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Sabtu, 09 November 2013
Senin, 11 Juni 2012
The New UN Sanctions Resolution Against Iran
The UN Security Council approved a resolution on June 9th imposing a fourth round of sanctions on Iran in response to its continued nuclear enrichment program in violation of prior Security Council resolutions. The vote was 12 in favor, 2 against (Brazil and Turkey) and 1 abstention (Lebanon).
The new resolution imposes new financial restrictions on Iran, expands an existing arms embargo, and authorizes greater stop and search of Iranian cargo ships. Targeted sanctions on specific individuals and entities were expanded. The resolution also includes measures directed against Iran’s Revolutionary Guard.
While the United States, Great Britain and France were its strongest sponsors, China and Russia also expressed their verbal support along with their votes, although the Russian ambassador added a major caveat in his response to a reporter’s question about Russia’s prospective sale of a sophisticated anti-aircraft system to Iran.
Lebanon’s decision to abstain was a pleasant surprise, considering the influence of Iran-backed Hezbollah in the Lebanese government. However, Brazil and Turkey as expected opposed the new resolution on the grounds that it could undermine the proposed nuclear fuel swap agreed by the two countries with Iran last month. They seemed to forget that the European Union has been trying to negotiate with Iran since 2005 and the Obama administration waited 18 months while trying to engage Iran before seeking passage of this resolution. Only when new sanctions became a real possibility did Iran come around to the fuel swap concept that it had first agreed upon and then promptly reneged on last fall.
Rice’s Positive Spin
U.S. Ambassador Susan Rice told reporters after the vote that the “resolution is strong, it’s tough and it’s comprehensive. And it is something that Iran fought very hard to prevent passage today. The effort, the time, the money, and the poise that they employed, to try to prevent this resolution’s passage only underscores their understanding, that this is a major blow.”
Despite the ineffectiveness of the three prior resolutions, Ambassador Rice expressed confidence that the cumulative effect on Iran of all the resolutions is “harmful and hurtful.”
Iran’s Rebuke
Iran remains unbowed. Its representative told the Security Council after the vote that it had no intention of changing its present course. He accused the United States and Great Britain in particular of continuing a long pattern of interference in Iran’s affairs and displaying a double standard vis a vis Israel. Ambassador Rice told reporters that these comments were “reprehensible, offensive, and inaccurate.”
Stronger Resolution on Paper
On paper at least, the new resolution does appear to represent a significant move forward from the prior three. More specifically, the resolution prohibits Iran from investing in sensitive nuclear activities abroad, like uranium enrichment and reprocessing activities, as well as activities involving ballistic missiles capable of delivering nuclear weapons. The ban also applies to investment in uranium mining.
States are prohibited from selling or in any way transferring to Iran various categories of heavy weapons (battle tanks, armored combat vehicles, large caliber artillery systems, combat aircraft, attack helicopters, warships, and certain missiles or missile systems). States are similarly prohibited from providing technical or financial assistance for such systems, or spare parts.
The resolution also sets up a new cargo inspection framework. States are expected to inspect any vessel on their territory suspected of carrying prohibited cargo, including banned conventional arms or sensitive nuclear or missile items. States are also expected to cooperate in such inspections on the high seas.
States are called upon to prevent any financial service and freeze any asset that could contribute to Iran’s proliferation.
Resolution targets the Islamic Revolutionary Guard Corps
Most significantly, the resolution targets the Islamic Revolutionary Guard Corps (IRGC) for its role in proliferation and requires states to mandate that businesses exercise vigilance over all transactions involving the IRGC. Fifteen IRGC-related companies linked to proliferation will have their assets frozen. The IRGC is the major power center in Iran’s economic and military spheres as well as one of the government’s primary instruments for suppressing political dissent. Impairing the IRGC’s freedom of operations will be a significant accomplishment, if successful.
The Proof Will be in Enforcement
UN Security Council sanctions resolutions against Iraq, North Korea and Iran have had a bad track record in actual practice. The resolutions have been easy for the sanctioned countries to evade, through the use of multiple front entities, money laundering and trading partners unwilling to give up short term advantage for longer term peace and security.
Also, enforcement of the cargo inspection at sea will be a challenge if Iran, as expected, refuses to cooperate. When the French UN ambassador, for example, was asked what measures France would be willing to take in such a scenario, he refused to answer what he called a “hypothetical question.”
