Please Be Informed...

US companies use insolvency process to avoid litigation risk

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A report in Canadian media says that privately held Purdue Pharma LP, a pharmaceutical company registered in Connecticut, USA, is "exploring" the possibility of using what the USA calls "bankrupty" (a term it uses for both corporate and personal insolvency) to manage the risk of litigation arising from the drug OxyContin. But the company is not even a little bit insolvent. Using insolvency processes to manage risks in litigation is a strategy that isn't new.

CoNet Section:

Insolvency

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acclimate v acclimatise

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Don't say that:

acclimate

Do say this:

acclimatise

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Op-Ed: An odd "ISIS bride" is the snowflake on the tip of the iceberg.

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The UK and the USA have decided to revoke the citizenship of two women who went to the middle east to join a terrorist organisation. These are headline grabbing moves and the media is happy to co-operate because they are women and young. But they are a tiny fraction of an enormous global problem.

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18 months' suspension for responsible officer

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Hong Kong's Securities and Futures Commission has suspended the former responsible officer of China Merchants Securities (HK) Co., Limited for compliance failures.

BIScom Subsection:

Enforcement

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USA's IRS tells taxpayers to pay their taxes if they want a passport

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Someone's got to pay for the wall! The Internal Revenue Service yesterday reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. Here is the official notice (verbatim).

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Internet domain name fraud reaches brutal level

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The return, with increasing frequency, of internet domain name fraud, is usually at least accompanied by a form of what the fraudster hopes is a sufficient disclaimer to prevent prosecution. The latest iteration omits even that and resorts to blatant threats. Also, it seems that the criminals have obtained access to the domain sevenresortsnet.com to send mail and to present a landing page for those who click to respond to the demand.

CoNet Section:

IT & Communications

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"based in" v "from"

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Don't say that:

based in

Do say this:

from, in or at

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Who wants to be a money launderer?

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We'ld like to thank Mr Andrea Van for the opportunity to earn 10% of USD125,500,000. His email address, should you want to take him up on his offer, is mabutdengjok@gmail.com. So, not Andrea Van, then. And he's apparently sent from infor@inbox.com which hardly encourages faith in his bona fides and nor does the fact that he's spoofed that address: inbox.com does not authorise his IP address, 165.227.107.154, for sending mail. So, basically, every verifiable "fact" is a lie. And that's before we get onto what he's offering.

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The EU's money laundering blacklist is not fit for purpose, say members and targets

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The European Union has issued a new blacklist for money laundering. The reaction from those appearing on the list, EU members and even the FATF has been rapid and forceful: the list is not acceptable. But there is more at play, including the imposition of direct control on those conducting business in the EU, by the EU without the filter of national parliaments. This example of federalism is not going down well in several large EU states. Also, the "war on dirty money" is a convenient diversion for governments who want the media to focus on that rather than something else. Also.. it might not happen.

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US company to pay USD500,000+ for maybe not breaching sanctions.

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The USA's Office of Foreign Assets Control has reached an agreement with a company from Connecticut over "apparent violations" of US sanctions against Iran.

Hang on... "apparent violations"? And the company has agreed to pay? It's time to abandon the linguistic and legal pussyfooting around.

Publication:

Sanctions In Action

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Bitcoin (s)extortionists change tactics

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The flood of sextortion e-mails demanding payment in bitcoin continues. However, while the body of the mails is increasingly standardised, the anti-avoidance methods used by the criminals is mutating, analysis of reports at GlobalKYC.com indicates.

CoNet Section:

IT & Communications

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Want a giggle? Read on, McDuff

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If you were going to launch a pump and dump spam-scam masquerading as legitimate share picks from a regulated stockbroker, you'd want to make sure your mail was at least opened, wouldn't you? So you'd layer one trigger word after another until you found the target's sweet spot and, all the while, you would have to avoid those pesky spam-filters. So you'd use current buzzwords so that the victim dare not ban them for fear of missing out. Want to see how it's done? PS: watch out for suspicious action on the US shares mentioned.

BIScom Subsection:

Crowdfunding

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Spam scam - an old foe returns

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It's been a while since spammers hawked "meds" in spam. But recently, we got one. The amazing thing is that it's the same as they ever were.

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HK SFC issues fine and reprimand for counter-money laundering failures

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Hong Kong's Securities and Futures Commission (SFC) has reprimanded Guosen Securities (HK) Brokerage Company, Limited (Guosen) and fined it HKE15.2 million for failures in complying with Counter-money laundering and anti-terrorist financing (CFT) regulatory requirements when handling third party fund deposits

BIScom Subsection:

Enforcement

Open Letter to ( Company ):

Trip.com (Part of Ctrip)

Summary:

The Trip.Com website has some serious errors. One is where it takes payment even though the user leaves the payment page without clicking "pay."

GlobalKYC - Suspicious Crypto Assets Register - latest

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