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Corruption! Former Bulgarian Prime Minister Boyko Borissov was arrested!

Adrian Fuller
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Corruption! Former Bulgarian Prime Minister Boyko Borissov was arrested!

According to FinTelegram, the Israeli cybercrime principal Gal Barak, sentenced in 2020 to several years in prison for investment fraud and some €4 million in restitution payments, was a friend of Bulgarian Prime Minister Boyko Borissov. At least Gal Barak and his Bulgarian wife Marina Andreeva gave him and his minister friends nice money gifts and was therefore protected by the state. Boyko Borissov was detained on 17 March 2022 amid a wide-sweeping police investigation linked to probes by the European Public Prosecutor’s Office.

According to Politico, the former chair of the parliamentary budgetary commission Menda Stoyanova and Borissov’s media adviser Sevdalina Arnaudova were also detained, Bulgaria’s Dnevnik newspaper reported. Borissov dominated Bulgaria’s politics for more than a decade. He was forced out of power in April last year amid a rule-of-law crisis.

In a move that could be a huge moment of reckoning for Bulgaria, the ministry said that a large-scale operation was underway in connection with 120 cases of potential fraud being investigated by the European Prosecutor’s Office. The EU prosecutor herself, Laura Codruța Kövesi, visited Bulgaria in the past few days, raising the prospect of action against the widespread abuse of EU funds in sectors such as agriculture, construction, and public works. Bulgaria has been known as one of the most corrupt EU member states.

“There is no one above the law,” Prime Minister Kiril Petkov posted on his Facebook page.

Borissov’s lawyer Menko Menkov told reporters the former prime minister “has not been charged for the time being. The police have carried out a search at his home. He has been taken to the headquarters of the national police where he most likely will be detained for 24 hours.” Menkov later said that Borissov’s case related to extortion, rather than to abuse of EU funds.

The arrest restores the belief in the rule of law and justice. Even more so if it comes to corrupt high-ranking EU politicians. Corruption is a plague that destroys society.

Good News! Facebook Sued Over Fake Crypto Ads!

Charlene Lensburg
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Good News! Facebook Sued Over Fake Crypto Ads!

The Australian Competition and Consumer Commission (ACCC) sues Facebook‘s parent company, Meta, over targeted fake crypto ads that have scammed Australians out of more than $100 million. The ACCC alleges the company engaged in false, misleading, and deceptive conduct by publishing scam ads featuring prominent Australians. In one instance, a victim lost $650,000 to a scam. Fake ads on Google and Facebook are the most efficient way for scammers to chase victims.

The ACCC alleges the ads — which promoted fake crypto investments or other financial schemes — used targeted algorithms directed at people “most likely to be scammed.” These fraud ads used images of businessman Dick Smith, TV presenter David Koch, and former New South Wales premier Mike Baird.

ACCC chair Rod Sims said people had lost a lot of money through the ads and that Facebook wouldn’t have taken sufficient action to prevent the fake ads. “These ads are very successful,” he said. They would have created reputational damage for those involved. Victims contacted the well-known people presented in the ads saying, “I followed your advice and lost a lot of money.“

Rod Sims said the ACCC would have easily seen more than $100 million lost from victims through the scams. The ACCC argues that Meta‘s conduct breached Australian Consumer Law (ACL), or the Australian Securities and Investments Commission Act.

A Meta spokesperson said the company did not want to see “ads seeking to scam people out of money or mislead people on Facebook.” They would use technology to detect and block scam ads.

Chelsea Owner Roman Abramovich And Others Added To Sanctions List

Jacob Weizman
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Chelsea Owner Roman Abramovich And Others Added To Sanctions List

The EU added Chelsea Football Club owner Roman Abramovich to an asset freeze and travel ban list. Alfa Group shareholders German Khan and Alexey Kuzmichev have also been placed under sanctions. Tigran Khudaverdyan, executive director of Yandex, one of Russia’s leading tech companies, is also blacklisted for being one of the business people with close ties to Russian President Vladimir Putin.

The UK announced an additional set of sanctions on more than 370 oligarchs, including Mikhail Fridman, co-founder of Alfa-Bank, and Mikhail Mishustin, prime minister of Russia. Vodka imports from Russia will face a 35 percent import tariff in the UK. The UK has also introduced a ban on exports of luxury goods, which is likely to include items such as vehicles, high-end fashion, and works of art.

