Day: February 15, 2021

On 13 February, an article from NBC claims that the scale of the fraud in the unemployment program created by the CARES Act has reached a staggering level, according to state and federal officials.  It is estimated at least $63 billion of the $630 billion in disbursements has been misspent.  The full scope of the loss in taxpayer funds is likely many times higher, experts and officials say, soaring well beyond $100 billion.  The DoJ has assembled a task force to root out fraud across all 50 states and US territories.  Among the claims is that criminals are using computer-generated 3-D printed masks of victims’ faces to pass identity verification checks, and organised crime, such as a Nigerian cybercrime ring that specialises in online scams, targeting CARES Act unemployment insurance.

https://www.nbcnews.com/news/us-news/how-billions-pandemic-aid-was-swindled-con-artists-crime-syndicates-n1257766

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On 15 February, University World News reported that UK universities are turning a blind eye to Nigerian political elites laundering dirty money through their fees, according to a paper published by the Carnegie Endowment for International Peace.

https://www.universityworldnews.com/post.php?story=20210215130628990

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On 15 February, IOM Today reported that a total of only £10.9m of VAT was refunded last year on private jets imported into the EU via the Isle of Man –  a big drop on 2019 when VAT refunds on 19 imported jets totalled £49,913,734.  The issue of VAT refunds on corporate jets made headlines worldwide in 2017 when they became the focus of the “Paradise Papers” exposé.

https://www.iomtoday.co.im/article.cfm?id=60428&headline=VAT%20refunds%20received%20on%20just%20two%20private%20jets&sectionIs=NEWS&searchyear=2021

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

The International Chamber of Commerce Academy has published a blog post from 14 October saying that the risks in international trade are not just borne by the importer and exporter.  Banks and other finance providers provide financing in a variety of ways and are exposed to their own risks while doing so.  The post provides a guide that focuses on the key risks faced by finance providers. It aims to give a broad overview of the risks one may face, to be better prepared and better manage the solutions to offer to clients.

https://icc.academy/trade-finance-risks

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

An article from the International Chamber of Commerce Academy says that since the introduction of OECD CRS and the US Foreign Account Tax Compliance Act (FATCA) agreements, tax transparency has become increasingly important for financial institutions and wealth managers around the globe.  Why and what kind of information needs to be reported by financial institutions?  What are the major challenges?  How does it influence the client relationship and experience?  What is key for financial institutions?  The article, a guest post, sets out to try to answer some of these questions.

https://icc.academy/understanding-common-reporting-standard

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

On 12 February, OCCRP reported that a chain of entities registered in Argentina, Spain, and Luxembourg was used to buy and sell 6 wind farms in allegedly corrupt deals that are thought to have netted the former President Mauricio Macri and his relatives around $70 million.  It says that a Luxembourg company, Lares Corporation S.A. SPF, may now be the key to unlocking a corruption scandal that has swirled around the Macri family for years.

https://www.occrp.org/en/openlux/gone-with-the-wind-argentinas-former-first-family-used-luxembourg-companies-to-reap-70-million

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y