Tax new plastic is the cheapest way to reduce its environmental impact MORE (DR.I.), and Reps. Jim langevinJames (Jim) R. Langevin Hillicon Valley – Brought to you by American Edge Project – Americans Blame Politicians and Social Media for Spreading Disinformation: Poll Democrats Urge Federal Agencies to Combat Use of Cryptocurrencies for ransomware payments Biden signs bill to strengthen cybersecurity for K-12 PLUS schools (DR.I.) and Ted LocationTed W. Lieu Hillicon Valley – Brought to you by American Edge Project – Americans Blame Politicians and Social Media for Spread of Disinformation: Poll Democrats Urge Federal Agencies to Combat Use of Cryptocurrencies for Ransomware Payments The first senator officially endorses Bass in the candidacy of the mayor of LA PLUS (D-California) sent a letter Friday to the heads of the departments of Homeland Security, Justice, State and Treasury asking them to continue “stronger coordination” between agencies on the issue of cryptocurrency.

They pointed to a massive increase in ransomware attacks, with the FBI’s Internet Crime Complaints Center receiving reports of nearly 2,500 ransomware attacks with losses of over $ 29 million in 2020.

“The proliferation of cryptocurrency has facilitated this explosive growth in ransomware attacks, in large part by providing easy, quick and hard-to-trace methods to launder illicit gains,” the lawmakers wrote. “We believe that increased enforcement of existing laws on money laundering and financial crimes would play an important role in deterring ransomware attacks and facilitating the recovery of cryptocurrency paid to ransomware attackers.”

They asked the agencies to answer a series of questions by the end of the month on how cryptocurrency exchanges are involved in ransomware attacks, and highlighted the threat of focusing on this issue.

“The rapid increase in ransomware attacks not only has a financial impact on local governments and businesses, but also threatens US national security, as ransomware can disrupt critical infrastructure and capture sensitive data,” said writes lawmakers.

The Hill has contacted the agencies to which the letter was sent for comment. DHS declined to comment, while a State Department spokesperson pointed out that the federal government is working hard to counter ransomware attacks.

“The U.S. government is pursuing a focused and integrated effort to disrupt ransomware players and the ransomware ecosystem, build resilience to defend against ransomware attacks, position the public and private sectors to respond and recover more quickly from incidents,” and work closely with international partners to hold criminals and the states that harbor them accountable, ”the spokesperson said in a statement provided to The Hill.

“The disruption of the criminal use of cryptocurrency is a key part of this effort,” they said. “The uneven implementation of anti-money laundering / terrorist financing (AML / CFT) requirements for virtual currency internationally prevents the US government from disrupting money laundering associated with ransomware. The State Department is investing in capacity building efforts to ensure appropriate regulation and implementation of “know your customer” and other AML / CFT controls for virtual currency exchanges abroad. “

The Democrats who signed the letter are not the first lawmakers to worry about this issue. Senator Maggie HassanMargaret (Maggie) Hassan Democrats Urge Federal Agencies To Fight Use Of Cryptocurrencies For Ransomware Payments Senate Close To Avoiding Debt Crisis Is Virginia Running In Problems much deeper to Democrats? FOLLOWING (DN.H.) letters sent to several federal agencies in September asking them to crack down on the use of cryptocurrency exchanges for criminal practices.

Concerns about cryptocurrency exchanges have increased in recent months following a series of major ransomware attacks in which hackers have used cryptocurrency exchanges for the payment of victims in order to make it more difficult for authorities to trace the funds.

These attacks included those against Colonial Pipeline and meat producer JBS USA, both of which chose to pay the ransoms in bitcoin. After the attack, however, the Justice Department was able to recover the majority of the $ 4.4 million in bitcoins paid by Colonial.

Several agencies have already taken action to tackle hackers’ use of cryptocurrency in ransomware attacks, including the Treasury Department, which last month sanctioned Suex OTC for allegedly facilitating ransomware payments, its first sanctions against a virtual currency exchange.

The Department of Justice also moves in space. Deputy Attorney General Lisa Monaco announced earlier this week that the agency is setting up a national cryptocurrency enforcement team to “dismantle” cryptocurrency exchanges used to facilitate ransomware payments by victims .

“Cryptocurrency exchanges want to be the banks of the future, well, we have to make sure that people have confidence when they use these systems, and we have to make sure that we are prepared to eliminate the abuses that can occur. install on them, ”Monaco said when she announced the group at the Aspen Institute’s virtual cyber summit.

-Update at 6:15 p.m.


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UK Challenger Bank withdraws its US license offer https://atosvictimsgroup.co.uk/uk-challenger-bank-withdraws-its-us-license-offer/ https://atosvictimsgroup.co.uk/uk-challenger-bank-withdraws-its-us-license-offer/#respond Wed, 06 Oct 2021 19:15:41 +0000 https://atosvictimsgroup.co.uk/uk-challenger-bank-withdraws-its-us-license-offer/ UK app-based challenger bank Monzo has withdrawn its US banking license application, according to reports. The bank, which has five million customers using its app-based accounts and bright orange payment cards, has been exploring expansion in the United States since 2019. She currently has a small partnership with Sutton Bank in Ohio with a few […]]]>

UK app-based challenger bank Monzo has withdrawn its US banking license application, according to reports.

The bank, which has five million customers using its app-based accounts and bright orange payment cards, has been exploring expansion in the United States since 2019.

She currently has a small partnership with Sutton Bank in Ohio with a few thousand clients and in February appointed Carol Nelson CEO of Monzo USA.

The Financial Time reported Monday that Monzo had informed the Office of the Comptroller of the Currency (OCC) that he wished to withdraw his request. The newspaper quoted a source who said the bank had been told that his request was unlikely to be granted.

The bank said in a statement: “Following a recent engagement with the OCC, we have decided to withdraw our request for a banking license for our American start-up.

However, he said he would look for other ways to increase his presence in the US as well as reinvest in his UK business, according to Reuters.

Monzo’s statement added: “There are many commercialization avenues that we are exploring that have been successful for other market entrants who are now major players. “

The bank has yet to make a profit and has seen losses reach £ 130m ($ 176.5m) in fiscal year 2020-21, in part due to the impact of the pandemic . Its listeners questioned its ability to continue operating in Monzo’s latest annual report.

However, he still managed to increase his deposit base to over £ 3 billion.

Monzo is currently under investigation by the UK financial services regulator for potential violations of anti-money laundering rules. The Financial Conduct Authority wrote to UK banks in May expressing concerns about complying with financial crime laws.



