Money Laundering: A Foe of the Financial System

first_imgDr. Buno Nduka, director of programs and projects of the Inter-Governmental Action Group against Money Laundering, has described the act and terrorist financing as activities that undermine the stability and integrity of the financial system in West Africa.Dr. Nduka made the statement Tuesday, April 08, at a one-day financial sector executive officers dialogue meeting held in Monrovia.According to him, the dialogue was intended to provide a standards framework to act against criminals by clarifying and strengthening existing obligations and tackle the threat posed by ‘money laundering and terrorist financing’ in the sub region.He said, “As part of the global efforts to ensure that the financial system is not misused for the purpose of laundering proceeds of crimes; the Financial Action Task Force (FATF) in February 2012, revised its standards to provide a stronger framework against criminals.”The GIABA programs, according to Director Nduka, are providing new ways to combat threats to the international financial system and have competent authorities with knowledge and experience to counter the evolving dangers posed by money laundering and terrorist financing.He explained that FATF recommendations two and 40 call for national cooperation and coordination as well as international cooperation amongst competent authorities. These authorities include regulatory institutions that ensure money laundering rings and terrorist financiers are effectively combated and shut down.He said that recommendations one and from 19 to 21 of GIABA documents specifically focus on money laundering and terrorist financing risk assessment, customer identification, record keeping and reporting suspicious transactions on financial institutions.“Money laundering and terrorist financing have adverse consequences on the financial system. They undermine the stability and integrity of the system and expose the system to reputational damage and legal risk. This reduces the contribution of the sector to economic development, while all the countries integrated into the international financial system become exposed to the risks of these crimes,” said Dr. Nduka.He moved on to recommendation 26, which requires regulatory authorities to undertake supervision of financial institutions under their purview for Anti-money Laundering (AML) CFT and the financial sector, which is central to the implementation of the AML/CFT standard in any country.He disclosed that the outcomes of GIABA’s first round of mutual evaluation of member states (MS) reveal a generally low performance by the financial sector. This is owed to several factors, including insufficient commitment on the part of the management of financial institutions in implementing AML/CFT standards.“The compliance status of the sector in relation to the implementation of AML/CFT standards has serious consequences on the integrity and stability of the sector, its role in economic development, and ultimately, the achievement of ECOWAS’ overall objectives,” he maintained.For his part, the Director for Regulation and Supervision of the Central Bank of Liberia (CBL), Musa Kamara, on behalf of Central Bank of Liberia (CBL) Deputy Governor for Administration, Charles E. Sirleaf, told GIABA members that President Ellen Johnson Sirleaf is fully committed to strengthening the AML/CFT of the country.Money LaunderingMoney Laundering is the process where the proceeds of crime are transformed into ostensibly legitimate money or other assets.However, in a number of legal and regulatory systems, the term money laundering has become mixed with other forms of financial crimes, and sometimes used more generally to include misuse of the financial system, including terrorist financing, tax evasion, and evading of international sanctions.  It is said that the term ‘money laundering’ was coined from the practice of the American mafia who, at one time, channelled the cash proceeds of their crimes through launderettes to legitimize the cash. Whether this is true or not, the term ‘money laundering’ is now widely used.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

More needs to be done

first_imgDear Editor,About three weeks ago, I wrote about a leaking Guyana Water Incorporated (GWI) water main in North-eastern Georgetown. The problem has since been rectified.As a citizen of this country, I challenge others to make their contribution, however fractional, to its development and progress in word or deed. Most persons do not go beyond word, which is for the most part complaining. I believe that even after complaining, one should be prepared to propose feasible solutions. I also believe that we must be honest when there is meaningful change or resolutions and the appropriate credit or praise be given. It is in this good spirit that I must publicly recognise the remedial action of GWI by ending the leak and loss of hundreds of gallons of water.GWI, under the good stewardship of a former Health Minister, Dr Richard Van West-Charles, has made several interventions since 2015 to improve water distribution nationally. However, the quality of potable water to households appears to be an ongoing challenge for that entity. There is just too much discolouration, high iron and sedimentation content in the water entering most of our homes.The United States Environmental Protection Agency considers iron in well water as a secondary contaminant. There are no proven results of its direct impact to health based on the secondary maximum contaminant level set at 0.3 milligrams per litre. Nevertheless, the high iron content is known to cause other forms of damage. Some of the most notable effects are stains, clogs, odors and unpleasant taste.GWI’s management team is encouraged to further address the concerns of its water quality, and in so doing fulfill the CEO’s commitment when he was appointed in October 2015.Yours faithfully,Orette Cuttinglast_img read more