Most ominously, the Russian UN ambassador told reporters that Russia did not consider the sale of its sophisticated S-300 anti-aircraft system to Iran to be within the resolution’s scope. The S-300 missile defense system would no doubt be used by Iran to shield its nuclear sites against a potential air strike, should military force become necessary to stop Iran from producing nuclear bombs. The Russian ambassador is technically correct because the resolution’s ban on the transfer to Iran of certain missile systems is written in such a way that it creates a big loophole for Russia to walk through in delivering to Iran its ground-to-air missiles, including its S-300 anti-aircraft missiles and anti-missile interceptors.
The Obama administration will spin the latest sanctions resolution against Iran as a major diplomatic triumph and a significant obstacle in the way of Iran’s progress towards achieving a nuclear arms capability. I hope they are right. However, until the S-300 loophole is closed; until the U.S. and its allies figure out a way to effectively stop evasions of the sanctions; and until enough countries show that they are willing to enforce the cargo inspections, the Obama administration might want to wait before it celebrates.
Source: Canada Free Press
Rabu, 06 Juni 2012
Indian Govt signs MoUs with three countries to fight terror financing
The MoUs will enable the country’s Financial Intelligence Unit to share information with foreign FIUs and to obtain information from them on money-laundering activities
The government has signed memoranda of understanding with Russia, Malaysia and Brazil this year for combating money laundering and terror financing.
Negotiations with more than 30 other countries is under process for enhancing international cooperation in fighting illegal routing of money for terror and Hawala like operations, a senior finance ministry official has said.
India has also signed MoUs in this regard with Mauritius and the Philippines in 2008.
The MoUs will enable the country’s Financial Intelligence Unit (FIU) — a government agency to investigate and disseminate information between financial and law enforcement agencies for identification of suspicious money laundering — to share information with foreign FIUs wherever considered necessary and reciprocally to obtain information from them on money-laundering activities, the official said.
The government, in the same context this year, received 69 requests of information from foreign financial intelligence units while it sent 17 such requests to other countries.
The Union government has also established Joint Working Groups (JWG) — comprising senior officials from enforcement agencies — with a number of countries like the US, Germany, the UK and Russia on various operational issues relating to terrorism and other crimes including money laundering and drug trafficking.
A joint meet was held with Russia this year, the finance ministry official added.
The FIU-IND in relation to foreign FIUs screens and processes requests from foreign FIUs, disseminates information to foreign FIUs, establishes and maintains relationship with foreign FIUs, and facilitates, administers and negotiates Memoranda of Understanding (MoUs) with foreign FIUs.
According to established government guidelines, the MoU envisages that the information or documents obtained from the respective authorities will not be disseminated to any third party, nor be used for administrative, prosecutorial or judicial purposes without prior consent of the disclosing Authority.
The information acquired will be treated as confidential and will be subject to official secrecy. The MoU also provides that authorities will jointly arrange, consistent with the legislation of their respective countries, for acceptable procedures of communication and will consult each other with the purpose of implementing the Memorandum, the guidelines state.
The guidelines further add that the authorities would not be under any obligation to give assistance if judicial proceedings have already been initiated concerning the same facts to which the request is related. Further, the MoU may be amended or revoked at any time.
Source: Live Mint
The government has signed memoranda of understanding with Russia, Malaysia and Brazil this year for combating money laundering and terror financing.
Negotiations with more than 30 other countries is under process for enhancing international cooperation in fighting illegal routing of money for terror and Hawala like operations, a senior finance ministry official has said.
India has also signed MoUs in this regard with Mauritius and the Philippines in 2008.
The MoUs will enable the country’s Financial Intelligence Unit (FIU) — a government agency to investigate and disseminate information between financial and law enforcement agencies for identification of suspicious money laundering — to share information with foreign FIUs wherever considered necessary and reciprocally to obtain information from them on money-laundering activities, the official said.
The government, in the same context this year, received 69 requests of information from foreign financial intelligence units while it sent 17 such requests to other countries.
The Union government has also established Joint Working Groups (JWG) — comprising senior officials from enforcement agencies — with a number of countries like the US, Germany, the UK and Russia on various operational issues relating to terrorism and other crimes including money laundering and drug trafficking.
A joint meet was held with Russia this year, the finance ministry official added.
The FIU-IND in relation to foreign FIUs screens and processes requests from foreign FIUs, disseminates information to foreign FIUs, establishes and maintains relationship with foreign FIUs, and facilitates, administers and negotiates Memoranda of Understanding (MoUs) with foreign FIUs.
According to established government guidelines, the MoU envisages that the information or documents obtained from the respective authorities will not be disseminated to any third party, nor be used for administrative, prosecutorial or judicial purposes without prior consent of the disclosing Authority.
