GJ Town India

Extensive discussions held to counter drugs, Precious metals & stones, money laundering & black economy! DRI discussions held on 4th and 5th December The Union Finance Minister Shri Jaitley unveiled “Smuggling in India Report 2017-18” which analyses organized smuggling trends on topics such as Gold & Foreign Currency, Narcotic Drugs, Security, Environment, Commercial Frauds. Excerpts of this report are enclosed.   The Inaugural Function was followed by the 5th Regional Customs Enforcement Meeting where the Heads of Customs Enforcement of 21 countries from South-Asia, West-Asia and Asia-pacific, apart from representatives from WCO, Interpol, UNODC and RILO AP were invited.   During the two day meeting, there was special emphasis on sharing of data and intelligence between different Customs administrations. Extensive discussions were held regarding mutual strategy to counter organized crime related to drugs, precious metals & stones, money l...

Now SWIFT, the new risks for banks! According to the International Monetary Fund (IMF) as background documentation for the periodic consultation with Belgium, Financial System Stability Assessment paper on Belgium was prepared by IMF to focus on Belgium Financial system stability assessment. Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro financial conditions. The risk of interbank contagion through direct exposures is low. Insurance companies are also generally resilient and the losses incurred by those that belong to banking groups do not threaten the soundness of those groups. The oversight arrangement for the Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) has proven effective, but is being challenged by new risks. Key among these are cyber security incidents in SWIFT’s global user network.  To strengthen the ...