#Remittance Scheme

[theleadersglobe]

RBI Expands Liberalised Remittance Scheme to Enhance Financial Flexibility

In a strategic move to increase financial flexibility within Gujarat International Finance Tec-City (GIFT City), the Reserve Bank of India (RBI) has widened the scope of remittances under the Liberalised Remittance Scheme (LRS). This significant development now allows Indian residents to open foreign currency accounts (FCAs) within GIFT City’s International Financial Services Centres (IFSCs). This initiative, announced by the RBI on Wednesday, is set to streamline international financial transactions for Indian residents, offering them new avenues for managing their foreign currency holdings and investments.

Previously, remittances under the LRS were restricted primarily to paying educational fees at foreign universities and investments in IFSCs. The recent decision by the RBI broadens this scope significantly, enabling Indian residents to remit funds for a wider range of purposes. This includes accessing financial services or products internationally, in accordance with the IFSC Authority Act, 2019. The IFSC within GIFT City is a specialised zone where international financial transactions are conducted, serving both Indian and foreign entities under a robust regulatory framework.

Read More:(https://theleadersglobe.com/money/rbi-expands-liberalised-remittance-scheme-to-enhance-financial-flexibility/)

[mariacallous]

MADISON, Wis. — A bombshell report this morning from Dan Bice of the Milwaukee Journal Sentinel revealed that Banco Azteca, a bank reportedly tied to the Mexican cartel flew $26 million of cash across the U.S.-Mexico Border to Eric Hovde’s bank in California.

As the Milwaukee Journal Sentinel detailed, Banco Azteca was cut off by several other U.S. banks over “risk and compliance concerns” after reporting linked it to cartel activity. An executive of the bank was recently implicated in a federal indictment detailing his attempts to bribe a member of the U.S. Congress to get U.S. banks to once again do business with the bank. Despite this, Eric Hovde’s bank flew $26 million of cash from Mexico City to Irvine, California as part of a deal with Banco Azteca last December.

This shocking revelation comes as Hovde has refused to disclose which foreign banks and governments his bank has done millions of dollars of business with. What else is Hovde hiding?

Read more below:

Milwaukee Journal Sentinel: Bice: Democrats question Eric Hovde over his bank’s $26M deal with a troubled Mexican bank

By: Dan Bice

Banco Azteca, the 10th largest financial institution in Mexico, has had its share of problems in recent years.

Accused in past news stories of having links to the Mexican drug cartel.

Dropped as a financial partner by some U.S. banks because of “risk and compliance concerns.” 

And now caught up in a Texas bribery scheme with an American congressman.

But Sunwest Bank, the Utah-based financial institution run by Republican U.S. Senate candidate Eric Hovde, doesn’t mind doing business with it.

In December, Banco Azteca sent $26.2 million in cash to Sunwest on four airplane flights as part of a massive currency conversion called “repatriation,” records show. Hovde, who is running against Democratic U.S. Sen. Tammy Baldwin, is chairman and CEO of Sunwest.

Now Democrats are questioning the deal, saying it gives voters a window into how Hovde runs his businesses by putting personal financial stakes above other issues.

Arik Wolk, spokesman of the Democratic Party, said Sunwest’s transactions with Banco Azteca are “extraordinarily concerning,” especially given the alleged past ties between Azteca and the drug cartel. He added, however, that Democrats were not suggesting Hovde or Sunwest had done anything illegal.

“Hovde is willing to do anything to enrich himself, even flying cash across the border for a bank suspected of working for criminal groups that are pouring deadly fentanyl into our state,” Wolk claimed.

As recently as 2021, Banco Azteca had no correspondent banks in the U.S. with which it could transfer U.S. currency.

Over the past decade, several news accounts, including two by Reuters, have drawn links between Banco Azteca and Mexican gangs, which are the leading suppliers of cocaine, heroin, fentanyl and other illicit narcotics to the U.S.

In 2023, a Reuters reporter wrote that drug cartels are using remittances – money transfers favored by migrant workers – to send illicit earnings back to Mexico. 

The Reuters reporter said he witnessed five individuals on motorcycles collecting cash from people leaving branch offices of three banks, including Banco Azteca. Locals said these were couriers for the Sinaloa Cartel picking up drug money sent as remittances.

In a 2014 story, Reuters quoted a prominent anti-kidnapping activist saying Mexican gangs involved in kidnapping migrants ask for the money to be sent to Banco Azteca. Also, the Yale Journal of International Affairs reported that Banco Azteca was one of four banks that the Mexican cartel was using to process extortion payments.

A little more than a decade ago, the U.S. Office of the Comptroller of the Currency investigated Banco Azteca’s ties with its then-correspondent bank in the U.S., Lone Star National Bank of Pharr, and turned up money-laundering concerns. Repeatedly cited and fined, Lone Star soon ended its relationship with Banco Azteca.

Other financial institutions, including Fifth Third Cincinnati and CBW Bank, soon followed.

According to a May story in the Wall Street Journal, Banco Azteca has struggled doing business with U.S. banks since regulators began enforcing rules cracking down on money laundering from drug trafficking, kidnapping and extortion. Many U.S. banks have cut ties with Banco Azteca because of “risk and compliance concerns.”

For years, that left Banco Azteca holding onto large sums of U.S. currency with no place to offload it.

[readingsquotes]

"In May 2023, India and Israel signed a new bilateral agreement to bring forty-two thousand additional Indian laborers to Israel. Modi’s most recent agreement with Netanyahu aims to fast-track current plans even more, lifting restrictions to hasten migrant workers’ entry into Israel. The temporary, low-wage migrants from rural and small-town North India, some of the poorest regions in the country, are desperate for decent employment—so desperate that they’re willing to work for a regime that is actively engaged in what the International Court of Justice has called a “plausible genocide.” They’re seeking paid work they’ve failed to find within India’s growing but deeply unequal and caste-bound economy. Bilateral deals like the one between India and Israel give off the sheen of newness, appearing to be the products of a twenty-first century age of hypermobile capital. But in fact, the two countries are dusting off a time-worn strategy from the colonial archive: importing and exporting racially marked temporary labor to manage political and economic problems in one fell swoop."