The information acquired will be treated as confidential and will be subject to official secrecy. The MoU also provides that authorities will jointly arrange, consistent with the legislation of their respective countries, for acceptable procedures of communication and will consult each other with the purpose of implementing the Memorandum, the guidelines state.
The guidelines further add that the authorities would not be under any obligation to give assistance if judicial proceedings have already been initiated concerning the same facts to which the request is related. Further, the MoU may be amended or revoked at any time.
Source: Live Mint
Kamis, 31 Mei 2012
Paraguay called financial hub for terror and crime
Ralph Nieves, a wiry ex-NYPD narcotics detective, lived through the aftermath of Sept. 11, 2001, in Manhattan. That is why what he discovered about a particular part of Paraguay during a recent assignment there has so disturbed him.
Working under a U.S. government contract to carry out polygraph examinations of public officials in the country, Nieves said he discovered evidence of pervasive corruption among some police and military units.
It is a situation other law enforcement officials believe has contributed to parts of Paraguay being a terrorist haven where al-Qaida, Hezbollah and allied groups have been for years.
As a result, Paraguay's borders with Brazil and Argentina -- an area called the "tri-border" -- are being increasingly viewed by investigators, as well as American diplomats, as the vulnerable underbelly of the U.S. Ciudad del Este, Paraguay's second largest city,which is suspected of being a financial hub for terror and organized crime groups.
Some American investigators also believe the area's porous borders make it an ideal springboard for terrorists to make their way to the U.S. circuitously through Mexico and the Caribbean by using a variety of smuggling venues.
"Every major criminal organization in the world has a criminal representation in Ciudad del Este," Nieves, 63, said in a recent interview.
The lawlessness of the region makes it a threat for future terrorist financing and action in New York, Nieves said. He isn't alone in his concerns.
"It is being watched," Rep. Peter King, the ranking Republican on the House's Homeland Security Committee, told Newsday recently when asked about the tri-border zone.
Hezbollah, an umbrella organization for Shia Muslims, which started in Lebanon, is believed to have laundered $10 million annually through the area, King said.
Martin Ficke, former head of Immigration and Customs Enforcement in New York and now director of operations for the Jericho-based investigative firm SES Resources Ltd., said the tri-border is a continuing concern for money laundering. Ficke, who worked with the El Dorado money laundering task force, said agents were looking to see how readily terrorists could rely on narcotics networks in Paraguay to move cash to support terror operations. He wouldn't comment further.
Officially, the U.S. Department of State says southern Paraguay has yet to sustain an "operational" presence for al-Qaida, Hezbollah and Hamas. King also doesn't believe al-Qaida is present in the area. But there are documented cases where members and sympathizers of Hamas, a militant Palestinian organization, and Hezbollah have engaged in money laundering, extortion, bombings and other crimes inside Ciudad del Este and surrounding areas. Back in the 1990s, suspects in the bombings of South America's Jewish communities were traced to the area.
Some U.S. officials also believe an al-Qaida ally, a shadowy terrorist group known as Lashkar-e-Taiba, which became active in Kashmir in the 1990s, is now operating in the region. Earlier this year, a Manhattan federal judge sentenced a Baltimore man to 15 years in prison for traveling to Pakistan for terrorism training at one of the group's camps.
A report prepared by the U.S. Embassy in Paraguay in April said the country doesn't have effective ways to deal with money laundering and terrorist financing but does try to cooperate in counterterrorism efforts. Judicial and police corruption were concerns, said the report.
In May, MSNBC ran a brief interview by correspondent Pablo Gato with a young Arab Muslim sympathizer of Hezbollah in Ciudad del Este who threatened to attack the U.S. if Iran was targeted.
"In two minutes, Bush is dead," the man told MSNBC of the threatened consequences of a U.S attack.
While those remarks seem like braggadocio, some U.S. officials have been wary of Hezbollah members infiltrating the United States through Mexico to carry out acts of terror. Washington has been pouring millions into Paraguay to try to strengthen its legal institutions, which is why Nieves, who is a private investigator in the Bronx, was working there.
Nieves took polygraph exams of nearly 80 cops, customs officials and military officers. They were applicants for positions in a special customs task force aimed at improving border controls in Paraguay that was to be funded by American aid dollars.
According to Nieves, one of a few U.S.-based Spanish-language polygraphers active in the business, the officials easily opened up to him. After Nieves assured them that admissions of participating in routine graft -- known locally as "la coima" -- wouldn't get them in trouble, the applicants said they believed criminals were tipped off to investigations by law enforcement officials. In some cases, local prosecutors warned smugglers of raids so they could dispose of contraband, Nieves said.
