Corruption and constitution challenge Panama’s Cortizo

2019 ◽  
Keyword(s):  
Latin America ◽  
Money Laundering ◽  
Trade Union ◽  
Public Private Partnerships ◽  
Domestic Production ◽  
Content Type ◽  
Social Democratic ◽  
Price Controls ◽  
Economic Slowdown ◽  
The Government

Significance Despite a recent economic slowdown, Panama remains one of the most dynamic economies in Latin America. Cortizo needs to attract more investors and keep up the pace of development, while demonstrating that his government’s social democratic approach can make headway against corruption and poor governance. Impacts The removal of price controls on basic foodstuffs suggests Cortizo is committed to market-friendly growth. As a former farmer and agriculture minister, Cortizo will strive to boost domestic production of food and reduce reliance on imports. The Cortizo administration is preparing legislation to promote public private partnerships, which could face trade union opposition. Cortizo will try to continue the strengthening of Chinese relations begun under the last administration, while maintaining close US ties. The government will strive to improve anti-money laundering regulations fast, to get Panama removed from international ‘grey lists.’

Pandemic may drive new wealth taxes in Latin America

2021 ◽  
Keyword(s):  
Latin America ◽  
Social Welfare ◽  
The Political ◽  
Content Type ◽  
Latin Americans ◽  
Tax Revenues ◽  
Wealth Tax ◽  
The Government ◽  
Political Spectrum ◽  
Tax Cuts

Significance The region’s current tax and spending policies redistribute very little. The COVID-19 pandemic brought a deep and persistent recession, despite new spending, tax cuts and monetary easing aimed at limiting the damage. In December, the government of Argentina, which was particularly hard hit, passed a temporary (and additional) net wealth tax on the very richest households. Impacts OECD-led transparency efforts offer the long-sought possibility of taxing the foreign assets of wealthy Latin Americans. The pandemic will increase both existing inequalities and the need for tax revenues to finance social welfare and stimulus spending. Efforts to strengthen tax collection more broadly will likely be undertaken by governments across the political spectrum.

Guatemala’s economy on the way to recovery

2021 ◽  
Keyword(s):  
Climate Change ◽  
Latin America ◽  
Violent Crime ◽  
Business Environment ◽  
Policy Support ◽  
Content Type ◽  
Containment Measures ◽  
The Government ◽  
The Way

Significance National GDP nevertheless contracted by just 1.5% in 2020 -- less than almost any other country in Latin America. Resilient remittances and exports, coupled with unprecedented policy support, have mitigated the effects of the pandemic and subsequent containment measures, leaving the country better placed for recovery than its neighbours. Impacts Enduring poverty, inequality and violent crime, and the impacts of accelerating climate change, will drive further migration from Guatemala. The government will pursue banking law reforms, to reduce risks to financial activities in the post-pandemic business environment. Infighting and corruption scandals will hinder the opposition's ability to benefit from the decline of the president's popularity.

scholarly journals Trade-based money laundering (TBML) empowers criminals to run free post-Brexit

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mariola Jolanta Marzouk
Keyword(s):  
Developing Countries ◽  
Law Enforcement ◽  
Money Laundering ◽  
Subject Matter ◽  
Small Sample ◽  
Subject Matter Experts ◽  
Structured Interviews ◽  
Content Type ◽  
The Government ◽  
The Uk

