` South Korea Commences boosting its `Air Defences ‘ with purchase of a $1.3 Billion Refuelling Tanker ‘

#AceFinanceNews – SEOUL – March 31 – South Korea on Monday kicked off the process to buy four in-flight refuelling tanker aircraft, Reuters said.

The deal is seen to be worth around $1.31 billion, with plane-makers Boeing and Airbus expected to compete, according to sources.

The purchase will be part of Seoul’s attempts to bolster its air defence in the face of rising tension over the maritime interests of Japan and China, as well as against North Korea.

#AFN2014

#airbus, #boeing, #china, #japan, #north-korea, #seoul, #south-korea

` Russia and North Korea are Planning to Commence Trading in ` Rubles ' According to Galushka '

#AceFinanceNews – MOSCOW – March 29 – Russia and North Korea may soon carry out all trade operations in Russian roubles, said Aleksandr Galushka, Russia’s Minister of the Development of the Far East.

“The sides decided to carry out mutual trade on a new level by increasing the volume up to $1 billion by 2020,” he added.

According to Galushka, this step would solve the problems of interbank cooperation between the countries.

Russian News Sources

#AFN2014

#aleksandr-galushka, #far-east, #moscow, #north-korea, #rubles, #russia

` Committee of the State Duma for the ` Budget and Taxes ‘ Recommends Writing-Off `Ten Billion’ of DPRK’s Debts ‘

#AceFinanceNews – Moscow – March 19, 23:14 – Committee of the State Duma for the budget and taxes has issued a recommendation to the MPs to ratify an agreement between the Russian government and the Democratic People’s Republic of Korea on settling the DPRK’s debt to Russia on the Soviet-era loans issued to that country.

The document that was submitted for ratification by the Russian government features the agreements reached at the negotiations that lasted almost twenty years and took account of the special features of financial, political and economic relations between Russia and North Korea.

Debt settlement embraces all the categories of reciprocal financial claims and obligations of the former USSR and the DPRK, with the precise parameters registered on the date when the agreement is signed.
Overall amount of the DPRK’s financial obligations to Russia stood at an equivalent of $ 10.96 billion as of September 17, 2012.

“This amount is rather conventional in many ways – not only because of the exchange rate but also due to the interest rates accumulated over a huge period or, in other words, a non-return of the loans because many of them were issued in the 1980’s,” Sergei Storchak, a deputy minister of finance said at the session.

“We applied a standard pattern in which we write off 90% of the debts amount and 10% is left over,” he said. “We agreed to utilize this 10% for financing the joint projects implemented on the North Korean territory.”

There projects are related to the energy sector, healthcare, and the country’s foodstuff security.

“Frankly speaking, we hope we’ll be able to attain agreement in the course of future joint work on allotting plots of land for construction of a gas pipeline on the DPRK territory,” Storchak said adding that Russia’s major producer and exporter of natural gas, OAO Gazprom, continues eyeing a possible integration in the Korean market of gas.

For this purpose, it will need some land acquisitions and “a part of the debt can be utilized for this purpose,” Storchak said.

Russian government officials say settlement of debts on the loans issued by the former USSR with the observance of conditions coordinated with Pyongyang pursues three objectives.

In the first place, it removes the problem of North Korea’s outstanding debt to the Russian Federation that was an irritating factor for bilateral relations for quite some time.

Secondly, the agreements that have been reached enable Russia to exert noticeable influence on the DPRK’s social and economic development through projects in healthcare, education, and the energy sector, since Russia will have a say in the decisions on their financing.

Thirdly, owing to the presence of big enough debt claims, Russia will have an opportunity to take part in multilateral talks on settling the North Korean debts in the format of the Paris Club of Sovereign Debtors and to influence the terms of debt repayments in Pyongyang’s interests.

TASS – Russian Media News –

#AFN2014

#democratic-peoples-republic-party-dprk, #gazprom, #koreas, #moscow, #north-korea, #north-korean, #paris-club-of-sovereign-debtors, #pyongyangs, #russian-federation, #ussr

Money Laundering and Terrorist Financing Changes

English: Logotype of Committee of Experts on t...

English: Logotype of Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) Русский: Логотип Комитета экспертов Совета Европы по оценке мер борьбы с отмыванием денег и финансированием терроризма (МАНИВЭЛ) (Photo credit: Wikipedia)

Advisory Notice on Money Laundering and Terrorist Financing controls in Overseas Jurisdictions on 18th October 2013 the Financial Action Task Force (FATF) published two statements (included as annex A and B ) identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing regimes.

Regulations:

The Money Laundering Regulations 2007 require regulated entities to put in place
policies and procedures in order to prevent activities related to money laundering and
terrorist financing. In response to the statements published by FATF on 18th October 2013, HM Treasury advises firms to:
Consider the following jurisdictions as high risk for the purposes of the Money
1. Laundering Regulations 2007, and so advises firms to apply enhanced due
diligence measures in accordance with the risks:
2. Algeria, DPRK*, Ecuador, Ethiopia, Indonesia, Iran*, Kenya, Myanmar, Pakistan, Syria*, Tanzania, Turkey and Yemen.
3. Take appropriate actions in relation to the following jurisdictions to minimise the associated risks, which may include enhanced due diligence measures in high risk.
Situations:
Afghanistan*, Albania, Angola, Antigua and Barbuda, Argentina, Bangladesh, Cambodia, Cuba, Iraq, Kuwait, Kyrgyzstan, Lao DPR, Mongolia, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Vietnam and Zimbabwe*.
*These jurisdictions are subject to sanctions measures at the time of publication of this
notice which require firms to take additional measures.

 

 

#acefinancenews, #18th-october-2013, #algeria, #antigua-and-barbuda, #ecuador, #fatf, #financial-action-task-force-on-money-laundering, #hm-treasury, #money-laundering, #north-korea, #tanzania, #terrorism-financing