‘4 FIU Regulations to Apply to Curtail Money Laundering’

first_imgTo curtail money laundering in Liberia, the Financial Intelligence Unit (FIU) will have to enforce four major regulations in the country.Alex Cuffy, Director and Chief Executive Officer of FIU, made the disclosure on Tuesday during the regular press briefing at the Ministry of Information on Capitol Hill, Monrovia. Financial Intelligence Unit-Liberia (FIU) is a member of the Inter-Governmental Action Group against Money Laundering and Terrorists Financing in West Africa (GIABA), a specialized institution of ECOWAS responsible for facilitating the adoption and implementation of CFT (Counter Terrorist Financing) measures in West Africa. Regulation 1 includes dealing with cross-border transaction of currency and bearer negotiable instruments issued by FIU and the Liberia Revenue Authority (LRA). According to Director Cuffy, this regulation requires that all persons entering or leaving Liberia by air, land or sea must to declare currency or instruments above the threshold of US$10,000 or its equivalent in Liberian dollars. Under the regulation, he said, “All persons are obligated to provide customs officers with all relevant information or documentation to determine whether resources above the threshold being transported across the border are legitimate in origin or method of acquisition.”Regulation 2 seeks to implement United Nations Security Council Resolution (UNSCR) 1267 and 1373, specifically as it relates to the further distribution of and action on the United Nations list of terrorists and terrorist groups.He said it requires reporting, regulation and other entities to inform the FIU upon receipt of any customer or potential customer on the list.“Financial institutions and other entities must also screen new and potential customers and inform the FIU about any transaction or attempted transaction by a name identified on the list,” he said.Regulation 3 regards Currency Transaction Reporting (CTR) for financial institutions, while Regulation 4 is about Suspicious Transaction Reporting (STR), also for financial institutions that were issued by the FIU.Director Cuffy said the regulations on CTR and STR are to be implemented by financial institutions located throughout Liberia, and regulated by the Central Bank of Liberia.The regulation on Currency Transaction Reporting for Financial Institutions requires the mandatory filing of Cash Transactions Reports (CTRs) by financial institutions to FIU, based on the threshold of US$5,000 and above for individuals, or US$10,000 and above for businesses and institutions.He said in order to fully implement these regulations that were published on March 18 the FIU requests the general public’s fullest cooperation respecting the enforcement of these regulations.“The FIU is committed in ensuring the full implementation of these regulations as it strives to protect Liberia’s financial system from abuse of financial crimes for the enhancement of national, regional and global peace and economic stability,” he added. The FIU was created by the FIU Act of 2013, to serve as the central national agency for receiving, requesting, conducting preliminary investigation, analyzing and disseminating information concerning suspected proceeds from crime and properties of terrorists.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Conte warns troubled Chelsea not to look for excuses

first_imgNot only has Conte feuded with Chelsea striker Diego Costa after sending him into exile, the Italian has clashed with his employers over the terms of his contract the make up of his coaching staff and the club’s failure to land his top transfer targets.The problems have spilled onto the pitch as Chelsea lost the Community Shield against Arsenal before having two players sent off in a stunning home defeat against Burnley on the opening day of the season.But Blues boss Conte insists the crisis can’t be allowed to affect his players and he called on them to show some character against Tottenham.“You know very well our situation after these two red cards, but we are preparing very well,” Conte told reporters on Friday.“We must be focused on the game, We don’t find excuses. A great club like Chelsea must be prepared for this situation.“I’m not worried about this. For sure at this moment it’s not simple.“It’s not easy. We must be strong to face this situation. It’s very important not to find excuses or alibis.“It’s important to continue to work. Then we can solve this situation.”Conte knows there is a growing perception that his club is in crisis just months after their title victory.But the former Juventus coach says the loss of key players in the close-season has created a leadership vacuum in the squad that will take time to fill.“We lost a lot of players that created the previous foundation; Terry, Mikel, Ivanovic,” he said.“I knew very well this season would be very difficult for us. We won the league and reached the FA Cup final with only 13 players.“Last season we struggled a lot but we worked well. We were lucky not to have injuries.“The club knows this, I was clear with them. We have to be ready to fight this situation, not to find excuses.“In my career I never found an easy situation, this is my story.”– Take some risks –Conte’s calls for patience couldn’t hide the sense that he knows he will be harshly judged in the Stamford Bridge corridors of power if results go against him.Having struck out on several attempts to strengthen his squad while selling Nemanja Matic to Manchester United, Conte is short of midfield options.With that in mind, he hinted he might rush Tiemoue Bakayoko, a close-season signing from Monaco, into his debut against Tottenham, even though the midfielder isn’t completely recovered from injury.“Do you think its a good time for us to play Spurs? I dont think its a good time to play them,” Conte groaned.“Bakayoko is not at the top physical condition but I think he could be in contention for the game.“In this moment I don’t have other midfielders available. We have to take some risks.”Gary Cahill and Cesc Fabregas are suspended, while many of the young players Conte used when his squad was stretched last season have been allowed to leave.Asked if he would have preferred to keep the likes of Ruben Loftus-Cheek and Nathan Ake, the fragile relationship between Conte and his bosses was exposed when he said with a grimace: “Another question please.“Last season I used young players. Chalobah, Loftus-Cheek, Ake and Kenedy played.”0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Conte insists Chelsea’s predicament can’t be allowed to affect his players and he called on them to show some character against Tottenham © AFP/File / Ian KINGTONLONDON, United Kingdom, Aug 18 – Antonio Conte has warned troubled champions Chelsea not to look for excuses after their turbulent start to the season.Since Chelsea won the title last term, Conte has endured a surprisingly difficult period that shows no signs of abating heading into Sunday’s clash with title rivals Tottenham at Wembley.last_img read more

Andrews Kurth Hogan Lovells and Bracewell Advise in 1 Billion JV

first_img Remember me Not a subscriber? Sign up for The Texas Lawbook. The companies, NRG and JX Nippon Oil & Gas Exploration, claim the JV will build the world’s largest cost-combustion carbon capture and sequestration (CCS) facility on an existing coal plant in Fort Bend County, Texas . . .You must be a subscriber to The Texas Lawbook to access this content. Passwordcenter_img Lost your password? Usernamelast_img