World Bank Supports Bangladesh’s AML Efforts

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The World Bank has been supporting the Bangladeshi government in strengthening the country’s efforts to better combat money laundering and the financing of terrorism, said the Washington-based lender Thursday.

In a statement, the bank said that it is providing technical assistance to grant financing to improve compliance on Anti-Money Laundering-Counter Financing of Terrorism (AML/CFT) regime.

As part of its initiatives, the bank has recently organized two training workshops for government officials and representatives from NGOs and banks, aiming to enhance the capacity and competency for implementing the provisions of targeted financial sanction and Anti-Terrorism Law under the United National Security Council Resolutions (USRs) and Financial Action Task Force (FATF) Recommendations.

“Bangladesh is steadily addressing the needs required to strengthen its Money Laundering-Counter Financing of Terrorism regime,” said Christine Kimes, acting country head of World Bank Bangladesh.

…workshop showcases the government’s commitment for improving capacity of the relevant stakeholders from implementing and reporting agencies for implementing targeted financial sanctions.”

According to the bank, Bangladesh has already formed a national committee headed by the foreign secretary and consisting of all stakeholders to supervise and monitor the implementation of targeted financial sanctions.
World Bank Press Release World Bank Supports Bangladeshs AML Efforts

A Branch of India’s First All-Women Bank in Aurangabad.

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“The government is also on look-out for locations to set up the branches in Kolkata, Guwahati, Chennai, Bangalore, Jaipur, Lucknow, Mysore and Indore. The proposed bank to be headquartered in Delhi is likely to be operational by November this year. The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June.”

The key objectives of the bank is to focus on the financial needs of women and promote economic empowerment.
Indias first all-women bank
India First All-Women Bank

Is 11 Bn and No Guilt Enough for Chase?

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The exuberant entreprenurial spirit is at the heart of growth and the creation of wealth. But the brilliant economist Carmen Reinhart, writing with Kenneth Rogoff, has pointed out that this spirit leads to excessive risk-taking in good times.  “This time is different” is never different.  Exuberants think they can get a little more from the system, stay in for another month or two. No one heeds J. P. Morgan’s advice to sell early.  The most recent subprime mortgage crisis was supported by two Federal Reserve chairman.  True, we squelch exuberants at the cost of stagnation.  But future manipulators of the financial system might do well to think about pricking the bubbles with J. P. Morgan’s timing skill.  Now with have Chase trying to beat back the government’s criminal claims by paying an 11 billion dollar settlement with no admission of guilt.  This simply is not a high enough penalty.  The Chase Settlement Deal  

Jamie Dimon

Women And Children First?

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At this season’s annual party conferences, the race has been on to court the all-important female vote. Labour’s promise of an extension of free childcare is a challenge to the coalition, but only if it can deliver.

Over the past five years of the economic downturn, women have been on the front line of the struggle to stay financially afloat. They have borne the brunt of public sector job cuts and pay freezes. Too many have seen their employment rights eroded, and yet they are still the ones, in the majority of households, who have to balance the household budget in the face of falling wages, rising costs and reduced support from government.
Women and children first Women and children first

$650 Million Traded in Chicago with A Millesecond Headstart

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Is that what investing in the market has come to?  On the day the US Fed announced that it was continuing to buy bonds and not tapering quantitative easing, economic instruments tied to that decision (S&P e-mini futures. gold futures and ETFs) jumped in Chicago. The decision was announced at 2pm.  Volumes in Chicago increased at 2:00:00:001.  Is there room in this game for a person who invests in a measurable value?  Where are the chickens and where are the chickens and where are the eggs?  CNBC Reports on Millesecond Trades

Faster than the Speed of Light

Saudi Arabia: Women, Business and the Law 2014

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Saudi Arabia worst on women’s legal issues: Report

Saudi Arabia tops the list of countries for laws that limit women’s economic potential, while South Asia, the Middle East and North Africa have made the least progress over the last 50 years in improving women’s economic opportunities, a report issued on Tuesday says.

Women in 15 nations need spouse’s okay to work !!

Take a look at the Worldbank Report !
and check your country.Women, Business and the Law 2014

JPMorgan Faced With More Charges

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In the bank’s third quarter earning report, the will cite a billion and  a half dollars in legal fees.  The recent filing in California resulted from a failure to settle.  In some cases, they have done so and no one made them admit guilt.  Settlement is good, but so is the acknowledgement that what they had done is wrong.  The Chase saga will continue.  When are we going to ask the deep questions about the appropriate functions of banks.  JPMorgan faces US charges on mortgage

 Jamie Dimon, Mr. Chase

UN Special Rapporteur urges Italy to “rekindle its fight to end human trafficking”

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ROME (20 September 2013) – The United Nations Special Rapporteur on trafficking in persons, especially women and children, Joy Ngozi Ezeilo, today called on the Government of Italy to further boost and coordinate its national anti-trafficking response.

“Italy needs to rekindle its fight to end human trafficking, especially the unabated exploitation of the prostitution of foreign women and girls,” Ms. Ezeilo said* at the end of her official visit to Italy, from 12 to 20 September 2013, during which she examined the situation of trafficked individuals and assessed the impact of anti-trafficking measures in the country.

As a matter of fact, none of the 28 EU member states is complying with the EU directive 2011/36/EU on preventing and combating trafficking in human beings and protecting its victims. No major change from EU Commissioner’s Malmström shocking statement from April 15 2013 can be recognized.

The reality is that the 28 EU member states do not comply with the basic EU laws and regulations against Organized Crime as for example the EU money laundering directive and the EU directive against human trafficking and forced labour.

In June 2013 the Joseph Rowntree Foundation (JRF) published a report concluding that governments across Europe were in a state of confusion and denial over the extent of forced labour within their own borders, contributing to hundreds of thousands of people remaining trapped in exploited, unpaid and dangerous working conditions.

According to the UN International Labor Organization (ILO) 21 million people are now victims of forced labour worldwide. There are about 880,000 people in forced labour conditions across Europe. 70% of the 880,000 people identified as being in forced labour conditions are in forms of labour exploitation, with a further 270,000 people estimated to be victims of sexual exploitation…
UNHR Trafficking Italy

UN Special Rapporteur