Global banks seek to contain damage over $2t of suspicious transfers

first_imgWhile some banks said many of the transactions happened a long time ago, and they had since put robust checks in place, the reports revealed broader problems with the monitoring system at the heart of global policing of money laundering and other criminal activity.The reports drew calls from some industry groups and activists for reforms. Investors worried about the potential fallout for global banks, many of which have faced hefty fines in the past for lapses in controls and spent billions of dollars to bolster compliance.“It confirms what we already knew: that there are huge amounts of SARs being filed with relatively low numbers of cases brought through to prosecution,” said Etelka Bogardi, a Hong Kong-based financial services partner at Norton Rose Fulbright.“It also brings out the point that managing financial crime risk goes beyond making SARs,” Bogardi said. Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than US$2 trillion in suspect funds over nearly two decades.Britain-based HSBC Holdings Plc, Standard Chartered Plc and Barclays Plc, Germany’s Deutsche Bank AG and Commerzbank AG, and United States-headquartered JPMorgan Chase & Co and Bank of New York Mellon Corp were among the lenders named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by BuzzFeed News.The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Banks are required to file an SAR whenever handling funds that cause grounds for suspicion of criminal activity. The Institute of International Finance, an industry group, called for reforms. “There is a balance to be struck between managing financial crime risk and ensuring access to the financial system for legitimate customers,” the IIF said.Policymakers, regulators and banks have long acknowledged fundamental flaws in the anti-money laundering system. The rules around what is deemed “suspicious” can be vague, which leads some banks to send too many reports and others to send too few. And the enforcement group is understaffed to handle the millions of SARs that need to be analyzed to determine whether a crime has been committed.HSBC and StanChart shares touched their lowest level in as much as 25 years, although they fared little worse than their peers amid a wider sell-off in global stocks.JPMorgan and Bank of New York Mellon, which were also in the top five banks mentioned most frequently in the SARs, fell more than 3 percent each during trading in New York.Shares of Deutsche Bank, which was involved in the largest number of SARs in BuzzFeed’s dossier, were down more than 8 percent at one point on Monday morning following the reports.Several analysts, however, played down the scale of problems.“Unless there are more substantive allegations of fact, we expect that this article will not have lasting impacts on the industry or stock prices,” Chris Kotowski, analyst at Oppenheimer, wrote in a note.Bank shares were also pressured on Monday by other news, including worries about the resurgence of the coronavirus in Europe.Important workDeutsche Bank said the issues raised in the media reports were “historic,” while the German Finance Ministry said on Monday that the cases linked to Germany in the reports had already been dealt with.HSBC also said the information in the reports was historic, while Standard Chartered pointed to recent investments to improve its control procedures.BNY Mellon said it fully complied with all “all applicable laws and regulations.” JPMorgan said it has “thousands of people and hundreds of millions of dollars dedicated to this important work.”Many of the suspicious transactions were linked to companies incorporated in Britain or offshore British territories, prompting calls from action groups for tougher rules.“If the government cares at all about the UK’s reputation globally, it must stop rolling out the red carpet to the criminal and corrupt, and refuse to legitimize their money through our companies and banks,” Global Witness said.The UK government said it was working on reforms to its corporate registry system that will require more checks on company directors.Major wealth hubsGlobal banks in recent years have boosted investments in technology and staff to deal with tighter anti-money laundering and sanctions regulatory requirements across the world.Thousands of clients were booted out of bank accounts in major wealth hubs including Hong Kong and Singapore after a money laundering scandal in Malaysia, the “Panama Papers” expose, and a global push for tax transparency.Compliance experts said that part of the problem now was banks were struggling to distinguish between transactions that were and were not suspicious, so were simply filing millions of SARs that enforcement agencies lack the capacity to deal with.“Lots of banks are struggling with high false positive rates and the backlog (of existing cases). That’s why you see that sometimes SARs were raised over 100 days after the transaction,” said Cliff Lam, a director at AlixPartners in Hong Kong.Topics :last_img read more