Other individuals targeted by the UK include Dmitry Peskov, Putin’s press secretary, and Alexander Ponomarenko, the chair of Sheremetyevo airport who has a fortune estimated to be worth £2.22bn.

In the EU, the economic measures include a ban on transactions with state-owned Russian companies, except in the oil and gas sector. An EU import ban on steel products worth €3.3bn, as well as an EU export ban for luxury goods to Russia, including luxury cars and jewelry, had also been adopted by the bloc, said the commission.

Ukraine War – Another Superyacht Seized In Spain!

Adrian Fuller
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Ukraine War – Another Superyacht Seized In Spain!

According to The Guardian, Spain has temporarily seized a Russian oligarch’s $140m superyacht in Barcelona. The 85-meter superyacht Valerie belongs to Sergei Chemezov, a former KGB officer who heads state conglomerate Rostec. He is an ally of Russian president Vladimir Putin. Sailing under the flag of Saint Vincent and the Grenadines, the vessel is registered to Chemezov’s stepdaughter, Anastasia Ignatova, through a the British Virgin Islands company.

Chemezov was sanctioned by the United States in 2014 and Britain in 2020 over Russia’s annexation of Crimea. The US sanctions also targeted Chemezov’s stepdaughter as well as his wife and son.

“Today we seized – the technical term is provisionally immobilised – a yacht belonging to one of the principal oligarchs,” Spanish prime minister Pedro Sánchez said on La Sexta television on Monday. “We are talking about a yacht that we estimate is worth $140m.” “There will be more,” he added, without elaborating.

Read the full story on The Guardian

Trading Of Nasdaq-listed QIWI Shares Halted Amid Ukraine War

Adrian Fuller
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Trading Of Nasdaq-listed QIWI Shares Halted Amid Ukraine War

The Nasdaq Stock Market announced that the trading halt status in QIWI plc ADS (Nasdaq: QIWI) was changed to “additional information requested” from the company. Trading in the company’s stock had been halted on February 28, 2022, at 06:38:00 Eastern Time at the last sale price of $5.67. Trading will remain halted until QIWI plc ADS has fully satisfied Nasdaq’s request for additional information.

According to a QIWI press release, the sanctions of the Western Alliance against Russia have had no immediate material impact on QIWI‘s operations. Neither QIWI nor any of its subsidiaries is specifically targeted by the new sanctions enacted as a result of the Russian military operations in Ukraine.

Shortly before the Ukraine War, QIWI announced the launch of its new website for investors – https://investor.qiwi.com/.

The new website received a modern and refreshing design in accordance with QIWI brand book guidelines. We have reviewed the structure, added several features describing our products & services, introduced new tools for investors, and improved navigation.

or the FY 2020 QIWI had revenue of RUB 40.6 billion and an Adjusted EBITDA of RUB 13.8 billion. QIWI‘s American depositary shares are traded on the NASDAQ and Moscow Exchange. QIWI has a credit rating from Standard & Poor’s of BB-/B.

Despite Extreme Fear, Bitcoin May See $50,000 By End Of March!

Adrian Fuller
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Despite Extreme Fear, Bitcoin May See $50,000 By End Of March!

The cryptocurrency community at CoinMarketCap (https://coinmarketcap.com)predicts that Bitcoin may trade around $48,000 by the end of March and $49,000 by the end of April This would be a nice hike from the current price level of $39,000. The CoinMarketCap community currently has a historical accuracy rate of 82% on Bitcoin price projections. 

Although the community is remaining bullish on the future of Bitcoin, there are still concerns among investors regarding the next course of the asset. As of today, 13 March 2022, The Bitcoin Fear and Greed Index still shows the value 21 expressing “extreme fear.” 

With over 90% of Bitcoin in circulation, its inflation rate notably dropped to 1.7% on March 10, five times lower than the US dollar (USD), positioning BTC as a viable inflation hedge to investors. Moreover, Bitcoin’s recent average daily trading volume surpassed Apple’s by about 60%, illustrating its steadily increasing adoption of the leading cryptocurrency.

Read the full story on Finbold

The Binance Spiderweb Of Companies Concerns Regulators!

Jacob Weizman
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The Binance Spiderweb Of Companies Concerns Regulators!

