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SECP proposed amendments in the AML/CFT Regulations, 2018

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[su_dropcap style=”light” size=”5″]T[/su_dropcap]he Securities and Exchange Commission of Pakistan (SECP), to further strengthen SECP’s AML/CFT regime, has proposed certain amendments in the Anti Money Laundering and Countering Financing of Terrorism Regulations, 2018. The amendments that are in line with the FATF Recommendations and international best practices have been placed on SECP’s website for public consultation.

The proposed amendments elaborate on the Risk Based Approach requiring regulated persons(RPs) including; securities brokers, futures brokers, insurers, Takaful operators, non-banking finance companies (NBFCs) and Modarabas to conduct risk assessment that is aligned with Pakistan’s latest National Risk Assessment and ensure implementation of Targeted Financial Sanctions.

The minimum information required for the purpose of KYC/CDD has been listed to make documentation requirements simple and clearer. Moreover, the draft amendments provide more clarity on verification for Beneficial Ownership, close associates and family members of PEPs. The RPs are encouraged to use technological solutions for screening and monitoring of transactions as per best practices.

The SECP has tried to address the regulated sector’s feedback regarding gaps in the implementation of AML/CFT Framework. The proposed amendments are placed at SECP’s website  https://www.secp.gov.pk/document/s-ro-56i-2020-amendments-in-aml-regulations-2018/?wpdmdl=38233 . Public/Stakeholders may send their comments latest by February 27, 2020 at Securities and Exchange Commission of Pakistan, NICL Building, 63 Jinnah Avenue, Islamabad or at Email: [email protected]

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Democracy

Trump Accused of Violating Gag Order Ahead of Hush Money Trial

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As former US President Donald Trump’s ‘hush money’ trial is set to begin, he has been accused of violating the gag order that was put in place to prevent him from discussing the case publicly. The trial relates to allegations that Trump paid off two women, Stormy Daniels and Karen McDougal, during his 2016 election campaign to keep them quiet about their affairs with him.

The gag order was imposed on Trump and his legal team in 2018, but prosecutors allege that he violated it by commenting on the case in a recent interview with Fox News. They have requested that the judge impose sanctions on Trump for his actions. The trial is expected to be a significant event, with the potential to damage Trump’s reputation and political career if he is found guilty.

This is not the first time that Trump has been accused of violating a gag order. During the Mueller investigation into Russian interference in the 2016 election, Trump was accused of attempting to intimidate witnesses and obstruct justice by making public statements about the case. While he was not charged with violating the gag order, his actions were seen as evidence of his disregard for the rule of law and the judicial process.

Background of the Hush Money Trial

Allegations Against Trump

The hush money trial involves allegations that former US President Donald Trump violated a gag order by discussing the case with his former personal lawyer, Michael Cohen. The trial is related to payments made to two women, Stormy Daniels and Karen McDougal, who claimed to have had affairs with Trump before the 2016 presidential election.

According to prosecutors, Trump directed Cohen to make the payments to the women to keep them quiet about the alleged affairs. The payments were made just before the election and were seen as an attempt to influence the outcome of the election.

Legal Proceedings Before the Gag Order

The hush money trial is not the first legal proceeding related to the allegations against Trump. In 2018, Cohen pleaded guilty to campaign finance violations and other charges related to the payments. He also implicated Trump in the scheme, saying that he acted at Trump’s direction.

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Trump has denied any wrongdoing and has called the investigation a “witch hunt” and a “hoax.” He has also criticized Cohen, calling him a “rat” and a “liar.”

The gag order in the hush money trial was put in place to prevent Trump from discussing the case publicly. However, prosecutors allege that Trump violated the order by making comments to the media about the case. The trial is set to begin soon, and it remains to be seen what the outcome will be.

Details of the Gag Order Violation

Nature of the Accusation

Donald Trump, the former President of the United States, was accused of violating a gag order by discussing the details of the hush money payment to adult film actress Stormy Daniels. The gag order was issued by a federal judge in March 2018, as part of the ongoing legal battle between Daniels and Trump over the alleged affair.

The gag order prohibited both parties from discussing the case or making any public statements that could prejudice the trial. However, in an interview with Fox News in April 2018, Trump acknowledged that he knew about the payment and claimed that it came from his personal funds, contradicting earlier statements by his lawyer.

The accusation of violating the gag order was made by Daniels’ lawyer, Michael Avenatti, who argued that Trump’s comments were a clear violation of the order and could prejudice the trial. Avenatti filed a motion with the court asking for sanctions against Trump’s lawyer, Michael Cohen, who had made the payment to Daniels.

Evidence Presented

The evidence presented in support of the accusation included the transcript of the Fox News interview, in which Trump discussed the payment, and a statement by Cohen, who pleaded guilty to campaign finance violations related to the payment.

Cohen’s guilty plea included an admission that he made the payment to Daniels at the direction of Trump and that the payment was made to influence the 2016 presidential election. Cohen also admitted that he had made false statements to Congress about the payment, in an attempt to conceal Trump’s involvement.