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Hong Kong SFC unveils consultation on AML / CFT guideline for licensed companies – Government, public sector https://atosvictimsgroup.co.uk/hong-kong-sfc-unveils-consultation-on-aml-cft-guideline-for-licensed-companies-government-public-sector/ https://atosvictimsgroup.co.uk/hong-kong-sfc-unveils-consultation-on-aml-cft-guideline-for-licensed-companies-government-public-sector/#respond Mon, 04 Oct 2021 05:26:15 +0000 https://atosvictimsgroup.co.uk/hong-kong-sfc-unveils-consultation-on-aml-cft-guideline-for-licensed-companies-government-public-sector/ Hong Kong: Hong Kong SFC unveils consultation on AML / CFT guideline for licensed companies 04 October 2021 Mayer brown To print this article, simply register or connect to Mondaq.com. On September 15, 2021, the Hong Kong Securities and Futures Commission (SFC) published his conclusions (the Conclusions of consultations) from last year’s consultation (the Consultation) […]]]>

Hong Kong: Hong Kong SFC unveils consultation on AML / CFT guideline for licensed companies

To print this article, simply register or connect to Mondaq.com.

On September 15, 2021, the Hong Kong Securities and Futures Commission (SFC) published his conclusions (the
Conclusions of consultations) from last year’s consultation (the Consultation) on its proposed amendments to the guideline on the fight against money laundering and the financing of terrorism (for authorized companies) (the
AML / CFT guideline). The Consultation Conclusions present the SFC’s analysis of the responses to the Consultation, as well as the final amendments to the AML / CFT Guideline. The revised AML / CFT guideline entered into force on September 30, 2021, with the exception of the new requirements for cross-border correspondent relationships, which will enter into force on March 30, 2022 after a six-month transition period.

In this legal update, we provide a high-level overview of SFC’s proposed changes to the AML / CFT Directive and highlight key takeaways from the consultation findings.

Overview of proposed changes

The proposed amendments to the AML / CFT guideline aim to align with the recommendations of the Financial Action Task Force (FATF) standards amplified by its Guidelines for a Risk-Based Approach to the Securities Industry (the “RBA Guidelines for the Securities Industry“) published on October 26, 2018 while providing practical guidance to facilitate the implementation of AML / CFT measures by financial institutions (IF) in a risk sensitive manner.

The main proposed amendments1are:

  • Institutional risk assessment: FIs are required to establish and implement adequate and appropriate AML and CFT policies, procedures and controls, taking into account the products and services offered, types of customers, geographic locations and other factors prescribed in the AML / CFT Directive. In addition, FIs should perform an institutional risk assessment at least once every two years or more frequently upon the occurrence of trigger events that have a significant impact on the activities and risk exposure of the FI. . FIs that operate overseas branches and subsidiaries should also conduct a group-wide AML / CFT risk assessment to facilitate the design and implementation of AML / CFT systems at the corporate level. group scale.
  • Risk indicators for institutional and client risk assessments: FIs are required to assess the AML / CFT risks associated with the client and the business relationship when conducting an institutional or client risk assessment. To determine the overall level of risk to which the FI is exposed, the FI must take a holistic view of a range of factors, including, but not limited to, country risk, customer risk, product / service risk. / transaction as well as the risk related to the delivery / distribution channel. with the customer.
  • Due diligence for cross-border correspondent relationships: While the proposed changes received broad support, a considerable number of comments were made on the requirements for cross-border correspondent relationships. In response, the SFC has provided greater clarity and additional flexibility to meet the demands of cross-border correspondent relationships. For example, SFC has proposed a streamlined approach for cross-border correspondent relationships with affiliates. In accordance with this approach, FIs may apply additional due diligence and risk mitigation measures by assessing whether their group policy and AML / CFT program applicable to an affiliate comply with FATF standards. In addition, given that the requirements for cross-border correspondent relationships are new, the SFC has granted a transition period of six months (from the date of publication in the Official Journal of the revised AML / CFT guideline) for FIs to establish policies and procedures to implement the border correspondent relationship arrangements for their new and pre-existing business relationships.
  • Simplified and strengthened measures within the framework of a risk-based approach: The SFC has limited the type and extent of customer due diligence (CDD) measures used to verify the identity of low-risk customers. For these clients, the SFC suggested reducing the frequency of review of existing CDD records and the degree of ongoing monitoring of transactions based on a reasonable monetary threshold. In contrast, the SFC has asked FIs to adopt enhanced due diligence measures for high-risk clients and politically exposed persons.
  • Warning indicators for suspicious transactions and activities: As part of the process of identifying suspicious activity, FIs are expected to take additional action and obtain additional information (for example, by asking appropriate questions of clients, assessing the justifications provided by clients and verifying their records) to assess whether the transaction or activity is in accordance with the FI’s knowledge of the customer. In this regard, in the revised AML / CFT guideline, the SFC has provided a list of non-exhaustive illustrative indicators of suspicious transactions and activities in order to enable FIs to determine whether there are grounds for suspicion concerning the client. concerning.
  • Third party deposits and payments: FIs are required to take all reasonable measures to mitigate the AML and CFT risks associated with transactions involving deposits and third party payments, having regard to the list of illustrative indicators of suspicious transactions and activities referenced below. -above. In addition, FIs should only accept deposits or payments from third parties in exceptional circumstances and when they are reasonably consistent with the client’s profile and normal business practice. Before an FI accepts a deposit or third-party payment agreement, it must ensure that adequate policies and procedures and a due diligence process are in place to mitigate the inherently high risk and address any concerns. applicable legal and regulatory requirements.
    In the revised LAB / CFT guideline, the SFC also responded to industry concerns about the practical difficulties in completing due diligence on third party deposits before settling transactions with deposited funds. According to the SFC, FIs are allowed to delay third party filing due diligence only in exceptional situations where there is no suspicion of AML and CFT risks and where risk management policies and procedures appropriate are in place.
  • Person claiming to be acting on behalf of the client: To determine whether a person purports to act on behalf of the client (PPTA), FIs should assess the AML / CFT risks associated with that person’s roles and the activities that the person is authorized to conduct, as well as the AML / CFT risks. FT risks related to the business relationship. In addition, FIs should implement clear policies to determine who is considered a PPTA and identify a PPTA in accordance with the identification requirements set out in the policies.

To help the industry better understand the application of the AML and CFT requirements set out in the consultation conclusions, the SFC will publish an updated set of FAQs following the implementation of the AML / CFT Directive. This should facilitate the implementation of risk-based AML and CFT measures by industry actors more effectively.

Key points to remember

The management of AML and CFT risks remains a priority area for financial regulators. The changes made by the SFC to the AML / CFT guidelines are part of this trend. Some of the main proposed amendments align, for example, with common themes emerging from recent UK Financial Conduct Authority assessments of banks’ financial crime systems and controls. For a more detailed discussion, please see our legal update.

