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When the USA passes laws relating to offshore income and assets, it's big news and around the world US citizens and those providing services to them get into something of a flap. But when the UK introduced, in November last year, a requirement for "anyone who has undeclared UK tax liabilities that involved offshore matters or transfers to disclose the relevant information about this non-compliance" there was barely a ripple. There should have been a storm because penalties are potentially devastating.

Editorial Staff
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FinCEN can't make its mind up. On 16 May this year, FinCEN granted to covered financial institutions a 90 day exception from the requirement to comply with the " Beneficial Ownership Rule for Legal Entity Customers." Leaving aside the fact that, as with the UK's draft Bill, the term "Beneficial Owner" has been co-opted from an entirely different area of law and is therefore a cause for confusion, FinCEN Is up to its old tricks of mitigating the effect of a Rule while pretending that the USA has a strong counter-money laundering regime. The 90 days is up and, guess, what? FinCEN has extended it. What is going on?

In a three year credit deal, the EBRD is lending USD (not euros, which might seem weird) to Bank CenterCredit (BCC - no comments please). The total amount is for a maximum of USD45 million. Special provisions are made for businesses run by women.

* Three-year loan of up to USD40 million provided to domestic small and medium-sized enterprises (SMEs)
* Three-year loan of up to USD5 million under Kazakhstan Women in Business programme

CoNet Administrator
BIScom Subsection: 

The Internet Crime Complaint Centre (IC3) has seen a growing number of reports about extortion attempts received by both e-mail and postal mail which use specific information about the potential victim to add authenticity. While there are many variations in these extortion attempts, there is often something common to the approaches, IC3 says.

Editorial Staff

Case Summary: 

A group of 14 hospitals in California and its founder have avoided conviction for a fraud that took place over an eight year period. A whistleblower made a report and will receive more than USD17 million as a reward.

Healthcare / Medicare fraud

Shell UK has been fined by the Aberdeen Sheriff's Court. The prosecution was brought by the UK's Health and Safety Executive after a technician was struck by a cylinder and left severely injured on the Brent Delta offshore platform.

Editorial Staff
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The Australian Competition and Consumer Commission (ACCC) has issued civil proceedings in the Federal Court alleging that biotech company Landmark Operations Limited, which trades as "Seednet." The ACCC alleges that Seednet made "false, misleading and deceptive claims in a fact sheet" relating to a variety of barley, known as "Compass," developed by Adelaide University and marketed and distributed by Seednet.

Editorial Staff
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On 5th July 2018, a UK company, Gin Festival Limited, went into administration and its website www.ginfestival.com was taken down .. So, what's this, then...?

Editorial Staff
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In late 2017, the Australian Transport Safety Bureau released its "final" report into the disappearance of Malaysia Airlines flight MH370. It was clear that the ATSB considered the issue unresolved but closed. A private enterprise search, with a contingency fee, subsequently ran for several weeks but turned up no further information. In the past few days, Malaysia's Safety Inspection Team 13 operating under the auspices of Malaysia's Ministry of Transport published what is called it's final report - but the transport minister says that, while searches have concluded and semi-final conclusions reached from the evidence gathered over...

Editorial Staff
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FCRO Subsection: 

It would be nice if the US Department of Justice wrote its media releases in correct English. In this case, despite what the DoJ says, the defendant did not "attempt to extort a marijuana dispensary," he attempted to extort money from the owners of the dispensary. And you thought the only problems California's relaxed attitude to the retailing of MaryJane was how the operators would bank their money. No, the operators are exposed to bad guys wearing suits just as much as bad guys wearing bling and carrying weapons.

(Free sample content)

A manufacturer of display panels and other exhibition stands has been convicted of an offence under the UK's Health and Safety at Work Act 1974. In April 2017, an unstable stack of panels "toppled over" onto an employee causing him to suffer a dislocated shoulder and a broken arm. The cause was surprisingly simple.

Editorial Staff

The last of the Formula One team backed by entrepreneurs with connections to airlines has announced that it has entered administration. Virgin sold out, Team Lotus/Caterham (backed by AirAsia's Tony Fernandez) went into liquidation and now Force India, backed by Vijay Mallya has had the late Friday knock on the doors after creditors appointed administrators. The only surprise is that it's taken so long.

Bryan Edwards
Publication: 
Sergio Marchionne
was born on: 
17 June 1952
at: 
Chieti, Italy
and died on: 
25 July 2018
at: 
Zurich, Switzerland

There's history: Malaysia Airlines's fleet used to be almost entirely Boeing. Because there were almost no components common to more than one Boeing model, stocks of parts were enormous and that translated to vast amounts of capital tied up in warehouses. AirAsia, however, like many low-cost airlines, capitalised on the fact that there are many common parts across the Airbus A300 series which means that stock costs (and the space to keep them) can be significantly smaller. Malaysia Airlines began to restructure its fleet. Then, at the height of the 1MDB scandal, the government-linked flag carrier announced it was going to buy Boeing...

Editorial Staff
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