Huge interest in Sunland Group’s $210 million Mermaid Beach tower

first_imgSunland Group’s 272 Hedges Avenue.BUYERS with an appetite for luxury high-rise living on the Gold Coast’s Millionaire’s Row have spent $100 million on apartments in seven days.Property giant Sunland, developers of Palazzo Versace and the landmark Q1 tower, officially launched their $210 million 44-storey tower on Hedges Ave in Mermaid Beach on Thursday night.Buyers have spent $100 million on apartments in seven days.The tower, which includes 96 apartments priced from $1.835 million, is across the road from beachfront Pratten Park and is the developer’s first Gold Coast high-rise in more than a decade.More than 50 residences have sold with construction set to kick off in September.“272 Hedges Avenue will be our legacy,” Sunland founder Soheil Abedian said.“It is the culmination of decades of refined design thinking and craftsmanship and there is nothing like it in all of Australia.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoLuxury at every turn.“It is fitting that, as we celebrate our 35-year anniversary and a history of creating vibrant communities, we also celebrate the unveiling of the finest residential form we have ever conceived.”There is a selection of two-bedroom and three-bedroom apartments, sub-penthouses, and penthouses.Resident facilities include a dedicated concierge service, residents’ lounge, boardroom, function room, pool, spa, gym, sauna and steam room, and treatment rooms.Sunland Group’s 272 Hedges Avenue.Each apartment features balconies, floor-to-ceiling windows, travertine floors and bespoke bathroom designs.Sunland Group paid $13.4 million for the 1821sq m site last year.last_img read more

New Labour-led Government should protect women and their unborn children

first_imgMedia Release -Voice for Life 20 October 2017Family First Comment: “When people talk of ‘decriminalisation’, they usually mean liberalising the practice of abortion. Overseas, ‘decriminalisation’ has seen abortions performed under unsafe and unsanitary conditions, increased abortions of babies with disabilities, and increasing numbers of abortions in the second and third trimesters – abortions that are not only less safe for the mothers but also traumatizing for medical staff as they often involve dismembering, delivering, and re-assembling a tiny baby.” www.chooselife.nzJacinda Ardern has publicly committed herself and her party to removing abortion from the Crimes Act, but Voice for Life hopes that as the new Prime Minister, she will realise just how dangerous such a move would be for both women and their unborn children.“It is not illegal for a woman to access an abortion in New Zealand,” says National Voice for Life President Jacqui deRuiter. “There are restrictions on when an unborn child may be aborted and who may perform an abortion, but these restrictions are there to protect pregnant women from rogue doctors and other practitioners, and to prevent discriminatory abortion practices.”“When people talk of ‘decriminalisation’, they usually mean liberalising the practice of abortion,” continues deRuiter. “Overseas, ‘decriminalisation’ has seen abortions performed under unsafe and unsanitary conditions, increased abortions of babies with disabilities, and increasing numbers of abortions in the second and third trimesters – abortions that are not only less safe for the mothers but also traumatizing for medical staff as they often involve dismembering, delivering, and re-assembling a tiny baby.”“Pregnant women and their unborn children should be the recipients of our care, protection, and support,” says deRuiter. “’Decriminalising’ abortion would present a serious danger to women and their unborn children.”last_img read more