Blazing fast outriders

first_imgDear Editor,The terrible road accident at Friendship, East Bank Demerara, that claimed the precious lives of those five people on October 15, 2019, is indeed very sad. After viewing the surveillance camera footage, it is clear that the driver of the private car was not at fault. I was looking at the accident and thinking with a shudder that it could have easily been myself and family in that private car on that fateful day.This was something that was waiting to happen. I have heard countless experiences by drivers who encounter these blazing fast outriders. Here in Berbice, a close friend of mine and a popular businessman, was telling me some time back when Mr David Granger visited Region Six, Corentyne, how he was almost forced off of the road in his attempt to avoid a collision with one of the outriders that was travelling at a dangerously high rate of speed with absolutely no concern for other road users. What is the reason for these officers and convoys to be driving at this high rate of speed? What is the urgency? Is someone usually on life support in the presidential convoys and needs to get quickly to the hospital? It makes absolutely no sense at all. We the good citizens of Guyana have summed up that it is just for publicity, to give us all a sense that “he” is around. Take your time please, drive carefully and try not to kill more innocent people.I now wish to draw your attention to another horrific incident in Berbice in which two bodies were found, two others are missing and presumed dead. This was a few days before the road accident that sadly claimed those five precious lives. However, neither the President nor any of his Ministers visited to extend condolences to the grieving relatives of the boat incident, nor, to a lesser extent, offered monetary help.The police are here for the protection of the citizens of this country at all times and they are doing a great job in spite of bad conditions. They are not employed to guard a single person (who is in no risk of being hurt) in all conceivable directions.Sincerely,Shane Lindielast_img read more

Acute Obamamania

first_imgLOS Angeles is so full of celebrities that it’s hard to get excited about catching a glimpse of a movie star slurping a latte, or even a pop diva shaving off her hair. That’s why it’s amusing to note that even oh-so-cool Angelenos aren’t immune to acute Obamamania. That’s the condition that follows U.S. Sen. Barack Obama as he tours the country raising money in his run for the Democratic presidential nomination in 2008. But what’s most amusing is that those most star-struck with the hip senator from Illinois are Hollywood icons who are typically on the receiving end of such adulation. Steven Spielberg, Tom Hanks, Jennifer Aniston and Eddie Murphy are just a few of the top celebrities scrambling to honor Obama with their presence and their checkbooks. That’s Hollywood. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Foot massage parlors the latest rage in Southland