....

Bilateral mobility agreements like the India-Israel deal are nothing new. Across the world, more and more states—Singapore, Bahrain, Canada, and the United States among many others—have begun to employ temporary, closed-term migrant labor programs. In the Middle East, autocratic Gulf states have long relied on such schemes. And in addition to contracting Palestinian labor, Israel has long relied on Thai, Filipino, Nepali, and Indian workers, too. Typically, these states have two goals. On the one hand, they want to preserve the ethnic composition of a privileged national citizenry. On the other, they need large amounts of cheapened laborers, especially in the domestic, construction and retail sectors, to grow. Contract labor schemes have allowed them to do both: with them, states can access a mass supply of workers without having to grant any of them citizenship. Israel, for example, offers five-year, temporary immigration channels for migrant workers, but gives them no option for family reunification or naturalization.

...

The Modi-Netanyahu labor deal has an even older historical predecessor: British indenture. In the nineteenth century, as chattel slavery came to an end in Britain, indentured labor from countries such as India and China was introduced as a more “humane” alternative. The practice was abolished in 1920, but a century later, traces of its institutional legacy live on in migrant labor programs. Indian and other Asian workers were desirable across the Gulf region because they were seen as politically “docile,” a powerful racial trope with particular roots in nineteenth-century indenture practices. They were also desirable because, as sociologist Andrzej Kapiszewski notes, “Asian governments became often involved in the recruitment and placement of their workers, facilitating their smooth flow to the Gulf countries.” The governments of India, Pakistan, and the Philippines, lured by the healthy remittances promised to them, were all too eager to help in the importation of their workers.

...

If modern states have ensured the brutal subjugation of both populations living, and workers laboring, in their borders through colonial means, then the resistance to those tactics must be anticolonial in response.

[transgenderer]

Tonga's current king, Tupou VI, traces his line directly back through six generations of monarchs. The previous king, George Tupou V, born in 1946, continued to have ultimate control of the government until July 2008

Tonga's economy is characterised by a large nonmonetary sector and a heavy dependence on remittances from the half of the country's population who live abroad (chiefly in Australia, New Zealand, and the United States). The royal family and the nobles dominate and largely own the monetary sector of the economy – particularly the telecommunications and satellite services. Tonga was named the sixth-most corrupt country in the world by Forbes magazine in 2008.[60]

King Tāufaʻāhau Tupou IV and his government made some problematic economic decisions and were accused by democracy activists, including former prime minister ʻAkilisi Pōhiva, of wasting millions of dollars on unwise investments. The problems have mostly been driven by attempts to increase national revenue through a variety of schemes – considering making Tonga a nuclear waste disposal site (an idea floated in the mid 1990s by the current crown prince),[35] and selling Tongan Protected Persons Passports (which eventually forced Tonga to naturalise the purchasers, sparking ethnicity-based concerns within Tonga).[36]

Schemes also included the registering of foreign ships (which proved to be engaged in illegal activities, including shipments for al-Qaeda);[37] claiming geo-orbital satellite slots (the revenue from which seems to belong to the Princess Royal, not the state);[38] holding a long-term charter on an unusable Boeing 757 that was sidelined in Auckland Airport, leading to the collapse of Royal Tongan Airlines;[39] and approving a factory for exporting cigarettes to China (against the advice of Tongan medical officials and decades of health-promotion messaging).[40]

In mid-2003, the government passed a radical constitutional amendment to "Tonganize" the press, by licensing and limiting freedom of the press, so as to protect the image of the monarchy. The amendment was defended by the government and by royalists on the basis of traditional cultural values. Licensure criteria include 80% ownership by Tongans living in the country. As of February 2004, those papers denied licenses under the new act included the Taimi ʻo Tonga (Tongan Times), the Keleʻa, and the Matangi Tonga – while those permitted licenses were uniformly church-based or progovernment.

The bill was opposed in the form of a several-thousand-strong protest march in the capital, a call by the Tuʻi Pelehake (a prince, nephew of the king and elected member of parliament) for Australia and other nations to pressure the Tongan government to democratise the electoral system, and a legal writ calling for a judicial investigation of the bill. The latter was supported by some 160 signatures, including seven of the nine elected, "People's Representatives"

tonga is a small island nation of about 100k people, 70% of which live on the largest island of tongatapu. its politics are kind of crazy

[rmstimess]

London Fintech Owner Accused of Facilitating Massive Drug Money Laundering via Crypto

A fintech owner in London is under scrutiny for allegedly assisting notorious drug traffickers in laundering hundreds of millions of euros through a crypto exchange platform. 

Caio Marchesani, the 38-year-old Italian owner of Trans-Fast Remittance, a regulated payments business, is accused of knowingly hoarding cash for Sergio Roberto De Carvalho, a Brazilian drug lord, and managing crypto accounts for Flor Bressers, a Belgian criminal known as the "finger cutter."

Authorities in Belgium, who started an investigation into Marchesani three years ago, are seeking his extradition from the UK as part of their effort to dismantle a transnational gang, according to a recent report.

Per the report, the investigation gained traction after Dutch customs officials seized over 12 tonnes of cocaine, worth more than €260 million ($283 million), at Rotterdam port. 

The authorities traced the drugs to Bressers and De Carvalho, eventually leading them to Marchesani through decrypted communications. 

So far, 33 suspects from different countries, including Brazil, Hungary, the Czech Republic, and France, have been identified.

The investigation also revealed that Marchesani stored significant amounts of cash in an apartment near the US embassy in London, which was guarded round the clock. 

Additionally, he was found with approximately £1.5 million ($1.9 million) worth of cryptoassets, frozen by authorities.

Marchesani Used Binance Accounts to Launder Money

Belgian prosecutors revealed that Marchesani managed 14 Binance accounts for Bressers and held cash for De Carvalho, charging exorbitant fees of up to 9% for fund transfers. 

