The Daily Mail on 17th September reported that Ehsan Abdi-Jalebi, a leading engineer, is suspected of abusing the Government’s rush for renewable power. The Iranian company director was arrested after £100,000 was found in his luggage for a flight to Tehran, allegedly hidden in chocolate gift boxes. His company, Wind Technologies, received more than £1.3 million in renewable energy grants from the UK and the EU, with 3 linked businesses given a further £1.5 million. He has now appeared before magistrates in London to face 11 charges of fraud and a further claim of perverting the course of justice, before being released on conditional bail.
Swissinfo on 17th September reported that Swiss bank Credit Suisse has failed to meet its obligations to prevent money laundering, says FINMA, Switzerland’s financial supervisory authority. The misconduct is related to the alleged corruption cases around FIFA, world football’s governing body, and the oil companies Petrobas and PDVSA. Another case involves a significant business relationship with a politically exposed person (PEP). In 2 enforcement proceedings against the major bank, FINMA found deficiencies in the due diligence measures required for banks to comply with AML regulations. FINMA has taken measures to improve the AML policy and to ensure that the bank implements steps more quickly. An independent representative will review the implementation and impact of the measures.
The International Chamber of Commerce on 14th September reported that data breaches in the finance, insurance and credit sectors reported to the UK Information Commissioner’s Office (ICO) increased by 74% in the past 2 years. Reports in the legal sector rose 112%. However, analysis reveals that risks posed by human error were greater compared the threat posed by cyber attacks.
On 14th September, EU Observer reported that the Faroe Islands – a semi-autonomous nation of 18 islands in the North Atlantic – has refused to support EU sanctions on Russia imposed after Russia’s annexation of Crimea from Ukraine in 2014. The reason given is the islands’ salmon farming, with exports to Russia are now booming due to the EU sanctions.
The Guardian on 16th September reported that more than $16 million in cash and luxury watches were seized at an airport in Brazil in the luggage of a delegation accompanying the son of the president of Equatorial Guinea. Teodorin Nguema Obiang arrived on a private aircraft as part of an 11-person delegation and local media reported that federal police found $1.5 million in cash in one bag and watches worth an estimated $15 million in another. Brazilian law prohibits people from entering the country with more than £1,800 in cash.