Iran tops world league for money laundering and terror finance

Updated 14 September 2017

Iran tops world league for money laundering and terror finance

RIYADH: Iran has topped the world league table for money laundering and terror financing for the third consecutive year.
It was followed by Afghanistan, Guinea-Bissau, Tajikistan and Laos in the annual rankings compiled by the Basel Institute on Governance, an independent anti-corruption group based in Switzerland. The three lowest ranked countries were Finland, Lithuania and Estonia.
In the list of 146 countries, Saudi Arabia ranked 93rd, which gives the Kingdom’s banking system a superior rating to that of Turkey in 43rd, Pakistan in 46th, China in 51st, Russia in 64th and India in 88th, and only marginally behind Japan in 98th.
“The Kingdom has a clean record as far as money laundering is concerned,” said Syed Ahmed Ziauddin, chief of the financial institutions and public sector at Bank Aljazira. “All financial institutions, including banks, have a high compliance rating within the framework of international regulations and guidelines issued by the Saudi Arabian Monetary Authority. The banks in the Kingdom have world-class technical platforms on a par with advanced countries.”
Marwan Jafri, another local banker, said: “Saudi banks are fully committed to fighting money laundering and combating terrorism financing by adopting and maintaining appropriate policies, systems and controls. But there are ample proofs in the public domain about the involvement of Iran in money laundering and terror financing.”
This is the sixth year in which the institute has compiled its rankings. Its report says the greatest improvements in the past year have been made by Sudan, Taiwan, and Bangladesh. In South Asia, Afghanistan is the highest-risk country followed by Nepal, Sri Lanka and Pakistan.
 


Egyptians largely follow law on wearing masks, some worry about cost

Updated 32 min 18 sec ago

Egyptians largely follow law on wearing masks, some worry about cost

CAIRO: Most Egyptians appear to be following a new law that says they must wear face masks in public, the latest move by the authorities to slow the spread of the coronavirus as reported cases rise.
The law, which came into effect on Saturday, adds to measures including closing airports to international travel, shutting restaurants and suspending school classes.
Those who fail to comply with the rules on masks risk a fine of around $252.
“This was supposed to happen from the very beginning, so that (people) learn discipline and learn the rules. We are a country that needs discipline,” Isis said, standing near a shop in central Cairo and wearing a mask.
Egypt, the Arab world’s most populous country, has registered nearly 25,000 cases of the coronavirus and reported 959 deaths.
Infections rose sharply during the last week marking the end of the Muslim month of Ramadan, when families typically gather for the festivities. A total of 1,536 cases were confirmed on Sunday, double the number on the same day a week ago.
Egypt’s population is overwhelmingly young, but cities are crowded, making it more difficult for people to socially distance.
Reuters witnesses said that police in Cairo were not allowing people inside some banks and metro stations on Sunday and Monday if they were not wearing masks.
“Today people are following the rules. It is good that people are becoming more aware and abiding by this decision ... People today are protecting themselves, protecting their homes, protecting their families,” Adel Othman said through his mask, as he stood in line to enter a bank.
Some people worried that the new rules would add to the financial burden on a population where millions live in poverty.
“I need to spend 30 Egyptian pounds ($1.89) a day to buy masks for my family of six which adds up to 900 pounds a month. My entire salary is 2,200 pounds. How?” said Essam Saeed, an employee at the education directorate in Beni Suef, south of Cairo.
The government said in May that it was going to offer cloth face masks at 5 Egyptian pounds ($0.31) a piece that were viable for use for one month.
Egypt is looking to produce 30 million of the cloth masks a month to meet local demand and will in the coming days produce 8 million as part of an initial trial, the trade minister said in a statement on Sunday. ($1 = 15.8800 Egyptian pounds)