Axing DOH-6 director very ill-advised – Treñas

first_imgDirector Marlyn Convocar and Mayor Jerry Treñas. IAN PAUL CORDERO/PN “Akokadamo man sang hinanakit. Kadamo man sang akon away kay DirectorConvocar but I feel it is not very good to change your commander in the middleof the fight. If you do that you will have to wait for the new field commanderto learn everything first antes masugod sya obra,” explained Treñas. ILOILO City – “Very, very, very, very ill-advised.” Bernadas said he is not fully appraised yetwith the issues in Region 6. Also the focal person of DOH’s FieldImplementation and Coordination Team in the Visayas, Bernadas said he isfamiliar with Western Visayas. “I’m not the Secretary of the Department ofHealth. I don’t know why this happened,” said Treñas. “Maymga innovations kami diri sa Central Visayas ngama-apply naton dira,” said Bernadasin an interview over DyFM Bombo Radyo Iloilo yesterday. This was how Mayor Jerry Treñas described thesudden removal of Director Marlyn Convocar of the Department of Health (DOH)Region 6 as overseer of Western Visayas’ response to the coronavirus disease2019 (COVID-19) pandemic. He also said he and Convocar already talkedand the DOH-6 director was thankful. Department Personnel Order No. 23 replacingConvocar was signed by DOH undersecretary Adbullah Dumama Jr. Dumama Jr.explained the decision this way: “It is vital to maintain harmoniouspartnership with local government units/local chief executives and otherstakeholders that play vital roles in this emergency situation.” “Parasa akon, there will be time to fight one another.What is important (for now) is that we work for the good of Iloilo,” Treñassaid. “It is not right to change your fieldcommander in the middle of a fight. I’ll be very frank, I do not like theidea,” said Treñas yesterday. Bernadas stressed the importance ofcooperation between DOH and local chief executives./PN He described the development as unfortunateand unnecessary. “Makadtoko da (next week). Istoryahon ta ang mga mayors kaggobernador,” said Bernadas. “Gustonaton ma-align ang mga trabaho dira.” It came right afterDOH Region 6 came under fire for classifying the people of Guimbal, Iloilo aspersons under monitoring following a case of local COVIOD-19 transmission. Bernadas, on the other hand, played down thisadded assignment. “Twinning arrangements” between regions were “just normal”,he stressed. On Thursday, DOH central office tasked thedirector of DOH Region 7 (Central Visayas), Dr. Jaime Bernadas, to take thelead in Western Visayas’ response to the pandemic. Convocar would just be managing the regular operationsof DOH-6.last_img read more

Clark Cox

first_imgClark Cox, 89, of Aurora, Indiana, passed away Wednesday, July 5, 2017 in Aurora, Indiana.He was born March 18, 1928 in Knott County, KY, son of the late Lewis B Cox and Lauelza Cox.He served his country as a member of the United States Air Force.Clark worked for Seagram’s Distillery, retiring after over 42 years of service.He enjoyed golf, bowling, fishing, and he loved being a baseball coach.Surviving are his loving wife of 61 years, Dorothy L. Cox of Aurora, IN; children, Douglas W. (Judy) Cox of Aurora, IN, Lawrence Bradley (Jill) Cox of Tampa, FL, Tammy Cox (Timothy) Kraus of Guilford, IN; sister, Thelma Cox Thompson; grandchildren, Erin Cox, Michael Moreland, Emily Cox (Steve) Rose, David (Miriam) Cox, Andrea Cox, Allie Kraus, Amber Kraus, and Brittany Kraus; 6 great grandchildren.He was preceded in death by his parents, Lewis and Lauelza and siblings, Albert Cox, Clell Cox, Earl Cox, Alma (Cox) Adams and Walter Cox.Friends will be received Friday, July 7, 2017, 5:00 pm – 7:00 pm at the First Baptist Church, 6060 Blair Road, Aurora, Indiana.Services will be held at the church Saturday at 11:00 am with Chuck Hagedorn officiating.Interment will follow in the Mt. Sinai Cemetery, Aurora, Indiana. Military graveside services will be conducted by members of local Veterans Service Organizations.Contributions may be made to the American Cancer Society or First Baptist Church of Aurora. If unable to attend services, please call the funeral home office at (812) 926-1450 and we will notify the family of your donation with a card.Visit: www.rullmans.comlast_img read more