The underground network involved in the money laundering scheme reportedly combined new technology with the ancient hawala money transfer system, primarily practiced in the Middle East. 

A spokesperson for Binance has reportedly said that the exchange cooperated with law enforcement, providing "practical operational assistance" as part of the investigation. 

Belgium's lawyer, Amanda Bostock, described Marchesani as a "dark banker" who mixed and moved money at the will of the criminal organization to obscure its origins.

However, Marchesani's lawyers vehemently denied the allegations, stating that the money used for his bail surety came from a legitimate UK company focused on healthy eating. 

They argued that none of the allegations against Marchesani relate to his business interests in the UK.

Marchesani's lawyers plan to challenge his extradition, citing inconsistencies in the investigators' presented cases.

If convicted, Marchesani could face a maximum sentence of five years imprisonment in Belgium, despite never having visited the country, according to his lawyers. 

The Belgian prosecutor aims to conclude the probe by early September, with plans to take the case to a full criminal trial.

In another legal case relating to the crypto sector, Faruk Fatih Ozer, the founder and former CEO of Thodex, a prominent Turkish cryptocurrency exchange, has been handed an 11,196-year prison sentence for fraud and other crimes. 

As reported, Ozer was convicted on various charges, including fraud, leading a criminal organization, and money laundering. 

Andria Darrell

[24justicepress]

The Fintech Owner Accused of Laundering Drug Money in Huge Bitcoin Scheme

Caio Marchesani is alleged to have managed crypto accounts for a criminal gang

A fintech owner in London is facing allegations that he helped notorious drug traffickers attempt to launder hundreds of millions of euros through a crypto exchange platform on a scale rarely seen by European prosecutors.

Authorities in Belgium are seeking the extradition of Caio Marchesani from the UK as part of their effort to dismantle a transnational gang.

hoarding piles of cash for Sergio Roberto De Carvalho, a Brazilian described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022, and managing crypto accounts on behalf of Flor Bressers, a Belgian national known as the “finger cutter,” who was also nabbed last year.

Marchesani owns Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority. He was arrested in May at Heathrow Airport.

The case puts the British financial-technology scene under fresh scrutiny amid fears that its weak controls are enabling the movement of illicit funds around the world. Transparency International UK has called for tougher supervision after finding that more than one-third of UK-licensed electronic-money institutions show red flags. In response to 24blognewspress queries, the FCA said it is “engaging” with Trans-Fast “as part of our ongoing supervisory work, including in relation to these matters.”

The Belgian investigation kicked off three years ago after Dutch customs officials seized more than 12 tonnes of cocaine, worth more than €260 million ($283 million), from containers at Europe’s busiest port, Rotterdam. Authorities traced the haul to Bressers and De Carvalho, later zeroing in on Marchesani after a breakthrough in decoding encrypted communications. 

In all, 33 suspects have been identified, linked to countries including Brazil, Hungary, the Czech Republic, and France — five are in pretrial detention, with Bressers and De Carvalho in Belgium and Marchesani in the UK. 

The case against Marchesani came to light at a series of extradition hearings in London. A request for bail was turned down by the court after prosecutors described him as a flight risk. The judge intends to rule on the extradition later in September.

‘Large Cash Sums’

Marchesani managed 14 Binance accounts for Bressers, according to Belgian prosecutors. He also held cash for De Carvalho, charging suspiciously high rates of as much as 9% for transferring funds, the prosecutors said.

As many as 85% of Trans-Fast customers were Brazilian, filings from a separate employment case show. A recorded company telephone message says it is currently offline and unable to process orders.

The underground network is alleged to have essentially combined new technology with hawala, a centuries-old money transfer system practiced in regions including the Middle East, where international and local remittances are paid largely based on trust. Its use of crypto currencies increased after the Covid pandemic made cash deliveries much harder, according to Belgium prosecutors. Binance provided law enforcement with “practical operational assistance” in relation to the investigation, a spokesperson for the crypto-trading platform said. 

Amanda Bostock, a lawyer acting for Belgium authorities, described Marchesani as “a dark banker who receives money and moves it around at the will of the criminal organization in order to disguise its origins.” 

“Very large cash sums” protected by a round-the-clock guard were said to have been stored at an apartment Marchesani rented near the US embassy in south London, prosecutors said. He was found with some £1.5 million ($1.9 million) of cryptoassets. The electronic wallet holding them was subsequently frozen. 

Marchesani’s lawyers deny the allegations. The money for Marchesani’s bail surety had legitimate origins from a UK company with a “thriving business focused on healthy eating in a cafe setting,” the judge said in a reference to Acai Berry Foods Ltd. of which Marchesani is the chief financial officer and a 50% shareholder. The prosecution’s case has “false, vague, ambiguous or inaccurate particulars,” his lawyers at Mishcon de Reya said. “What is clear however, is that none of the allegations against him relate to any of his business interests in the UK.”

Marchesani, who interned at Deutsche Bank from October 2013 to January 2014, wanted to convert Trans-Fast into an online bank according the employment case tribunal ruling. Companies House filings from August show another owner added to the registry. 

‘Everything is Criminal’

In an encrypted chat decoded by authorities, Marchesani, using the moniker ‘Greysmith,’ asked, “friend, this ted 60 is for crime or normal?” to which ‘Lucrativeherb’, a pseudonym prosecutors say was used by De Carvalho, replied, “Normal. Everything is criminal,” the Belgian law enforcers alleged. The judgment did not mention what ‘ted 60’ referred to. In another message, Marchesani is alleged to have said: “only risk is when the police are around.”

Bressers, who has a masters in criminology, was wanted on charges including kidnapping, gang drug trafficking and theft, and was arrested in February 2022 in Zurich. De Carvalho was nabbed in Hungary in June 2022 and transferred to Belgium by the air force earlier this summer. He was subject of an Interpol Red Notice, with countries including Brazil demanding his extradition for drug trafficking, money laundering, forging documents and murder in connection with organized crime.