first_img“Foot massage is good for all kinds of illness,” said Lio “Tony” Jingfeng, owner of Foot Massage, one of six such establishments along the 200 block of Valley Boulevard. “If you’re sick, it helps with symptoms,” he said through an interpreter. “If you’re healthy, it maintains your health.” While independent medical tests could not be found to confirm that, Lio’s storefront could not be more busy. Located in a two-story strip mall with other businesses and restaurants boasting a range of wares in both English and Chinese, it was filled to capacity on a recent Sunday evening, with customers of all ages enjoying a bit of weekend pampering at $15 per hour. “In China, Korea, Japan and other Asian countries foot massage is very popular,” Lio said, emphasizing that the therapists who have worked for him since he opened six months ago are all trained in Chinese medicine. “Many guests have come and about 90 percent become repeat customers.” Lio added that many Westerners become regulars after experiencing a treatment. Vivian Lee and her husband, C.J. Stoltman, frequent the establishment, stopping in for treatments consisting of a foot soak with Chinese herbs, reflexology massage on feet and shoulders or full body massage, and herb tea, at least twice a month. “I had tennis elbow and Mr. Lo helped me with it,” said Lee, sitting in an armchair with her feet on a matching ottoman while Lo Jian administered a massage. “It took several visits. I couldn’t even lift my arm, but now I can and I can play tennis like I used to.” Said Stoltman: “It helps with mental clarity. I think the herbs seep through the skin.” Stoltman added that he’s enjoyed reflexology for about five years. Massage specialists Lo and Teng Amy echoed Lio, saying reflexology helps with a range of health issues, including high blood pressure and arthritis. Lio opened the establishment after first coming here from northern China and working in a chiropractic office for four years. He noticed the demand for reflexology was growing and decided to open his own shop, in which 10 armchairs and ottomans face two plasma screen TVs for customer viewing. San Gabriel police Chief David Lawton said about 20 business licenses for foot massage storefronts have been issued in the last two years. “I have been invited, but I haven’t gone yet,” Lawton said. “Some of my friends, very legitimate people, including doctors and attorneys, love it.” He acknowledged some assume prostitution occurs at such massage establishments. But Lawton said recent investigations revealed that most of that illegal trade occurs in residences set up solely for that purpose. Police said that has been one arrest for prostitution at a San Gabriel foot massage establishment. “We’ve also encountered prostitution in beauty salons, restaurants and night clubs,” the chief added. mary.gurton@sgvn.com (626) 578-6300 Ext. 4461 • Photo Gallery: 3/21: Happy Feet SAN GABRIEL – Got reflexology? Foot massage lounges – the fancy term is reflexology – in tough competition with each other are springing up around the San Gabriel Valley, all the rage for those looking for quick, walk-in relaxation. There’s even a claim that it’s good for what ails you. last_img read more

Pastor pleads not guilty to molestation

first_imgWHITTIER – An associate pastor at Whittier Seventh-day Adventist Church pleaded not guilty Friday to molesting a 9-year-old girl. Prosecutors charged Misael Blanco Sarsoza, 56, of West Covina with a felony count of committing a lewd or lascivious act upon a child under 14. Whittier Court Commissioner Loren DiFrank informed Sarsoza there is a protective order in the case, meaning he must stay away from the victim and must not dissuade witnesses. Sarsoza, who remains free on a $100,000 bond, will return to Whittier Court next month for a hearing. 165Let’s talk business.Catch up on the business news closest to you with our daily newsletter. Something went wrong. Please try again.subscribeCongratulations! You’re all set! According to the criminal complaint, the alleged molestation happened April 2. The document does not say where. The girl’s grandparents reported the alleged abuse to Whittier police, who arrested Sarsoza on April 5, the complaint states. Sarsoza has been on administrative leave, according to Betty Cooney, communications director for the Southern California Conference of Seventh-day Adventists. ruby.gonzales@sgvn.com (562) 698-0955, Ext. 3026last_img read more