Ronaldo wins Globe Soccer Award

first_imgRelatedPosts Messi becomes football’s second billionaire + Top 10 EPL: Salah nets hat-trick as Liverpool beat Leeds in seven-goal thriller EPL: Liverpool open title defence against underdogs Cristiano Ronaldo was ­on Sunday crowned men’s player of the year at the Dubai Globe Soccer Awards, winning the honour for a sixth time. The Juventus forward, 34, scooped Best Men’s Player of the Year at a glitzy ceremony at the Madinat Jumeirah, with England’s Lucy Bronze winning the inaugural award for best woman. Meanwhile, Liverpool picked up a trio of victories, with Jurgen Klopp voted best coach, Alisson Becker best goalkeeper, and the ­European champions named best club. Ronaldo retained the trophy he won earlier this year, on the back of a fine year with both Juventus and the Portugal national team. Having moved from Real Madrid the previous summer, he scored 21 goals in Serie A to fire the Turin club to an eighth successive Scudetto. He continued also his prolific strike rate for Portugal, scoring a hat-trick in the semi-final of the inaugural Uefa Nations League as his team went on to win the title. Last month, his goal against Luxembourg lifted his international tally to 99 goals and in the process helped 2016 champions Portugal qualify for this summer’s Euros. “I have to thank my family, my girlfriend, my boy there, Cristiano, my three kids who are waiting for me in the hotel, my friends, my teammates of Juventus and the national team, my agent, all the people here tonight who support this gala,” Ronaldo said. “I have to say thank you to the Arabic community, which is always great with me. I have to thank Dubai as well – it’s a marvellous place to be, I’m coming every year and I love this place. “And finally to thank [everyone] who voted for me. It’s a great honour to be here and receive this amazing award. I hope to be here next year to receive this award, of course. Thanks to everyone, and a happy New Year.” In the woman’s category, Bronze took the trophy following a stellar season with Lyon in which she played an integral role in the club’s march to the French Championship, the French Cup, the Trophee des Championnes and the Uefa Women’s Champions League. The defender, voted the Uefa Women’s player of the year, also starred as England finished fourth at this summer’s Fifa Women’s World Cup. Bronze landed the Silver Ball in France. Of the night’s other winners – 17 awards in all were handed out – Klopp added to his Fifa Best award in September in recognition of Liverpool’s international, European and domestic dominance. After defeating Tottenham Hotspur in the Champions League final in June, the Merseyside club top the Premier League at the halfway stage. Last week, they clinched the Fifa Club World Cup title for the first time. Brazilian Alisson lifted the goalkeeper award for the second successive year. Elsewhere, Ryan Giggs, the former Manchester United midfielder and current Wales manager, and Juventus midfielder Miralem Pjanic were each given the Player Career Award. Atletico Madrid and Portugal striker Joao Felix was named Best Revelation Player, which honours players aged 21 and under. There were Arab winners on the night, too, with Al Hilal voted best Arab club for their recent Asian Champions League success and Abderrazak Hamdallah named best Arab player. The Morocco striker top-scored in last season’s Saudi Pro League as Al Nassr sealed the title.Tags: Cristiano RonaldoJurgen KloppMadinat Jumeirahlast_img read more

Deulofeu to miss festive period

first_img Press Association The on-loan Barcelona midfielder suffered the injury during Saturday’s 4-1 win over Fulham. The 19-year-old has been an impressive performer for Roberto Martinez’s men this season, and last week scored a terrific solo goal to earn a point at Arsenal. Everton confirmed on their official website on Monday, though, that he will now miss “a few weeks” with the injury. Swansea are Everton’s opponents on Sunday, with Sunderland and Southampton making up their Christmas opponents. They head to Stoke on New Year’s Day and then face QPR in the FA Cup. center_img Gerard Deulofeu has been ruled out until the new year with a hamstring injury, Everton have confirmed.last_img read more