The Hong Kong Monetary Authority also recently released two notes regarding (a) Supporting the Use of New Technologies for AML / CFT: Suggested Actions for Hong Kong Banking Sector (hkma.gov.hk) and (b) Main Observations and Good Practices in the Use of External Information and Data in Anti-Money Laundering and Terrorist Financing (AML / CFT) Systems (hkma.gov.hk). In response to increased regulatory expectations globally, FIs are reminded to continue to improve their overall AML and CFT frameworks in accordance with applicable regulatory requirements and to remain proactive.

Footnote

1. These are the main areas of amendment identified by the SFC in the consultation conclusions.

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This article by Mayer Brown provides information and commentary on legal issues and developments of interest. The foregoing does not constitute a complete treatment of the matter at hand and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action on the matters discussed in this document.

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How victims of sexual assault can sue and get help in North Carolina https://atosvictimsgroup.co.uk/how-victims-of-sexual-assault-can-sue-and-get-help-in-north-carolina/ https://atosvictimsgroup.co.uk/how-victims-of-sexual-assault-can-sue-and-get-help-in-north-carolina/#respond Sun, 03 Oct 2021 10:00:00 +0000 https://atosvictimsgroup.co.uk/how-victims-of-sexual-assault-can-sue-and-get-help-in-north-carolina/ READ MORE Where are the lawsuits? North Carolina has an unfortunate history of childhood sexual abuse. In 2020, NC became the first state in the South to open a temporary window for child survivors of sexual abuse of any age to bring civil suits. Is North Carolina really following these lawsuits? Here is the special […]]]>

READ MORE


Where are the lawsuits?

North Carolina has an unfortunate history of childhood sexual abuse. In 2020, NC became the first state in the South to open a temporary window for child survivors of sexual abuse of any age to bring civil suits. Is North Carolina really following these lawsuits? Here is the special report from The News & Observer.

Expand all


North Carolina’s SAFE Child Act opened a two-year window for child sexual abuse survivors of all ages to sue those who abused them and organizations that failed to protect them. . Starting in 2022, only people 27 years of age or younger will be allowed to bring these lawsuits in North Carolina.

Here are resources to help survivors navigate the process.

Find a lawyer

The first step is to find a lawyer. Many companies work on contingencies, which means customers don’t have to pay fees up front.

The North Carolina Bar Association’s Referral Service allows people to search for attorneys based on area of ​​expertise, location and language or request personalized references online.

The National Crime Victim Bar Association offers a similar service and may restrict searches to lawyers experienced in child sexual abuse cases.

Experts recommend seeking attorneys experienced in this type of litigation. It is normal to speak with several lawyers before deciding who to work with. Out-of-state firms may be able to partner with local attorneys to work together on a North Carolina case.

Lawyers offer advice, but they are not responsible for making decisions on a case. When it comes to major choices, Raleigh attorney Leto Copeley said, an attorney’s job is to defend the wishes of a survivor.

Lawsuit or settlement?

Most child sexual abuse lawsuits name institutions such as schools, churches, or summer camps as well as an abuser, as most individuals cannot afford significant financial settlements.

Preparing a case can take weeks or months, especially if lawyers need to find businesses that have closed or changed their insurance policies since the alleged abuse occurred.

The vast majority of child sexual abuse lawsuits are settled before trial, said Daniel Barker, a Raleigh lawyer specializing in this type of litigation. Negotiating settlements allows survivors to avoid having to go into details in public documents or in courtrooms about the abuse they suffered. Although complainants can sometimes testify under pseudonyms, documents and hearings will remain public.

Even after negotiations have started, survivors can turn down settlement offers and file lawsuits instead. Lawsuits can take years to complete.

Support for survivors

The prosecution process in sexual assault cases can be exhausting, traumatic and difficult, say survivors. It is normal to need additional support.

Child USA has compiled a guide to help survivors navigate legal proceedings.

The North Carolina Coalition Against Sexual Assault has a list of local resources across this state. Many have hotlines available 24/7. Although services vary by location, many agencies connect survivors with support groups, counseling, medical care, or legal aid.

For survivors of assault in North Carolina who now live elsewhere, the National Rape, Abuse & Incest Network offers information on local resources in other states, with quick help available from its National Sexual Assault Hotline ( 800-656-4673). The Priest Abuse Survivors Network supports those abused in religious organizations around the world.

The National Suicide Prevention Lifeline at 800-273-8255 offers 24 hour support and crisis resources.

Raleigh News & Observer Related Articles


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NI man wanted by US law enforcement is a senior official in alleged £ 6million global fraud, court said https://atosvictimsgroup.co.uk/ni-man-wanted-by-us-law-enforcement-is-a-senior-official-in-alleged-6million-global-fraud-court-said/ https://atosvictimsgroup.co.uk/ni-man-wanted-by-us-law-enforcement-is-a-senior-official-in-alleged-6million-global-fraud-court-said/#respond Fri, 01 Oct 2021 16:34:00 +0000 https://atosvictimsgroup.co.uk/ni-man-wanted-by-us-law-enforcement-is-a-senior-official-in-alleged-6million-global-fraud-court-said/ A Co Antrim-based businessman is a suspected senior official of an alleged global $ 6 million fraud, a court said on Friday. Homas Andrew Kenny is wanted by US authorities for claiming he was at the center of a sophisticated investment scam with links to countries in Europe and Asia. The 33-year-old, with an address […]]]>

A Co Antrim-based businessman is a suspected senior official of an alleged global $ 6 million fraud, a court said on Friday.

Homas Andrew Kenny is wanted by US authorities for claiming he was at the center of a sophisticated investment scam with links to countries in Europe and Asia.

The 33-year-old, with an address at Baileys Gate in Ballymena, was arrested in Belfast on Thursday by police acting on an extradition warrant.


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Cryptocurrencies and exchanges will face increased regulatory attention https://atosvictimsgroup.co.uk/cryptocurrencies-and-exchanges-will-face-increased-regulatory-attention/ https://atosvictimsgroup.co.uk/cryptocurrencies-and-exchanges-will-face-increased-regulatory-attention/#respond Thu, 30 Sep 2021 10:00:54 +0000 https://atosvictimsgroup.co.uk/cryptocurrencies-and-exchanges-will-face-increased-regulatory-attention/ By Dustin Palmer gglobal and US regulators crack down on the “Wild West” crypto industry. The New York attorney general shut down Coinseed to trade currencies without being registered as a broker. Bitfinex and Tether were also shut down earlier this year after paying $ 18.5 million in penalties. And the Treasury’s Office of Foreign […]]]>

By Dustin Palmer

gglobal and US regulators crack down on the “Wild West” crypto industry. The New York attorney general shut down Coinseed to trade currencies without being registered as a broker. Bitfinex and Tether were also shut down earlier this year after paying $ 18.5 million in penalties. And the Treasury’s Office of Foreign Assets Control just appointed SUEX to facilitate financial transactions for ransomware players (such as Colonial Pipeline).