One customs officer said that some higher-ranked customs officials knew all of the organized crime leaders and provided them with information. Some national police also took part in executions on the border with Brazil near the town of Pedro Juan Caballero, said the official, adding that the killings involved disputes over smuggled goods.
The applicants painted a picture of a wild-west atmosphere where legitimate law enforcement was intimidated by criminals and corrupt higher officials.
"They mentioned terrorists, every organized crime group, al-Qaida, the Chinese," recalled Nieves of his debriefings.
One American law enforcement consultant who didn't want to be identified because he does a lot of business in Paraguay said the country's customs service is prone to corruption because of the low wages officials are paid. But even higher pay won't bring speedy reform, he said.
"They don't look at it as corruption. It is part of the culture," he said. "Everybody takes a piece of the government income."
"Most of those people who were coming forward were decent people. Unfortunately, the circumstances are overwhelming for them," Nieves said about the corruption.
Nieves thinks the United States could benefit by developing its own network of paid informants within Paraguay's customs and border police as an early warning system against terrorism.
"Everyone I met were people we could flip," he said.
http://www.newsday.com/news/nationworld/ny-nypara0101,0,7656260.story
Working under a U.S. government contract to carry out polygraph examinations of public officials in the country, Nieves said he discovered evidence of pervasive corruption among some police and military units.
It is a situation other law enforcement officials believe has contributed to parts of Paraguay being a terrorist haven where al-Qaida, Hezbollah and allied groups have been for years.
As a result, Paraguay's borders with Brazil and Argentina -- an area called the "tri-border" -- are being increasingly viewed by investigators, as well as American diplomats, as the vulnerable underbelly of the U.S. Ciudad del Este, Paraguay's second largest city,which is suspected of being a financial hub for terror and organized crime groups.
Some American investigators also believe the area's porous borders make it an ideal springboard for terrorists to make their way to the U.S. circuitously through Mexico and the Caribbean by using a variety of smuggling venues.
"Every major criminal organization in the world has a criminal representation in Ciudad del Este," Nieves, 63, said in a recent interview.
The lawlessness of the region makes it a threat for future terrorist financing and action in New York, Nieves said. He isn't alone in his concerns.
"It is being watched," Rep. Peter King, the ranking Republican on the House's Homeland Security Committee, told Newsday recently when asked about the tri-border zone.
Hezbollah, an umbrella organization for Shia Muslims, which started in Lebanon, is believed to have laundered $10 million annually through the area, King said.
Martin Ficke, former head of Immigration and Customs Enforcement in New York and now director of operations for the Jericho-based investigative firm SES Resources Ltd., said the tri-border is a continuing concern for money laundering. Ficke, who worked with the El Dorado money laundering task force, said agents were looking to see how readily terrorists could rely on narcotics networks in Paraguay to move cash to support terror operations. He wouldn't comment further.
Officially, the U.S. Department of State says southern Paraguay has yet to sustain an "operational" presence for al-Qaida, Hezbollah and Hamas. King also doesn't believe al-Qaida is present in the area. But there are documented cases where members and sympathizers of Hamas, a militant Palestinian organization, and Hezbollah have engaged in money laundering, extortion, bombings and other crimes inside Ciudad del Este and surrounding areas. Back in the 1990s, suspects in the bombings of South America's Jewish communities were traced to the area.
Some U.S. officials also believe an al-Qaida ally, a shadowy terrorist group known as Lashkar-e-Taiba, which became active in Kashmir in the 1990s, is now operating in the region. Earlier this year, a Manhattan federal judge sentenced a Baltimore man to 15 years in prison for traveling to Pakistan for terrorism training at one of the group's camps.
A report prepared by the U.S. Embassy in Paraguay in April said the country doesn't have effective ways to deal with money laundering and terrorist financing but does try to cooperate in counterterrorism efforts. Judicial and police corruption were concerns, said the report.
In May, MSNBC ran a brief interview by correspondent Pablo Gato with a young Arab Muslim sympathizer of Hezbollah in Ciudad del Este who threatened to attack the U.S. if Iran was targeted.
"In two minutes, Bush is dead," the man told MSNBC of the threatened consequences of a U.S attack.
While those remarks seem like braggadocio, some U.S. officials have been wary of Hezbollah members infiltrating the United States through Mexico to carry out acts of terror. Washington has been pouring millions into Paraguay to try to strengthen its legal institutions, which is why Nieves, who is a private investigator in the Bronx, was working there.
