CORRUPT - WATCH - corruption and money laundering.

Petronas Carigali ex-executive charged

noreply@blogger.com (albakr allatifi) — Wed, 25 Jan 2023 07:39:00 +0000

Latest: Corruption and Money Laundering

Petronas Carigali ex-executive charged with more corruption and money laundering.

A former executive of Malaysia’s national upstream company Petronas Carigali has been charged with more counts of corruption and money laundering.

Mohd Amal M Razalan pleaded not guilty at the Sessions Court in Kuala Lumpur last Wednesday to a further 41 counts of graft and five more charges of money laundering totalling more than 9.5 million ringgit ($2.2 million) related to maintenance work contracts.

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Buy mine - You get Bandar Malaysia.

noreply@blogger.com (albakr allatifi) — Wed, 13 Apr 2022 00:29:00 +0000

Latest: Corruption and Money Laundering

Buy My Roti shop - You get Bandar Malaysia.

The return of the cronies and proxies of the 1980s and 1990.

Just like a normal family affair. If you can't recall the occassion,

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Malaysians foresee no justice at home -

noreply@blogger.com (albakr allatifi) — Wed, 13 Apr 2022 00:21:00 +0000

Latest: Corruption and Money Laundering

1MDB: After ex-Goldman banker’s US conviction, Malaysians foresee no justice at home.

Low, the subject of an international manhunt, faces criminal charges in Malaysia and the United States for his alleged role in embezzling billions of dollars from 1MDB through his relationship with Najib.

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Conviction of Roger Ng Relating to the 1MDB

noreply@blogger.com (albakr allatifi) — Tue, 12 Apr 2022 22:54:00 +0000

Latest: Corruption and Money Laundering.

FCPA Alert: Lessons Learned from Last Week's Trial Conviction of Roger Ng Relating to the 1MDB Malaysian Bond Deals.

On Friday, after a two-month trial and just over three days of deliberation, a jury in the Eastern District of New York returned its verdict in the case against Roger Ng, finding the international banker guilty on all counts. Bracewell attorneys personally observed the closing arguments of counsel, which were well presented and hard-fought on both sides.

The verdict came as a surprise to some who were skeptical of the government’s charges against Ng, former Managing Director of Goldman Sachs subsidiaries in Southeast Asia, for money laundering and violations of the Foreign Corrupt Practices Act (FCPA). Jury trials under the FCPA are a rarity, as many FCPA defendants historically have been corporate entities that negotiated Deferred Prosecution Agreements with the government, and thus avoid the public scrutiny that is informed by trial.1 Ng’s case, which started under the last administration, is illustrative of the current trend in FCPA enforcement strategies to target not only corporate entities but also the individuals responsible for corrupt payments.2 Ng faces up to 20 years in prison for each of his three counts of conviction, although the district court has broad discretion in imposing his ultimate sentence.

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Najib’s former officer reveals secret overseas bank accounts

noreply@blogger.com (albakr allatifi) — Sat, 14 Sep 2019 14:53:00 +0000

Latest: Corruption and Money Laundering

Thursday, September 5th, 2019 at , News
Najib’s former officer reveals secret overseas bank accounts

by RAHIMI YUNUS/ pic by RAZAK GHAZALI

A FORMER aide to Datuk Seri Mohd Najib Razak (picture) has provided a riveting testimony in the former prime minister’s (PM) corruption and money laundering trial related to 1Malaysia Development Bhd (1MDB).

In what was dubbed the world’s largest financial larceny ever engineered, Datuk Amhari Effendi Nazaruddin’s testimony provided substantial insight into the financial scandal that helped bring down a government.

Four days into the hearing, Amhari Effendi, who was in Najib’s former inner circle, testified that the ex-PM and his alleged co-conspirator Jho Low had orchestrated action plans to contain 1MDB’s fallout and bail the company.

Amhari Effendi also said Jho Low, whose real name is Low Taek Jho, had instructed him and the late Datuk Seri Azlin Alias to open overseas bank account each that could potentially be used to keep political funds for the 13th General Election (GE13).

Accounts in Singapore

“Jho Low said this matter has received blessing and we were ordered to open these bank accounts for ‘just in case and standby’. Azlin and I understood this ‘blessing’ was from Najib,” Amhari Effendi said.

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How PCCB can stem the tide of corruption

noreply@blogger.com (albakr allatifi) — Sat, 14 Sep 2019 14:36:00 +0000

Latest: Corruption and Money Laundering

How PCCB can stem the tide of corruption

PCCB acting director general John Mbungo (left) shakes hands with African Union Advisory Board on Corruption chairman Begoto Miarom after opening a sensitisation workshop in Dar es Salaam yesterday. PHOTO | SAID KHAMIS

By ohn Namkwahe @johnteck3 news@tz.nationmedia.com

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Russia raids Kremlin critic Navalny's supporters

noreply@blogger.com (albakr allatifi) — Sat, 14 Sep 2019 14:20:00 +0000

Latest: Corruption and Money Laundering

Russia raids Kremlin critic Navalny's supporters.

Reuters Videos13 September 2019

Russian law enforcement carried out mass raids on Thursday (September 12) targeting the homes and offices of Kremlin critic Alexei Navalny's supporters.

Authorities say its part of a money laundering investigation into Navalny's Anti-Corruption Foundation.

But the raids across 39 towns and cities also take place after an election in upset Moscow.

Navalny had urged his supporters to vote tactically in last weekend's elections, which saw the ruling United Russia party, which supports President Vladimir Putin, lose a third of its seats in the Moscow city assembly.

Navalny released this message on Thursday:

(SOUNDBITE) (Russian) KREMLIN CRITIC ALEXEI NAVALNY, SAYING:

"This time, Putin got really upset because of the tactical voting, as his favourite offspring, his sweet child I would say, the United Russia party has been busted in Moscow and seriously beaten in the regions. Yes he is upset and he is stomping his little feet."

WHITE FLASH

(SOUNDBITE) (Russian) KREMLIN CRITIC ALEXEI NAVALNY, SAYING:

"We won't give up. We will regain power and continue fighting against crooks and thieves."

Navalny's Anti-corruption Foundation has published embarrassing reports into what it says is the wrongdoing by government officials.

State investigators last month opened a criminal investigation into the alleged laundering of 1 billion roubles - that's $15 million - by the foundation itself.

It also froze a slew of bank accounts linked to the foundation...

Meanwhile, a seperate non-governmental organization that monitors Russian elections, said on Thursday that the homes of its activists were also being raided by the authorities.

Two arrested in transfer fraud raids in Belgium, Monaco, London

noreply@blogger.com (albakr allatifi) — Sat, 14 Sep 2019 14:09:00 +0000

Latest: Corruption and Money Laundering

Two arrested in transfer fraud raids in Belgium, Monaco, London- JakartaPost.

Agence France-Presse

Brussels, Belgium / Thu, September 12, 2019 / 12:12 pm

Serbia's Aleksandar Mitrovic (left) kicks the ball during the Euro 2020 football qualification match between Serbia and Lithuania at the (AFP/Andrej Isakovic)

Police investigating suspected fraud linked to the transfer of Serbia striker Aleksandar Mitrovic to Newcastle United have made seven raids in Belgium, Monaco and London, arresting two people including an agent, officials said Wednesday.

Under the direction of a Belgian anti-corruption judge, police and tax officials made seven raids on Tuesday and Wednesday, detaining an agent in Monaco and his assistant in the Belgian city of Liege.

Eric Van Duyse, spokesman for the Belgian Federal Prosecutor's Office, told AFP that two men were being held after being indicted for "money laundering, forgery and the use of forgeries, private corruption and criminal conspiracy".

He refused to reveal their identities but a judicial source confirmed the agent was Belgian Christophe Henrotay, who is based in the Principality. He was indicted by a Belgian judge who had travelled down to Monaco.

The probe, which earlier this year saw the Belgian FA headquarters searched, is looking into suspected money-laundering related to transfers including Mitrovic's 18.5 million euro (13 million pound) move from Anderlecht to St James' Park in 2015.

Henrotay is one of the top football agents in Belgium. His clients include Belgian internationals Thibaut Courtois, the Real Madrid goalkeeper, and winger Yannick Carrasco.

A source close to the inquiry told AFP that Henrotay is suspected of taking illegal kickbacks in connection with another transfer.

Cult following

Four of this week's raids were in Monaco, two in Belgium and one in London, with the cooperation of the Metropolitan Police and British customs and revenue officers.

The inquiry is separate from Belgium's so-called "footballgate" scandal, which has resulted in 20 suspects being charged since October 2018, including agents, referees and club officials, in a vast investigation into fraud and match-fixing.

Mitrovic, whose committed, physical style of play won him something of a cult following among Newcastle fans, spent three seasons at the club before moving to Fulham in 2018.

His transfer from Anderlecht -- Belgium's most successful club -- involved the agents Pini Zahavi and Fali Ramadani, the Derniere Heure newspaper reported at the time of the initial raids in April.

Prosecutors have not publicly named anyone connected with the probe, but a judicial source confirmed to AFP in April the Mitrovic transfer was part of the investigation.

The earlier raids saw officers search the Anderlecht training centre as well as the Belgian FA headquarters and the offices of One Goal Management company which specialises in transfers.

The criminal probe adds to Anderlecht's woes on the pitch, where the 34-time Belgian champions are languishing a lowly 13th in the league with just a single win in their first six games this season.

Topics :

#sports #soccer transfer Fraud Belgium London

US judge denies bail to ex-Peru president in corruption case

noreply@blogger.com (albakr allatifi) — Sat, 14 Sep 2019 14:02:00 +0000

Latest: Corruption and Money Laundering

US judge denies bail to ex-Peru president in corruption case.

SAN FRANCISCO — A U.S. judge in San Francisco denied bail to former Peruvian President Alejandro Toledo in a hearing Thursday that ended with an emotional outburst by his wife, who had to be dragged out of the courtroom after she started shouting at prosecutors.
Magistrate Judge Thomas S. Hixson denied bail for the second time to Toledo, 73, who is wanted in his native country in a corruption scandal.
"Dr. Toledo has not carried the burden of proof to show he is not a risk of flight, and so I'll maintain the detention order," Hixson said.
Shortly after, Toledo's wife, Eliane Karp, began cursing and shouting at prosecutors, saying they will be "personally responsible for his death," and was dragged by guards out of the courtroom.
"It's the life of a man, goddam it! You're killing him!" Karp, 65, shouted.