Purpose This paper aims to provide unique empirical findings exploring the impact of the UK’s post-Brexit Economic Strategy to boost trade with developing countries on the UK banking sector’s ability to manage trade-based money laundering risks. Design/methodology/approach Exploratory research design that used structured literature review, followed by semi-structured interviews with key subject matter experts employed by large UK banks. Findings Both banks and law enforcement struggle to prioritise trade-based money laundering (TBML) intelligence discovery due to deficient skills, resources, technology and lack of strong regulatory stimulus. The regulated sector calls for the UK anti-money laundering (AML) reform that would better incentivise TBML deterrence, yet the Government underestimates the money laundering risks while trading with high-risk jurisdictions post-Brexit. Research limitations/implications The findings are based on a small sample of six semi-structured interviews with difficult to access population of key subject matter experts. Despite the small sample, participants provided well-articulated and informed insights. Practical implications The UK’s post-Brexit Economic Strategy to boost trade with developing countries downplays the TBML risks it carries. The findings should alert UK banks, law enforcement and the Government who will collectively bear the responsibility to effectively manage TBML while enabling smooth trading. Originality/value The research provides unique perceptions of UK banks’ senior subject matter experts on managing TBML threats from opportunistic criminals.

Legal analysis of Qatar’santi-money laundering and combating terrorist financing legislation and regulation amidst the summer 2017 GCC crisis

2020 ◽  
Vol 23 (4) ◽  
pp. 793-804
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
International Standards ◽  
Legal Analysis ◽  
Content Type ◽  
Non Profit ◽  
Terrorist Financing ◽  
The Past ◽  
Regulatory Bodies ◽  
The Government ◽  
Financing Of Terrorism

Purpose The recent diplomatic split between members of the Gulf Cooperation Council (GCC) and Qatar with accusations of terrorist financing (TF). This paper aims to study Qatar’s domestic legislations, which specifically targets money laundering and TF activities. The country has stringently worked in compliance with international standards on combating financing of terrorism (CFT) and anti-money laundering (AML) practices by imparting autonomous power to regulatory bodies, such as the Qatar Central Bank and other agencies. Design/methodology/approach This paper studies independent legislations passed under the Emir’s decree over the past decade advancing Qatar’s AML ranking, with significant effort in CFT regulations. The paper also analyses the advancement in AML/CFT regulation and their validity with respect to international standards set by various governmental, intergovernmental and non-profit agencies. Findings The analysis finds Qatar in compliance with strong AML/CFT regulations. Further, it finds the government to have provided transparent oversight to international organizations that attest to the findings of the legislative efforts. This paper disproves claims and accusations that have possibly been presented to the GCC and subsequently led members to abruptly end diplomatic relations with Qatar over allegations of TF activities, amongst others. Originality/value The paper offers insight into Qatar’s legislative and regulatory advancement with respect to the AML/CTF in the past decade. The paper also discusses Qatar’s legislative advancement in relation to the evolutions of the country’s financial system, adopting a more robust mechanism to combat financing of terrorism and ML.

Summer of crisis will drive Cuban migration

2016 ◽  
Keyword(s):  
Economic Crisis ◽  
Black Market ◽  
Market Reforms ◽  
Short Term ◽  
Domestic Production ◽  
Content Type ◽  
Pull Factor ◽  
Price Controls

Significance However, while US policies are a pull-factor for migrants, recent domestic problems also provide powerful reasons to leave Cuba, which has fallen into the worst economic crisis since the 1990s. Impacts Reversing the decline of domestic production will require a deepening of market reforms. However, short-term political concerns over rising discontent will encourage a return to price controls. That will rekindle the black market and undermine the credibility of long-term reform plans.

United Kingdom to strengthen cybersecurity nationally

2016 ◽  
Keyword(s):  
United Kingdom ◽  
Private Sector ◽  
Public Private Partnerships ◽  
Content Type ◽  
New Strategy ◽  
Uk Government ◽  
A Priority ◽  
The Government ◽  
The Uk ◽  
Naming And Shaming

Subject The United Kingdom's new cybersecurity strategy. Significance The UK government on November 1 published its Cybersecurity Strategy for 2016-21. The new strategy doubles the previous investment in cyber to 1.9 billion pounds (2.4 billion dollars) during a time of government cutbacks, making it clear that the government regards cybersecurity as a priority. Impacts Despite serious investment, the government will still face a challenge in recruiting those with the required cyber skills. Given the expertise in the private sector, public-private partnerships will continue to be vital for protecting UK networks. ‘Naming and shaming’ cyber aggressors may become more prevalent as states seek to deter further cyberattacks. Governments may also increasingly focus on developing offensive cyber tools that can be used to counter-strike.