The Belgian prosecutor said in a July letter to the UK, that nearly all the evidence has been collected and that she aimed to conclude the probe in early September. She said she’d already decided the case will go to a full criminal trial. A spokesperson confirmed the letter and declined to comment.

In London, Marchesani’s lawyers said they planned a further challenge to his extradition because investigators were presenting different cases at different moments. If convicted, Marchesani faces a maximum sentence of five years imprisonment in Belgium, a country his lawyers say he’s never visited.

[alpilatechiso90]

Investing in U.S. Stocks from India: A Comprehensive Guide

Investing in U.S. stocks has become increasingly popular among Indian investors. With the U.S. market offering a diverse range of investment opportunities, including blue-chip companies, innovative startups, and ETFs, it’s no wonder that many are looking to tap into this lucrative market. In this blog, we’ll explore the steps to invest in U.S. stocks from India, the benefits and challenges involved, and tips for making informed decisions.

Why Invest in U.S. Stocks?

Diverse Opportunities: The U.S. stock market is home to many of the world’s largest and most influential companies, such as Apple, Amazon, and Tesla. This diversity allows investors to explore various sectors and industries.

Stability and Growth: Historically, the U.S. market has demonstrated resilience and growth, making it an attractive option for long-term investors.

Hedging Against Currency Risk: Investing in U.S. stocks can serve as a hedge against the depreciation of the Indian Rupee, as gains from investments in dollars can offset local currency losses.

Access to Global Trends: U.S. markets often lead global trends in technology, healthcare, and consumer goods, providing investors with exposure to innovative companies and sectors.

Steps to Invest in U.S. Stocks from India

1. Understand Regulatory Framework

Before investing, it’s essential to understand the regulatory guidelines set by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Under the Liberalized Remittance Scheme (LRS), Indian residents can invest up to $250,000 per financial year in foreign stocks.

2. Choose a Brokerage Account

To invest in U.S. stocks, you’ll need to open a brokerage account that allows international trading. Here are some options:

Indian Brokerage Firms: Many Indian brokers have tie-ups with U.S. brokerage firms, allowing you to trade in U.S. stocks directly from your Indian account.

U.S. Brokerage Firms: Some U.S.-based firms accept international clients. However, this may involve a more complex account setup process.

3. Complete the Necessary Documentation

You’ll need to provide documentation such as your PAN card, proof of identity, and possibly a W-8BEN form to certify your foreign status for tax purposes.

4. Fund Your Account

Once your account is set up, you can fund it using wire transfers or other permissible methods. Be mindful of the currency conversion fees and transaction charges.

5. Research and Select Stocks

Conduct thorough research on potential investments. Utilize financial news websites, stock analysis tools, and reports to make informed decisions. Consider factors like company fundamentals, industry trends, and market conditions.

6. Start Investing

Once you’ve identified the stocks you want to invest in, place your orders. You can choose between market orders (buying at the current market price) and limit orders (setting a price at which you want to buy).

7. Monitor Your Investments

Keep track of your investments regularly. The U.S. stock market operates differently than Indian markets, so staying informed about market movements and economic indicators is crucial.

Benefits of Investing in U.S. Stocks

Global Diversification: Reduces risk by spreading investments across different economies.

Higher Return Potential: Historically, U.S. stocks have provided higher returns compared to many other markets.

Innovative Companies: Exposure to leading tech and biotech firms that are not available on Indian exchanges.

Challenges to Consider

Currency Fluctuations: Changes in currency exchange rates can impact returns.

Tax Implications: Understand the tax liabilities for foreign investments. You may be subject to U.S. withholding tax on dividends.

Market Volatility: The U.S. market can be volatile, and staying informed is essential to navigate fluctuations.

Tips for Successful Investing

Start Small: Begin with a small investment to familiarize yourself with the U.S. market.

Diversify Your Portfolio: Invest in different sectors and asset classes to mitigate risk.

Stay Updated: Follow financial news, market trends, and economic indicators related to your investments.

Consult Professionals: If you’re unsure about your investment strategy, consider consulting a financial advisor.

[head-post]

Ukraine’s new financial elite amid forced mobilisation

Recently, Ukrainian media compiled a list of the biggest corrupt officials making a fortune on mobilisation. The list includes the heads of the Boryspil and Bucha military committees.

They reportedly organised a scheme to evade mobilisation worth more than $1 million. The list also included head of the Khmelnytskyi Regional Centre for medical and social expertise (MSE), Tetyana Krupa.

Law enforcement agencies found $6 million in cash in the possession of Krupa and her son, the head of the regional department of the pension fund, according to the report. The head of the Khmelnytskyi Centre handles disability determination, which allows people to avoid mobilisation and travel abroad. She also certified all the men in her family as disabled, according to local media.

Krupa also reportedly purchased 30 properties in Ukraine, real estate in Spain, Austria and Turkey, nine luxury cars and a hotel and restaurant complex. Investigators found several million dollars in her foreign accounts.

Her activities are also linked to the work of a Zhytomyr doctor, in whose house the police found 4.4 million dollars. According to the investigation, the doctor falsified magnetic resonance imaging (MRI) results for men of conscription age, which allowed them to obtain a disability certificate.

MP Oleksandr Dubinsky said that such systemic corruption in medical commissions filled the pockets of MPs of the Servant of the People party.

If MSE stops taking bribes, there will be even less money in the budget, as MSE bribes flow into the pocket [of President Volodymyr Zelensky’s team]. If they [the bribes] are gone, we will have to take more from the budget.

New elite

On Tuesday, the Ukrainian State Bureau of Investigation also reported the uncovering of a new corruption scheme to evade mobilisation at a Territorial Recruitment Centre (TRC) in Odesa. the Malynovskyi District Military Recruitment Centre (DMRC) offered to obtain a certificate of unfitness for service for $4,000 to $7,000, according to the report. On the same day, the court received the case of former head of Odesa TRC Yevhen Borisov travelling to Seychelles under the guise of being wounded at the front.

