Article: Special Counsel Spends $1.5 Million in Probe of Russia Inquiry

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Special Counsel Spends $1.5 Million in Probe of Russia Inquiry

Chris Strohm, 28 May 2021

The U.S. Justice Department released the first official expenditure report for the special investigation into the origins of the FBI’s Russia inquiry — providing a rare bit of insight into the secretive review more than two years after it was begun in response to demands by then-President Donald Trump.

The inquiry being led by Special Counsel John Durham spent about $1.5 million from Oct. 19 to March 31, according to the report from the Justice Department released Thursday. Of that, Durham directly spent about $934,000, mostly on personnel, while Justice Department units spent about $520,000 to support the investigation, according to the five-page report. Continue reading “Article: Special Counsel Spends $1.5 Million in Probe of Russia Inquiry”

Article: Chinese regulators vow to crack down on yuan exchange manipulation

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Chinese regulators vow to crack down on yuan exchange manipulation

Reuters, 28 May 2021

Chinese regulators including the central bank will crack down on manipulation of the forex market, according to a statement published on the central bank’s website on Thursday.

The regulators said the current foreign exchange market is largely balanced and the yuan could move in either direction in the future. They reiterated no change to the country’s currency policy, which is a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies.

The currency policy is “suitable for China’s national conditions and should be adhered to in the long run,” the statement said. Continue reading “Article: Chinese regulators vow to crack down on yuan exchange manipulation”

Article: AMC, Gamestop: Meme stocks roar back, fueled by Reddit-inspired traders

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AMC, Gamestop: Meme stocks roar back, fueled by Reddit-inspired traders

Ethan Wolff-Mann, 28 May 2021

In January 2021, the rise of retail investing and the subreddit r/WallStreetBets sparked a broader speculative movement in a few stocks that ended up disrupting trading at brokerages and culminating in a Congressional hearing.

And after a relatively quiet few months, the so-called meme stocks are back in a big way.

The movement’s mascot, GameStop (GME), ended the week up 23.6%. (Analysts from Vanda Research said that this was likely due to institutional involvement rather than a big retail push.) And the new meme stock leader is AMC (AMC), which has taken over the narrative with an enormous 108.9% gain for the week. Continue reading “Article: AMC, Gamestop: Meme stocks roar back, fueled by Reddit-inspired traders”

Article: House Hearing: Only Jamie Dimon’s Microphone Mysteriously Malfunctions During Pivotal Questioning

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House Hearing: Only Jamie Dimon’s Microphone Mysteriously Malfunctions During Pivotal Questioning

Pam Martens and Russ Martens, 28 May 2021

CEOs from the six largest banks on Wall Street testified under oath yesterday before the House Financial Services Committee. But only one CEO, Jamie Dimon, had an ear-piercing electronic sound emanate from his microphone, which blocked out the sound of his voice, when he was asked key questions by two separate members of Congress.

The situation was so bizarre that Congressman Juan Vargas, a Democrat from California, said this about the episodes: “It reminded me of the movie ‘Young Frankenstein.’ Every time they said ‘Luther’ the horses would get scared. Every time they said ‘Jamie Dimon,’ the computers would get scared.”

The first episode occurred after Congressman Al Green, a Democrat from Texas, told Dimon that two of the banks previously purchased by JPMorgan Chase had used slaves as loan collateral and at one point, after calling in a loan, the bank actually owned 1,250 slaves. Green asked Dimon: “Will you atone in the form of recompense,” and “what will you do for your banks owning human beings…?” Continue reading “Article: House Hearing: Only Jamie Dimon’s Microphone Mysteriously Malfunctions During Pivotal Questioning”

Article: China slams Biden’s renewed probe of Wuhan lab as ‘political manipulation’

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China slams Biden’s renewed probe of Wuhan lab as ‘political manipulation’

Mark Moore, 27 May 2021

The Chinese Communist Party blasted President Biden’s decision to renew the investigation into whether the coronavirus leaked from a Chinese lab as “political manipulation” and one that “does not care about facts and truth.”