Fiscal adjustment may prove painful in Uruguay

2016 ◽  
Keyword(s):  
Trade Union ◽  
Public Spending ◽  
High Income ◽  
Content Type ◽  
Public Finances ◽  
Fiscal Adjustment ◽  
Economic Climate ◽  
The Government ◽  
First Time ◽  
Economic Outlook

Subject Uruguay's economic outlook. Significance The government has determined a fiscal adjustment, with tax increases for middle- and high-income earners, delays in public spending plans and a reform of military pensions, in a bid to address worsening public finances. It is the first time that the leftist Frente Amplio (FA), in government since 2005, has faced an adverse economic climate. Impacts Austerity in a context of 'stagflation' will generate political and trade union tensions. Rising unemployment will drive a deterioration in real family incomes. Growth will remain paltry this year and next.

French trade union rivalry is likely to intensify

2016 ◽  
Keyword(s):  
Social Movement ◽  
Trade Union ◽  
Trade Unions ◽  
Prime Minister ◽  
Power Struggle ◽  
Content Type ◽  
The Government

Subject French trade unions. Significance French trade unions have found themselves at the centre of a continuing and powerful social movement against the labour reform proposed by the government under President Francois Hollande and Prime Minister Manuel Valls. However, the strong opposition is not just driven by the content of the reform but also by the power struggle among trade unions which are now split into 'reformist' and 'non-reformist' camps. Impacts The division between trade unions is likely to lead to a radicalisation of the non-reformist unions with violent strikes continuing. The government will be held responsible for the lock-down, which will weaken Hollande's re-election bid further. The labour reform dispute could relegitimise non-reformist trade unions in the long term, complicating future reform attempts.

Odebrecht scandal may hit Dominican government hard

2017 ◽  
Keyword(s):  
Civil Society ◽  
Dominican Republic ◽  
Money Laundering ◽  
Pressure Group ◽  
Government Action ◽  
Content Type ◽  
Civil Society Organisation ◽  
Construction Firm ◽  
Group A ◽  
The Government

Subject Corruption investigations in the Dominican Republic. Significance On March 26, major protests took place in the Dominican Republic to demand government action against corruption, specifically corruption linked to bribes paid by Brazilian construction firm Odebrecht. The march was organised by Marcha Verde -- a new civil society organisation, created to act as an anti-corruption pressure group. A series of marches in recent months indicates growing popular dissatisfaction with the government’s response to the Odebrecht scandal, which is set to undermine the popularity of President Danilo Medina’s administration. Impacts With elections not due until 2020, Medina may feel he has time to ride out the scandal and regain popular support. The government will nevertheless accelerate investigations in response to the protests and to boost its international anti-corruption image. Anti-money-laundering legislation is being considered by the legislature to strengthen the country’s counter-crime framework.

Lithium industry could take off in Mexico

2016 ◽  
Keyword(s):  
Supply Chain ◽  
Electric Vehicle ◽  
Mining Industry ◽  
Foreign Investors ◽  
Domestic Production ◽  
Content Type ◽  
Mining Companies ◽  
The Government ◽  
The Relationship

Subject Outlook for lithium production. Significance Mexico has the potential to become a significant lithium producer in the next few years. As well as having found deposits in several parts of the country that appear promising, the mining industry in Mexico benefits from a regulatory and taxation regime that has proved attractive to domestic and foreign investors. Impacts Domestic production of lithium would help reduce Mexico's heavy dependence on imports. The Sonora project could help Tesla assure access to lithium, a link in the electric vehicle supply chain it does not currently control. The government will struggle to tackle extortion, given the opacity of the relationship between crime groups and mining companies.

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