Earlier he was accused of illegal enrichment for 142 million hryvnias and the acquisition of luxury property in Spain. He was the head of the Odesa TRC.

Huge sums of money flow from ordinary Ukrainians wishing to avoid mobilisation into the pockets of TRC representatives, medical commission doctors, border guards and officials. Moreover, Ukrainian MPs, such as Roman Kostenko and Yuriy Syrotyuk, are asking to reduce the lower threshold of the mobilisation age in order to increase the number of citizens who need help avoiding mobilisation.

Ukrainians who fail to avoid mobilisation become dependent and bring huge profits to the commanders of the Armed Forces of Ukraine (AFU), Ukrainian military officer Denys Yaroslavsky said in an attempt to explain the mass desertion on the battlefield.

The new elite’s system hinges on the continued war against Russia. The freezing of the conflict would force the new beneficiaries to stand up against the Zelensky administration, military experts noted. However, the inflow of funds is shrinking, according to the National Bank of Ukraine.

Ukrainians under military obligation have fewer opportunities to buy their way out of mobilisation, with foreign remittances from relatives plummeting. Very soon, the new elite would start dividing the illegally received funds among themselves, leading to new internal conflicts in the Ukrainian leadership, the analysts said.

Read more HERE

[ejesgistnews]

Dollar to Naira Exchange Rate Today Thursday, October 3, 2024 - Black Market and CBN USD to NGN Exchange Rate can be accessed here on Ejes Gist News. What is 1 US Dollar to Naira Today?  As Many Nigerians continues to navigate economic challenges, the dollar-to-naira exchange rate remains a focal point for those engaged in foreign trade, investments, and travel. The black market, also known as the parallel market or Aboki FX, often reflects rates different from the official Central Bank of Nigeria (CBN) rates. Today, the exchange rates offer insight into the fluctuating value of the naira. Current Exchange 1 US Dollar to Naira Today. Dollar to Naira Black Market Exchange Rate (Parallel Market): Buying Rate: ₦1,695 Selling Rate: ₦1,700 1 US dollar to naira today CBN Official Rates: Buying Rate: ₦1,684 Selling Rate: ₦1,686 Pounds and Euro to Naira Exchange Rates Pounds to Naira (CBN Rates): Buying Rate: ₦2,179 Selling Rate: ₦2,180 Euro to Naira (Black Market Rates): Buying Rate: ₦1,843 Selling Rate: ₦1,847 1 US dollar to naira today for Online Exchange Platforms: Geegpay and Grey Geegpay Rates: EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55 GBP (£): Buying at ₦2,120, Selling at ₦2,127 USD ($): Buying at ₦1,675, Selling at ₦1,680 For Grey, the USD to NGN Exchange Rates are: EUR (€): Buying at ₦1,845.03, Selling at ₦1,850 GBP (£): Buying at ₦2,102, Selling at ₦2,205 USD ($): Buying at ₦1,670, Selling at ₦1,675 Understanding Dollar to Naira Black Market Exchange Rate. What is the Black Market? The black market is an unofficial exchange channel where currencies are traded without government regulation. Due to high demand and limited supply, this market often offers more competitive rates. Why Do People Use the Black MarketUSD to NGN Exchange Rate? Favorable Rates: Higher than official rates. Accessibility: Easier to obtain foreign currency without stringent regulatory requirements. Latest Forex news highlights in Nigeria for today, October 3, 2024: Here are the latest Forex news highlights in Nigeria for today, October 3, 2024: 1. Nigeria’s FX Crisis Fuels Crypto Usage: Cryptocurrency transactions in Nigeria have surged to $59 billion, driven by a weakening naira and high inflation. Many Nigerians are turning to stablecoins for cross-border remittances due to the inefficiencies of traditional channels. 2. CBN Directs BDC Operators on Forex Sales: The Central Bank of Nigeria (CBN) has instructed Bureau De Change (BDC) operators to sell forex at a maximum profit margin of 1.5%, aiming to correct market distortions. 3. Global Market Reactions: Emerging market currencies, including the Nigerian naira, are experiencing volatility due to global economic shifts, such as the recent rate cuts by the US Federal Reserve. NDDC Youth Internship Scheme Portal Link: Step-by-Step Guide to Apply & Secure Your Spot Davido Called Out For Smoking Next To His Wife, Chioma WhatsApp Threatens to Exit Nigeria Over FCCPC Demands, $270 Million Fine Thanks for using our platform to know the value of the 1 US Dollar to Naira Today for CBN and the black market USD to NGN Exchange Rate.

[24-daily-news-press]

The Fintech Owner Accused of Laundering Drug Money in Huge Bitcoin Scheme

Caio Marchesani is alleged to have managed crypto accounts for a criminal gang

A fintech owner in London is facing allegations that he helped notorious drug traffickers attempt to launder hundreds of millions of euros through a crypto exchange platform on a scale rarely seen by European prosecutors.

Authorities in Belgium are seeking the extradition of Caio Marchesani from the UK as part of their effort to dismantle a transnational gang.

hoarding piles of cash for Sergio Roberto De Carvalho, a Brazilian described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022, and managing crypto accounts on behalf of Flor Bressers, a Belgian national known as the “finger cutter,” who was also nabbed last year.

Marchesani owns Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority. He was arrested in May at Heathrow Airport.

The case puts the British financial-technology scene under fresh scrutiny amid fears that its weak controls are enabling the movement of illicit funds around the world. Transparency International UK has called for tougher supervision after finding that more than one-third of UK-licensed electronic-money institutions show red flags. In response to 24blognewspress queries, the FCA said it is “engaging” with Trans-Fast “as part of our ongoing supervisory work, including in relation to these matters.”

The Belgian investigation kicked off three years ago after Dutch customs officials seized more than 12 tonnes of cocaine, worth more than €260 million ($283 million), from containers at Europe’s busiest port, Rotterdam. Authorities traced the haul to Bressers and De Carvalho, later zeroing in on Marchesani after a breakthrough in decoding encrypted communications. 