Nieves took polygraph exams of nearly 80 cops, customs officials and military officers. They were applicants for positions in a special customs task force aimed at improving border controls in Paraguay that was to be funded by American aid dollars.
According to Nieves, one of a few U.S.-based Spanish-language polygraphers active in the business, the officials easily opened up to him. After Nieves assured them that admissions of participating in routine graft -- known locally as "la coima" -- wouldn't get them in trouble, the applicants said they believed criminals were tipped off to investigations by law enforcement officials. In some cases, local prosecutors warned smugglers of raids so they could dispose of contraband, Nieves said.
One customs officer said that some higher-ranked customs officials knew all of the organized crime leaders and provided them with information. Some national police also took part in executions on the border with Brazil near the town of Pedro Juan Caballero, said the official, adding that the killings involved disputes over smuggled goods.
The applicants painted a picture of a wild-west atmosphere where legitimate law enforcement was intimidated by criminals and corrupt higher officials.
"They mentioned terrorists, every organized crime group, al-Qaida, the Chinese," recalled Nieves of his debriefings.
One American law enforcement consultant who didn't want to be identified because he does a lot of business in Paraguay said the country's customs service is prone to corruption because of the low wages officials are paid. But even higher pay won't bring speedy reform, he said.
"They don't look at it as corruption. It is part of the culture," he said. "Everybody takes a piece of the government income."
"Most of those people who were coming forward were decent people. Unfortunately, the circumstances are overwhelming for them," Nieves said about the corruption.
Nieves thinks the United States could benefit by developing its own network of paid informants within Paraguay's customs and border police as an early warning system against terrorism.
"Everyone I met were people we could flip," he said.
http://www.newsday.com/news/nationworld/ny-nypara0101,0,7656260.story
Rabu, 30 Mei 2012
Brazil President's Publicist Under Investigation
Publicist Joao Santana, who headed the publicity campaign for Brazilian President Luiz Inacio Lula da Silva during his 2006 re-election run, is being investigated for alleged irregularities in business contracts with political parties, O Estado de Sao Paulo newspaper reported Sunday.
Santana is the target for a stealthy investigation being carried out since 2006 by the Public Ministry and the Federal Police, according to government officials consulted by the daily.
The investigation, the paper added, concerns contracts that Santana's firm signed with the governing Workers Party, or PT, in 2004 to undertake the ad campaigns of three mayoral candidates being backed by the party.
According to the paper's version, prosecutors suspect that part of the income Santana received from the PT in 2004 was not reported to the authorities by the party, which would be a sign of money laundering and tax evasion.
The PT was founded by Lula in 1980 and came to power for the first time in 2003 when he won the presidency after several tries.
Santana took over Lula's publicity campaign during his re-election bid after the 2005 eruption of the corruption scandal within the PT wound up tainting publicist Duda Mendonca, who up to then had been in charge of crafting the president's image.
The corruption scandal, the worst faced by Lula so far and which politically wiped out the entire PT leadership, forced the party to admit that it illegally used certain resources to finance its various election campaigns.
Santana's defense attorney, Dora Cavalcanti Cordani, admitted to O Estado de Sao Paulo that her client is the target of an investigation, but she added that he is not suspected of money laundering or alleged tax evasion.
She said that the accusations are unfounded and that all the money Santana received from the PT in 2004 was legally declared.
Source: Herald Tribune
Santana is the target for a stealthy investigation being carried out since 2006 by the Public Ministry and the Federal Police, according to government officials consulted by the daily.
The investigation, the paper added, concerns contracts that Santana's firm signed with the governing Workers Party, or PT, in 2004 to undertake the ad campaigns of three mayoral candidates being backed by the party.
According to the paper's version, prosecutors suspect that part of the income Santana received from the PT in 2004 was not reported to the authorities by the party, which would be a sign of money laundering and tax evasion.
The PT was founded by Lula in 1980 and came to power for the first time in 2003 when he won the presidency after several tries.
Santana took over Lula's publicity campaign during his re-election bid after the 2005 eruption of the corruption scandal within the PT wound up tainting publicist Duda Mendonca, who up to then had been in charge of crafting the president's image.
The corruption scandal, the worst faced by Lula so far and which politically wiped out the entire PT leadership, forced the party to admit that it illegally used certain resources to finance its various election campaigns.
Santana's defense attorney, Dora Cavalcanti Cordani, admitted to O Estado de Sao Paulo that her client is the target of an investigation, but she added that he is not suspected of money laundering or alleged tax evasion.
