Day: May 16, 2023

Further to my puzzlement yesterday over the inflation statistics, it was confirmed that the subsidy on 25 lb gas cylinders, commonly used for cooking etc (including by us), is to continue for a further 6 months. The retail price of a 25 lb refill in Panama City is $4.37.

While the claim by the Waked family against the National Bank of Panama over the forced sale of property in the city continues, the US Ambassador has stepped in to remind everyone that Abdul and Nidal Waked, as well as their businesses, partnerships and some relatives, remain on OFAC sanctions lists.

Is the drought ending? Really torrential rain today, fortunately after I’d returned home, and more like the downpours we would expect. That said, even in the height of the raininy season towards the end of the year, you just get an hour or two of rain – not the continual monsoon-like downpours that you might see in Asia.

16 MAY 2023

https://www.buymeacoffee.com/KoIvM842y

On 16 May, Estrella de Panama reported that Emma Reyes, former director of the Financial Analysis Unit (UAF) had been sentenced her to 120 months in prison for intentional embezzlement, with 2 other former officials sentenced to 84 and 30 months in prison.  The former director was disqualified from exercising public functions for a further 120 months, once the main prison sentence had been served.  The case dated back to 2014, and began with an anonymous complaint.

https://www.laestrella.com.pa/economia/230516/exdirectora-uaf-condenada-120-meses-prision-peculado-doloso

https://www.prensa.com/judiciales/condenan-a-exjefa-de-la-uaf-a-10-anos-de-prision-por-peculado/

On 16 May, a news release advised that the EU the Council had adopted updated rules on information accompanying the transfers of funds by extending the scope of the rules to transfers of crypto assets. 

https://www.consilium.europa.eu/en/press/press-releases/2023/05/16/anti-money-laundering-council-adopts-rules-which-will-make-crypto-asset-transfers-traceable/

On 16 May, the EU published a set of FAQ re the humanitarian exemption under Syrian sanctions following the earthquake in February.

https://finance.ec.europa.eu/system/files/2023-05/230516-faqs-humanitarian-exemption-syria_en.pdf

On 16 May, OFAC designated Mikhail Matveevfor his role in launching cyberattacks against US law enforcement, businesses, and critical infrastructure.  Concurrently, the US District Courts for the District of New Jersey and the District of Columbia unsealed indictments against Matveev.  Additionally, the Department of State announced an award of up to $10 million for information that leads to the arrest and/or conviction of Matveev under its Transnational Organized Crime Rewards Program.

https://ofac.treasury.gov/recent-actions/20230516

https://home.treasury.gov/news/press-releases/jy1486

On 16 May, HM Treasury issued 3 Notices, advising that a single existing entry in 3 sanctions regimes had been amended –

That of Roman Nikolaevich LEPA under the Russia sanctions;

That of DAMASCUS CHAM HOLDING under the Syria sanctions; and

That of Zvonko VESELINOVIC under the Global Anti-Corruption sanctions.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1156906/Notice_Russia_160523.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1156909/Notice_Syria_160523.pdf

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1156912/Notice_Global_Anti_Corruption_160523.pdf

In April, a further 1% increase in the RPI was recorded. A newspaper article reported that, in one year, the prices of housing, water, electricity and gas services increased 11%, while that of food and non-alcoholic beverages rose 4.8%. A find the 11% reported rise a little odd, unless it is weighted to purchase and rent increases – electricity remains low-cost, gas is subsidised and I do not recall water costs being high or increased, so I confess to be a bit puzzled.

Meanwhile, over the border, Costa Rica approved the first licence for a company to produce medicinal cannabis.

In other news, a former mayor of Panama City, Bosco Ricardo Vallarino, had been sentenced to 4 years in prison for corruption, in a case begun in 2015.

15 MAY 2023

https://www.buymeacoffee.com/KoIvM842y