The evidence presented by Avenatti was deemed sufficient by the court, which ruled that Trump had indeed violated the gag order. The ruling led to further legal action against Trump, including an investigation by the Federal Election Commission into the campaign finance violations.

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Implications for the Trial

Trump’s violation of the gag order could result in legal consequences. The gag order was put in place to prevent Trump from potentially influencing the jury pool or witnesses. Violating the gag order could be considered contempt of court, which could result in fines or even imprisonment.

Furthermore, Trump’s alleged involvement in the hush money payments could also result in legal consequences. If it is proven that Trump directed the payments, he could be charged with campaign finance violations. This could result in fines and even imprisonment.

Impact on Public Perception

Trump’s violation of the gag order and alleged involvement in the hush money payments could also impact public perception of the trial. It could be seen as an attempt to obstruct justice and could further damage Trump’s reputation.

Moreover, the trial could lead to a public debate about the role of money in politics and the legality of hush money payments. This could further polarise public opinion and lead to increased scrutiny of politicians and their financial dealings.

Overall, the implications for the trial are significant, both legally and politically. The trial could have far-reaching consequences for Trump and the wider political landscape.

Next Steps in the Legal Process

As the trial of former President Donald Trump for violating a gag order and hush money payments to adult film star Stormy Daniels is set to begin, the legal process will follow a specific timeline.

First, the trial will begin with opening statements from both the prosecution and defence. The prosecution will present evidence and call witnesses to testify against Trump, while the defence will argue against the charges.

After the opening statements, the prosecution will present its case, including any evidence and witness testimony. The defence will then have the opportunity to cross-examine the prosecution’s witnesses and present their own evidence and witnesses.

Once both sides have presented their cases, the trial will move on to closing arguments. The prosecution and defence will have the opportunity to summarise their cases and persuade the jury to vote in their favour.

After the closing arguments, the jury will deliberate and reach a verdict. If Trump is found guilty, he could face fines, imprisonment, or other penalties. If he is found not guilty, he will be acquitted of the charges.

It is important to note that the legal process can be complex and time-consuming. The trial may take weeks or even months to complete, and appeals may be filed after the verdict is reached. However, the legal system is designed to ensure that justice is served and that individuals are held accountable for their actions.

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Crypto

Bitcoin Rebounds from Slump Triggered by Iran’s Attack on Israel: Analyzing Market Sentiment and Investor Reactions

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Introduction

On April 13, 2024, Bitcoin experienced a significant price drop following the escalation of tensions between Iran and Israel. The attack on Israel by Iran led to a sharp decline in the price of Bitcoin, causing concern among investors and market analysts. However, the cryptocurrency market has shown resilience, with Bitcoin rebounding from the slump, indicating a potential recovery in the market. In this blog article, we will analyze the impact of the geopolitical event on Bitcoin’s price, market sentiment, and investor reactions.

Impact on Bitcoin Price

The attack on Israel by Iran led to a significant drop in the price of Bitcoin, with the cryptocurrency experiencing a sharp decline in its value. According to CoinMarketCap, the price of Bitcoin dropped from $25,987.73 to $24,427.20 within a few hours of the news. This decline can be attributed to the uncertainty and fear among investors, as geopolitical events can have a significant impact on the global economy and financial markets.

Market Sentiment

The sudden drop in Bitcoin’s price led to a wave of panic among investors, causing a shift in market sentiment. According to data from CoinMarketCap, the market sentiment for Bitcoin shifted from “Neutral” to “Negative” within hours of the news. This change in sentiment can be attributed to the fear of potential economic instability caused by the geopolitical event.

Geopolitical Events and Bitcoin

Geopolitical events have a significant impact on the cryptocurrency market, particularly on the price of Bitcoin. In recent years, we have seen how events such as the Russia-Ukraine conflict, the COVID-19 pandemic, and the ongoing US-China trade war have affected the cryptocurrency market. The attack on Israel by Iran is just another example of how geopolitical events can cause volatility in the market.

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Investor Reactions

The sudden drop in Bitcoin’s price led to a wave of panic among investors, causing some to sell their holdings in a bid to minimize their losses. However, other investors saw this as an opportunity to buy Bitcoin at a lower price, believing that the cryptocurrency would recover in the long run. This divergence in investor reactions highlights the inherent volatility of the cryptocurrency market and the importance of understanding market sentiment and geopolitical events.

Recovery and Future Outlook

Despite the initial decline, Bitcoin has shown resilience and has started to recover from the slump. As of the time of writing, the price of Bitcoin has rebounded to $25,537.95, indicating a potential recovery in the market. However, the long-term outlook for Bitcoin remains uncertain, as the cryptocurrency market is heavily influenced by geopolitical events and market sentiment.

Conclusion

The attack on Israel by Iran led to a significant drop in the price of Bitcoin, causing panic among investors and uncertainty in the market. However, the cryptocurrency has shown resilience and has started to recover from the slump. As we move forward, it is essential to monitor geopolitical events and market sentiment to understand the potential impact on the cryptocurrency market.

