On 9 August, a port from The Balance explains hawala, saying that it is an ancient money transfer method originating in SE Asia. The system can be used for legitimate money remittance in global transactions. Hawala, along with other alternative money transfer systems, are sometimes categorised as a form of underground banking because it is often used in illegal money laundering operations. The term “hawala” means “transfer” in Arabic, and a “hawaladar” is the broker who facilitates the movement of money. The post explains that it is not the only alternative money remittance system in existence. Similar means of transferring money outside the regular banking system exist in China, Hong Kong, the Philippines, and Thailand, though they go by different names.
Day: August 17, 2021
WHAT ARE SPAIN’S NEW RULES AND LIMITS ON CASH PAYMENTS?
On 17 August, The Local carried an article saying that Spain has recently lowered the limit on cash payments people can make down to only €1,000. The previous limit was €2,500, but now this has been reduced to only €1,000. This means all amounts above €1,000 will have to be paid by card. The measure affects Spanish companies and the amount you can pay in shops or for professional services. However, for payments between individuals residing in Spain, the limit remains at €2,500, and for tourists, a cash limit of €10,000 on transactions remains in force.
https://www.thelocal.es/20210817/explained-what-are-spains-new-rules-and-limits-on-cash-payments/
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FORCED LABOUR IN XINJIANG, WHAT YOU NEED TO KNOW
On 6 August, the Braumiller Law Group in the US published a guide, saying that human rights violations run rampant within China’s Uyghur Autonomous Region (Xinjiang), targeting ethnic and religious minority groups such as Uyghurs, ethnic Kazakhs, and ethnic Kyrgyz. It also says that US Customs and Border Protection has seized more than 1,200 shipments of goods entering the US with over $400 million of goods connected to forced labour practices. The guide provides an explanation of “forced labour”, the legal risks and which industries are affected.
https://www.braumillerlaw.com/forced-labor-in-xinjiang/
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SOCIAL MEDIA INFLUENCERS PROMOTING CRIMINAL SCAMS
On 16 August, the BBC reported social media influencers that, instead of promoting clothing lines and lifestyle products, promote fraud. Some even lure new recruits by selling guides on committing fraud. It is said that perpetrators of online retail fraud refer to it as “clicking“, making it seem more innocuous, and guides being traded are known as “methods”. They can target banks, retailers and even the government’s Universal Credit system, and all rely on “fullz”, slang for personal data information.
https://www.bbc.com/news/uk-58223499
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EU GUIDANCE: COUNTER-TERRORISM SANCTIONS, HUMANITARIAN AID AND COVID-19
On 13 August, the EU Commission has updated its Guidance Note on the provision of Covid-19-related humanitarian aid to countries/areas subject to sanctions, to include a chapter on counter-terrorism sanctions. The new provisions stress that exports of medicine and equipment required to combat Covid-19 are not restricted and lays down the rules where designated persons or higher-risk areas might be involved.
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