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Corruption around the Globe

noreply@blogger.com (albakr allatifi) — Tue, 31 Jan 2017 00:35:00 +0000

Latest: Corruption and Money Laundering.

Shielding Seized Assets
From Corruption’s Clutches

An effort by the United States to seize
assets from officials who stole their
countries’ wealth is now focused on returning
the loot without enriching the looters.

One would think that an iconic Michael Jackson “Bad Tour” glove, covered in Swarovski crystals and worn on his first solo tour, would rest in a place of honor, perhaps at the Rock & Roll Hall of Fame in Cleveland.Hardly. The bejeweled glove is thousands of miles away in the oil-rich, deeply impoverished country of Equatorial Guinea.

And the people of this West African nation, most of whom live on less than $2 a day, have paid dearly for it.

The glove, and its odd stewardship, embody the profound difficulties surrounding the Kleptocracy Asset Recovery Initiative, a six-year effort by the United States to seize assets owned by kleptocrats — government officials who use their countries’ wealth to enrich themselves. In the most recent headline-grabbing case, the Justice Department is seeking to recover $1 billion that it says was stolen from Malaysia’s sovereign wealth fund and used, among other things, to buy high-end real estate in the United States and finance the movie “The Wolf of Wall Street.”

This is something that few other nations attempt. Now comes the hard part: returning the seized money to the people of the countries affected without enriching a kleptocrat all over again.

We don’t want to see the funds disappear and go back to those who caused the harm,” said Leslie R. Caldwell, assistant attorney general for the Justice Department’s Criminal Division.

Some $3 billion, involving nations worldwide, has been frozen by the program — including a Malibu mansion and a $500,000 Ferrari (but not the white glove) owned by a member of Equatorial Guinea’s ruling family, the Obiangs. The family’s patriarch is so wealthy that he tops Queen Elizabeth II on lists of the global rich.

This repatriation effort is getting started just as Donald J. Trump’s election as president threatens to complicate the message of the kleptocracy initiative. Mr. Trump, a Republican, has promised to avoid potential conflicts of interest between his business empire and his duties as commander in chief, and has indicated he will come up with a plan before the inauguration.

Mr. Trump’s actions will have special resonance for a program that goes after foreign leaders whose business and government positions are porous. There are worries that if Mr. Trump does not sufficiently distance his business and his family from politics, it will be tougher for the Justice Department to criticize foreign leaders who have become wealthy based on their government ties.

“The election of Donald Trump might impede the commitment of the United States to fight kleptocracy,” said Matthew C. Stephenson, a professor who teaches anticorruption law at Harvard Law School. “The political consequences are that it reduces U.S. leverage because of the perceived hypocrisy. The moral case is drastically undermined.”

Tutu Alicante, executive director of EG Justice, a Washington nonprofit that monitors corruption in Africa, said: “It’s a perfect scenario for kleptocrats in Africa to point to someone in the White House. They will compare themselves to Donald Trump.”

Representatives of both the Justice Department and Mr. Trump did not respond to requests for comment.

The Obiang case is the biggest to date and, for that reason, is being closely watched. It is also the rare time that the kleptocracy initiative has gone after such a senior officeholder. A member of the Obiang family bought many of his assets as part of a “corruption fueled spending spree,” according to the Justice Department.

Under an agreement with the department, Teodoro Nguema Obiang Mangue, the son of Equatorial Guinea’s president, Teodoro Obiang Nguema Mbasogo, has promised to give up valuables he amassed in the United States, ending years of litigation. His title is vice president, with an official salary of around $100,000. His father came to power in a coup in 1979 and is the longest-serving African leader and president in the world, ruling with “almost total control,” according to a recent report from the Central Intelligence Agency. The son is seen as a possible heir apparent.

‘Touching the Untouchables’

The Justice Department hailed its agreement with the younger Mr. Obiang as a significant step forward for its program. The idea is to create a charity in Equatorial Guinea funded by $30 million from the sale of his 15,000-square-foot Malibu oceanfront mansion, the Ferrari 599 and other assets, including additional Jackson memorabilia.

“We are touching the untouchables,” Ms. Caldwell said. “We are saying that the U.S. financial system is not a safe haven for corruption.”

The department has both a desire and an obligation to repatriate assets flowing through the American banking system. The United States, along with 140 other countries, is a signatory to the United Nations Convention Against Corruption, an agreement requiring countries to hunt down the offshore money of corrupt officials and return it to the victimized countries. The World Bank estimates that from $20 billion to $40 billion is stolen annually by corrupt public officials, mostly in poor and developing countries.

So far only a small number of nations are actively pursuing kleptocracy cases — mainly the United States, Britain, Canada, Luxembourg and Switzerland. This is in part because few countries have the resources to take on the complicated cases.

Ownership of the assets is often hidden by a web of shell companies. Offshore accounts created by sharp lawyers and accountants can be hard to trace. A court must determine whether other interested parties have valid claims to ownership and if the assets were bought with illicitly obtained money. Only then can the assets be seized and the money repatriated.

Some $3 billion worldwide has been frozen by a United States program — including a Malibu mansion owned by a member of Equatorial Guinea’s ruling family, the Obiangs.via Pacific Coast News

The corrupt assets that the Justice Department has tracked down are valued at $3 billion and have come from a laundry list of countries — Nigeria, Ukraine and Uzbekistan among them. In the case of Malaysia, money was also used to buy a $35 million jet, pay for gambling in Las Vegas and buy art by Van Gogh and Monet. The actor Leonardo DiCaprio, whose movie “The Wolf of Wall Street” was produced by the company tied to the Malaysian case, has said he was cooperating with the government case and would return any funds that his charity or the movie received that turned out to have been stolen.

The kleptocracy initiative comes as efforts to combat the flow of illicit money of all sorts into the United States are expanding. The publicity surrounding the Panama Papers heightened global awareness of the secret offshore accounts held by public officials and the wealthy, and put more officials on notice.

In the largest case against a person, the Justice Department is seeking $850 million from Gulnara Karimova, the socialite daughter of the late president of Uzbekistan who goes by the nickname Googoosha. The Harvard-educated former model and pop singer is accused by the United States of accepting bribes to allow a Dutch telecom company to enter the Uzbek market. A leaked American diplomatic cable said she was the “the single most hated person” in Uzbekistan and a “greedy power hungry individual.” After a falling out with her father in 2014, Ms. Karimova was placed under house arrest, where she remains today.

Three lawyers representing Uzbekistan in the Justice Department matter did not respond to requests for comment, nor did officials at the Uzbekistan Embassy in Washington. In court filings, lawyers representing Uzbekistan argue that the United States has “at best a minimal interest in the bribery and money-laundering scheme” involving Ms. Karimova because “the corruption alleged in the complaint is fundamentally an Uzbek matter.”

Another big-ticket case involves Gen. Sani Abacha of Nigeria, who died nearly two decades ago. His case has wended through the courts since then. In play is $630 million from his estate that the United States says he and his cronies laundered through the American financial system. The United States has gained access to $480 million and is in litigation over the rest.

Close behind is some $250 million caught in a legal battle between the United States and Pavlo Lazarenko, the former Ukrainian prime minister who fled his country in 1999 amid corruption charges and has sought political asylum in the United States ever since. Now living in California in modest circumstances, he was forced by the United States to give up his nearby 18,000-square-foot, 20-room mansion after a 2004 conviction for money laundering. He left federal prison in 2012 and is currently out of work.

Daniel Horowitz, Mr. Lazarenko’s lawyer, said that there had been “zero evidence of wrongdoing” by Mr. Lazarenko and that “the case is about the U.S. government wanting to keep the money.” He described Ukraine as “a place with no rules” and added that “80 percent of the world outside the United States and Europe has no rules.”

“It’s hard to determine what is right and wrong,” Mr. Horowitz said.

Limited Success

The World Bank is tracking the offshore money of leaders toppled during the Arab Spring, including those of Egypt, Libya and Tunisia. Some money has been repatriated to the Tunisian treasury to help stabilize the country. In the cases of Libya and Egypt, the countries are so unstable and dangerous, though, that repatriation is impossible. An estimated $200 million in offshore assets of the Assad family of Syria and their associates were frozen by Switzerland, the European Union and the United States.

It is not just the United States that finds repatriation difficult. The global success rate is slim. The World Bank reports that of $2.623 billion in assets frozen by Organization for Economic Cooperation and Development countries between 2006 and 2012, the most current statistics available, it was able to return only $423.5 million to victim countries, or just around a sixth of the money seized.

“Asset recovery is highly contentious and difficult to negotiate,” said Emile van der Does de Willebois, global lead for financial market integrity at the World Bank. “The victim country can say that this is our money, we need it and we want it back.” But, he said, “We can’t just give back a blank check.”

Equatorial Guinea shows why. Under an agreement with the Justice Department, $20 million from the sale of Teodoro Obiang’s American assets will be given to a charitable organization selected by the agency and Mr. Obiang. Another $10 million will be administered solely by the United States.

But the big question is whether the department can structure a charity so that the money is not controlled by the Obiangs or used to enhance their image and power. That is a tall order for Justice Department lawyers who are more accustomed to hunting down bad characters than to setting up offshore charities.

“This is a challenge and very different than what prosecutors are trained to do,” said Mr. Stephenson, the Harvard professor.

Complicating matters in Equatorial Guinea is that there are almost no existing charities. That is largely because the Obiang family has clamped down on any organization that promotes democracy or challenges its rule.

“This won’t be an easy process,” said Mr. Alicante of EG Justice, which promotes human rights in that country. “Unless the U.S. government stays alert, the money will disappear through corruption and we’ll be back at square one.”

