Search Results for: Cameroon

With the global commodities market valued at USD121.2 trillion in 2024 and expected to generate USD136.8 trillion in 2029 (1), the scope for fraudsters to make money from this sector is vast. German statistical service Statista notes that commodities sales have latent augmentation, given that it all includes emissions trading systems expanding worldwide, along with energy products, food and drink, precious and industrials metals and more.…

The UK Serious Fraud Office (SFO) has charged five former top executives of Swiss commodities giant Glencore, including ex head of the oil division, Alex Beard, with bribery in West Africa from 2007 to 2014.
In an August 1 statement (1), the SFO said it had charged Beard, who was one of Glencore’s top executives from 2007 until his retirement in 2019, his second in command, Andrew Gibson, plus Paul Hopkirk, Ramon Labiaga and Martin Wakefield “with conspiring to make corrupt payments” to benefit Glencore in the awarding of various oil contracts in Cameroon, Nigeria and the Ivory Coast.…

A Financial Action Task Force (FATF) paper has warned that governments are failing to increase AML/CFT controls on virtual assets and virtual asset service providers (VASPs), with only 25% of those surveyed fully or largely compliant with FATF guidance (1).

Of these 130 jurisdictions assessed under the latest mutual evaluation reports and follow up checks, the 75% proportion of those partially or not compliant with FATF recommendation 15 on VASPs and other new tech, “is identical to that of April 2023…and shows negligible improvement,” said FATF.…

Nigeria’s textile and footwear industries are facing a complex economic landscape, with its manufacturing sector struggling to tap overseas markets and even a growing domestic market, despite a declining Naira (down from USD1/NGN380 in January 2021 to NGN1,600 this March (2024).…

In most urbanised industrialised economies, the current focus on renewable energy growth is on wind and solar. Lacking untapped river resources, major hydro-electric projects are rare. However, in larger and more rural countries, especially those still industrialising, large-scale hydro is still an option.…

The Great Lakes region in cenztral and eastern Africa is exceedingly resource rich, and being beset by instability and conflict, it is highly attractive for illicit trade and financial crime fuelling money laundering. A new European Union (EU) Great Lakes Strategy is trying to promote the rule of law in the region – notably Rwanda, Burundi, Uganda and the eastern provinces of the Democratic Republic of Congo (DRC) – but faces major challenges.…

Humanitarians have claimed that sub-Saharan university students were part of mass border expulsions by Tunisian security forces in July as universities within the north African country note reduced registrations by black African students.

Tunisian humanitarian association Enfants de la Lune’s https://www.facebook.com/XPtunisie…

The June plenary of the Financial Action Task Force (FATF), which wound up today (Friday June 23), has warned that almost 75% of jurisdictions worldwide are failing to implement its AML standards on virtual assets and virtual asset service providers (VASPs).…

Students from sub-Saharan African countries are warning they are ready to abandon degree courses in Tunisian universities and colleges, fleeing this north African country in the wake of mass arrests of compatriots and racial violence this month.

Christian Kwongang, president of the Tunisian Association of Sub-Saharan Students (Association des Étudiants et Stagiaires Africains en Tunisie – AESAT) said that as of March 7, at least 400 sub-Saharan African students had been arrested in immigration sweeps by police, and there had been more than 30 racially motivated physical attacks by the against black African students over the past year.…

International and Switzerland-based mining major Glencore has settled UK bribery cases brought by Britain’s Serious Fraud Office (SFO), accepting a GBP280.9 million (USD314.5 million) penalty ordered by Southwark Crown Court, London.

This followed an SFO investigation revealing that Glencore Energy UK had paid USD29 million in bribes to gain preferential access to oil in Africa between 2011 and 2015.…