She said that the accusations are unfounded and that all the money Santana received from the PT in 2004 was legally declared.
Source: Herald Tribune
Satyam Wins Pegasystems Partner Innovation Award for AML Solution
October 30, 2007: 12:33 PM EST
HYDERABAD, India, Oct. 30 /PRNewswire/ -- Satyam Computer Services Ltd. , a leading global consulting and IT services provider, announced today that it won the 2007 Pegasystems Partner Innovation Award in financial services. The announcement was made at PegaWORLD 2007, Pegasystems' annual conference, and one of the business process management (BPM) industry's flagship events.
Satyam won the esteemed award for its advanced Anti-Money Laundering (AML) solution, which enables financial institutions to intelligently track, manage and quickly resolve potentially fraudulent and criminal activity with greater speed and accuracy and to comply with stricter AML regulations. Satyam used Pegasystems' SmartBPM(R) Suite to create the new solution, which addresses a critical and underserved need in the market.
"Financial institutions now have an innovative way to fight fraud and financial crime, as well as stay in compliance with BSA/AML/KYCC statutes," said Anil Kumar, the Global Head of Satyam's Financial Services Business.
Integration among Satyam experts accelerated the solution's development and deployment.
"Satyam's business process management and banking experts leveraged Pegasystems' SmartBPM platform to rapidly deliver an advanced solution without additional and costly software development," said Joseph Lagioia, head of Satyam's Consulting and Enterprise Solutions Practice. "We are very proud and pleased to win this prestigious honor."
Satyam's AML solution optimizes a financial institution's existing transaction-monitoring systems-detecting suspicious activity such as the deposit of very large sums, multiple accounts for the same person, and suspicious names-while at the same time minimizing the number of false positives, which has been a nagging problem in the past. The solution also allows financial institutions to recognize suspicious transactions quickly, rather than waiting until the end of the day, which is the norm for institutions using case management systems.
"Satyam combines superior subject matter expertise in financial services with deep understanding of Pegasystems technology to deliver truly innovative business solutions in an accelerated fashion," said Douglas Kim, managing director of Global Alliances and Business Development for Pegasystems. "We're proud of our long-standing relationship with Satyam and are delighted to recognize them with this award."
About Satyam
Satyam , a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20 industries and 57 countries.
Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 45,700* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 599* clients, 173 of which are Fortune Global 500 and Fortune US 500 corporations. For more information, see http://www.satyam.com.
*As of Sept. 30, 2007
Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward- looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended June 30, 2006, furnished to the United States Securities Exchange Commission on July 28, 2006 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at http://www.sec.gov.
http://money.cnn.com/news/newsfeeds/articles/prnewswire/DCTU00430102007-1.htm
HYDERABAD, India, Oct. 30 /PRNewswire/ -- Satyam Computer Services Ltd. , a leading global consulting and IT services provider, announced today that it won the 2007 Pegasystems Partner Innovation Award in financial services. The announcement was made at PegaWORLD 2007, Pegasystems' annual conference, and one of the business process management (BPM) industry's flagship events.
Satyam won the esteemed award for its advanced Anti-Money Laundering (AML) solution, which enables financial institutions to intelligently track, manage and quickly resolve potentially fraudulent and criminal activity with greater speed and accuracy and to comply with stricter AML regulations. Satyam used Pegasystems' SmartBPM(R) Suite to create the new solution, which addresses a critical and underserved need in the market.
"Financial institutions now have an innovative way to fight fraud and financial crime, as well as stay in compliance with BSA/AML/KYCC statutes," said Anil Kumar, the Global Head of Satyam's Financial Services Business.
Integration among Satyam experts accelerated the solution's development and deployment.
"Satyam's business process management and banking experts leveraged Pegasystems' SmartBPM platform to rapidly deliver an advanced solution without additional and costly software development," said Joseph Lagioia, head of Satyam's Consulting and Enterprise Solutions Practice. "We are very proud and pleased to win this prestigious honor."
Satyam's AML solution optimizes a financial institution's existing transaction-monitoring systems-detecting suspicious activity such as the deposit of very large sums, multiple accounts for the same person, and suspicious names-while at the same time minimizing the number of false positives, which has been a nagging problem in the past. The solution also allows financial institutions to recognize suspicious transactions quickly, rather than waiting until the end of the day, which is the norm for institutions using case management systems.
"Satyam combines superior subject matter expertise in financial services with deep understanding of Pegasystems technology to deliver truly innovative business solutions in an accelerated fashion," said Douglas Kim, managing director of Global Alliances and Business Development for Pegasystems. "We're proud of our long-standing relationship with Satyam and are delighted to recognize them with this award."