The $30 million from the sale of Mr. Obiang’s Malibu mansion, his Ferrari and assorted Jackson statues is currently in an escrow account controlled by the Justice Department. The Equatorial Guinean Embassy and Mr. Obiang’s American lawyers did not respond to several requests for comment. Ms. Caldwell, of the Justice Department, said plans for the repatriation of the Obiang money were still being made final under the terms of the court agreement.

Of that amount, the Justice Department had targeted $70 million in Mr. Obiang’s American assets and was outfoxed, ending up with only about half that amount. Mr. Obiang kept his $38 million Gulfstream jet flying around the world, only in locations where the United States lacked jurisdiction to seize it. That meant, though, that he was unable to have regular servicing performed on the aircraft, which has depressed its value — and made it less attractive to potential passengers.While the Justice Department heralded the Equatorial Guinea settlement, it was only a partial victory. It claimed that Mr. Obiang amassed more than $300 million in assets around the globe “through corruption and money laundering.”

As for the Jackson glove, it was spirited out of the United States in defiance of an American court order, according to prosecutors.

The French authorities have helped by seizing a multimillion-dollar fleet of Mr. Obiang’s exotic cars, including a $2 million Bugatti Veyron and two $600,000 Rolls-Royce Drophead Coupés, a $380,000 Lamborghini Murciélago and a $424,000 Bentley Azure. Mr. Obiang is scheduled to go on trial in Paris next week on corruption and money laundering charges after losing a bid in early December before the International Court of Justice to halt the proceedings.

On Dec. 2, at the request of the Swiss, the Dutch authorities seized Mr. Obiang’s 250-foot, $100 million yacht, “Ebony Shine,” as it was about to sail to Equatorial Guinea, according to the Swiss publication L’Hebdo. Mr. Obiang denied ownership of the yacht, saying that it belonged his country’s government. He has another yacht based in Tangier.

As the Justice Department tries to figure out a repatriation strategy, there are examples of plans that have gone awry. In Angola, $64 million frozen by the Swiss authorities was repatriated and earmarked for mine clearance and agricultural development. While some of the money went for hospitals and other local projects, an Open Society Justice Initiative report found that there was little public accounting for a portion of the money, which never entered the Angolan economy and instead went to cover payments to a Swiss mine-removal company.

Andreas Ledergerber, a spokesman for the Swiss Embassy in Washington, said that, in spite of criticism, the repatriated money “contributed to the mine-removal process” at the end of the Angola civil war, where antipersonnel mines remain a “major danger to the population.”

Switzerland also repatriated more than $500 million of seized Abacha money to Nigeria to be used for health, education, water and roads. Instead, the money disappeared into the country’s general budget with no oversight, according to a World Bank report. And in Egypt, the tumultuous political situation caused many repatriation cases to be dropped.

On the brighter side is Kazakhstan, where the BOTA Foundation was created with $115 million in seized money under an agreement among the United States, Switzerland and Kazakhstan. The foundation established in 2009 to help the country’s poor is now held up as a model to emulate.

The foundation was able to operate without interference from the country’s ruling elite and to fulfill its mandate successfully. A total of $79 million went for social service and education programs that helped an estimated 200,000 people. Even so, BOTA drew some criticism for administrative and start-up costs that took about a third of the money, and because it did not continue operating after the original money was spent.

We don’t want to see the funds disappear and go back to

those who caused the harm,” said Leslie R. Caldwell,

assistant attorney general for the Justice Department’s Criminal Division.

“We don’t want to see the funds disappear and go back to those who caused the harm,” said Leslie R. Caldwell, assistant attorney general for the Justice Department’s Criminal Division.

Representatives of both the Justice Department and Mr. Trump did not respond to requests for comment.

‘Touching the Untouchables’

“We are touching the untouchables,” Ms. Caldwell said. “We are saying that the U.S. financial system is not a safe haven for corruption.”

Some $3 billion worldwide has been frozen by a United States program — including a Malibu mansion owned by a member of Equatorial Guinea’s ruling family, the Obiangs.

via Pacific Coast News

“It’s hard to determine what is right and wrong,” Mr. Horowitz said.

Limited Success

“This is a challenge and very different than what prosecutors are trained to do,” said Mr. Stephenson, the Harvard professor.

As for the Jackson glove, it was spirited out of the United States in defiance of an American court order, according to prosecutors.

Clockwise, from top left: Gulnara Karimova, the socialite daughter of the late president of Uzbekistan, faces accusations of bribery and money laundering; the United States said Gen. Sani Abacha of Nigeria, who died almost two decades ago, and his cronies laundered $630 million through the American financial system; the United States tied Jho Low, shown with Paris and Nicky Hilton, to a conversion of Malaysian sovereign wealth funds; and Pavlo Lazarenko, a former prime minister of Ukraine, is fighting the United States over $250 million.Clockwise, from top left: Yves Forestier/Getty Images; Issouf Sanogo/Agence France-Presse -- Getty Images; WENN; UNIAN

Challenge of Uzbekistan

Some countries are so corrupt that repatriation may not even be possible, experts say. Uzbekistan may be one of them.

A recent C.I.A. report described Uzbekistan as being plagued by “pervasive corruption.” Its citizens, including children, are subject to “government-compelled forced labor” in the country’s cotton fields, according to the report. It also found “official complicity in human trafficking.”

Yet Uzbekistan occupies a strategic location in Central Asia and on an important logistics supply route for troops in Afghanistan. That limits the extent to which the United States can challenge the country’s ruling family.

The Justice Department’s case focuses on Ms. Karimova, who was once seen as her father’s successor until their falling out. She did not attend his funeral in September.

While in favor, though, she was riding high. The former model, who is nearly six feet tall, was once quoted in The New Yorker publicly praising God for “my height, my face, my features.” She appeared in music videos, including one in which she is transported on a sports car that floats through the air to a secluded castle on a magical island. In others, she sings duets with Gérard Depardieu and Julio Iglesias.

She designed a line of jewelry, perfume and clothing, although her 2011 show at New York Fashion Week was canceled amid protests over Uzbekistan’s human rights violations. She served as the country’s ambassador to Spain and representative to the United Nations in Geneva.

Ms. Karimova also faced investigations in Sweden, Switzerland and the United States over accusations of bribery and money laundering. Within her own country, she is considered a “robber baron,” who would “crush business people or anyone else who stands in her way,” according to a leaked American diplomatic cable. The United States was able to file charges because the $850 million in suspected bribes passed through the American financial system on the way to accounts in Britain, Hong Kong, Latvia, Luxembourg and other places.

Sunshine Uzbekistan, a group of Uzbek human rights activists living in exile, has asked the Justice Department not to repatriate the money but to put it into a trust for use when conditions improve. Repatriating the money before that would mean it “would disappear,” the group said in a letter to the department. The group argues that a trust fund would provide an incentive for the country to improve its human rights record as a condition of getting the money.

“The Justice Department is the last hope for the Uzbek people,” Sanjar G. Umarov, founder of the coalition, said in an interview.

A different set of issues complicates the efforts to return the Abacha money to Nigeria, a case that has dragged on for decades as various people have asserted claims on the money. As the courts have steadily dismissed those claims, the Justice Department has drawn closer to repatriating the money.

A group called Serap, which stands for the Socio-Economic Rights Accountability Project, has asked that the money to be given to a “reliable U.S. or Nigerian charitable organization” and not returned to the government. “There is the hope that if the money is placed in the right hands it will be used more efficiently,” said Alexander Sierck, a Washington lawyer and counsel to Serap.

Many Nigerians say statements like that, however well intended, smack of colonialism. Instead, they say that the money was theirs in the first place and that the country’s leaders — and not an outside person or group — should decide how it is spent. The Nigerian government agrees.

This line of argument has become stronger as falling oil prices have hurt the country’s economy and a new president has pledged to eradicate corruption. In May last year at an anticorruption conference in London, Nigeria’s newly elected president, Muhammadu Buhari, said, “What I am demanding is the return of the assets.”

Corruption around the Globe....albakr.allatifi

China official dealing with Taiwan accused of bribery

noreply@blogger.com (albakr allatifi) — Mon, 30 Jan 2017 23:31:00 +0000

Latest: Corruption and Money Laundering

BEIJING: China's state prosecutor on Friday (Dec 30) formally accused a former deputy head of China's Taiwan Affairs Office with bribery and abuse of power, setting the stage for his trial.

View of Taipei - Taiwan

Gong Qinggai was put under investigation by the ruling Communist Party in January. He is one of many officials targeted in an ongoing crackdown on corruption led by President Xi Jinping, but the case is particuarly sensitive because of Beijing's fraught relationship with Taiwan.

In a brief statement, the state prosecutor said Gong abused his power to "seek benefits for others" and illegally took large sums of money, meaning he will be prosecuted for bribery.

It said his suspected crimes took place while he held various government positions in the southeastern Chinese province of Fujian, which lies just across the narrow strait that separates China and Taiwan.

It was not possible to reach him for comment and unclear if he has been allowed to retain a lawyer. The legal system is controlled by the party, which will not challenge the accusations against him, meaning he is certain to be jailed.

In April, the party accused Gong of a variety of wrongdoing, including taking part in "superstitious activities", which usually refers to religious practices prohibited to party officials. The charge is often levelled at officials already under investigation for corruption.

Gong joined the Taiwan Affairs Office, which is in charge of policy towards the island, in 2013, having previously spent his entire working career with the Fujian government, according to his official biography.

China considers self-ruled Taiwan a wayward province to be brought under Beijing's control by force if needed. Defeated Nationalist forces fled there in 1949 at the end of China's civil war.

China has jailed dozens of senior officials since Xi launched a sweeping campaign against graft after assuming office four years, vowing to go after powerful "tigers" as well as lowly "flies".

Xi has said the problem is so severe it could affect the party's grip on power.

(Reporting by Ben Blanchard; Editing by Simon Cameron-Moore)

Duterte clears Tetangco of corruption; not AMLC

noreply@blogger.com (albakr allatifi) — Mon, 30 Jan 2017 23:11:00 +0000

Latest: Corruption and Money Laundering.

Duterte clears Tetangco of corruption; not AMLC.