Foreign Ministry spokesman Zhao Lijian, speaking at a press conference in Beijing on Thursday, said the US “does not care about facts and truth, nor is it interested in serious scientific origin tracing.”

“Some people in the United States claim they want the truth, but their real intention is political manipulation,” Zhao said. Continue reading “Article: China slams Biden’s renewed probe of Wuhan lab as ‘political manipulation’”

Article: Bank Julius Baer Agrees to Pay More than $79 Million for Laundering Money in FIFA Scandal

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Bank Julius Baer Agrees to Pay More than $79 Million for Laundering Money in FIFA Scandal

Department of Justice, 27 May 2021

Bank Julius Baer & Co. Ltd. (BJB or the Bank), a Swiss bank with international operations, has admitted today in federal court in Brooklyn that it conspired to launder over $36 million in bribes through the United States to soccer officials with the Fédération Internationale de Football Association (FIFA) and other soccer federations, in furtherance of a scheme in which sports marketing companies bribed soccer officials in exchange for broadcasting rights to soccer matches. The proceeding was held before U.S. District Judge Pamela K. Chen.

The Bank made these admissions and entered into a three-year deferred prosecution agreement with the department in connection with a criminal information filed today in the Eastern District of New York charging the Bank with conspiring to commit money laundering. As part of this agreement, the Bank has agreed to pay more than $79 million in penalties (including a fine of $43,320,000 and forfeiture of $36,368,400) to resolve the investigation into its involvement in a money laundering conspiracy that fueled this international soccer bribery scheme. Continue reading “Article: Bank Julius Baer Agrees to Pay More than $79 Million for Laundering Money in FIFA Scandal”

Article: Lucinity: A Battle Cry for the War Against Money Laundering

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Lucinity: A Battle Cry for the War Against Money Laundering

Francis Bignell, 27 May 2021

AI has improved and developed at an unprecedented rate over the past decade. This has been necessary as fraudsters across the globe have also been keeping up with technology, enabling them to create new scams and commit crimes like money laundering: exploiting old means of protection like outdated AML systems. Evidence for this can be seen in the fact that banks in the US faced $10.4billion in fines due to money laundering violations in 2020.

Lucinity is an AML software company, founded in 2018, with offices in New York and Reykjavik. Using advanced AI systems, the company helps banks discover money laundering to stop the funding of serious crime across the world. Guðmundur Kristjánsson, CEO and founder, more commonly known as GK, is an experienced veteran in the compliance space. Before founding Lucinity, GK served as Director of Compliance Surveillance Technology at Citigroup. He was instrumental in charting Citi’s path to AI in surveillance and responsible for a number of successful products across the compliance space. Before joining Citi, GK served as Director of Product Management at Nice Systems, building and delivering compliance systems to top-tier banks all over the world. Continue reading “Article: Lucinity: A Battle Cry for the War Against Money Laundering”

Article: S’pore police played ‘critical role’ in Interpol probe into online financial crimes; US$83m intercepted

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S’pore police played ‘critical role’ in Interpol probe into online financial crimes; US$83m intercepted

Zaihan Mohamed Yusof, 27 May 2021

SINGAPORE – Police in Singapore played a crucial role that led to 585 arrests and US$83 million (S$110 million) intercepted in an Asia-Pacific wide probe coordinated by Interpol that sought to crack down on online financial crime.

Voice phishing, romance scams and money laundering linked to online gambling were the “top three types of online financial crimes in terms of the number of cases”, the world policing body told The Straits Times on Thursday (May 27).

In voice phishing ruses, callers often impersonate authority figures to scam victims into providing details that would see them lose their money. Continue reading “Article: S’pore police played ‘critical role’ in Interpol probe into online financial crimes; US$83m intercepted”

Article: Local expert explains meatpacking industry concerns

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Local expert explains meatpacking industry concerns

Emily Tabar, 27 May 2021

DURANT, Okla. (KXII) – Oklahoma Governor Kevin Stitt released a letter last week about his concerns in the meatpacking industry. A local expert in the beef supply chain explains those concerns and what they hope to see change.

