Former Barcelona Midfielder To Be Punished For Drug Trafficking In Mexico

first_imgMexico’s captain and former Barcelona midfielder, Rafael Marquez, have been named for drug trafficking sanctions by the US Treasury Department.38-year-old Marquez, who spent seven years with Barcelona, was named among 22 persons and 42 organisations for being a “front man” in Raul Flores Hernandez lead drug trafficking cartel.A statement from the US Treasury Department stated that Raul Flores Hernandez DTO(Drug Trafficking Organisation) “include Mexican professional soccer player, Rafael Marquez Alvarez (Rafa Marquez), and Mexican singer Julio Cesar Alvarez Montelongo (Julion Alvarez).”“Both men have long-standing relationships with Flores Hernandez, and have acted as front persons for him and his DTO and held assets on their behalf.”Marquez’s involvement means all of his assets under US jurisdiction will now be frozen.Rafael Marquez made 242 appearances for Barcelona, winning four La Liga titles and two Uefa Champions League trophies during his time at the Camp Nou. He has also represented Mexico at four World Cups, with over 140 caps under his belt. RelatedBARCELONA VS ESPANYOL: Key Catalan Derby Players Of Past And PresentMarch 28, 2019In “Spain”Gabi Leaves Atletico Madrid For Qatari Club Al SaddJuly 3, 2018In “Europe”Athletic Bilbao confirm success of Yeray Alvarez’s testicular cancer treatment.September 21, 2017In “Europe”last_img read more

PPP expresses worry of central bank power grab

first_imgNew fiscal laws– urges caution, consideration for commercial banksThe series of financial bills that were brought to the floor of the National Assembly by the Government has raised concerns in the parliamentary Opposition camp, as worry mounts that increased requirements can drive up the costs of doing business. The PPP is expressing worry over the power accruing to the central bank through legislationAt a press conference on Monday, Opposition Leader Bharrat Jagdeo expressed worry that these new laws were laying the groundwork for some banks to fold. Here he cited the bad debt portfolios of certain banks.“When you look at the fineprint of those laws, it gives the central bank greater powers that could harm some of the interests of the commercial banks. Even the deposit insurance scheme the Government wants to put in place, it is now going to assess the banks on a biennial basis, a sum based on the reserve holding that they will have to pay into that fund.“So, now the commercial banks will have a new cost, which could push up interest rates for some people like us, because they have to pay for an insurance scheme. So deposits that are remunerated, they’ll have to push up interest rates. We have to be cautious,” Jagdeo urged.At the last sitting of the National Assembly, Government had brought several bills, including a National Payments System Bill, to the floor. The Bill contains provisions for persons to use “electronic money” through SIM cards and software accepted as a means of payment. There are also provisions for presenting cheques in electronic form.And then there are the penalties, which range from a fine of $500,000 and two years’ imprisonment when convicted as an individual to a fine of $2 million as a body corporate. Part 12, Section 51 speaks to various offences and penalties designed to keep the payment system running smoothly.The penalties apply to Sections Seven and Eight (attaining a licence before providing payment system or service). The Act states that banks, as direct participants in the system, do not have to acquire a licence. The same applies for money transfer service providers. However, Section Three (a) adds that they must comply with all other requirements of the Act.The penalties also apply to Section 13, which prohibits transferring licences, as well as Section 23. Section 23 mandates compliance with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws.In Section 32, operators are also prohibited from outsourcing their services without the bank. In Section 33, they also have to seek approval in order to use agents. And then there are those who refuse to comply with any order issued by the Bank of Guyana as an administrative measure.According to Section 50 (4), “a person who fails to comply with an order issued, pay a fine imposed or otherwise comply with administrative measures taken by the Bank in accordance with this section commits an offence and is liable on summary conviction as specified in Section 51.”last_img read more

EXCLUSIVE Seven in 10 multinationals have effective global benefits strategies

first_imgEXCLUSIVE: Seven in 10 (70%) employers have effective global benefits strategies and structures, according to research by professional services firm Aon.Its Global benefits governance and operations study 2018-2019, which surveyed more than 200 multinational organisations with workforces of between 10,000 and 100,000, also found that 60% want to create a financial wellbeing or health and wellbeing strategy, while 40% wish to get information on opportunities from multi-country pooling and global underwriting.Other evolving areas of focus for global employers include collecting information on employee value and projected pensions (50%), looking to adapt benefits to suit millennials and other sub-groups (55%) and implementing a global benefits management system (60%).Jim Tindale, partner at Aon, said: “What is clear from the latest study is that there is a strong desire to implement best practice global governance, with 90% of [organisations] wanting to make further progress and 74% of them aiming to achieve best practice global governance by 2021. Encouragingly, [employers] achieving a better state of affairs are also signalling that they are increasingly able to demonstrate the value from having done so.”Three-quarters (75%) of respondents indicated that they now have defined contribution (DC) pension policies that are at least generally effective, while 64% are monitoring DC risks and opportunities. Around 50% of worldwide employers state that they operate best practice for DB retirement; 45% stated that they do this for DC retirement plans and 40% do so regarding health benefits. Approximately a third (32%) believe they operate best practice for other types of benefits.Among those employers defined as operating ‘best practice’, 90% describe themselves as at least somewhat centralised in their operations, and 81% have a common corporate benefits strategy. A further 74% have a common corporate talent strategy, and 60% have a benefits delivery centre of excellence. Across all respondents, 81% cite that a single corporate brand is largely in place and 57% have a common corporate benefits strategy.Around half (52%) of all respondents state that a lack of central resources provides a challenge to benefits governance and operations. Other challenges include a lack of expertise in smaller countries (69%), a lack of direct budget (50%) and a lack of suitable technology (50%). Also, 40% identify that being unable to demonstrate clear value is a barrier to implementing best practice, while 46% blame a decentralised HR structure.Approximately three-quarters (73%) of respondents operating best practice stated that they are confident they have aligned their benefits plan with global policies, and 70% are confident that their benefits provide a fair level of coverage for all. This compares to 42% and 34%, respectively, in organisations that are not conducting best practice.Tindale added: “Irrespective of their individual progress, nearly all respondents to our study want to continue to broaden and deepen their involvement in the design, financing and operations of their benefits arrangements around the world.“However, fewer have attained best practice levels than had hoped to do so; 31% compared to 80% [that] aimed to do so by 2018 in our previous study.”last_img read more