PRESIDENT Rodrigo Duterte is not accusing Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. of corruption, but declined to clear the rest of the Anti-Money Laundering Council (AMLC), which Tetangco heads .The President made the clarification in an interview with ABS-CBN News a week after he demanded the resignation of BSP officials and accused the AMLC of non-cooperation in his government’s fight against money laundering.Tetangco sits as AMLC chairman in his capacity as BSP governor.“I don’t have a problem with BSP Governor Tetangco. I have a problem with AMLC. I think some people in AMLC are corrupt,” Duterte said.The President, however, did not elaborate on such corruption and disclosed that the AMLC already gave the Justice department the information that it needs to pursue those who are involved in illegal drugs and benefiting from drug money.“The AMLC already gave me the things I need,” Dutere added.Asked whether he would keep Tetangco in his post, Duterte noted that Tetangco is barred by law from a third term as central bank governor. The President added, however, that he would look into such possibility.In remarks after signing the 2017 national budget last December 22, Duterte described the BSP and AMLC officials as a bunch of crooks who were still “hungry” for money despite their fat salaries, but did not name names.“You guys there are all corrupt, bantay kayo sa akin [I’ll keep an eye on you]. I will bring you down. [Tetangco] is about to retire. Better prepare there because I’ll give you a whack. You are all, you are all corrupt and serving [a]master. You are not supposed to engage in politics, God damn it,” the President said.On the same day, Justice Secretary Vitaliano Aguirre 2nd clarified that Duterte was only asking for the resignation three AMLC officials, two of them embattled Sen. Leila de Lima’s “fraternity brothers.”“The President was referring to the people implementing the law. The one in the office of the executive director, the deputy, and the head of investigation,” Aguirre told reporters in a chance interview in Malacañang.

The AMLC’s executive director is lawyer Julia Bacay-Abad. Its compliance and investigation group is headed by Vencent Salido, also a lawyer. Roland Villaluz, another lawyer, heads the legal services group.

Note ban not enough

noreply@blogger.com (albakr allatifi) — Thu, 12 Jan 2017 13:52:00 +0000

Latest: Corruption and Money Laundering.

Note ban not enough: Corruption in India is like water, it finds a way.

“Every citizen can join this mahayajna against the ills of corruption, black money and fake notes... Let us ignore the temporary hardship.”

Every day, India is witness to law-enforcement agencies seizing bundles of the distinctive, pink bundles of Rs 2,000-denomination bank notes (HT Photo)

It is now 48 days since Prime Minister Narendra Modi made that appeal, as he scrapped 86% of India’s bank note--by value--in circulation. Initially, millions of Indians queuing up to withdraw their own money from bank accounts did indeed ignore the hardship of lost wages and stress of the queue. The common refrain: It’s worth it because the rich with black money will suffer. As it becomes increasingly evident that only those in the queue are suffering, as are livelihoods, the lines are as long as ever and people have died waiting for money, there is a distinct change in mood.

Over the last week, there have been attacks on banks in Uttarakhand, Haryana and Uttar Pradesh, and roads have been blocked by frustrated mobs in UP. Images of hundreds pressing against a bank entrance’s steel grill, narrowed to allow one person to enter, appear to have become the leitmotif of the era of notebandi, the colloquial term for Modi’s grand experiment. The patience displayed in the queue has given way to jokes, frustration and abuse and eroded the government’s credibility.

Government spokespersons insist there is no shortage of money. They may not be entirely wrong. Every day, India is witness to law-enforcement agencies seizing bundles of the distinctive, pink bundles of Rs 2,000-denomination bank notes. Those in queue ask the obvious question: We stand here for days to get a few thousands, how do they get lakhs and crores?

The short answer is corruption, the very thing notebandi is supposed to strike at. A vast money laundering exercise in India’s unseen financial netherworld appears to have been largely successful, as the anticipated return of almost all the money that was taken out of the banking system indicates (The government thought Rs 2.5 lakh crore or so in unaccounted money would not return). Some of those with unaccounted or “black” money did get their comeuppance, but those numbers are likely to be far smaller than anticipated.

How could this happen? It could happen because Indians are masters of subversion and because notebandi was a shot in the dark, with no precise target or preparation to overcome this culture of subversion. So, corrupt bank officers colluded easily with corrupt seekers of pink notes. Thus far, about 50 bank officials from private and public banks and the Reserve Bank of India have been found conspiring with money launderers--many more have got away. Bundles of pink notes continue to turn up in cars, homes, offices and bank lockers. Bear in mind that these instances only relate to cash. Thousands of crores of unaccounted rupees were converted to real estate, gold and luxury items, from watches to handbags.

Modi has either not understood the reach of corruption into India’s administrative system and collective soul or he did understand but was convinced by his circle of trusted bureaucrats that a series of administrative fiats — surgical strikes, to use popular government nomenclature — without adequate planing could, somehow, bring about the new normal that he seeks.

Read: Demonetisation just a ‘pseudo war’ against corruption, says Yogendra Yadav

Corruption in India is like water — it finds a way. It is marked by ingenuity, determination and perseverance, qualities that could transform India if deployed for honest means. The most ingenious method recently evident: Thousands of poor Indians with basic bank accounts persuaded — for a fee, obviously — to rent their accounts to launder old bank notes into new.

It isn’t politically correct to say this, but the majority in India is dishonest, either by circumstance, culture, upbringing or habit. I would like to believe many can be turned if circumstances change, but that may be optimistic, given the casual and widespread disregard of laws in every sphere of life, most visible in the form of the roadside havaldar who waits for a Rs-50 bribe from the streams of vehicles that run red lights. Corruption in India can only be curbed through carrots, sticks, meticulous planning and sustained effort. Incentives are important; so is stronger punishment. As former chief economic adviser Kaushik Basu has argued, it may make sense to decriminalise the giving of bribes.

Read: Note ban not a surgical strike on corruption, it’s firebombing on poor: Rahul

However, most important is administrative and political reform.

In 2007, the second Administrative Reforms Commission made 18 recommendations to enforce ethics in political and legislative functions. All 18 were rejected. Politicians have consistently closed ranks over political reform, and Modi has stayed within those ranks. Indeed, in the budget session of Parliament earlier this year, his government tweaked foreign contribution laws to allow political parties to receive foreign donations retrospectively, from 2010. As soon as this amendment passed, the Congress and BJP, held guilty by the Delhi High Court of accepting foreign donations illegally, withdrew their appeal from the Supreme Court. Yet, Modi said last week that his party had not altered even “a comma or a full stop” in the law that regulated political funding. Some honesty would be in order.

Many commentators have also pointed out how political parties need not account for donations below Rs 20,000. It is no surprise that in 2014-15 six leading political parties received 60% of their funding from “unknown” sources, and the BJP received the most such funding with Rs 977 crore over two years.

The systemic eradication of corruption also requires reconstructing an administrative system largely unchanged since colonial rule. Modi began well: Some old laws were scrapped and business requirements eased. But the bureaucracy and its rusting frame still remains India’s backbone and the tentacles of the inspector raj are as tightly wound around the economy as ever. We have also seen the right-to-information system eroded, no Lokpal--whatever its infirmities--is in evidence, and, now, the efforts to find notebandi’s laundered money portend a greater bureaucratic invasion of our lives, which Modi had once promised to reverse (remember “minimum governance”?). Without a carefully planned, wide-ranging — and honest — war of reform against politics and the bureaucracy, no isolated surgical strike can survive its overstated claims.

Differences in SUN TV case.

noreply@blogger.com (albakr allatifi) — Thu, 12 Jan 2017 13:40:00 +0000

Latest: Corruption and Money Laundering.

MHA, I&B MINISTRY SETTLE DIFFERENCES IN SUN TV CASE.

Home Ministry and Information & Broadcasting Ministry maybe burying their differences over granting security clearance for the renewal of licences of radios and TV channels of SUN TV Group. The major promoters of SUN TV groups, Maran brothers, have been charge sheeted by CBI and ED on series of cases. Maran brothers have been charge sheeted by the CBI and Enforcement Directorate (ED) for corruption, cheating, misuse of public office, money laundering in Aircel-Maxis scam, and setting up illegal telephone exchanges.

A series of letter exchanges between the two Ministries and file noting show that many officers in I&B Ministry felt there should be a distinction between “economic crime” and other crime related to national security. The controversy started two years ago when the MHA denied security clearance to SUN TV group’s companies to participate in FM Radio auction. The MHA’s action came after main promoters Maran brothers were charge sheeted by CBI and ED in Aircel Maxis case for corruption and money laundering. Now CBI has charge sheeted Maran brothers in illegal telephone exchange case also.

In the past, when Home Ministry denied security clearances, channels had to face consequences from the I&B Ministry action. The I&B Ministry's replies to Parliament on several occasions show that actions were taken against TV channels like Mahuaa, Positive TV, Saiprakash Telecommunication Ltd, Maa TV, STV, Indira Television, Lemon Entertainment based on MHA's adverse stand on security clearance.

But the I&B Ministry preferred to take up the MHA's adverse report on security clearance on SUN TV group to several legal offices and at one point Attorney General's even opined that MHA's action violated fundamental right granted by Constitution under Art 19. Citing the AG's opinion, SUN TV Group got a favourable verdict from Madras High Court also. The Additional Solicitor General based in Chennai wrote series of letters to the MHA and I&B challenging the high court verdict, citing that security clearance related norms can't be diluted.

Readmore:

Sahara Diaries

noreply@blogger.com (albakr allatifi) — Thu, 12 Jan 2017 13:31:00 +0000

Latest: Corruption and Money Laundering.

Congress demands independent probe into ‘Sahara diaries’; political leaders involved in money laundering.

Jairam Ramesh also asked who was Mahesh Shah, who had declared over Rs 13,860 crore under the income disclosure scheme, and asked whether any leaders were involved in money laundering..

Jairam Ramesh

Congress today demanded an independent probe into the “Sahara diaries” in which names of former Delhi Chief Minister Sheila Dikshit and that of some other chief ministers also purportedly figure. “Whoever, whichever name is there should be investigated. There should be an independent probe into whosoever’s name is there. Why are you shying away from an impartial, independent probe?,” Congress spokesperson Jairam Ramesh told reporters.