About Satyam
Satyam , a leading global business and information technology services company, delivers consulting, systems integration, and outsourcing solutions to clients in 20 industries and 57 countries.
Satyam leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's 45,700* professionals excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities.
Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve 599* clients, 173 of which are Fortune Global 500 and Fortune US 500 corporations. For more information, see http://www.satyam.com.
*As of Sept. 30, 2007
Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward- looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading "Risk Factors" in our report on Form 6-K concerning the quarter ended June 30, 2006, furnished to the United States Securities Exchange Commission on July 28, 2006 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at http://www.sec.gov.
http://money.cnn.com/news/newsfeeds/articles/prnewswire/DCTU00430102007-1.htm
Kamis, 24 Mei 2012
Brazilian police arrest Credit Suisse employee in money-laundering probe
Police in Rio on Wednesday arrested a Credit Suisse employee for allegedly helping wealthy Brazilian clients launder money and send it abroad without paying taxes, officials said.
The suspect was seized after a search of his hotel room turned up incriminating documents, a spokesman for the state prosecutor's office in Sao Paulo told Agence France-Presse.
He is to be added to a list of suspects compiled as part of a long-running investigation into alleged tax evasion by rich Brazilians, the spokesman, Marcelo Oliveira, said.
Weiss was suspected of arranging for Brazilian clients to use money-changers to send money abroad, evading Brazilian taxes.
Credit Suisse's public relations agency in Brazil declined to confirm the information.
It said the bank's representative office in Sao Paulo and the Swiss-based Credit Suisse investment bank 'are independent and have no relationship with each other.'
The bank's Brazilian operations, it said 'always act under the most rigorous legal and ethical principles,' it added.
The suspect was seized after a search of his hotel room turned up incriminating documents, a spokesman for the state prosecutor's office in Sao Paulo told Agence France-Presse.
He is to be added to a list of suspects compiled as part of a long-running investigation into alleged tax evasion by rich Brazilians, the spokesman, Marcelo Oliveira, said.
Weiss was suspected of arranging for Brazilian clients to use money-changers to send money abroad, evading Brazilian taxes.
Credit Suisse's public relations agency in Brazil declined to confirm the information.
It said the bank's representative office in Sao Paulo and the Swiss-based Credit Suisse investment bank 'are independent and have no relationship with each other.'
The bank's Brazilian operations, it said 'always act under the most rigorous legal and ethical principles,' it added.
Selasa, 22 Mei 2012
Money Laundering Cases In Brazil Rise By 2,875 Percent
November 21, 2007 10:03 p.m. EST
Vittorio Hernandez - AHN News Writer
Sao Paolo, Brazil (AHN) - Following the launch of an intensified campaign against money laundering, Brazilian insurance regulator Susep said suspected money laundering cases among insurance companies have risen by 2,875 percent. From only 3,101 cases for the first 10 months in 2006, the number has ballooned to 92,258 cases as of October.
Susep passed regulations in February 2006 that imposed a reportorial system among insurance companies. The new requirement is responsible for the dramatic rise in suspected money laundering incidents uncovered.
Aside from insurance companies, banks are the target of anti-money laundering operations in Brazil. On November 6, Brazilian police arrested 19 people for connivance in a scheme that helped large Brazilian companies evade taxes by using Swiss banks UBS AG and Credit Suisse Group and the U.S.-based American International Group.
Raids on 44 locations in four Brazilian states led to the arrest of 19 people. On October the local office of American network provider Cisco Systems was raided by Brazilian police operatives.
The raids yielded two Swiss nationals, one of them was an employee of UBS AG. Over $4 million dollars were seized in the raids.
The scheme involved depositing by Brazilian companies of money in overseas accounts using blackmarket money changers with accounts in Brazil and other countries. The money is used to purchase items from the U.S. and China that were shipped to Brazil.
The tax evasion done through money laundering is estimated at $588 million (1 billion reais) in foregone taxes the past 18 months.
Vittorio Hernandez - AHN News Writer
Sao Paolo, Brazil (AHN) - Following the launch of an intensified campaign against money laundering, Brazilian insurance regulator Susep said suspected money laundering cases among insurance companies have risen by 2,875 percent. From only 3,101 cases for the first 10 months in 2006, the number has ballooned to 92,258 cases as of October.
Susep passed regulations in February 2006 that imposed a reportorial system among insurance companies. The new requirement is responsible for the dramatic rise in suspected money laundering incidents uncovered.
