THE LAFARGE SYRIAN TERROR FINANCING SCANDAL: CHOOSING PROFIT OR COMPLIANCE

An article on KYC 360 on 8th July saying that French cement giant Lafarge finds itself at the core of a rather unique, and quite embarrassing, compliance case.  How, the article asks, will it untangle itself out of this mess and says it will be an interesting one to watch.  The case, in France, is said to be the first time  non-profit organisations have filed suit against a multinational corporation for financing terrorist activity and complicity in war crimes and crimes against humanity.  It was alleged that Lafarge subsidiary, Lafarge Cement Syria (LCS), entered into deals with ISIS to protect the interests of its cement factory in the north of Syria.  Lafarge agents reportedly paid out over $5 million to armed groups, although other reports say up to €13 million was paid out.

https://kyc360.com/article/lafarge-terror-financing-scandal-choosing-making-cash-keeping-compliance/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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