Watch What Else is Making News.

A Magnitsky clause for the UK

noreply@blogger.com (albakr allatifi) — Wed, 14 Dec 2016 12:47:00 +0000

Latest: Corruption and Money Laundering.

United Kingdom December 5 2016

Speed read: Jonathan Fisher QC comments on the new ‘Magnitsky’ proposal to recover the assets of human rights abusers proposed in the UK last week. Jonathan and Bright Line Law were instructed to advise on the framing of the proposal.

On 28 November 2016 a cross-party group of MPs proposed an amendment to the Criminal Finances Bill 2016, aimed at ending the use of the UK financial and property market as a safe haven for human rights abusers. If it is passed, the amendment would expand the scope of the existing civil asset recovery regime in Part 5 of the Proceeds of Crime Act 2002, to specifically capture the wealth of those that target victims who dare to expose wrongdoing like Sergei Magnitsky who died in 2009.

Magnitsky was a courageous lawyer and auditor who dared to make a complaint of a US $230 million fraud against Russian public officials in 2007. As a result of trumped-up charges, he was imprisoned for a year without trial in Russia. During that time, he was denied medical attention, full access to legal representation and was tortured. An independent investigation concluded he had been tortured by eight prison guards on the day of his death. Since then, not one person has been convicted in relation to either Magnitsky’s torture or the underlying fraud that he uncovered.

Bright Line Law, instructed by the Magnitsky campaign, has contributed to the framing of the new proposal which has now attracted support from a wide group of MPs led by Dame Margaret Hodge, Dominic Raab and Tom Brake, and including Dominic Grieve, Edward Garnier, Douglas Carswell, Ian Blackford and Caroline Lucas.

Aimed at ending the impunity surrounding Magnistky’s death, a Magnitsky asset-freezing and visa restriction framework has since been introduced in the US, and there are efforts to introduce similar legislation in Canada and across the European Union.

The UK Magnitsky proposal is bespoke as it does not contemplate visa restrictions and contains a number of important procedural safeguards which are tailored to the UK legal system. It is also tightly-framed as, to be triggered, there must be a nexus between the respondent and a victim of human rights abuse who has exposed wrongdoing.

The public interest in this approach is clear - it would afford protection to whistle-blowers and journalists who bravely expose corruption and other forms of serious wrongdoing. In addition, it would send a clear message that those responsible for gross abuses of human rights forfeit their ability to invest and conceal their wealth in the UK.

The proposed Magnitsky clause would operate in the following way: persons who commit human rights abuses against those daring to speak out against illegal activity would be the subject of a ‘designation order’ made by a High Court Judge. If a designation order is made, a High Court Judge could make associated property prohibition orders if considered appropriate. The primary effect of the designation order would be to trigger the civil recovery proceedings in Part 5 of the Proceeds of Crime Act 2002.

Any resistance to the clause on the basis that there are sufficient existing powers is misplaced. The Proceeds of Crime Act contains a loophole for human rights abusers who claim that their conduct was lawful in their homeland. The sanctions regime, meanwhile, is dependent on the political and security considerations of the day. Meanwhile, the UK’s proposed new Unexplained Wealth Order regime, compelling a person to explain the provenance of their assets, hinges on a disparity between a person’s income and their property first being identified, and is intended for use as an investigative tool.

A more fitting tribute to the memory of Sergi Magnitsky could not be imagined. With an eye to its historic role as promoter of the Rule of Law and fundamental civil liberties, it is time for the government to step up to the plate and support the amendment.

Jonathan Fisher QC is a practicing barrister in London and a Visiting Professor in Practice at the LSE. He was instructed by the Magnitsky Campaign to draft the amendment.

Bright Line Law - Jonathan Fisher

Sergei Magnitsky died in custody in November 2009

What is Magnitsky Act and how this come about to be new law, in combating corruption,bribery,fraud and money laundering....Readmore

A Permanent War Against Corruption, Black Money and Fake Money Is Required In India and Elsewhere

noreply@blogger.com (albakr allatifi) — Wed, 14 Dec 2016 12:34:00 +0000

Latest: Corruption and Money Laundering.

A Permanent War Against Corruption, Black Money and Fake Money Is Required In India and Elsewhere.

Politics / IndiaDec 05, 2016 - 03:41 PM GMT
By: Dr_R_M_Mathew

The heroic war against Corruption, Black Money and Fake Money Declared by the Prime Minister Narendra Modi is only a beginning of the war and not the end. Of course, it has caused pains or problems for the Common People, as no war can be fought without shedding blood, including the innocents; no surgery can be done without harming some of the healthy parts of the human body.

Indian Complexities

India is a vast and complex country with diverse faith, culture, ideology, religions and political parties. No ruler can launch any course of action after getting the consent of all these groups, even in a Democracy. The art is getting the consent of the people after launching and minimizing their hardships. Hence Narendra Modi is justified in all accounts though the highly rigid and structured Left in India and some simple minded political party leaders could not understand it.

Tip of an Iceberg

It is foolish to assume that all the crimes related to Corruptions, Black Money and Fake Money are wiped out for the present actions of the Modi Government. With this action, just 30 to 40 per cent of the Black Money, Fake Money and Corruption alone can be wiped out. It is just a tip of an iceberg. The problem is that all Political Parties, Religious Organizations or Spiritual Industry and their god-men or good-women, Print and Electronic Media, the Entertainment Industry, including Cinema or Film, Music, Cricket, Sports, including Cricket Associations, Indian Olympic Associations, New Generation Industry and Banks and Legal and other Professions and etc. have been flourished in India only with Corruptions, Black Money, Fake Money and Money Laundering.

Strategic and Security Questions

Corruptions, Black Money, Fake Money and Money Laundering lead to the growth of Religious Primitivism and Terrorism, including Islamic Terrorism. It is a Strategic Question too affecting Peace, Security and Development of the nation. Unless they are controlled or wiped out, the very survival and integrity of India will be questioned and India may have the fate of some Middle East and African Countries. The on-going war against Corruptions, Black Money, Fake Money and Money Laundering must be considered an integral part of ‘War against Terror’.

The Rise of the Forgotten People of India

Even BJP or Congress or CPM is not free from these crimes. That is why; Modi's War is fought by a One-Man-Army with the support of all the Forgotten People of India- the Rural or Farming Community, the Backward People, including Tribal People, Low-Paid Blue Color Workers of both organized and unorganized Industries, including Village and Cottage Industries spread across India. The original root of the Prime Minister Narendra Modi is from the forgotten people of India.

These People have become the FORGOTTEN PEOPLE OF INDIA just because of the high level and rampant Corruptions, Black Money and Fake Money committed by the Elites in India -- Political Party Leaders, including the Left, Religious Leaders, Bureaucrats, Media People and the so-called Cultural or Intellectual Leaders in India. Such kind of Forgotten People can be found in China, America, Russia and even in the entire Europe who are carefully watching India for strength and inspirations.

Their Rights and Privileges

It is the Right of the FORGOTTEN PEOPLE OF INDIA to declare War on Corruption, Black Money and Fake Money and it is their DUTY to Rally behind the Prime Minister Narendra Modi. The War against Corruption, Black Money and Fake Money is a Permanent War and the Young People must come forward to Carry out this War for ever and thereby Making India Strong and Developed, quite different from the Development Picture drawn by the Political Parties and their Paid-slaves, including Academics, Intellectuals and Media Persons.
Some of my earlier work appeared in the Market Oracle (UK) discuss these issues at length:
30 Dec 2011 - Coming of the Violent Global Revolutions http://www.marketoracle.co.uk/Article32380.html
28 Feb 2011 - India on the Verge of A Revolution for Corruptions (23761 Reads) http://www.marketoracle.co.uk/Article26594.html
23 Feb 2011 - The Arab Revolutions and the Emergence of a New Global Social Order http://www.marketoracle.co.uk/Article26483.html
22 Feb 2011 - Chinese Workers Surplus Value Makes China A World Economic Power http://www.marketoracle.co.uk/Article26468.html
Dec 27, 2009- China On the Verge of a Great Crash and Its Impact on Crude Oil Price http://www.marketoracle.co.uk/Article16083.html
Nov 13, 2016 Trumpnomics – Reinventing Political Economy for America and Its Forgotten People and the World under Donald Trump http://www.marketoracle.co.uk/Article57176.html
29 Nov. 2016 - Prime Minister Modi's War Against Corruption, Black Money and Fake Currency Notes in India http://www.marketoracle.co.uk/Article57370.html

My recent writings on these topics appeared in the Market Oracle (UK) can be found with the help of the following link: http://www.marketoracle.co.uk/UserInfo-Dr_R_M_Mathew.html

Prof. (Dr.) Raju M. Mathew

© 2016 Copyright Dr. Raju M. Mathew - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Panama Papers duo see no end to havens

noreply@blogger.com (albakr allatifi) — Wed, 14 Dec 2016 11:06:00 +0000

Latest: Corruption and Money Laundering.

AFP, PANAMA CITY.

Getting rid of tax havens depends on the US and Europe, but is unlikely to happen any time soon, journalists behind the publication of the Panama Papers said on Friday.

“The biggest tax haven in the world today is probably in the United States,” Jake Bernstein, a US investigative reporter with the International Consortium of Investigative Journalists (ICIJ), told a conference in Panama hosted by anti-corruption watchdog Transparency International.

“The biggest offshore providers have traditionally been American and European” and the banks they use “are often American or European,” he said. “Much of this corruption could be stamped out if the United States and Europe decided to act.”

Frederik Obermaier, a German journalist for the Sueddeutsche Zeitung daily who received the Panama Papers leak and passed it on to the ICIJ, said the only real prospect for shutting down tax havens was if the public demanded governments do so.

“I am currently rather pessimistic that it will be possible very soon because real change in the offshore world is only possible if the big players go for it as well. The big players are the UK and the US,” he told reporters. “And both countries now have governments that I fear are not in favor of more transparency.”