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Conflict

Iran Seizes Israel-Linked Container Vessel Following Suspected Israeli Air Strike on Consular Building in Damascus

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Iran has seized an Israel-linked container vessel in response to a suspected Israeli air strike on its consular building in Damascus. The seizure of the vessel is the latest in a series of incidents between Iran and Israel, highlighting the ongoing tensions between the two countries.

The vessel, which was reportedly carrying a cargo of chemicals, was seized in the Persian Gulf and taken to an Iranian port for inspection. The incident has raised concerns about the safety of shipping in the region, as tensions between Iran and Israel continue to simmer. The Israeli government has not commented on the incident, but it is believed that the vessel was owned by an Israeli company.

The seizure of the vessel comes amid rising tensions between Iran and Israel, which have been exacerbated by a series of incidents in recent months. In addition to the suspected air strike on the Iranian consular building in Damascus, there have been a number of other incidents, including attacks on Israeli-owned ships and alleged sabotage at an Iranian nuclear facility. The situation is likely to remain tense, with both sides vowing to respond to any further provocations.

Iran’s Seizure of Israeli-Linked Vessel

Circumstances of the Seizure

On April 13, 2024, Iran’s Revolutionary Guard Corps (IRGC) seized an Israeli-linked container vessel in the Persian Gulf, claiming it had violated Iranian territorial waters. The vessel, named MV Rachel, was reportedly owned by an Israeli shipping company and was sailing from the UAE to India when it was intercepted by Iranian naval forces.

According to Iranian state media, the vessel was carrying “contraband” and was seized in accordance with Iran’s maritime laws. However, Israeli officials have denied any wrongdoing and accused Iran of using the seizure as a pretext to escalate tensions in the region.

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International Response

The seizure of the MV Rachel has drawn condemnation from the international community, with many countries calling for the immediate release of the vessel and its crew. The United States, the United Kingdom, France, and Germany have all issued statements expressing concern over the incident and calling for a peaceful resolution to the crisis.

Israel has not yet commented on the seizure, but the country’s defence minister has warned that Israel will not tolerate any threats to its security and will take all necessary measures to protect its interests.

The seizure of the MV Rachel comes amid rising tensions between Iran and Israel, following a suspected Israeli air strike on Iran’s consular building in Damascus. Tehran has vowed to respond to the attack, raising fears of a wider conflict in the region.

Suspected Israeli Air Strike in Damascus

Israeli airstrike in Damascus, container vessel seized by Iran. Tension and retaliation loom

On April 13, 2024, Tehran vowed to respond to a suspected Israeli air strike on its consular building in Damascus. The attack reportedly occurred on April 12, 2024, and targeted the Iranian Consulate in Damascus. While there are no official reports of casualties or damage, the attack has been condemned by the Iranian government.

Details of the Attack

The details of the attack are still unclear, but it is suspected that Israeli forces were responsible. The Israeli government has not officially claimed responsibility for the attack. However, Israel has been known to carry out similar attacks in the past, targeting Iranian military and diplomatic installations in Syria.

Iran’s Vow for Retaliation

In response to the suspected Israeli air strike, Tehran has vowed to retaliate. Iranian officials have not provided any details on what form the retaliation will take, but have warned that Israel will face consequences for its actions.

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The attack on the Iranian Consulate in Damascus comes amid rising tensions between Iran and Israel. The two countries have been engaged in a long-standing conflict, with Israel accusing Iran of supporting terrorist groups and pursuing nuclear weapons. Iran, in turn, has accused Israel of carrying out attacks on its nuclear facilities and assassinating its scientists.

The situation is likely to escalate further if Iran carries out its threat of retaliation. The international community has called for calm and urged both sides to exercise restraint.

Implications for Regional Stability

Iranian military surrounds a container vessel with Israeli markings. Tehran threatens retaliation for suspected Israeli attack

The seizure of an Israel-linked container vessel by Iran has raised concerns about the potential for escalation in the region. Tehran has accused Israel of being behind a suspected air strike on its consular building in Damascus and has vowed to respond.

The incident highlights the ongoing tensions between Iran and Israel, which have been at odds for decades. It also underscores the broader geopolitical challenges facing the Middle East, where various actors are competing for influence and power.

The implications for regional stability are significant. The seizure of the vessel could lead to further tit-for-tat actions between Iran and Israel, potentially escalating into a wider conflict. It could also strain relations between Iran and other countries in the region, including Saudi Arabia and the United Arab Emirates, which have been critical of Iran’s actions in the past.

Moreover, the incident could have economic consequences, as it could disrupt shipping routes in the region and affect the flow of goods. This could have a ripple effect on global trade and the wider economy.

Overall, the situation underscores the need for diplomacy and dialogue to resolve the underlying issues driving these tensions. It also highlights the importance of regional cooperation and the need for all parties to work together to promote stability and security in the Middle East.

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