These surveys are not just for small players. It was also reported that Binance Holding Ltd was under investigation by the Department of Justice, Internal Revenue Service and Commodity Futures Trading Commission, for everything from sales of derivatives to money laundering. , including insider trading and market manipulation. In response, Binance centralized its compliance function and hired a former U.S. Treasury criminal investigator as the new AML agent. A dozen other companies are likely under investigation, with other regulators involved, such as the New York State Department of Financial Services, the Financial Crimes Enforcement Network, and the Securities and Exchange Commission.

Indeed, SEC chairman of the Biden administration, Gary Gensler, has repeatedly mentioned that regulatory oversight of crypto exchanges is insufficient. It seems to be changing.

Abroad, the new reality of crypto exchange regulation is becoming increasingly important:

  • In 2020, Canada’s financial intelligence unit, FINTRAC, began regulating all crypto exchanges as money services businesses. This includes registration with FINTRAC, record keeping and a comprehensive compliance program.
  • In May 2020, Japan began regulating crypto exchanges as legal property, requiring them, as well as crypto custodians, to have comprehensive compliance programs.
  • The Monetary Authority of Singapore has made it clear that crypto exchanges should be fully regulated and require AML programs as digital payment token service providers.
  • In March 2021, South Korea amended its anti-money laundering law to fully designate cryptocurrency exchanges as financial institutions, and gave them six months to comply, which includes registration, registration, obtaining authenticated banking contracts with national banks and setting up a complete certification of information security management and AML programs. . The South Korean financial regulator went so far as to say that all stock exchanges that did not comply by September 2021 would be closed. A week before the deadline, only 28 of 63 crypto exchanges were registered.
  • The UK’s Financial Conduct Authority released a new policy statement in March that includes crypto companies on the list of companies required to comply with anti-money laundering laws. Of the approximately 23,000 financial firms in the UK, only 2,500 were previously required to submit financial crime reports. With the new policy statement applying to “all crypto asset exchange providers and custodian wallet providers,” the figure rises to 7,000.
  • In April 2021, Taiwanese authorities made it clear that all cryptocurrency exchanges and trading platforms must follow existing AML regulations. Authorities have promised more crypto laws will be forthcoming and have said cryptocurrency exchanges and Bitcoin trading platforms have until July 2021 to fully comply with existing AML regulations.
  • In June 2021, India announced that the famous Indian crypto exchange WazirX would be closed due to money laundering and other criminal offenses.
  • Additionally, as of June, the European Union’s Sixth AML Directive requires every company providing financial services, including cryptocurrency exchanges, to comply with all AMLs and know the laws of your customers. Several European countries have gone further. For example, in April 2021 Ireland required all virtual asset service providers to register with the central bank within three months to ensure compliance with AML obligations.

That list could grow, and with China’s central bank announcement last week of a ban on all unofficial digital currency payments and services, apart from its own that it is developing, the trend is clear.

What are US regulators doing?

At the end of 2020, FinCEN proposed two major rule changes. First, in October, FinCEN sought to amend record keeping regulations and the “travel rule” to collect, store and transmit information on international payments at $ 250, a threshold well below the limit of 3. $ 000 that he would replace. The rule specifically includes cryptocurrency transfers as a class of transactions to which the proposal would apply.

Second, FinCEN issued an advance notice of a regulatory proposal in December that would require banks and crypto firms to verify the identity of their customers, keep records of virtual currency transactions over $ 3,000, and submit currency transaction reports for virtual currency transactions over $ 10,000, if the counterparty to the transaction uses an unhosted (non-custodial) or “otherwise covered” (as an area of ​​primary concern for) wallet money laundering).

Despite the change in administration, most analysts expect these rules to take effect in 2021.

On January 1, 2021, Congress, after declaring that cryptocurrencies are used by “terrorists and criminals.” . . to exploit vulnerabilities in the global financial system ”, passed the Anti-Money Laundering Law of 2020. AMLA provides the most comprehensive update of anti-money laundering laws under the Bank Secrecy Law since l ‘USA Patriot Act of 2001, extending the requirements to crypto companies by expanding the definition of “financial institutions” to include companies involved in the exchange of “value which substitutes for money or funds”. This includes KYC, transaction monitoring, identification of beneficial owners of accounts, etc.

AMLA made it clear what former FinCEN director Ken Blanco said: All virtual currency companies must register with FinCEN.

Earlier in 2020, the OCC clarified the power of national banks to provide cryptocurrency custody services to all of their customers and issued guidelines regarding the use by banks of stablecoins and blockchains, which can be used to facilitate payments and other activities. In January 2021, the OCC gave conditional approvals for national trust bank charters to three cryptocurrency companies: Anchorage, Protego Trust Co. and Paxos. But even those conditional approvals have since been called into question by the OCC’s Acting Controller and could be stopped.

More recently, in July, the President’s Financial Markets Task Force met to discuss stablecoins and their potential threat to financial stability, stressing “the need to act quickly to ensure that stablecoins are in place. ‘an appropriate regulatory framework’. And in September, Gensler said any trading platform where someone can buy and sell digital tokens and earn interest must register with the SEC or face enforcement action, similar to the Wells notice given to Coinbase (and which prompted Coinbase to abandon its lending program).

Based on the above, what regulatory actions are likely in the United States? To be clear, these are just my opinions:

  • Classification. The SEC currently views cryptocurrency as security, while the CFTC maintains it is a commodity, the IRS views it as property, and the Treasury calls it a currency. Some of these overlap and SEC v. Ripple will likely limit the role of the SEC, with most cryptos ultimately classified as commodities and currencies (with the exception of stablecoins, which will likely be considered securities).
  • Initial challenges. Who remembers the application of the AML immediately after the Patriot Act? For many banks and regulators this has been difficult, at least in part because of the staff and training. Most regulators are strapped for resources, and technological developments move so rapidly that a lack of specific knowledge and experience could be a problem. How many banks or regulators include staking pools, storage options (cold, hot, steel), binary options, hash, and nonce?
  • Strengthening the application. In addition to the publicly announced investigations, there are likely many more underway. Some will become public shortly, and more investigations will begin this year, as state and federal attention turns to the industry and the money that flows through it. In the near term, we’ll likely continue to see regulation by application, with the DOJ and SEC taking the lead.
  • Specific regulations. Targeted regulations, ranging from AML to insider trading, will likely be released soon, possibly this year and next, especially because blockchain transactions often contain more or different information than transactions in. typical fiat currency (hence the problem of travel rules).
  • Wide reach to non-fungible tokens. These regulations will apply broadly to all kinds of tokens, including those related to digital art and other valuable goods.
  • Full registration and monitoring. The era of exceptions to “financial institution” status may be over. The default answer will be ‘yes’, with very few unregistered crypto companies.
  • Top-down mentality. If a foreign precedent is followed, US regulators may not give crypto firms more time to get their affairs in order. They have known for years that this is happening. If crypto companies cannot meet the AML and other requirements, they may have their licenses withdrawn (if already granted) or be shut down.
  • Increased focus on sanctions. With significant mining and crypto exchanges in sanctioned countries, US regulators, including OFAC, will likely tighten regulations to prevent those countries from circumventing trade embargoes and sanctions.