Obermaier said the Panama Papers revelations were based on a leak from an anonymous source who handed over digital files from a Panama law firm, Mossack Fonseca, which showed how it had set up offshore structures to allow the world’s wealthy to stash assets away from scrutiny.

However, he said there were many tax havens around the world — and “some of them are within the borders of the US and some of them are UK overseas territories.”

Obermaier added that he hoped Panama Papers-style information will one day peel the secrecy back from structures set up in the US states of Delaware and Nevada, and in the British Virgin Islands (BVI).

“If societies really want change, they need the US and the UK joining this fight for more transparency,” he said.

Separately, Transparency International has bestowed its 2016 Anti-Corruption Award on the task force investigating the massive corruption-kickback scheme at Brazil’s state-owned oil company Petrobras.

The task force driving the investigation known as “Operation Car Wash” received the award on Saturday during the 17th International Anti-Corruption Conference in Panama City.

Since 2014, the task force has been probing charges of corruption and money laundering at Petrobras.

Dozens of executives and politicians have been arrested or are being investigated for allegedly overcharging contracts with Petrobras and using part of the money to pay for bribes and electoral campaigns.

Additional reporting by AP

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Former Air Force chief SP Tyagi, 2 others arrested by CBI in AgustaWestland VVIP choppers deal case

noreply@blogger.com (albakr allatifi) — Fri, 09 Dec 2016 13:33:00 +0000

Latest: Corruption and Money Laundering

Former Air Force chief SP Tyagi, 2 others arrested by CBI in AgustaWestland VVIP choppers deal case.

The CBI said all the three have been arrested over allegations of accepting illegal gratification for exercising influence through corrupt and or illegal means.

SP Tyagi

Former Indian Air Force chief SP Tyagi has been arrested by the CBI on charges of corruption in the Rs 3600-crore AgustaWestland helicopters deal case.

Delhi-based lawyer Gautam Khaitan and middleman Sanjeev Tyagi alias Julie Tyagi have also been arrested by the central probe agency.

The CBI said all the three have been arrested over allegations of accepting illegal gratification for exercising influence through corrupt and or illegal means.

"All the three accused have been arrested under Section 120B, Section 420 IPC and the Prevention of Corruption Act, 1988. They were called for questioning at the CBI headquarters," the agency said in a statement.

The CBI said its probe revealed that undue favours were shown to AgustaWestland Ltd, which accepted illegal vendors through middlemen including Sanjeev Tyagi, who is a relative of SP Tyagi.

Tyagi, his cousins Sanjeev, Rajiv and Sandeep and 10 others, including some European middlemen, were named in an FIR which the Central Bureau of Investigation had lodged in March 2013.

WHAT IS AGUSTAWESTLAND CHOPPER CASE?

The Agusta-Westland chopper deal scam refers Rs 360 crore allegedly paid as kickbacks by Finmeccanica, the parent firm of AgustaWestland, to clinch the deal for 12 VVIP helicopters for the Indian Air Force.

The payments were made in the "guise of" transactions for performing multiple work contracts in the country.

Tyagi was the Indian Air Force chief between 2005-07 when the VVIP chopper deal was being processed by the air force headquarters.

The Enforcement Directorate had lodged a case in July 2014 against SP Tyagi, businessman Gautam Khaitan, his wife Ritu, three Italian middlemen -- Christian Michel James, Guido Ralph Haschke and Carlo Gerosa -- and 13 others in the case.

Following the money trail, the agency discovered that Khaitan along with two middlemen Gerosa and Haschke were paid 28 million euro by AgustaWestland through IDS Tunisia.

THE CASE SO FAR

Earlier this year, an Italian court hearing the case had said there was "reasonable belief that corruption took place" in AgustaWestland deal for VVIP choppers in 2010 and that Tyagi was involved in it.

On April 8, the Milan Court of Appeals - equivalent to an Indian High Court - had ruled that the Agusta-Westland contract involved payoffs to Indian officials.

Overturning a lower court judgment that said corruption could not be proved, the court of appeals found Giuseppe Orsi, the powerful former chief of Finmeccanica, and Bruno Spagnolini - who headed chopper division AgustaWestland - guilty of international corruption and money laundering.

In its detailed order, the Italian court said payments in cash as well as through wire transfers were made to the Tyagi family - three of the former air chief's cousins - and a part of them were destined for the officer himself.

However, the former Indian Air Force chief did not depose before the Italian court.

BRAZIL AWARDED 2016 ANTI-CORRUPTION AWARD

noreply@blogger.com (albakr allatifi) — Fri, 09 Dec 2016 13:15:00 +0000

Latest: Corruption and Money Laundering.

BRAZIL AWARDED 2016 ANTI-CORRUPTION AWARD

Transparency International awarded the 2016 Anti-Corruption Award to Brazil’s “Operation Car Wash,” a nationwide money laundering investigation. A jury selected “Operation Car Wash” from 580 nominations of journalists, activists, and government officials. Since April 2014, Operation Car Wash has racked up 1,256 years of jail time for high-level politicians and businessmen.

An Anti-Corruption Legacy

Operation Car Wash marks the first time in Brazilian history that white-collar criminals are facing jail time on a mass scale. The investigation has even targeted former President Lula, the most popular politician in Brazilian history.

Prosecutors launched a national campaign for legislative reform with its “Ten Measures Against Corruption.” However, a more lenient legislation approved by Brazil’s lower house essentially decriminalized money laundering. As a result, the entire Car Wash task force threatened to resign.

Operation Car Wash Critics

Despite national and international accolades, the Car Wash task force has its critics. Many have questioned the tactics of Federal Judge Sérgio Moro, at the head of the investigation. Defense teams accuse Moro of favoring the prosecution and overuse of precautionary arrests. Moro also released private phone conversations between Lula and then-President Dilma Rousseff to the national media, evidence usually kept within the courthouse.

Finally, some find it strange that Moro has not judged politicians from the centrist opposition party, the PSDB (Brazilian Social Democratic Party). At a conference in Washington, Moro emphasized that because the Worker’s Party held power since 2003, it would not make sense to prosecute its opposition. However, existing evidence also dates the corruption scandal back to former PSDB president Fernando Henrique Cardoso. PSDB party members may have received the largest bribe of the entire scandal.

Despite huge gains in its fight against corruption, Brazil’s “Car Wash” still has billions of dollars – and innumerable political and business elite – to go before it can call itself clean.

‘Poroshenko fuels war & corruption with IMF money’ – fugitive Ukrainian MP to RT

noreply@blogger.com (albakr allatifi) — Fri, 09 Dec 2016 12:57:00 +0000

Latest: Corruption and Money Laundering.

‘Poroshenko fuels war & corruption with IMF money’ – fugitive Ukrainian MP to RT.

Petro Poroshenko holds sway in Ukraine by channeling western financial aid into war and bribery, while making big money with a close circle of loyal oligarchs, fugitive Ukrainian MP Aleksandr Onishchenko told RT in an exclusive interview.

TrendsUkraine turmoil

Aleksandr Onishchenko, a former MP in Ukraine’s parliament, a billionaire oligarch and professional Olympic showjumper, fled the country this summer a week before being stripped of parliamentary immunity due to an investigation into an alleged gas fraud scheme.

He said that the case against him is a setup and the Ukrainian government tried to frame him to cover up a large-scale bribery scheme linked directly to President Poroshenko.

Onishchenko, who said he was a key figure in the complex scheme for two years, vowed to show western sponsors of the Ukrainian government where their money is actually going. He told RT that most IMF aid money is being used by President Poroshenko and his accomplices to fuel the ongoing civil conflict in the east of Ukraine.

“Most of the money they use for the war. I think that Poroshenko is very interested to keep the war,” Onishchenko said. An overgrown military not only allows Poroshenko to reap profits from “war-time” contracts but also suppress political opponents, the fugitive Ukrainian MP alleged.

“All the contracts for this war, even the smaller [ones], like weapons, or some stuff for the army, they [are going through] the companies which are close to [Poroshenko]. They are just [laundering] money … for them the war is like business.”

Ukraine's president and his accomplices have a stake in all the major businesses in the country now and it’s impossible for someone outside the inner circle to make money in Ukraine, according to Onishchenko, who claims Poroshenko and his team are scared that someone could potentially fund the opposition in the wake of upcoming elections.

“Poroshenko is in control now [of] all the state’s companies. It’s the biggest business they’re doing. It’s a chemical factory in Odessa, a lot of state energy companies,” said Onishchenko. Only people close to the president have been put in charge of these companies, he said.

“They use this money for political [advantage] for voting, for supporting … they use this money to make Poroshenko stronger,” Onishchenko added.

A scandal surrounding impressive income declarations, recently filed by Ukrainian politicians, brought to attention the scale of Ukrainian corruption, Onishchenko told RT.

He hopes the recent revelations about the scale of corruption in the Ukrainian government will result in the end of financial aid to the country.

“All Europe was shocked after the declaration of the people from the parliament of Ukraine. If you saw, all the people’s deputies, they declared so much cash. It was crazy, like millions and millions. How did they make that cash?” Onishchenko said.

“Poroshenko corrupts them … pays them money for… voting. That’s why they have so much money now. They’re buying … big houses, they are buying yachts and a lot of stuff. They must explain where the money is from. That’s why they put the money in these declarations. After these declarations from the government of Ukraine and this corruption scandal, even what I said to the press, I don’t see that western Europe will support [them] anymore, I mean, financially, Ukraine. Because they see they just use money for corruption and they’ll never accept this.”

Corruption Trial: Witness Denies Badeh Owns Vangoose Nig Ltd

noreply@blogger.com (albakr allatifi) — Thu, 08 Dec 2016 23:38:00 +0000

Latest: Corruption and Money Laundering.

Corruption Trial: Witness Denies Badeh Owns Vangoose Nig Ltd

by News Editor on Dec 5, 2016 | 0 Comments
Posted under: breaking news, Recent News

A twist has been added to the ongoing trial of former Chief of Air Staff, Air Vice Marshal Alex Badeh (retd).