If you’re headed to the grocery store this memorial day weekend, expect to pay more at the meat counter. “We’ve let it go on for too long, and now we’re at the point now, it’s become a huge problem,” said Jeff Hazaleus, owner of Durant Stockyards.

Hazaleus said market manipulation by meatpackers has gone on for a while, but has become more clear this past year. Continue reading “Article: Local expert explains meatpacking industry concerns”

Article: China is growing more worried about how surging commodity prices will affect business profits

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China is growing more worried about how surging commodity prices will affect business profits

Evelyn Cheng, 27 May 2021

BEIJING — The global surge in commodity prices is adding another burden to China’s small businesses, many of which have barely put the coronavirus pandemic behind them.

In a sign of how severe the problem is, Chinese Premier Li Keqiang and other leaders emphasized at a meeting Wednesday they would increase support for privately run businesses — first, in the persistent issue of getting financing, and second, for coping with rising prices of raw materials.

The statement marked the latest central government announcement in the last few weeks on record high commodity prices, as authorities rush to limit the negative impact on the economy. If businesses selling to consumers keep prices steady in order to remain competitive, the rise in commodity prices will cut into profit margins. Continue reading “Article: China is growing more worried about how surging commodity prices will affect business profits”

Article: USTR challenges Canada over manipulation of dairy access

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USTR challenges Canada over manipulation of dairy access

CAROL RYAN DUMAS, 26 May 2021

U.S. Trade Representative Katharine Tai on Tuesday initiated a dispute settlement case over Canada’s manipulation of dairy tariff rate quotas to discourage imports of U.S. dairy products.

The U.S. dairy industry has had longstanding concerns about Canada undermining its trade agreements. Those concerns didn’t go away with U.S.-Mexico-Canada Agreement implemented last year.

The issue is Canada’s allocation of TRQs, which were supposed to increase access for U.S. dairy products. U.S. dairy groups contend Canada’s allocation system was constructed to discourage imports by reserving a large percentage of TRQs for Canada’s own dairy processors, who have no incentive to import competing U.S. products. Continue reading “Article: USTR challenges Canada over manipulation of dairy access”

Article: The U.S. Shouldn’t Let China Take the Lead on Trade

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The U.S. Shouldn’t Let China Take the Lead on Trade

Editorial Board, 26 May 2021

However loudly U.S. politicians vow to compete with China, they seem happy to quit the field and let Beijing win in one crucial area: trade. If President Joe Biden hopes to build a coalition in Asia to counterbalance China’s rise, he can’t afford such defeatism.

U.S. allies such as Japan are especially eager to see the U.S. join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) — the 11-nation free-trade agreement that in its original form was intended to cement U.S. ties to Asia. Yet administration officials continue to dodge questions about the deal. At the same time, according to Bloomberg News, China has begun exploratory talks on its own possible accession. Continue reading “Article: The U.S. Shouldn’t Let China Take the Lead on Trade”

Article: Crown still exposed to money laundering

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Crown still exposed to money laundering

Gus McCubbing, 26 May 2021

Crown faced pushback after cutting by half the length of a historical review into the presence of money laundering in its bank accounts, a royal commission has heard.

Provisional results from the review show indications of money laundering as recently as February, an inquiry into whether Crown remains suitable to keep its licence for its Melbourne operations was told on Wednesday. Continue reading “Article: Crown still exposed to money laundering”

Article: UK daily: President urges Britain to curb Belarus money laundering activity

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UK daily: President urges Britain to curb Belarus money laundering activity

Andrew Whyte, 26 May 2021

President Kersti Kaljulaid has called on the United Kingdom to join the European Union in opposition to the Alexander Lukashenko regime in Belarus, along with those of other anti-democratic governments which often use London as a conduit for large scale money-laundering activities, British daily The Guardian reports.

Appearing on BBC Radio 4’s World at One program Tuesday, the president noted that she had already raised the issue in 2018 following the poisoning of Russian former intelligence officer Sergei Skripal and his daughter Yulia in the southern English town of Salisbury – thought to be the work of Skripal’s former employer, the GRU – The Guardian reports. Continue reading “Article: UK daily: President urges Britain to curb Belarus money laundering activity”

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