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The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent scheme in which the DFSA has been impersonated.

It didn't rain. Vettel's tech problems in qualifying put him at the back of the grid (and tech problems put Raikkonen out on the grid) and he drove brilliantly, without bullying or cheating, to challenge for third (but then he reverted to type and behaved like an idiot after the race had finished: does he have a heavy left hand, or poor peripheral vision on his left?), Hamilton came second sandwiched between the Red Bulls, Verstaapen, on his 20th birthday weekend, won. This is what F1 is all about, the best racing on the best track in the world. And now, with a heavy heart, it's time to report that F1 in Malaysia is over.

Bryan Edwards
Publication: 

Annabelle Natalie "Belle" Gibson, an Australian, claimed that she was 20 years old when, in 1999, she was told she had cancer. But that was a lie: she was only 8 years old in 1999. That was just the first in this shameful tale of exploitation of those who suffer from the disease. She's been convicted and fined. Many people think this is not enough.

Editorial Staff

As China continues is increasingly effective "Operation Fox Hunt" against corrupt officials who have left China with their spoils, or sent their money abroad in the hope of hiding it, there is growing co-operation between Chinese authorities and those in the countries where people and/or assets are located. Australia is one country that has been helping. But a thorny old question remains.

The ICO, or initial coin offering, is causing furrowed brows at regulators. It's a fascinating concept and governments are split: should they regulate it on the hoof or, as China has done, ban it until they can work out what do to about it? Or should they pretend it's not happening?

All three approaches are being adopted.

Nigel Morris-Cotterill
BIScom Subsection: 

OFAC says "The U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) today announced a USD344,800 settlement with Richemont North America, Inc., d.b.a. Cartier (Richemont), headquartered in New York, New York, to settle Richemont's potential civil liability for four apparent breaches of the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. Part 598 (FNKSR). "

Note "apparent" and "potential." The case has lessons for commercial entities, not only financial services businesses, all over the world. It also draws attention to the risks where the USA is out of step with the rest of the world.

For much of the past 25 years, Nigel Morris-Cotterill has argued that any corporate structure that goes is more than three layers deep should be regarded as prima facie suspicious unless a good commercial and legal reason can be established. Incredible India, which is turning from a sink hole for dirty money into a leader in developing structures and policies to combat financial crime has just announced that Indian groups will not be permitted to have more than two layers of subsidiaries. That's going to cause major consternation amongst Indian corporates which use complex structures to minimise tax revenues and to avoid exchange control measures, as well as to hide proceeds of fraud and other offences.

A new form of spam-scam has come to our attention. We understand that this has not been widely seen before. Its nature is that it is likely that many receiving the email will click on links.

Editorial Staff
Publication: 
Peter Lee

China has learned a lot from the Beijing Olympics and preparations for the 2022 Winter Olympics near the city of Harbin are already under way, starting with the airport.

The grand-daddy of the current crop of electronic currencies is, of course, Bitcoin. In recent months, its value has appreciated exponentially until it reached more than 5,000 dollars. But it's just the most famous so-called "cryptocurrency" and now the technology is "in the wild," anyone with the necessary, apparently not very advanced, IT skills can make one. China says "enough is enough" and is taking steps to more or less outlaw cryptocurrencies or, at least, to make their use difficult. China has explained its reasoning - and it makes a huge amount of sense. The questions are whether the horse has already bolted, can access to cryptocurrencies outside China be banned and just how much use is it really for money laundering, a main plank of the Chinese objection.

Let's be clear: I've lived in Malaysia, I love Malaysia, I'd like to live there again. It's a wonderful country full of absolutely lovely people (with a few crazy exceptions) and in the ten years I lived there it began to restore its fortunes as a regional leader, a position it had somehow lost in the 1980 until the mid 1990s. Amongst its crowning achievements was the astonishing Sepang circuit. But, due to a succession of errors of judgement, this amazing place managed to lose its pole position as the regional home of motor racing, surrendering without a fight to newcomer Singapore which doesn't even have a track but has a can-do, will-do attitude that seems to have completely eluded...

Bryan Edwards
Publication: 

China is working incredibly hard to reduce its pollution problems, especially in the north where cold air and industrial outputs conspire to produce thick, choking smog. A stroll around any Chinese city these days will demonstrate the country's commitment to the development and production of electric vehicles. There has been announced a ban on the production and/or import of petrol and diesel powered cars "in the near future" and some say this could be as early as from 2020, Aside from European and Japanese hybrids and the expected re-emergence of Volvo as an electric-only brand, what else has China been working on. We have photos...

Peter Lee
Publication: 

Case Summary: 

Americans Rodney Hesson, 47, and his mother, Gertrude Parker, 63, together owned eight psychological services companies that operated in Louisiana, Mississippi, Florida, and Alabama. Hesson's companies operated as Nursing Home Psychological Services, and Parker's companies operated as Psychological Care Services.They were part of a 2015 sweep that netted more than 240 medical professionals.

Healthcare / Medicare fraud
World Money Laundering Report

A passenger who built his own mobile phone charger has been released by police in India. It had been identified by airport scanners as a possible bomb.

CoNet Administrator
Publication: 

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