At the resumption of trial before Justice Okon Abang of a Federal High Court, Abuja, Monday, the 10th prosecution witness and Regional Manager, First Bank Nigeria Ltd, Olabode Forinwole, denied that Vangoose Nig. Ltd belongs to Badeh.

Vangoose is one of the companies said to have been used by Badeh to launder millions of naira allegedly belonging to the Nigerian Airforce.

In a cross examination by counsel to the defendant, Chief Akin Olujimi (SAN), the witness told the court that the photograph on the mandate card of Vangoose Nig ltd bearing Alex Bade Sabundu, does not match with the face of the defendant who was in court.

Forinwole also told the court that he did not know anything about the inflow and outflow in a statement of account “Sabudu Badeh Foundation Account” after cross checking page 124-128 of the bundle of exhibit given to him.

The witness also denied not knowing the sources of transaction in a statement of account and memorandum of understanding for Prince and Princess Multiservice Ltd which is also alleged to be owned by Badeh

The court adjourned till December 6 for continuation of cross examination.

Badeh was arraigned on a 10-count charge bordering on money laundering, criminal breach of trust and corruption.

The Economic and Financial Crimes Commission accused Badeh of using funds assigned to the Nigerian Air Force to purchase a mansion in Abuja, among other charges.

The Commission said the purchase was done with the dollar equivalent of N1.4bn

According to the Commission, “Badeh, while being the CDS, among other things between January and December, 2013 used dollar equivalent of the sum of N1.4billion (One Billion, One Hundred Million Naira) removed from the accounts of the Nigerian Air Force to purchase a mansion situated at No. 6, Ogun River Street, Off Danube Street, Maitama, Abuja,” the EFCC said .

The offence is in contravention of Section 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act, the anti-graft body said.

The former Defence Chief, however, denied allegations of corruption against him.

Corruption, money laundering mar host’s preparations

noreply@blogger.com (albakr allatifi) — Thu, 08 Dec 2016 23:34:00 +0000

Latest: Corruption and Money Laundering.

Corruption, money laundering mar host’s preparations.

Dody Iswandi - Implicated

Dody Iswandi - JP/Warta Kota/Syahrul Munir

Indonesia faces a winding road ahead as host of the 18th Asian Games in 2018 following a corruption case implicating Indonesian Sports Committee (KOI) secretary general Dody Iswandi.

Dody has been named a suspect by the Jakarta Police for embezzlement and money laundering related to funds for a 2018 Games public information program worth Rp 61.3 billion (US$4.54 million). The Supreme Audit Agency (BPK) claims that the alleged crime may have led to Rp 40 billion in state losses.

Events of the public information program, named “Carnival Road to Asian Games”, were held in Surabaya, East Java, Medan, North Sumatra, Makassar, South Sulawesi, Bandung, West Java, Palembang, South Sumatera, and Jakarta, and were hosted by the KOI. It was House of Representatives Commission X overseeing education, sports and history that first spotted the possible embezzlement of program funding.

Dody is requested to attend a questioning session at the Jakarta Police headquarters on Monday.

KOI deputy chief Muddai Madang said Dody had proposed to take leave starting Dec. 1 in order to deal with the legal case.

“I think [the legal case] is an individual matter. I hope it will not affect the work of the organization [that Dody is in] for the Games,” Muddai said in a release on Sunday.

Muddai was confident that the corruption case would not prevent the KOI and Indonesian Asian Games Organizing Committee (Inasgoc) in making preparations for the 2018 Games, which will be co-hosted by Jakarta and Palembang.

“We respect the law and are giving Pak Dody a chance to focus on handling his case,” added Muddai.

Dody was once Inasgoc’s secretary general. However, he resigned from the post in June. The position was taken over by Sylviana Murni, who is now the running mate of gubernatorial candidate Agus Harimurti Yudhoyono.

Due to Sylviana’s participation in the election, the position is now filled by acting secretary general Harry Warganegara.

Youth and Sports Ministry spokesman Gatot S. Dewa Broto said he hoped the ongoing case would not hamper Inasgoc in carrying out its duties.

“We are concerned about the current situation. However, we hope Inasgoc will not be affected at all, and will be able to continue with its ongoing projects.

“[The legal case] is a good reminder for all of us to be more careful in using state money,” said Gatot, adding that the ministry would be ready to convey its conviction to the Olympic Council of Asia (OCA) that preparations for the Games remain on track.

After India's Cash Ban, Money-Laundering Networks Thrive: Foreign Media

noreply@blogger.com (albakr allatifi) — Thu, 08 Dec 2016 23:19:00 +0000

Latest: Corruption and Money Laundering.

After India's Cash Ban, Money-Laundering Networks Thrive: Foreign Media.

Amid the demonetisation process, money-laundering networks are spreading across the country, says report

As Indians struggle with the chaos caused by last month's sudden banning of their 500 and 1,000 rupee notes, money-laundering networks are spreading across the country, seizing on a new market in helping people turn their cash hoards into legal tender.

While people have until year-end to deposit old notes in their bank accounts, the government has said it will scrutinize large cash deposits and money with undeclared origins -- and will tax or penalize depositors. That's created a scramble for ways to turn so-called black money, the local term for cash that has evaded taxation, into white.

Agents offering to launder money are using creative means, including flying banned cash by the planeload to northeastern states exempt from restrictions as well as connecting people to high-turnover businesses that can deem old cash as revenue, keep a portion of it, and return the rest, according to people involved in the networks. Premiums range from 10 percent to 50 percent, depending on the difficulty, they say. At least one property brokerage is offering to arrange the sale of apartments using banned money in an upscale suburb of Mumbai that's popular with Bollywood movie stars.

While the government has been working to close loopholes -- which Prime Minister Narendra Modi decried as people's "illegal means to save their ill-gotten wealth" in a radio address last week -- new ones are opening even faster. So far, the policy aimed at reducing the scale of the black economy and bringing more people into the tax net is, in the short term, leading to just the reverse: money-laundering, tax-avoidance, and new opportunities for existing organized crime, the evolution of the long-standing hawala money-transfer system, and the start of new illicit networks.

Whales, Sharks

"The whales and sharks will break out of this net easily and find a way to pump their money back into system through organized networks," said C.H. Venkatachalam, general secretary of the All India Bank Employees Association, a union representing 500,000 bank personnel. "It is not easy to cull out the black money from India's economy, and the real big players are tough to touch. "

The rise of underground networks illustrates the challenge Modi faces in trying to stamp out entrenched corruption in a country where cash accounts for 98 percent of consumer transactions -- and raises the prospect that he'll pay a steep political price for a move that threw India into chaos.

Money-laundering networks promise to deliver clean cash by routing it through India's hinterlands. One method relies on high-turnover businesses, such as trading houses or manufacturing operations, which report cash revenue to the government. With their sales disrupted by millions of Indians' sudden inability to access cash, these businesses can make up the shortfalls by accepting old cash from money-laundering networks, calling it revenue, and then returning a portion -- typically 50 percent of the total -- in new notes.

Ashok from Mumbai, who didn't want to disclose his full name due to the illegality of the transaction, said that a lawyer he contacted after the Nov. 8 cash ban put him in touch with a cash-reliant business in the state of Rajasthan, which has operations in both garment manufacturing and jewelry. He plans to give the business 200 million rupees ($2.9 million) worth of banned notes he obtained from selling property, he said, and expects to get just 100 million back in brand-new notes.

"All I want to do is save as much as I can of this money," said Ashok, who didn't pay taxes on the money and said he's still deciding whether to declare his new notes. "This is money from a real estate transaction, which I have been holding onto for future investments."

A lawyer who is part of a money-laundering network in Mumbai confirmed on condition of not being identified that most people looking for help are willing to lose as much as 50 percent of the value of the currency. A proposed change to the tax law, which passed the lower house of Parliament on Nov. 29, would levy a 50 percent penalty on unexplained bank deposits.

Tribal Exemptions

Other laundering networks focus on bringing the money into the system through the bank accounts of people with tax exemptions, such as farmers or those who derive income from agricultural activities, the lawyer said. Certain tribal communities in India's northeastern states, including Nagaland, Manipur and Tripura, are exempted from paying taxes on income from any sources.

Some of the operators are turning to the hawala system -- which is based on trust or family connections and operates using the mispricing of goods, financial loopholes and hidden accounting procedures to take in cash in one location and pick it up in another -- active in India for decades. By using the hawala networks, agents offer to replace old currency notes with new and offer services to pick up the money in remote locations, the lawyer said.

Individuals are transporting millions of rupees on trains or vehicles, and the big money-laundering networks have been chartering flights to transport crateloads of cash to India's northeast from small airfields, the lawyer said.

Flights Curbed

In an attempt to halt these operations, the civil aviation ministry said on Nov. 29 that approvals must be sought from the police chief of the district for flights taking off from airfields not controlled by the government, and that police and the pilot must screen customers and passengers before departure.

There's big risk in transporting currency notes. Apart from theft, income tax authorities or police officers could intercept mass cash transports and impound them. Yet the hawala system, at least, uses trust as a bedrock, and those involved honor their commitments or face repercussions, the lawyer said. The hawala network, a centuries-old system of moving cash around the Muslim world outside formal banking channels, has become active in India only in the past few decades.

People are also taking things into their own hands. They use household staff or people with little money to move their currency notes into bank accounts of multiple people below the 250,000 rupees limit that triggers inquiries from the tax department. The Reserve Bank of India put limits on transactions "to protect the innocent farmers and rural account holders" from activities of money launderers and legal consequences, according to a statement posted on the central bank's website on Nov. 30.

Temple Conversions

There are also reports of temples being used to convert the black money into new currency notes. Donations to religious institutions in old notes are exempt from the ban, but a television channel caught on camera a priest at the Govardhan Temple in Mathura in northern India who offered to convert banned currency notes into new ones. People are also using weddings as a way to deposit the currency into bank accounts, as cash gifts received during marriage are exempt from taxation.

The real estate industry, which accounted for a large share of illicit deals with an estimated 10 to 15 percent of its transactions done with black money even before the currency ban, is also attracting further investments with banned notes.