Aside from insurance companies, banks are the target of anti-money laundering operations in Brazil. On November 6, Brazilian police arrested 19 people for connivance in a scheme that helped large Brazilian companies evade taxes by using Swiss banks UBS AG and Credit Suisse Group and the U.S.-based American International Group.
Raids on 44 locations in four Brazilian states led to the arrest of 19 people. On October the local office of American network provider Cisco Systems was raided by Brazilian police operatives.
The raids yielded two Swiss nationals, one of them was an employee of UBS AG. Over $4 million dollars were seized in the raids.
The scheme involved depositing by Brazilian companies of money in overseas accounts using blackmarket money changers with accounts in Brazil and other countries. The money is used to purchase items from the U.S. and China that were shipped to Brazil.
The tax evasion done through money laundering is estimated at $588 million (1 billion reais) in foregone taxes the past 18 months.
Minggu, 20 Mei 2012
Football money-laundering fears
By Michael Peel
Published: June 18 2008 23:30 Last updated: June 18 2008 23:30
Claims that football clubs and other sports team are being used as a conduit for money-laundering are to be investigated by the global watchdog on criminal fund flows.
The inter-governmental Financial Action Task Force last night agreed to investigate whether sporting clubs in Europe, the US and South America are used to process illicit money through investments and player transfers.
The project – which arrives neatly as the European football championship builds to a climax – is aimed at helping countries combat possible abuses in a sector that has come under increasing scrutiny as it has grown more lucrative and international.
Sir James Sassoon, taskforce president, said the project showed how the body was trying to “pick out things from across the waterfront that could present material vulnerabilities to the financial system”.
A London meeting of the taskforce – set up by the Group of Eight industrialised nations – gave final approval to a project that has attracted growing interest from its 34 members.
The push would see FATF produce toolkits on how to detect money laundered through sporting clubs for investigators, regulators and people in the private sector, Mr Sassoon said.
Officials at the meeting said the proposed focus on European football clubs had widened to cover teams and player transfers in South America and the finances of leading US sports.
One official said that while the report was not intended to name and shame clubs or individuals, it could be used to highlight problem countries and practices for national investigators to probe. “Any time you have organised sports – and big money is there – there may be a vulnerability. That’s what we are trying to find out,” he said.
The emergence of football on the agenda of the taskforce – whose other remits include the proliferation of weapons of mass destruction – is a sign of concerns raised by the influx of money to the game.
One high-profile case emerged in Brazil last year, over suspected money-laundering involving Russian and British nationals in connection with payments of $32.5m made to the Corinthians football club of São Paulo.
Concerns in Europe have included suspected illicit payments linked to the transfer market, investments from the former Soviet Union, and possible match-fixing by Asian betting syndicates.
Source: The Financial Times
Published: June 18 2008 23:30 Last updated: June 18 2008 23:30
Claims that football clubs and other sports team are being used as a conduit for money-laundering are to be investigated by the global watchdog on criminal fund flows.
The inter-governmental Financial Action Task Force last night agreed to investigate whether sporting clubs in Europe, the US and South America are used to process illicit money through investments and player transfers.
The project – which arrives neatly as the European football championship builds to a climax – is aimed at helping countries combat possible abuses in a sector that has come under increasing scrutiny as it has grown more lucrative and international.
Sir James Sassoon, taskforce president, said the project showed how the body was trying to “pick out things from across the waterfront that could present material vulnerabilities to the financial system”.
A London meeting of the taskforce – set up by the Group of Eight industrialised nations – gave final approval to a project that has attracted growing interest from its 34 members.
The push would see FATF produce toolkits on how to detect money laundered through sporting clubs for investigators, regulators and people in the private sector, Mr Sassoon said.
Officials at the meeting said the proposed focus on European football clubs had widened to cover teams and player transfers in South America and the finances of leading US sports.
One official said that while the report was not intended to name and shame clubs or individuals, it could be used to highlight problem countries and practices for national investigators to probe. “Any time you have organised sports – and big money is there – there may be a vulnerability. That’s what we are trying to find out,” he said.
The emergence of football on the agenda of the taskforce – whose other remits include the proliferation of weapons of mass destruction – is a sign of concerns raised by the influx of money to the game.
One high-profile case emerged in Brazil last year, over suspected money-laundering involving Russian and British nationals in connection with payments of $32.5m made to the Corinthians football club of São Paulo.
Concerns in Europe have included suspected illicit payments linked to the transfer market, investments from the former Soviet Union, and possible match-fixing by Asian betting syndicates.
Source: The Financial Times
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