Continue reading “Article: Final Defendant Sentenced in $80 Million Health Care Fraud Conspiracy”
Article: Lucinity: A Battle Cry for the War Against Money Laundering
Article - Media, PublicationsLucinity: 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enabling them to create new scams and commit crimes like money laundering: exploiting old means of protection like outdated AML systems.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
Article - Media, PublicationsZaihan 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
Article - Media, PublicationsLocal 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
Article - Media, PublicationsChina 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
Article - Media, PublicationsUSTR 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
Article - Media, PublicationsThe 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
Article - Media, PublicationsCrown 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
Article - Media, PublicationsUK 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”
Article: Businessman convicted of money laundering at Kilkenny Court
Article - Media, PublicationsBusinessman convicted of money laundering at Kilkenny Court
Court Reporter, 26 May 2021
A businessman has been convicted of money laundering at Kilkenny Circuit Court. Bartholomew Ohanya, 42 Carin na Rí, Singland Road, Limerick, pleaded guilty to the charge.
The offence was discovered as gardaí investigated a report a lady in Spain had been deceived of €126,650.
Gardaí examined the accounts of the man who deceived her and could clearly see the money coming in. They could also see transfers from the man to Mr Ohanya. Between June 25, 2018, and September 4, 2018, there were five electronic transfers totalling €21,000. They also saw €25,000 in 14 cash lodgements from the man. Continue reading “Article: Businessman convicted of money laundering at Kilkenny Court”
Article: S.Africa’s ex-president Zuma pleads not guilty to corruption charges
Article - Media, PublicationsS.Africa’s ex-president Zuma pleads not guilty to corruption charges
Reuters, 26 May 2021
South Africa’s former leader Jacob Zuma pleaded not guilty on Wednesday to corruption, fraud, racketeering and money laundering charges relating to a $2 billion arms deal when he was deputy president.
Zuma, who was president between 2009-2018, faces 18 charges relating to the 1999 deal. He has rejected the charges and says he is the victim of a politically motivated witch hunt by a rival faction of the ruling African National Congress.
Zuma, who also faces a separate inquiry into corruption during his time as president, is accused of accepting 500,000 rand ($34,000) annually from French arms company Thales, in exchange for protecting the company from an investigation into the deal. Continue reading “Article: S.Africa’s ex-president Zuma pleads not guilty to corruption charges”
Article: Opinion | CEOs are grossly overcompensated while workers suffer
Article - Media, PublicationsLIVE: Nexia BT Associates Back In Court In Corruption And Money Laundering Case
Lucas DiBlasi, 26 May 2021
Nearly every large company in the United States laid workers off, furloughed them or cut their salaries last year, all the while paying their CEOs incredible amounts of money.
After losing $4 billion, Norwegian Cruise Lines doubled the pay of CEO Frank Del Rio to $36.4 million. Hilton, the world’s second-largest hotel company, laid off about 22% of their global corporate staff before paying their CEO, Chris Nassetta, nearly $56 million.
And what’s Nassetta’s take on the year? He told investors he’s “pounding the table with optimism” and will be able to “return even more capital than we were pre-Covid to our shareholders.” Continue reading “Article: Opinion | CEOs are grossly overcompensated while workers suffer”
Article: China Tries to Temper Rising Commodity Prices
Article - Media, PublicationsChina Tries to Temper Rising Commodity Prices
Quentin Webb and Stella Yifan Xie, 26 May 2021
China is trying to cool red-hot markets for key industrial commodities such as iron ore, seeking to ensure runaway prices for these raw materials don’t hurt the broader post-pandemic recovery.
Chinese officials, led by Premier Li Keqiang, have stepped up their rhetoric on natural resources since mid-May. The national cabinet, or State Council, which Mr. Li chairs, said last week it would take steps to ensure adequate supply and stable prices for commodities. Continue reading “Article: China Tries to Temper Rising Commodity Prices”
Workers around the World: Lost in the pandemic, Billionaires around the World: gained in the pandemic
Article - Media, Graphic, Publications
Article: LIVE: Nexia BT Associates Back In Court In Corruption And Money Laundering Case
Article - Media, PublicationsLIVE: Nexia BT Associates Back In Court In Corruption And Money Laundering Case
Yannick Pace, 25 May 2021
Former Nexia BT partners Brian Tonna, Manuel Castagna, Karl Cini and manager Katrin Bondin Carter are back in court this afternoon as the compilation of evidence in the state’s case against them continues. They have been charged, together with seven others including former OPM chief of staff Keith Schembri, with a host of criminal charges stemming from two magisterial inquiries.
All four of the accused have been granted bail, with a magistrate deciding in the last sitting that there was enough prima facie evidence for the four to stand trial. Continue reading “Article: LIVE: Nexia BT Associates Back In Court In Corruption And Money Laundering Case”