Whatever the specifics, we can be sure that there will be increased regulatory attention and focus on cryptocurrencies, exchanges, and all businesses that deal with virtual currencies. Real change might require further action from Congress, which could take years to implement – and could very well include some or all of the new transaction reporting requirements of the Infrastructure Investments and Jobs Act, passed by the Senate, which apply to all “cryptocurrency brokers”.

Dustin Palmer is Managing Director and Leader of BRG’s Financial Institution Advisory practice. He can be contacted at DPalmer@thinkbrg.com. The views expressed in this article are those of the author and do not necessarily represent the views of BRG or its other employees and affiliates.



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People: R&B Switchgear Group; Rapleys; Exchange rooms; Nugent; Vee24 https://atosvictimsgroup.co.uk/people-r-rapleys-exchange-rooms-nugent-vee24/ https://atosvictimsgroup.co.uk/people-r-rapleys-exchange-rooms-nugent-vee24/#respond Thu, 30 Sep 2021 05:10:40 +0000 https://atosvictimsgroup.co.uk/people-r-rapleys-exchange-rooms-nugent-vee24/ X Sign up for free to receive the latest news straight to your inbox Register now Heywood’s specialty engineering firm, R&B Switchgear Group, has bolstered its team with 14 new hires as the company seeks to create a focused, high-performing culture poised for a new era of growth. The talented new hires have been appointed […]]]>

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Heywood’s specialty engineering firm, R&B Switchgear Group, has bolstered its team with 14 new hires as the company seeks to create a focused, high-performing culture poised for a new era of growth.

The talented new hires have been appointed in response to numerous inquiries and landmark contracts and will support the growing finance, operations, engineering, project management and CAD departments.

Mohsin Nawaz joins as Group Financial Controller and brings with him 10 years of industry experience. He will take on a strategic role, using data and information to drive the growth of the global R&B network that spans the UK, US and APAC regions.

The company’s engineering department has also undergone an exciting transformation following a nationwide campaign to attract the best talent in the industry.

Among the newly appointed experts are Paul Casanove, who brings a wealth of testing experience from Siemens, Mike Hardy, who comes from Anord Mardix, Alison Rhodes starts in a role of newly created operations coordinator, and Lukasz Rudnicki who will strengthen the capacity of electrical design of the group. .

In Scotland, Robbie McMillian will draw on R&B marine credentials, drawing on his training with the Department of Defense and V.Ships. Scott Ritchie brings five years of experience with Terasaki and Jordan McDonagh returns after gaining industry knowledge from Schneider and Anord Mardix.

The company’s expertise in modernization and Whipp & Bourne was also bolstered by two key hires. Heath Horton brings 13 years of experience from former manufacturer Hawker Siddeley, and David Billington returns as Technical Project Manager to help diversify the existing heritage offering.

Managing Director Mark Beswick said: “This is a historic moment for R&B Switchgear Group, and we are delighted to welcome so many qualified experts to our ranks as we lay the groundwork for the future. .

“As specialists in our field, we strive to design tailor-made solutions for our customers. Each project we work on is unique, which is why we need to attract unique talents and develop unique skills within our team.

“We are excited about the potential to expand our service offering and embrace new ideas and technologies to ensure we stay at the forefront of our industry. “

This strategic expansion comes as the company celebrates historic projects won with new and existing customers including the UK Atomic Energy Authority, Tesco, the NHS, Tata Steel, Royal Caribbean and P&O UK.

Newly appointed Project Manager Robbie McMillian said: “I am very passionate about the vision and potential of the R&B group companies. With a heritage spanning more than 35 years, the company has evolved a lot over the course of its history – and it continues to take on new technical challenges and set new benchmarks in the industry.

“I look forward to joining the team and working towards a bright and bold future for the company and its employees. “

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Andrew Bradshaw has joined Rapleys as a planning partner in the Manchester office of GL Hearn.

He has more than 25 years of experience in the public and private sectors and is a specialist in the planning and residential development and regeneration of city centers.

Andrew Bradshaw

He said: “I am delighted to join Rapleys as an urban planning partner and look forward to working with the team to develop the business in the residential and downtown regeneration sectors.

Andrew has extensive experience in promoting and obtaining building permits for new residential developments and in the preparation of downtown strategies and master plans.

Key projects Andrew has worked on include negotiating numerous building permits for Homes England across the UK and preparing master plans for Newbury, Blackpool and Rochdale town centers.

Richard Huteson, Senior Planning Partner in Manchester, said: “We are delighted to strengthen our team in Manchester with the appointment of Andrew who will lead the residential sector in the North West. “

Andrew’s appointment as a partner now equips the Rapleys planning team with nine partners who provide assistance with the planning system across the UK through their network of centrally located offices .

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Ian Whitehurst, of Exchange Chambers in Liverpool, has been appointed to a number of new academic posts, reflecting his expertise in financial crime and cybercrime.

Ian has been appointed as a visiting lecturer at the University of Northumbria on financial crime and a guest lecturer at the University of Nottingham on cybercrime. He will be giving a series of lectures over the next academic year.

The nominations complement Ian’s current role as Associate Lecturer at John Moores University, Liverpool.

Ian whitehurst

Ian was also invited to give a talk at Galway University in February 2022, on the use of technology in the criminal trial process and how to challenge computer forensic evidence with a focus on prosecutions. arising from the dispute with the post office.

This follows a previous round of guest lectures in Galway, Ulster Universities and University College Dublin on cybercrime issues.

Ian, who has long been ranked among the top juniors in Chambers UK and the Legal 500, said: “I am delighted to complement my criminal practice with a number of new conference assignments.

“It is very rewarding to contribute to the development of the next generation of lawyers. “

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Independent charity Nugent has announced a new addition to its all-female leadership team to further its ambitions to transform and raise standards in the healthcare industry.

At his annual Leadership Summit this week, the CEO of Liverpool-based charity Normandy Wragg welcomed Sarah Dimmelow as the new COO. Sarah joins Nugent from Polaris Children’s Services where she was Managing Director, and brings with her over eight years of management experience. In her role at Nugent, Sarah will act as executive backup manager.