Judge hopes neighbours can ‘live happily ever after’ after shooting incident

first_imgA Circuit Court Judge has applied the probation act in the case of a 48-year-old Donegal man charged with assault and discharging a firearm, saying he hopes the two neighbours will be able to ‘live happily ever after’.Patrick J Friel (48) of Ballynakillew, Churchill, was charged with the offences against farmer Gerard Sweeney on January 3, 2015. The two men became embroiled in a row over a right of way and the pair came to an agreement at Buncrana Circuit Court over the right of way.Friel was given the benefit of the probation act by Judge John O’Hagan on the charges of assault and the discharge of a firearm.The DPP had recommended that Friel be trialled by jury.Judge O’Hagan said he was applying the probation act ‘in the hope that it diffuses the situation’. The Judge ordered that three firearms belonging to Friel be seized and disposed of.Judge O’Hagan said: “As they say in Alice In Wonderland, hopefully they will all live happily ever after.“In light of what has happened, the poison is out of the chalice. In my view, this is the fairest way to discharge the matter.“It was a very unfortunate affair, brought about in the heat of the moment. A pellet went into Mr Sweeney’s eye and he has had difficulty with that.”Friel faced a possible five years imprisonment for the two charges.The first was a Section 3 assault under the Non Fatal Offenses Against The Persons Act.The second was that he did discharge a firearm being reckless as to whether any person was injured or not contrary to Sec 8 of the Firearms Offenses Weapons Act 1990.Judge O’Hagan said: “Mr Sweeney brought a digger into the land and was preparing what he considered a right of way to which he thought he was entitled.“He was seen by Mr Friel and Mr Friel saw red. He thought: ‘This is my land. He has no right to do that’. There had been a disagreement before and this led to the final straw. Mr Friel took the law into his own hands. He had a shotgun and discharged a cartridge past the digger and Mr Sweeney was injured.”Judge hopes neighbours can ‘live happily ever after’ after shooting incident was last modified: July 15th, 2017 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Buncrana Circuit CourtChurchillGerard SweeneyJUdge John O’HaganPatrick J Friellast_img read more

Chelsea star ‘to reject £340,000-a-week contract’ to sign for Real Madrid

first_imgChelsea star Eden Hazard is reportedly poised to reject a new contract to sign for Real Madrid.The Belgian playmaker has been linked with Los Blancos on numerous occasions throughout the years, and his future has been up for discussion again this summer with Chelsea’s managerial situation still unclear. He has already spoken about his desire to represent Los Blancos: “Real Madrid could interest me, everyone knows it, if they want me they know what they have to do.“If I have a good World Cup, things will be easier, but going to Madrid for the sake of it, no.“Saying ‘I’m off’ would be too easy, that’s why first I want to see what happens to Chelsea next season.” Man United joined by three other clubs in race for Erling Haaland And now it has been revealed by Marca that Hazard was offered to Real days before the Champions League final, when Zinedine Zidane guided Los Blancos to a third successive European Cup with a 3-1 defeat of Liverpool.It is reported Hazard’s father and agent, Thierry, made contact with Real officials to offer the Madrid club the chance to sign the 27-year-old. moving on Arsenal transfer news LIVE: Ndidi bid, targets named, Ozil is ‘skiving little git’ TOP WORK targets Zidane had earmarked Hazard as a future signing, and even though he resigned after the Champions League success, Los Blancos remain interested in the Belgium international as an alternative to Neymar, the Paris Saint-Germain forward, if he cannot be signed this summer.And Hazard is prepared to rejected Chelsea’s latest contract offer, worth a reported £340,000-a-week, to seal a move to Spain.It is reported Hazard wants to play for a team with an attacking style of play that suits his talents, have grown frustrated under the management of Jose Mourinho and Antonio Conte, while he also wants to be playing Champions League football with the Blues failing to qualify for next season’s edition of Europe’s premier competition. three-way race Top nine Premier League free transfers of the decade Liverpool’s signings under Michael Edwards – will Minamino be the next big hit? Hazard is currently starring for Belgium at the World Cup Kevin De Bruyne ‘loves Man City and wants to keep winning’, reveals father The biggest market value losers in 2019, including Bale and ex-Liverpool star Cavani ‘agrees’ to join new club and will complete free transfer next summer 2 2 RANKED Tony Cascarino backs Everton to sign two strikers for Carlo Ancelotti Latest transfer news Where every Premier League club needs to strengthen in January targets IN DEMAND Chelsea confident of beating Man United and Liverpool to Sancho signing REVEALED Hazard has made over 200 appearances for Chelsea since 2012 LIVING THE DREAM LATEST last_img read more