In all, 33 suspects have been identified, linked to countries including Brazil, Hungary, the Czech Republic, and France — five are in pretrial detention, with Bressers and De Carvalho in Belgium and Marchesani in the UK. 

The case against Marchesani came to light at a series of extradition hearings in London. A request for bail was turned down by the court after prosecutors described him as a flight risk. The judge intends to rule on the extradition later in September.

‘Large Cash Sums’

Marchesani managed 14 Binance accounts for Bressers, according to Belgian prosecutors. He also held cash for De Carvalho, charging suspiciously high rates of as much as 9% for transferring funds, the prosecutors said.

As many as 85% of Trans-Fast customers were Brazilian, filings from a separate employment case show. A recorded company telephone message says it is currently offline and unable to process orders.

The underground network is alleged to have essentially combined new technology with hawala, a centuries-old money transfer system practiced in regions including the Middle East, where international and local remittances are paid largely based on trust. Its use of crypto currencies increased after the Covid pandemic made cash deliveries much harder, according to Belgium prosecutors. Binance provided law enforcement with “practical operational assistance” in relation to the investigation, a spokesperson for the crypto-trading platform said. 

Amanda Bostock, a lawyer acting for Belgium authorities, described Marchesani as “a dark banker who receives money and moves it around at the will of the criminal organization in order to disguise its origins.” 

“Very large cash sums” protected by a round-the-clock guard were said to have been stored at an apartment Marchesani rented near the US embassy in south London, prosecutors said. He was found with some £1.5 million ($1.9 million) of cryptoassets. The electronic wallet holding them was subsequently frozen. 

Marchesani’s lawyers deny the allegations. The money for Marchesani’s bail surety had legitimate origins from a UK company with a “thriving business focused on healthy eating in a cafe setting,” the judge said in a reference to Acai Berry Foods Ltd. of which Marchesani is the chief financial officer and a 50% shareholder. The prosecution’s case has “false, vague, ambiguous or inaccurate particulars,” his lawyers at Mishcon de Reya said. “What is clear however, is that none of the allegations against him relate to any of his business interests in the UK.”

Marchesani, who interned at Deutsche Bank from October 2013 to January 2014, wanted to convert Trans-Fast into an online bank according the employment case tribunal ruling. Companies House filings from August show another owner added to the registry. 

‘Everything is Criminal’

In an encrypted chat decoded by authorities, Marchesani, using the moniker ‘Greysmith,’ asked, “friend, this ted 60 is for crime or normal?” to which ‘Lucrativeherb’, a pseudonym prosecutors say was used by De Carvalho, replied, “Normal. Everything is criminal,” the Belgian law enforcers alleged. The judgment did not mention what ‘ted 60’ referred to. In another message, Marchesani is alleged to have said: “only risk is when the police are around.”

Bressers, who has a masters in criminology, was wanted on charges including kidnapping, gang drug trafficking and theft, and was arrested in February 2022 in Zurich. De Carvalho was nabbed in Hungary in June 2022 and transferred to Belgium by the air force earlier this summer. He was subject of an Interpol Red Notice, with countries including Brazil demanding his extradition for drug trafficking, money laundering, forging documents and murder in connection with organized crime.

The Belgian prosecutor said in a July letter to the UK, that nearly all the evidence has been collected and that she aimed to conclude the probe in early September. She said she’d already decided the case will go to a full criminal trial. A spokesperson confirmed the letter and declined to comment.

In London, Marchesani’s lawyers said they planned a further challenge to his extradition because investigators were presenting different cases at different moments. If convicted, Marchesani faces a maximum sentence of five years imprisonment in Belgium, a country his lawyers say he’s never visited.

[quantumresidency]

EB-5 Visa Consultants: Finding the Best Support for Your US Immigration Journey

The EB-5 visa program offers foreign investors a path to U.S. residency in exchange for a qualified investment in the American economy. If you’re interested in securing an EB-5 visa, partnering with an experienced EB-5 visa consultant can make a significant difference. In this blog, we’ll explore the role of EB-5 visa consultants, particularly focusing on their importance in India, and how they help simplify the immigration process.

What Is an EB-5 Visa Consultant?

Key Benefits of Hiring an EB-5 Visa Consultant

Expert Knowledge: EB-5 visa consultants are well-versed in the latest program updates, immigration laws, and investment requirements.

Customized Investment Strategies: Consultants assess your financial background and recommend investment projects that align with your goals and the EB-5 criteria.

Paperwork Assistance: The EB-5 application process involves a significant amount of paperwork. Consultants ensure all documentation is correctly completed and submitted on time.

Legal Guidance: With complex legalities involved in the EB-5 program, consultants often collaborate with immigration lawyers to streamline the process.

Minimize Errors: Mistakes in the EB-5 visa application can delay or derail the process. Consultants help reduce the risk of errors.

EB-5 Visa Consultants in India: Why They Matter

The demand for EB-5 visa consultants in India has increased as more Indian investors look to gain permanent residency in the U.S. India has emerged as one of the leading markets for EB-5 visa applicants, with many high-net-worth individuals seeking the stability and benefits that U.S. residency offers.

Why Indian Investors Need EB-5 Consultants

Cultural Understanding: EB-5 consultants in India understand the unique financial and cultural dynamics of Indian investors, making their advice more relevant and practical.

Local Presence: Having an EB-5 visa consultant in India allows for face-to-face meetings and a personalized approach to your investment and visa journey.

Expertise in U.S. Real Estate: Many Indian investors prefer to invest in U.S. real estate through the EB-5 program. Consultants help them identify viable projects that meet visa requirements.

Familiarity with Indian Regulations: Consultants are knowledgeable about Indian financial regulations, such as the Liberalized Remittance Scheme (LRS), ensuring smooth international fund transfers.

How to Choose the Best EB-5 Visa Consultant in India

Selecting the right EB-5 visa consultant in India can be challenging, but here are a few factors to consider:

Reputation: Look for consultants with a strong track record of successful EB-5 applications and positive client testimonials.

