Saturday 1st August 2015
NEWS TICKER, FRIDAY, JULY 31ST: US bond markets expect a $900m issue from the Metropolitan St. Louis Sewer District as early as next year after its rate commission voted yesterday to back the district’s plan to tap the markets. The bonds will continue financing a $4.7bn capital program required by the Environmental Protection Agency (EPA) to keep sewers in St. Louis and St. Louis County from regularly overflowing into area creeks and rivers. Already, the district has put $600m toward sewer projects in St. Louis and St. Louis County. MSD customers can consequently continue to expect annual sewer bill hikes each summer. In 2012, the average customer paid $29 monthly. This month, bills rose to an average of $41. After this bond issue, the monthly sewer bill will cost the average household $61 by 2019 - JP Morgan has hired Lebo Moropa, giving the bank its first dedicated prime brokerage and equity finance presence in South Africa, reports Securities Lending Times. Former HSBC trader Moropa has joined the bank in Johannesburg and will focus on synthetic and cash prime brokerage and securities lending, including delta one and will report to Paul Farrell in London. Moropa was a delta one trader at HSBC and has worked for JP Morgan before– Apulia Finance has informed the Luxembourg Stock Exchange of its intent to issue a securitised paper, backed by residential mortgage loans originated by Banca Apulia. The issue date is August 6th and the deal is lead managed by BNP Paribas who is also joint arranger with Finanziaria Internazionale Securitisation Group. Swap counterparty in the transaction is Canadian Imperial Bank of Canada and the clearers are Euroclear and Clearstream. Funding is at three month Euribor with a spread of 0.40% before the step up date and 0.80% after the step up date. The deal is worth a combined €170m of which €153m are Class A asset backed floating rate notes due 2043; €6.79m Class B asset backed notes and €9,84m are Class C asset backed floating rate notes – all due 2043.

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Moneyval Committee pushes anti-money laundering agenda

Wednesday, 26 June 2013
Moneyval Committee pushes anti-money laundering agenda The Council of Europe’s anti-money laundering body  (MONEYVAL) has called on European governments to improve the implementation of measures for fighting money laundering and terrorist financing in the legal, financial and law enforcement fields. http://www.ftseglobalmarkets.com/

The Council of Europe’s anti-money laundering body  (MONEYVAL) has called on European governments to improve the implementation of measures for fighting money laundering and terrorist financing in the legal, financial and law enforcement fields.

In its anual report, published today, MONEYVAL reports that the countries it evaluates have broadly improved their technical compliance with international standards by enacting and reforming laws and regulations, in particular in the prevention of money laundering and terrorist financing offences.

However, MONEYVAL concludes that law enforcement and prosecutors need to do more in achieving serious money laundering convictions and in producing confiscation orders that have a deterrent effect in offences generating major proceeds. The Committee also stresses that there are still very few convictions of those third parties who launder proceeds on behalf of organised crime.



“Last week, the G8 leaders publicly committed to 8 principles for fighting money laundering and tax evasion, and to report on the action they take. All European states should follow these principles. In a Europe emerging from a global financial crisis, it is more important than ever that financial institutions do not accept clients or transactions unless they know who they are dealing with and the source of the funds that they are handling”, said the Chair of MONEYVAL, Anton Bartolo.

“If our financial institutions are tainted by funds which are proceeds of crime, then they pose risks to their own reputations, the reputations of their countries, and to the global financial system, which relies so much on confidence in our financial institutions”, he stressed.

MONEYVAL's latest report evaluates measures taken by Poland to combat money laundering and terrorist financing. The report sets out an analysis of the implementation of international and European standards. Poland identified money laundering and terrorist financing as one of the strategic priorities of its two National Programs for counteracting and combating organised crime and for combating terrorism, for the years 2012–16.

Technical deficiencies identified in the third round report on criminalisation of money laundering have not yet been addressed. The number of investigations and prosecutions for money laundering offences appears low, compared to the level of funds-generating crime. The evaluators considered there still remains an insufficiently proactive approach to money laundering investigation by law enforcement. The confiscation regime remains incomplete and the level of final confiscations also appears low.

Following the MONEYVAL recommendation in its third round evaluation, Poland introduced into its Penal Code an independent, autonomous offence of terrorist financing. Nevertheless, the offence is still not fully in line with international standards.  While Poland has a broadly sound legal structure for preventive standards, the legislative provisions dealing with customer due diligence requirements are still not entirely in line with international standards. In particular, there is no clear requirement to identify beneficial owners and to verify the customers’ identities from reliable and independent sources. Additionally, Polish law still does not require adequate transparency of legal persons.

 

 

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