The future is bright for young Glenties people with new career programme

first_imgThe Hub Youth Centre in Glenties is delighted to announce the launch of ‘Ignite Your Future’ – a youth activation programme for young people aged 16-25 who need support and guidance with their personal, social, educational and career development. For 1-2 days a week young people can avail of accredited training, 1-1 career guidance, support with job hunting (CVS/Interviews), community relations and skills development.This is a great opportunity for young people to improve their prospects for the future and build their self-confidence. Ideal for those who have left school/college early or for graduates taking the next step. We are currently recruiting – contact Sinéad for more information 087 6023933 / ignite@thehubyouthcentre.comThe Hub supports young people from Glenties, Ardara, Narin/Portnoo, Rosbeg, Lettermacaward, Fintown and the surrounding areas – everyone is more than welcome! Have a chat with Sinéad to see if it’s for you!The future is bright for young Glenties people with new career programme was last modified: July 4th, 2017 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:GlentiesHub Youth CentreIgnite Your Futurelast_img read more

L.A. Museum Sued Over I.D.

first_imgThey had a contract.  The American Freedom Alliance (AFA), which takes no official position on Darwinism vs Intelligent Design but wanted to present both sides of what they considered an important public issue, was scheduled to show two films at the California Science Center’s IMAX Theater – one which assumes evolution, and one which argues against Darwin.  A press release from the Discovery Institute (which was sending some of its representatives for a follow-up panel discussion) somehow prompted the Center to cancel the contract, leaving the AFA scrambling to find another venue.  The event was held Oct. 25 to a smaller audience at USC with poorer projection facilities.  The AFA is suing the California Science Center for breach of contract.  They issued a press release on their AFA website (PDF format).  AFA President Avi Davis explained their case: “The Center is a public institution and our event was planned as a debate with both sides of the controversy represented.  It is Orwellian when a public institution tries to suppress particular ideas it deems unsavory.  It can be likened to a public library removing certain books from its shelves because the librarian disagrees with the viewpoints expressed in them.”  The lawsuit alleges that the Center “conspired to drop the event because they did not want the museum to be viewed as legitimizing intelligent design as a scientific theory,” and claims that pressure was brought to bear on the Center from the Smithsonian and other institutions to drop the event.    The AFA also held “The Darwin Debates,” a debate on the origin and evolution of life, at a theater in Beverly Hills on November 30, featuring Michael Shermer and Donald Prothero defending Darwin and Stephen Meyer and Richard Sternberg opposing.  A recording of this debate is available on the AFA website.    Mike Boehm at the Los Angeles Times reported on the lawsuit and what occasioned it, but presented a biased definition of intelligent design that its proponents would not accept:Intelligent design is the theory that an intelligent being, rather than impersonal forces such as Darwinian natural selection, is responsible for shaping life on Earth.  An overwhelming majority of scientists and science and natural history museums consider the theory of evolution to have been proved beyond a doubt by genetic and fossil evidence.  Critics of intelligent design have dismissed it as a superficially scientific cloak for the straightforwardly religious belief known as Creationism that’s anchored in a literal reading of the biblical Book of Genesis.The official definition of intelligent design seen on the Discovery Institute’s IntelligentDesign.org site states simply, “The theory of intelligent design holds that certain features of the universe and of living things are best explained by an intelligent cause, not an undirected process such as natural selection.”    John West at the Discovery Institute published a rebuttal to the LA Times article at Evolution News and Views explaining the Institute’s view of what transpired and why the California Science Center’s censorship of intelligent design was a big deal.  The previous day, Robert Crowther on Evolution News and Views explained the connection with the Smithsonian.OK, you have links to both sides of this dispute.  Are you going to trust one of the most left-wing newspapers in the country to give a fair report, when they can’t get the definition of I.D. right, and insist on misrepresenting the views of the plaintiffs?  As news develops about this lawsuit, we will report it, or you can go to the sites above for information.(Visited 17 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more