The team is complemented by Joanne Henney, Deputy Managing Director and Director of Governance of Nugent, a role she has held for over two years. Joanne is piloting the association’s growth plan alongside Normandy.

Now in its 140th year, Nugent is an independent registered charity that provides life-changing and lifesaving care and support to society’s most vulnerable children, youth and adults, through its network of schools, care homes and community and social services. .

The leadership team will now push forward an ambitious program of funding change to create positive outcomes for its people and beneficiaries, especially after the pandemic.

From left to right: Joanne Henny, Normandie Wragg, Sarah Dimmelow

Normandie Wragg said: “If the pandemic has taught us anything, it is that we can never rest on our laurels and we must be prepared for any eventuality.

“With the addition of Sarah, I am confident that we now have a leadership team that can advance an ambitious strategy that will innovate and expand our services when they are needed most, to achieve our vision of becoming an organization. truly exceptional. and to ensure that the charity has the greatest impact on the lives of the people we are proud to serve.

She added: “It’s amazing to think that Nugent has been around for 140 years. Now it is a question of advancing this proud heritage and learning from the past to advance change in the care sector that improves life chances for all. “

Sarah Dimmelow said: “I am very happy to join Nugent. Having spent time with the directors and the management team recently, two things really stood out.

“First, values ​​guide the work of the organization. How we treat others and behave as individuals defines our impact and success. Second, the quality of services is essential. Keeping children and adults safe and able to reach their full potential defines not only our purpose as an organization, but our professional identity. As someone who shares these priorities, I am eager to join and support Nugent’s journey.

To celebrate its 140th anniversary and help continue its work supporting the community’s most vulnerable, Nugent hopes to raise at least £ 140,000 in unrestricted donations by the end of this fiscal year.

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Vee24, a specialist in person-to-person digital customer experience solutions, announced that Jeff Barovich has joined the company as senior vice president of global sales.

The addition of Barovich to the leadership team is recognition of the rapid growth the Macclesfield company is experiencing and the global reach of Vee24’s live engagement technology, he said.

As a new member of the leadership team, Barovich’s responsibilities will include supporting a disciplined sales process, motivating the global team to reach the next level, and demonstrating to big brands how Vee24 helps them achieve. accelerate their digital activity with immersive and connected virtual customer engagements.

Jeff Barovitch

Managing Director Joseph Noonan said, “We are delighted to welcome Jeff to the Vee24 team and look forward to his leadership in growing our sales operations globally. As virtual shopping continues to grow exponentially, it’s clear that successful retailers are turning to Vee24 to launch white glove sales and services that meet the needs of discerning online shoppers. Jeff’s expertise will help Vee24 bring this technology to the world’s biggest brands.

Barovich comes to Vee24 with a proven track record in sales leadership, including previously working at Forrester Research, where he held several sales leadership roles over a decade.

In these roles, he led the organization’s largest and most successful global sales teams, helping marketing and technology leaders develop customer-centric strategies. Barovich has also led sales organizations in high growth SaaS companies including Invoice Cloud, Neolane and Cymfony, and he will bring to the Vee24 brand the expertise he has acquired to drive sales team growth and acquisition of new customers.


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US issues Hezbollah-related sanctions in coordination with Qatar | Business and Economy News https://atosvictimsgroup.co.uk/us-issues-hezbollah-related-sanctions-in-coordination-with-qatar-business-and-economy-news/ https://atosvictimsgroup.co.uk/us-issues-hezbollah-related-sanctions-in-coordination-with-qatar-business-and-economy-news/#respond Wed, 29 Sep 2021 16:58:02 +0000 https://atosvictimsgroup.co.uk/us-issues-hezbollah-related-sanctions-in-coordination-with-qatar-business-and-economy-news/ Coordinated measures between the United States and Qatar target Hezbollah’s “big” funding network in the Arabian Peninsula, according to the US Treasury. The Biden administration, in coordination with Qatar, imposed sanctions on several suspected Hezbollah financiers based in the Gulf region, accusing them of providing and facilitating material support to the Lebanese group. The US […]]]>

Coordinated measures between the United States and Qatar target Hezbollah’s “big” funding network in the Arabian Peninsula, according to the US Treasury.

The Biden administration, in coordination with Qatar, imposed sanctions on several suspected Hezbollah financiers based in the Gulf region, accusing them of providing and facilitating material support to the Lebanese group.

The US Treasury Department on Wednesday announced sanctions against what it called a “major” Hezbollah financial network based in the Arabian Peninsula.

The administration targeted seven people – citizens of Qatar, Bahrain and Saudi Arabia, as well as a Palestinian national – and a real estate company that it said funneled millions of dollars to Hezbollah and related institutions. to the group.

They include Ali al-Banai, Ali Lari and Abd al-Muayyid as well as AlDar Properties, based in Qatar.

US sanctions freeze their assets in the US and make it a potential crime for US citizens to do business with them.

Later Wednesday, Doha also confirmed that it had imposed sanctions in coordination with Washington against seven people and one entity, without identifying them.

“This decision (…) comes in the light of cooperation with the United States in the framework of Qatar’s fulfillment of its obligations and its relentless efforts in the fight against terrorism at the local, regional and international levels” Qatar’s official news agency QNA said in a statement. declaration.

This was echoed by US Secretary of State Antony Blinken, who hailed the sanctions as an example of the Biden administration’s cooperation with international allies.

Andrea M Gacki, director of the US Treasury’s Office of Foreign Assets Control, accused Hezbollah of abusing the international financial system to finance “terrorist activities”.

“The cross-border nature of this Hezbollah financial network underscores the importance of our continued cooperation with international partners, such as the government of Qatar, to protect the United States and international financial systems from terrorist abuse,” Gacki said. in a press release.

Washington has stepped up its efforts against Hezbollah’s funding network, with former President Donald Trump increasing pressure on the Iran-linked group as part of his maximum pressure campaign against Tehran.

The US Treasury said last year it had targeted 90 individuals and entities affiliated with Hezbollah since 2017.

Earlier this month, the Biden administration sanctioned suspected Hezbollah financiers in Kuwait and Lebanon.

The United States designated Hezbollah as a terrorist organization in 1997, but the group rejects the label, posing as a resistance force against Israel.

Hezbollah has also blamed U.S. sanctions, including measures against neighboring Syria, for the worsening economic crisis in Lebanon, where the collapse of the local currency has resulted in shortages of fuel and medicine, among other commodities. based.

On Wednesday, the US Treasury said it would continue to target the funding of “terrorist groups.”

“Through sustained information sharing and collaboration across this and other network of Lebanese Hezbollah financial facilitators operating in the Arabian Peninsula, the US government will continue to disrupt the financial support flowing to terrorist groups such as Hezbollah,” including through multilateral and bilateral initiatives, ”he said in a statement.