Fit-again Fletcher raring to go

first_img The Scot has played more minutes (270) than any other member of the 26-man squad, which is an impressive feat considering what he has been through in the last few seasons. In 2011 Fletcher was diagnosed with chronic bowel disease ulcerative colitis. The debilitating illness left Fletcher “running to the toilet 10, 20, 30 times a day,” he explained recently. As a result, Fletcher has spent nearly two of the last three years on the sidelines. It is no surprise, therefore, that he is happy to be back to full fitness. “I don’t want to look back, but everyone knows I’ve been through a lot,” Fletcher said. “I have not had a pre-season for three years. “But now I am back in the gym and I am feeling the benefits from that. Press Association After three years of pain and frustration, Darren Fletcher’s road to recovery finally appears to be nearing its end. Fletcher captained Manchester United to their fourth and most impressive pre-season win on Saturday when they defeated Real Madrid 3-1 at Michigan Stadium in front of 109,318 spectators. With all the focus being on Louis van Gaal, the story of Fletcher’s return to the first-team has flown under the radar over the last fortnight. “I am getting stronger and hopefully I can get as fit as possible. “I am looking forward to the new season.” For a man who has dedicated the last 19 years of his life to Manchester United, last season’s seventh-place under David Moyes was hard to take. The midfielder and his team-mates want to prove that was nothing but a blip. “Liverpool, Manchester City and Chelsea all finished above us last year so it was disappointing for us,” he said. “Next season we all want to show what we are capable of. “We have got a fantastic team spirit. We were talking about it the other night among ourselves. “We are all pulling in the right direction and we all want the best for Manchester United. “We realise some experienced players have gone and it’s up to us to come together and get us back up there.” It may just be pre-season, but the fact that three of United’s four wins on tour have come against some of Europe’s top clubs has given the squad optimism about the season ahead. Van Gaal must take credit for installing that confidence among the playing staff. The contrast between the atmosphere in the camp and the final weeks of Moyes’ reign could not be greater. The players are happy to undertake double training sessions under their new manager and they have adapted well to Van Gaal’s 3-4-1-2 formation. The players are smiling again. And so is the manager, who was happy to chat and pose for photographs with fans after the match in Ann Arbor on Saturday. “We are just enjoying it,” Fletcher said when asked about the difference between this season and the last. “The manager expects a lot from us and he thinks we have got the ability to do it. “He demands a lot, but the players have responded. “We are enjoying playing in a new system and under him.” There could be no finer way for Van Gaal to round off his first tour as United boss than with a win over Liverpool in the International Champions Cup final on Monday. It may be just another friendly on paper, but the rivalry between the two arch rivals makes the Miami showdown an enticing prospect. “It’s Man Utd v Liverpool. It doesn’t matter if it’s pre-season. We want to win,” said Fletcher, who is confident of overcoming a calf injury to play. Just like United, Liverpool have experienced a summer of upheaval, with star striker Luis Suarez departing for Barcelona. The Reds have registered wins over Manchester City, AC Milan and Olympiacos while in the US though so they will be confident of taking home the one million US dollar prize (£600,000) too. Liverpool will be without Daniel Sturridge as he has been sent home for treatment on a hamstring injury which kept him out of Saturday’s 2-0 win over AC Milan. “Dan has flown back to the UK,” Liverpool boss Brendan Rodgers said. “He had a really, really slight feeling in his hamstring. It’s nothing major.” last_img read more

Early Mark Chisholm try helps Munster overcome Zebre

first_img Press Association Fly-half Ian Keatley added 11 points with the boot as mid-table Munster made it seven wins from seven attempts against Zebre. Australian Chisholm’s fifth-minute try was awarded after the referee consulted the TMO and Keatley added the conversion to give Munster the early advantage. Mark Chisholm scored his first try for Munster to help the Irish province to a 16-12 Guinness Pro12 victory over Zebre in Parma.center_img Kelly Haimona booted Zebre back into the game in the 13th minute after Munster were penalised at the scrum. And moments later Haimona reduced the gap to just a point after Munster conceded another penalty for offside. With 19 minutes on the clock, Haimona made it three from three attempts to put Zebre into the lead for the first time from another penalty in front of the posts. However, the Italians were only ahead for two minutes before conceding a penalty inside their own 22 which Keatley converted to restore Munster’s advantage. Haimona made Munster pay again with his fourth shot at goal after the Irish side were penalised at the breakdown but Keatley sent Munster into the break 13-12 up with another penalty four minutes before the interval. Haimona missed his first penalty of the afternoon when Munster were penalised for not rolling away from the tackle early in the second half. Keatley spurned a penalty opportunity of his own before landing a 71st-minute drop-goal which stretched the Munster lead to four points, and Zebre could find no way back from that. last_img read more

New York Jets trade star disgruntled safety Jamal Adams to Seattle Seahawks

first_img Associated Press July 25, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditNEW YORK (AP) — New York Jets trade star disgruntled safety Jamal Adams to Seattle Seahawks.center_img New York Jets trade star disgruntled safety Jamal Adams to Seattle Seahawkslast_img