Experience: Ensure the consultant has extensive experience specifically with the EB-5 program.

Partnerships: Top consultants often collaborate with immigration lawyers, financial experts, and reputable U.S. developers.

Transparency: Choose a consultant who provides clear, upfront information about fees, services, and the risks involved in the investment.

Support Services: Opt for a consultant who offers end-to-end support, including investment selection, legal assistance, and post-approval services.

Key Takeaways

EB-5 visa consultants help investors navigate the complicated EB-5 process, ensuring compliance with legal and financial requirements.

The role of EB-5 visa consultants in India is crucial, as they offer expertise tailored to Indian investors.

A reliable consultant provides investment guidance, legal assistance, and minimizes the chances of errors in your application.

Choose a consultant based on experience, reputation, and the level of personalized service they offer.

Frequently Asked Questions (FAQ)

1. What is the EB-5 visa program? The EB-5 visa program allows foreign investors to obtain U.S. residency by investing in a U.S.-based project that creates at least 10 full-time jobs.

2. Why do I need an EB-5 visa consultant? An EB-5 visa consultant simplifies the process by providing expert advice on investments, legal requirements, and paperwork, reducing the risk of errors in your application.

3. Are there specific EB-5 visa consultants in India? Yes, many consultants in India specialize in the EB-5 visa program, offering tailored advice for Indian investors looking to secure U.S. residency.

4. How do I select the best EB-5 visa consultant in India? Look for experience, client testimonials, partnerships with legal experts, and transparent pricing to choose the best consultant for your needs.

[mariacallous]

Having lived in Britain for 12 years, I returned to my native Moldova in 2022 because I was worried that Russia’s war in Ukraine would spill into my country. Thanks to the Ukrainian resistance, the skies are still clear in Moldova. But in the past weeks leading up to the presidential runoff between the pro-European incumbent Maia Sandu and the Russian-supported former prosecutor general Alexandr Stoianoglo, I felt as if I might lose my country once again.

The scale of interference in these Moldovan elections has been unprecedented. As reported by excellent independent journalists in the country, our law enforcement agencies alleged the existence of a large-scale, vote-buying scheme in the first round, run by Ilan Shor – a Russian-backed fugitive oligarch, who denies any wrongdoing.

Before the second round, journalists and others reportedly received death threats in broken Romanian, pretending to be on behalf of Sandu’s team. On election day, the most popular polling stations across Europe for overseas Moldovans had their vote disrupted by bomb threats. The servers of the Central Electoral Commission experienced a temporary cyberattack. The police said they had “reasonable evidence” of illegal organised voter transportation in Russia, Belarus, Azerbaijan and Turkey; people from Transnistria, the region to the east of the country, bordering Ukraine and controlled by Russia, admitted to being transported.

In addition to the alleged rigging, the internet, especially TikTok, was flooded with anti-Europe disinformation before the EU referendum on 20 October.

Despite all this, Sandu won. “They cannot steal as much as we can vote” was one of the informal slogans of this campaign. In the run-up to the second vote, the police updated the country daily about their arrests and seizures of cash related to the vote-buying scheme. This helped some people realise that receiving payment for votes was illegal and not just a way of getting free money. It also helped mobilise 380,000 people in the capital city Chișinău – more than in 2020 – and an unprecedented 330,000 Moldovans in the diaspora, who amounted to almost 20% of the total number of voters, to come out and vote. Both electorates largely voted for Sandu.

The pro-Russian Socialist party (PSRM), which supported Stoianoglo, said that it did not recognise the election results and that Sandu would only be the “president of the diaspora”. Yet 70% of the votes she received came from within the country.

While I lived in the UK, I queued for hours in order to vote in Moldovan elections at the various polling stations the state opened across London. In 2016, when Sandu first ran against PSRM leader Igor Dodon and lost to him, with thousands of other fellow citizens, I was not able to cast my vote because the polling station ran out of ballot papers. Some people had come from hundreds of miles away in order to vote.

Moldova’s diaspora is relatively new and porous. People first started leaving in large numbers in the 2000s, when President Vladimir Voronin ruled the country with many leading members of the PSRM. Their first destinations were Russia, Italy or Portugal, where they did difficult jobs in construction or care, in order to provide for their families. (My history teacher went to look after the dogs of an Italian star in order to pay for her son’s university fees.) Since then, as many people’s parents and grandparents had been born when Moldova was part of Romania, about a million Moldovans obtained Romanian citizenship – including the two presidential candidates, Sandu and Stoianoglo.

EU passports opened the way for Moldovans such as myself to benefit from better study and work opportunities across Europe, sending vital remittances back home. At the moment, about 1 million Moldovans live abroad and 2.8 million live in the country. Everyone has family members working abroad.

Like me, a number of people have also returned from the diaspora to open their own businesses or join existing private or non-governmental organisations, as well as state institutions. Sandu did this in 2012, leaving her much better paid position at the World Bank in order to become minister of education. Natalia Gavrilița, whom I first met in 2018 in a Moldovan activist group called FreeMoldova in London, left development work to become minister of finance and then prime minister. The list goes on.

Since the full-scale invasion of Ukraine, many Moldovans from the diaspora in Russia have returned home. In the more Russian-speaking regions of Gagauzia and Transnistria, people have started emigrating to Poland and the Czech Republic. As I was travelling on the Chișinău-Prague bus to the small Romanian town of Sibiu last week, in front of me a man was listening to Russian propaganda. The second driver, meanwhile, put on a speech by Sandu while resting. Social media have polarised Moldovan society – just like the entire world. Russian propaganda is good at enhancing these cleavages.

Moldova has shown resilience in the recent EU referendum and this presidential vote. But given the country is a parliamentary republic, the great battle will be next year in parliamentary elections. Until then, law enforcement has to get on top of vote-buying schemes. There must be better regulation of social media. And pro-European Moldovans have to collaborate and communicate better than the Russian propagandists.