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FIA issues further notice to Shehbaz Sharif, wants response by October 8 https://atosvictimsgroup.co.uk/fia-issues-further-notice-to-shehbaz-sharif-wants-response-by-october-8/ https://atosvictimsgroup.co.uk/fia-issues-further-notice-to-shehbaz-sharif-wants-response-by-october-8/#respond Wed, 29 Sep 2021 13:25:44 +0000 https://atosvictimsgroup.co.uk/fia-issues-further-notice-to-shehbaz-sharif-wants-response-by-october-8/ LAHORE: The Federal Investigation Agency (FIA), investigating the infamous sugar scandal, served another notice on the president of the Muslim League of Pakistan-Nawaz (PML-N) and the opposition leader in National Assembly Shehbaz Sharif and asked him to answer 20 questions on or before October 08, Bol News learned. The FIA ​​Lahore team wrote in the […]]]>

LAHORE: The Federal Investigation Agency (FIA), investigating the infamous sugar scandal, served another notice on the president of the Muslim League of Pakistan-Nawaz (PML-N) and the opposition leader in National Assembly Shehbaz Sharif and asked him to answer 20 questions on or before October 08, Bol News learned.

The FIA ​​Lahore team wrote in the notice that these 20 questions are the same as posed to Shahbaz Sharif in the June 15 convening notice as well as during his appearance before the Sugar Investigation Team on June 22.

The questions that were sent to the President of the PML-N by the FIA ​​are as follows:

Q-1. What do you have to say about the facts that deposits over Rs. 25 billion [from 2008 to 2018] were made to bank accounts operated on behalf of peons and employees of Ramzan Sugar Mills Ltd [RSML]? Do you think this is organized financial crime activity? [It is a non-accusatory question]. Q-2. Do you know the framework envisaged by the 40 FATF recommendations on the fight against national and international money laundering?

Q-3. Do you know the term politically exposed person [PEP]? Do you consider your family members to be PEPs? Do you think RSML, ASML and their associated companies belong to PEPs? Q-4. Do you know that the FATF recommends enhanced due diligence for PEPs and also emphasizes an early detection system (red flags) regarding the use of PEPs by financial institutions and DNFBPs in accordance with the Article 52 of the UNCAC?

Q-5. What do you think could be the reasons for the dismal failure of SBP, Banks & FMU, etc. [from 2008 to 2018] to raise red flags with regard to accounts operated in the name of “peons and employees” of RSML from 2008 to 2018? [It is a non-accusatory question]. Q-6. Do you know that in international and national law, if it turns out that the PEPS / civil servants (beneficially) hold assets (including pecuniary resources) which are not satisfactorily justified by their declared income , the burden of proof that these assets were not generated by the gratuities while the exercise of the civil service rests with the PEPS / civil servants?

Q-7. Mian M. Hamza Shahbaz Sharif (CEO of RSML) transferred responsibility for account operations to his younger brother Suleman Shehbaz Sharif? Do you agree or disagree with his position? Q-8. What were the reasons for the escape of Suleman Shehbaz (in the United Kingdom on October 27, 2018) and the flight of key employees such as Malik Maqsood, peon (in the United Arab Emirates on March 14, 2018), Syed M Tahir Naqvi (in United Arab Emirates November 7, 2018) and cash boys like Masroor Anwar, Shoaib Qamar and Muzammil Raza etc? Shouldn’t they all be there to explain the transactions in question?

Q-9. Do you know Mr. Mushtaq Cheeniwala exclusive broker RSML / ASML? He revealed to the Sugar Investigation Team that around Rs. 4 billion of the total deposits of over Rs. 25 billion came from unofficial sales of sugar / molasses etc. (which amounts to tax evasion amounting to money laundering and concerns the RBF). The remaining amount (over 21 billion rupees) came from “foreign sources and the real source of these huge funds can only be explained by the Sharif family.” Do you think Hamza Shahbaz as CEO of RSML is likely to explain these transactions?

Q-10. How do you think the checks amounted to over Rs. 10 million presented to you by Aurangzeb Butt (chairman of the Gujrat beatification committee) at 180-H Model Town Lahore (April 2013) have been deposited on the one of those accounts which was operated in the name of the peon Gulzar A Khan (late) RSML?

Q-11. An account (linked to the UBL-Omni BISP microfinance disbursement account) makes payments to the bank accounts of Malik Maqsood (Peon RSML) & Chaudhry Sugar Mills Ltd. Do you think that such transfers constitute money laundering?

Q-12. Fractional and structured deposits (to avoid FMU’s CTR reporting threshold) of more than Rs. 8 billion, including those from covert workers / innocent victims (of the shadow bank) and spurious entities were found in these accounts? Do you think that such deposits are indicative of money laundering? Q-13.

There is evidence of deposits in these accounts by parties unrelated to the sugar trade, including cotton mills, wheat mills, rice mills, gasoline and CNGS pumps, oil and lube stores. , iron and steel furnaces, drugs and pharmaceuticals, jewelers, government officials, contractors / builders, real estate agents, electronics sellers, shoe and clothing stores, iron / steel stores, carpet dealers, paint , sanitary ware and kiryanas, restaurants, tire shops, mobile shops, toy shops, travel agents, dried fruit shops, furniture shops, photo shops and auto workshops, etc.

Don’t you think that such receipts on the accounts of RSML employees and employees carry a very high risk of money laundering?

Q-14. Almost all (over 90%) of the money deposited (read in disguise) to these accounts was withdrawn during structured cash withdrawals (to avoid the CTR threshold) mainly by a single cash-boy who switched to the underground. Do you think this is a good business technique (since you have been CEO of Chaudhry Sugar Mills Ltd and Director / Managing Agent of Hudaibiya Paper Mills Ltd). Or do you think that structured cash withdrawals of such huge amounts can potentially be used to break the track of the use of funds?

Q-15. There is credible information available from the Sugar Investigation Team that Suleman Shehbaz Sharif received “bags of money” at your residence / camp office (96-H Model Town Lahore). Then, Syed M. Tahir Naqvi transported the money to the “Cash-Branch” located at the head office of Sharif group companies, 55-K Model Town, Lahore. Then this money was used for deposits (placement / layering) in various family businesses / personal accounts, retirement loans, FCY purchases in the local market, and remittances through banks and IMVTS. Do you think that such a pattern of using the aforementioned (huge) cash amounts to money laundering?

Q-16. Are you aware that your family business has been reported to make payments to a (bogus) foreign company, for import payments that are not your direct responsibility? However, do you think that if a disguised transfer is found to be money laundering?

Q-17. Do you know that a subcontractor engaged in civil works and various development works at the new Islamabad airport gave money to your son and then to your family business entity? However, do you think that if such a layered transfer is justified, it is money laundering?