An e-mail offer sent out by the Mumbai property brokerage had the subject line, "Under old currency 2BHK Sale Khar West," which meant that the purchaser could pay in banned bills for 2-bedroom apartments in the upscale Mumbai suburb of Khar. The offer price, for units in a seven-story building with floor-to-ceiling windows, was about 30 million rupees, or about a 10 percent premium over other comparable sales.

Surging Transactions

"Real estate transactions have seen a surge after the demonetization announcement, as opportunistic deals are being struck between various stake holders," said Shashank Jain, Mumbai-based partner at PricewaterhouseCoopers. "It is tough to quantify how much of these are happening in currency notes that are no longer legal tender."

Sales of hard assets are increasing wherever sellers or retailers will accept the bills, even after the government banned them from doing so. A person who bought 1 million rupees worth of gold from a jewelry store in Mumbai last week said he was able to use old 1,000-rupee notes, paying a 20 percent premium -- with the jeweler then expected to turn to money-laundering networks to legitimize the proceeds.

Denouncing Evasion

Modi, who announced the demonetization of 86 percent of the country's currency in a bid to crack down on tax evasion through black money, denounced the evasion networks that are springing up.

"Even now, some people think that they can re-introduce notes into the system, money from corruption, black money, unaccounted wealth," he said on a national radio program on Nov. 27, condemning these "illegal means to save their ill-gotten wealth." "By misguiding the poor, enticing them through the vices of avarice and temptation, wrongfully pumping money into their bank accounts, or getting them to undertake some wrong activities, some people are trying to save their black money."

The government has been trying to plug loopholes. Plane and railway tickets that previously were allowed to be booked with banned currency notes led people to purchase and then cancel them for a refund in valid notes. The government swung into action and stopped cash refunds for these tickets within two days of the currency ban.

Winning support for demonetization and implementing it effectively is crucial for Modi before key state elections next year and a national poll in 2019.

"The government has its eyes and ears open and claws out and is moving quickly to ban all the illegal ways in which black money is brought back into the system," said Gaurang Shah, vice president at Geojit BNP Paribas Financial Services Ltd. in Mumbai, which offers investment advisory services in India and the Middle East. "We will have to wait for the final tally at the end of December to see how effective those measures have been."

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Trump poses serious threat to anti-corruption efforts

noreply@blogger.com (albakr allatifi) — Mon, 05 Dec 2016 09:57:00 +0000

Latest: Corruption and Money Laundering.

Trump poses serious threat to anti-corruption efforts.

NEWS / 4 December 2016, 7:11pm

Laurence Cockcroft

President elect - Donald Trump

THERE are many conversations taking place about why the US voted for Donald Trump and the UK voted for Brexit. The extent to which the electorate feels the governing elite is “corrupt” has been overlooked, though ironically it was picked up by Trump himself with his promise to “drain the swamp”.

As much as 70 percent of EU citizens and US citizens consider their own political parties to be “corrupt” – a broad term which is based on a general sense that leaders are out for themselves rather than society as a whole.

President Obama made constant efforts to regulate the system of political lobbying, while seeking to extend the anti-bribery principles of the Foreign Corrupt Practices Act to, first of all, OECD members and later all G20 countries.

With the dawn of a new era due to start next year with Trump’s inauguration, how likely is it his administration will sustain that process? The short answer is unlikely, given his history – several bankruptcies, more than 30 court cases against him and his refusal to place his assets in a blind trust. There are five main kinds of corruption.

First, political finance. While all EU countries have fairly tight campaign finance laws they are often disregarded. Recent scandals involving the PP in Spain and the UMP in France match New Labour’s record in soliciting loans to the party to avoid the very rules it introduced under the Political Parties and Elections Act of 2000. In the US, “Citizens United” – the Supreme Court decision of 2010 – unravelled past attempts to limit corporate contributions to campaign finance and heralded a new era of “paying for policy”. The decision was heavily criticised by Bernie Sanders and more modestly by Hillary Clinton, but it is highly unlikely that Trump’s nominees for the Supreme Court will seek to roll it back.

Second, the lobbying industry. Political lobbying has escalated to the point where it keeps up to 100 000 people busy in Washington despite efforts by Senator McCain and then-Senator Obama to control it.

Third, although the finance sector and the crash of 2008 has been subjected to an unparalleled array of analyses, almost none of these have been prepared to identify corruption as a root cause. But the successful prosecution for “reckless lending” in the sub-prime market, the clearly misleading ratings by the ratings agencies and the deliberate manipulation of the interest rate and forex markets were certainly wider symptoms of a corrupt system. In the US, Senators Sanders and Warren have sought to expose the failure of the major US regulators to focus on the same issue.

Surprisingly, some in Trump’s circle – most notably Steve Bannon – are on record as suggesting that some banking CEOs should have gone to jail. But the identity of likely candidates for Treasury Secretary belies this threat.

The interface between the on-shore banking sector and “secrecy jurisdictions” which facilitate shell companies was dramatically exposed in a series of leaks culminating in the Panama Papers.

Estimates on the scale of funds held in these jurisdictions – including Switzerland – indicate a minimum of $10 trillion. It seems unlikely that a president who needs to hide his own affairs will push for transparency.

Fourth, international bribery by Western companies – supposedly a problem of the past following the OECD Anti-Bribery Convention of 1977 – continues to reflect low standards of business in emerging markets. Recent fines imposed on GSK in both the US and China and on Walmart in the US confirm the scale of the problem. Trump, meanwhile, has described the US Foreign Corrupt Practices Act of 1977 as a “horrible act”.

Fifth, self-congratulation over the Paris Agreement on climate change has disguised the fact that corruption threatens the control of carbon emissions. In the US, lobbying by powerful corporations such as Koch Industries has weakened the Environmental Protection Agency (EPA) which is responsible for setting emission targets.

Trump, as a non-believer in climate change, will certainly line up with the forces seeking to limit the power of the EPA.

Trump is a danger to the forces at work against corruption across the world, not only in the US. His election occurs at a time when strong forces in the developing world such as Brazil, India and South Africa are embracing the need to address corruption as a threat to the nation state. For the West, led by the US, to step backwards on its commitment to fight corruption would be fatal to the global anti-corruption effort.

● Cockcroft is a co-founder of Transparency International and co-author of the forthcoming book "Unmasked: Corruption in the West"

CORRUPT - WATCH - corruption and money laundering.

Petronas Carigali ex-executive charged

Petronas Carigali ex-executive charged with more corruption and money laundering.

Buy mine - You get Bandar Malaysia.

The return of the cronies and proxies of the 1980s and 1990.

Malaysians foresee no justice at home -

1MDB: After ex-Goldman banker’s US conviction, Malaysians foresee no justice at home.

Conviction of Roger Ng Relating to the 1MDB

FCPA Alert: Lessons Learned from Last Week's Trial Conviction of Roger Ng Relating to the 1MDB Malaysian Bond Deals.

Najib’s former officer reveals secret overseas bank accounts

How PCCB can stem the tide of corruption

How PCCB can stem the tide of corruption

Russia raids Kremlin critic Navalny's supporters

Russia raids Kremlin critic Navalny's supporters.

Two arrested in transfer fraud raids in Belgium, Monaco, London

Two arrested in transfer fraud raids in Belgium, Monaco, London- JakartaPost.

Topics :

US judge denies bail to ex-Peru president in corruption case

US judge denies bail to ex-Peru president in corruption case.

Corruption around the Globe

Shielding Seized AssetsFrom Corruption’s Clutches

‘Touching the Untouchables’

Limited Success

‘Touching the Untouchables’

Limited Success

Challenge of Uzbekistan

China official dealing with Taiwan accused of bribery

Duterte clears Tetangco of corruption; not AMLC

Duterte clears Tetangco of corruption; not AMLC.

The AMLC’s executive director is lawyer Julia Bacay-Abad. Its compliance and investigation group is headed by Vencent Salido, also a lawyer. Roland Villaluz, another lawyer, heads the legal services group.

Note ban not enough

Note ban not enough: Corruption in India is like water, it finds a way.

Every day, India is witness to law-enforcement agencies seizing bundles of the distinctive, pink bundles of Rs 2,000-denomination bank notes (HT Photo)

Differences in SUN TV case.

MHA, I&B MINISTRY SETTLE DIFFERENCES IN SUN TV CASE.

Sahara Diaries

Congress demands independent probe into ‘Sahara diaries’; political leaders involved in money laundering.

Jairam Ramesh also asked who was Mahesh Shah, who had declared over Rs 13,860 crore under the income disclosure scheme, and asked whether any leaders were involved in money laundering..

A Magnitsky clause for the UK

A Permanent War Against Corruption, Black Money and Fake Money Is Required In India and Elsewhere

A Permanent War Against Corruption, Black Money and Fake Money Is Required In India and Elsewhere.

Panama Papers duo see no end to havens

Former Air Force chief SP Tyagi, 2 others arrested by CBI in AgustaWestland VVIP choppers deal case

Former Air Force chief SP Tyagi, 2 others arrested by CBI in AgustaWestland VVIP choppers deal case.

The CBI said all the three have been arrested over allegations of accepting illegal gratification for exercising influence through corrupt and or illegal means.

BRAZIL AWARDED 2016 ANTI-CORRUPTION AWARD

BRAZIL AWARDED 2016 ANTI-CORRUPTION AWARD

An Anti-Corruption Legacy

Operation Car Wash Critics

‘Poroshenko fuels war & corruption with IMF money’ – fugitive Ukrainian MP to RT

‘Poroshenko fuels war & corruption with IMF money’ – fugitive Ukrainian MP to RT.

Corruption Trial: Witness Denies Badeh Owns Vangoose Nig Ltd

Corruption Trial: Witness Denies Badeh Owns Vangoose Nig Ltd

Corruption, money laundering mar host’s preparations

Corruption, money laundering mar host’s preparations.

After India's Cash Ban, Money-Laundering Networks Thrive: Foreign Media

After India's Cash Ban, Money-Laundering Networks Thrive: Foreign Media.

Trump poses serious threat to anti-corruption efforts

Trump poses serious threat to anti-corruption efforts.

Shielding Seized Assets
From Corruption’s Clutches