[24blognewspress]

The Fintech Owner Accused of Laundering Drug Money in Huge Bitcoin Scheme

Caio Marchesani is alleged to have managed crypto accounts for a criminal gang

A fintech owner in London is facing allegations that he helped notorious drug traffickers attempt to launder hundreds of millions of euros through a crypto exchange platform on a scale rarely seen by European prosecutors.

Authorities in Belgium are seeking the extradition of Caio Marchesani from the UK as part of their effort to dismantle a transnational gang.

hoarding piles of cash for Sergio Roberto De Carvalho, a Brazilian described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022, and managing crypto accounts on behalf of Flor Bressers, a Belgian national known as the “finger cutter,” who was also nabbed last year.

Marchesani owns Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority. He was arrested in May at Heathrow Airport.

The case puts the British financial-technology scene under fresh scrutiny amid fears that its weak controls are enabling the movement of illicit funds around the world. Transparency International UK has called for tougher supervision after finding that more than one-third of UK-licensed electronic-money institutions show red flags. In response to 24blognewspress queries, the FCA said it is “engaging” with Trans-Fast “as part of our ongoing supervisory work, including in relation to these matters.”

The Belgian investigation kicked off three years ago after Dutch customs officials seized more than 12 tonnes of cocaine, worth more than €260 million ($283 million), from containers at Europe’s busiest port, Rotterdam. Authorities traced the haul to Bressers and De Carvalho, later zeroing in on Marchesani after a breakthrough in decoding encrypted communications. 

In all, 33 suspects have been identified, linked to countries including Brazil, Hungary, the Czech Republic, and France — five are in pretrial detention, with Bressers and De Carvalho in Belgium and Marchesani in the UK. 

The case against Marchesani came to light at a series of extradition hearings in London. A request for bail was turned down by the court after prosecutors described him as a flight risk. The judge intends to rule on the extradition later in September.

‘Large Cash Sums’

Marchesani managed 14 Binance accounts for Bressers, according to Belgian prosecutors. He also held cash for De Carvalho, charging suspiciously high rates of as much as 9% for transferring funds, the prosecutors said.

As many as 85% of Trans-Fast customers were Brazilian, filings from a separate employment case show. A recorded company telephone message says it is currently offline and unable to process orders.

The underground network is alleged to have essentially combined new technology with hawala, a centuries-old money transfer system practiced in regions including the Middle East, where international and local remittances are paid largely based on trust. Its use of crypto currencies increased after the Covid pandemic made cash deliveries much harder, according to Belgium prosecutors. Binance provided law enforcement with “practical operational assistance” in relation to the investigation, a spokesperson for the crypto-trading platform said. 

Amanda Bostock, a lawyer acting for Belgium authorities, described Marchesani as “a dark banker who receives money and moves it around at the will of the criminal organization in order to disguise its origins.” 

“Very large cash sums” protected by a round-the-clock guard were said to have been stored at an apartment Marchesani rented near the US embassy in south London, prosecutors said. He was found with some £1.5 million ($1.9 million) of cryptoassets. The electronic wallet holding them was subsequently frozen. 

Marchesani’s lawyers deny the allegations. The money for Marchesani’s bail surety had legitimate origins from a UK company with a “thriving business focused on healthy eating in a cafe setting,” the judge said in a reference to Acai Berry Foods Ltd. of which Marchesani is the chief financial officer and a 50% shareholder. The prosecution’s case has “false, vague, ambiguous or inaccurate particulars,” his lawyers at Mishcon de Reya said. “What is clear however, is that none of the allegations against him relate to any of his business interests in the UK.”

Marchesani, who interned at Deutsche Bank from October 2013 to January 2014, wanted to convert Trans-Fast into an online bank according the employment case tribunal ruling. Companies House filings from August show another owner added to the registry. 

‘Everything is Criminal’

In an encrypted chat decoded by authorities, Marchesani, using the moniker ‘Greysmith,’ asked, “friend, this ted 60 is for crime or normal?” to which ‘Lucrativeherb’, a pseudonym prosecutors say was used by De Carvalho, replied, “Normal. Everything is criminal,” the Belgian law enforcers alleged. The judgment did not mention what ‘ted 60’ referred to. In another message, Marchesani is alleged to have said: “only risk is when the police are around.”

Bressers, who has a masters in criminology, was wanted on charges including kidnapping, gang drug trafficking and theft, and was arrested in February 2022 in Zurich. De Carvalho was nabbed in Hungary in June 2022 and transferred to Belgium by the air force earlier this summer. He was subject of an Interpol Red Notice, with countries including Brazil demanding his extradition for drug trafficking, money laundering, forging documents and murder in connection with organized crime.

The Belgian prosecutor said in a July letter to the UK, that nearly all the evidence has been collected and that she aimed to conclude the probe in early September. She said she’d already decided the case will go to a full criminal trial. A spokesperson confirmed the letter and declined to comment.

In London, Marchesani’s lawyers said they planned a further challenge to his extradition because investigators were presenting different cases at different moments. If convicted, Marchesani faces a maximum sentence of five years imprisonment in Belgium, a country his lawyers say he’s never visited.

[iasguidance]

Pradhan Mantri Jan Dhan Yojana (PMJDY)

Context: The flagship financial inclusion scheme of the Centre, Pradhan Mantri Jan Dhan Yojana (PMJDY), will be completing a decade on August 15. What is financial inclusion? Financial Inclusion refers to universal access to a wide range of financial services at an affordable cost. These include not only banking products (basic savings, deposit accounts, remittance and credit) but also other…

[ultimate-media-insights]

In a strategic move to increase financial flexibility within Gujarat International Finance Tec-City (GIFT City), the Reserve Bank of India (RBI) has widened the scope of remittances under the Liberalised Remittance Scheme (LRS). This significant development now allows Indian residents to open foreign currency accounts (FCAs) within GIFT City’s International Financial Services Centres (IFSCs). This initiative, announced by the RBI on Wednesday, is set to streamline international financial transactions for Indian residents, offering them new avenues for managing their foreign currency holdings and investments. Read more