Q-18. Information available from the Sugar Investigation Team reveals that interbank transfers were made to Sherrards Solicitors LLP Holborn London. Remittances for family maintenance expenses in UK have also been made to Afzaal Bhatti, KBM UK Ltd, Waqar Ahmed and Ms Nargis Waqar, Reshma Bhola, Hassan Bhola, Assenje Bhola and various others? Do you think the management of RSML and associated companies is required to truthfully and fully disclose all overseas remittances to the sugar investigation team?

Q-19. Does Suleman Shehbaz Sharif (to your knowledge) own or have beneficially owned or owned businesses (registered at Companies House) in Birmingham, London, anywhere in UK continental or in one of the British Overseas Territories / Isles.

Q-20. Have you ever been to any of the following locations including the British Overseas Territories and Isles, Switzerland or Delaware / Texas in the United States?

The FIA ​​team asked Shehbaz Sharif to answer these questions no later than October 8 so that the investigative team can file their response in court at the next court date, i.e. – say October 9. According to the FIA, the notices were sent to Shehbaz. Sharif’s residence in Lahore as well as his office in Islamabad.


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Unsealed indictment against six people and a foreign financial services company for tax evasion conspiracy | Takeover bid https://atosvictimsgroup.co.uk/unsealed-indictment-against-six-people-and-a-foreign-financial-services-company-for-tax-evasion-conspiracy-takeover-bid/ https://atosvictimsgroup.co.uk/unsealed-indictment-against-six-people-and-a-foreign-financial-services-company-for-tax-evasion-conspiracy-takeover-bid/#respond Tue, 28 Sep 2021 20:48:51 +0000 https://atosvictimsgroup.co.uk/unsealed-indictment-against-six-people-and-a-foreign-financial-services-company-for-tax-evasion-conspiracy-takeover-bid/ An indictment was unveiled today in New York, New York, which accuses offshore financial services executives and a Swiss financial services firm of conspiring to defraud the IRS by helping three high-value U.S. taxpayers to conceal more than $ 60 million in income and assets held in undeclared offshore bank accounts and to evade US […]]]>

An indictment was unveiled today in New York, New York, which accuses offshore financial services executives and a Swiss financial services firm of conspiring to defraud the IRS by helping three high-value U.S. taxpayers to conceal more than $ 60 million in income and assets held in undeclared offshore bank accounts and to evade US income tax.

According to the indictment, from 2009 to 2014, Ivo Bechtiger, Bernhard Lampert, Peter Rüegg, Roderic Sage, Rolf Schnellmann, Daniel Wälchli and the Swiss company Allied Finance Trust AG, based in Zurich, allegedly defrauded the IRS by covering up income and assets of some US taxpayers. clients with undeclared bank accounts located at Privatbank IHAG (IHAG), a Swiss private bank in Zurich, Switzerland and elsewhere. In order to help these clients, the defendants and others allegedly devised and used a scheme known as the “Singapore Solution” to conceal the clients’ US-based bank accounts, assets and income from US authorities. As part of the scheme, the defendants and others are said to have conspired to transfer more than $ 60 million from the undeclared IHAG bank accounts of the three US clients through a series of nominative bank accounts in Hong Kong and other locations. before returning the funds to newly opened accounts at IHAG, apparently held on behalf of a Singapore-based asset manager. US customers have reportedly paid IHAG and others significant fees to help them conceal their funds and assets.

“Prosecution of foreign tax evasion remains one of the highest priorities of the tax division,” said Acting Assistant Deputy Attorney General Stuart M. Goldberg of the Tax Division of the Department of Justice . “Taxpayers who plan to hide money abroad – and foreign bankers, lawyers and financial professionals who design and execute strategies to aid their escape – should know that the Taxation Division and the IRS have the investigative resources and expertise to unravel even the most elaborate schemes. “

“As alleged, the individual defendants and the Swiss company Allied Finance conspired to defraud the IRS by helping US taxpayers evade their tax obligations,” said US attorney Audrey Strauss for the Southern District of New York. “They would have done this through an elaborate ploy of concealing the assets of clients of a Swiss private bank through nominative bank accounts in Hong Kong and elsewhere, with the funds going to the private bank on behalf of a bank. Singaporean company. One of those American clients, Wayne Chinn, has pleaded guilty to participating in the so-called “Singapore Solution”, has confiscated over $ 2 million in the United States and is awaiting conviction for his convicted crime.

If found guilty, the defendants face a maximum sentence of five years in prison, supervised release and financial penalties, and the corporate defendant faces financial penalties. An indictment is only an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in court.

The guilty plea of ​​Wayne Franklyn Chinn of Vietnam and San Francisco, California, one of the U.S. taxpayers, who participated in the Singapore Solution program, was also unveiled today.

According to court documents filed as part of his guilty plea, from 2001 to 2018, Chinn hid around $ 5 million in undisclosed and untaxed income. During this period, Chinn held accounts in the name of nominees at Privatbank IHAG. Beginning in 2010, Chinn wired funds from these offshore accounts via nominee accounts in Hong Kong before returning them to newly opened accounts at IHAG held in the name of a Singapore-based trust company acting on behalf of of two foundations created to conceal Chinn’s ownership of the accounts. . Chinn then transferred the funds outside of Switzerland to undeclared accounts in Singapore. Chinn did not file any tax returns or disclose his foreign bank accounts during the years in question.

Chinn pleaded guilty to one count of tax evasion carrying a maximum sentence of five years in prison. Chinn also consented to civil forfeiture of 83% of funds held in five accounts at two Singapore banks, resulting in the confiscation and repatriation to the United States of approximately $ 2.2 million. The civil confiscation procedure is United States of America v. Certain funds deposited in various accounts, 20 Civ. 3397 (LJL).

Chinn is due to be sentenced on November 19 and faces a maximum sentence of five years in prison. He also faces a period of supervised release, restitution and financial penalties. A federal district court judge will determine any sentence after taking into account US sentencing guidelines and other statutory factors.

Acting Assistant Deputy Attorney General Stuart M. Goldberg of the Taxation Division of the Department of Justice; American lawyer Audrey Strauss for the Southern District of New York; and IRS-Criminal Investigation Chief James Lee made the announcement. The Office of International Affairs of the Department of Justice, the Office of the Attorney General of Singapore and the Department of Commercial Affairs of the Singapore Police Force provided considerable assistance in this case.

The IRS-Criminal Investigations Division is investigating the case.

Senior Litigation Attorney Nanette Davis and Trial Lawyer Sean Green of the Department of Justice Tax Division and Deputy U.S. Attorney Olga Zverovich of the U.S. Attorney’s Office for the Southern District of New York continue the case .


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