Representatives of the Swiss Federal Department of Finance and the Ministry of Finance of the Russian Federation last week executed a Memorandum of Understanding that included an exchange of information on Russian nationals holding deposits in Swiss banks that are suspected of tax evasion and money laundering. Considering that money launderers for Russian organised crime who operate in Switzerland probably read the Swiss Government announcement on the official website before I did, you also may want to govern yourself accordingly during the coming week; Here's how.
For further reading, please visit:http://www.world-check.com/articles/2011/09/26/watch-illicit-russian-money-exiting-switzerland/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
For further reading, please visit:http://www.world-check.com/articles/2011/09/25/bulk-cash-goes-canada-too/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
The Financial Action Task Force, FATF, has published the full report on its Mutual Evaluation of Anti-Money Laundering and Countering the Financing of Terrorism [AML/CFT] for the State of Kuwait. You may access the complete text of the document here*. previously, only an Executive Summary was available.
For further reading, please visit: http://www.world-check.com/articles/2011/09/24/fatf-releases-full-report-amlcft-kuwait/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
China has warned the state oil company of India that its planned joint venture, with the Socialist Republic of Vietnam, to explore for oil in the South China Sea, is a violation of Chinese sovereignty. This threat, following the July incident*, where an Indian warship visiting Vietnam, and reportedly in international waters, was advised that it was entering Chinese territorial waters, could raise country risk, not only for India, but also in the region.
For further reading, please visit: www.world-check.com/articles/2011/09/24/regional-country-risk-continues-rise-south-china-s/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
The Government of Antigua & Barbuda has been reportedly forced to "reschedule" payments coming due on three large interest-free loans that it received from the Peoples' Republic of China in 1988, 1991 and 1992. Whilst being characterised by government spokesmen as successful negotiations, it would appear that the loans were about to go into default. When taken together with the other existing Antiguan economic issues, especially the collapse of the Stanford empire, the situation would appear to warrant an increase in Country Risk.
For further reading, please visit: http://www.world-check.com/articles/2011/09/19/raise-country-risk-antigua/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
Notwithstanding Executive Order 13587, issued on 17 August, 2011, which blocked property of the Government of Syria, and prohibited most transactions involving Syria, General License No. 7* does carve out an exception for US persons who are winding down contractual obligations and divesting investments.
For further reading, please visit: http://www.world-check.com/articles/2011/09/10/winding-down-existing-syria-matters/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
The recent announcement of a new agreement* between the United Kingdom and Switzerland, regarding Britons with Swiss bank accounts, though not effective until after ratification by both countries, and then not until 2013, may cause capital flight, not only by tax evaders, but from accounts managed by money launderers who fear that even criminal profits that have been thoroughly "cleaned" could be identified to HM Revenue & Customs, and become the subject of a criminal investigation. Remember, money launderers also practise risk management, for losses that they incur could result in their having to personally restore lost funds of criminal clients, or even their possible deaths, events which they obviously do not relish. They will, therefore, move client funds away from potential disclosure and exposure.
For further reading, please visit: http://www.world-check.com/articles/2011/09/03/will-new-uk-switzerland-tax-agreement-cause-capita/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
Tom Fox, international writer and expert on FCPA compliance and risk management reviews Country-Check and offers an insightful commentary on how the tool can be customised to meet your specific business requirements.
For further reading, please download the PDF.
AML luminary, David Caruso, considers the far reaching consequences of a poorly conceived country risk policy on a company's AML program. AML Officers everywhere, will benefit from his intelligent an incisive overview of the dangers and challenges in geo political risk management.
Reports this week confirm that the Indian warship, INS Airavat, en route from Nha Trang to Haiphong, and in international waters approximately 50 nautical miles from both Vietnam and China, was challenged by an unidentified Chinese naval vessel, which communicated that it was entering Chinese territorial waters. Though international waters begin 12 nautical miles from land, China claims sovereignty over the entire South China Sea, including areas claimed by several other Southeast Asia nations. What are we to make of this action for country risk purposes ?
For further reading, please visit: http://www.world-check.com/articles/2011/09/02/country-risk-issues-south-china-sea-and-india-appe/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
Notwithstanding the sanctions imposed by the US Government, individuals can still send personal remittances to Syria. General License No. 6* allows the transmission of strictly non-commercial payments to individuals. Charitable donations, and any funds that are for business purposes, are expressly prohibited, as are any remittances paid through the Government of Syria.
For further reading, please visit: http://www.world-check.com/articles/2011/08/28/general-license-personal-remittances-syria/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
The Foreign Ministry of the Republic of Belarus has announced that it has frozen its nuclear agreement with the United States. The programme, which involves the transfer of enriched (weapons grade) Uranium to Russia, to be modified to a grade which reportedly cannot be weaponised, and the extension of American financial aid to Belarus. The Belarusian action, which appears to have been in response to the imposition of recent US sanctions against government-controlled entities, raises the potential threat that the nuclear material could be appropriated by terrorist organisations.
For further reading, please visit: http://www.world-check.com/articles/2011/08/20/belarus-suspension-nuclear-agreement-us-could-incr/ For more information on the author please click on the following link: http://www.world-check.com/kennethrijock/