The world’s leading crypto exchange operator Binance has cleverly woven a global spiderweb of companies spanning regulatory regimes since its inception in 2017. Binance Group has so much money that it recently bought into the US financial magazine Forbes. The latest partnerships with Eqonex, Paysafe, or Checkout extend this powerful spider web. Binance founder Zhao Changpeng is the 18th richest person on the planet in the Bloomberg Billionaires Index with just under $64 billion. Regulators are concerned about the Binance Spiderweb.

Regulators feel helpless

Regulators are concerned about the dawning crypto era. In particular, The UK Financial Conduct Authority (FCA) is worried about the Binance Group. Firstly, the FCA does not want Binance and distrusts the world’s leading crypto exchange. Secondly, it clearly shows that national regulators are almost helpless in the face of crypto providers operating globally without borders and mainly outside the traditional FIAT system. This is especially true for Binance with its web of companies.

FCA worried about new Binance partnerships

Early this week, the UK (FCA) said that it is concerned about the announcement made by the Eqonex Group and Binance Group. According to the announcement, the Lithuanian entity Bifinity UAB will advance a US$36 million convertible loan to Nasdaq-listed crypto exchange Eqonex. Moreover, Bifinity has acquired some specific contractual rights over Eqonex Limited through this loan. Bifinity is the official fiat-to-crypto payments provider for the Binance Group, launched on 7 March 2022.

Eqonex Limited is the parent company of Digivault Limited, one of the cryptoasset businesses registered by the FCA under the Money Laundering Regulations (MLRs). As a result of the transaction mentioned above, the Binance Group may have become beneficial owners of Digivault. 

The FCA said that it did not have powers to assess the fitness and propriety of the new beneficial owners or the change in control before the transaction was completed. However, the regulator previously published its concerns about Binance. The Binance Group includes Binance Markets Limited. The FCA regulates Binance Markets Limited with reference number 688849 for limited activities.

The FCA recently raised concerns about a partnership between Binance and FCA-regulated Paysafe Group. Binance has gained access to the FPS and SEPA payment systems with this partnership.

No effective supervison

Due to requirements imposed by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the written consent of the FCA. The FCA cannot effectively supervise Binance Markets as part of the global Binance Spiderweb.

Read the full story on FinTelegram

Money Laundering! Estonian Crypto Payment Processor Garantex Europe lost license!

Adrian Fuller
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Money Laundering! Estonian Crypto Payment Processor Garantex Europe lost license!

Garantex Europe OÜ, a licensed Estonian crypto payment processor with close ties to Russia, has processed more than €5 billion per year. The Estonian Financial Intelligence Unit (FIU) investigated the company and identified serious and systematic KYAC/AML deficiencies. As a result, the FIU would have led to the revocation of the crypto license. However, Garantex Europe OÜ voluntarily surrendered its license.

Standing out with billions and Russian clients

The Estonian FIA started on-site inspection at Garantex Europe OÜ in December 2021. “In June 2021, when I became the Director of the Financial Intelligence Unit, I decided that the first task will be to quickly identify virtual currency service providers that are at higher risk, to start on-site inspections of them based on the risk. Garantex Europe OÜ clearly stood out from others because its annual transactions amounted to more than 5 billion euros, and a large part of the business and customers were related to Russia and other high-risk countries,” said Matis Mäeker, Director of the Financial Intelligence Unit.

Not properly verified clients

The FIU said that more than 90% of the company’s clients have not properly verified their identity. For example, some of the customers presented to the Financial Intelligence Unit as natural persons were legal persons providing services to other customers. Several of them had a turnover ranging from about twenty million to a hundred million euros.

Money-laundering issues

The FIU investigations revealed weaknesses on the part of Garantex Europe in several critical aspects of preventing money laundering and terrorist financing. Risk management measures were inadequate in terms of staff shortage and internal control, and both the risk appetite document and internal rules of procedure were insufficient.

A significant deficiency was that Garantex Europe failed to systemically and systematically notify the FIU of suspicious transactions concerning money laundering or terrorist financing. The FIU also found that fund processed via Garantex Europe was related to crime or wallets used by criminal offenders for illegal purposes.

Read the full story on FinTelegram

Maxim Shubarev’s Superyacht Polaris Seen in Malta!

bluechipper
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Maxim Shubarev’s Superyacht Polaris Seen in Malta!

Coming from Viareggio in Italy the superyacht Polaris sailed into Malta’s Grand Harbour in early March 2021. The Russian oligarch Maxim Shubarev, who acquired Maltese citizenship in 2018, bought the Malta-flagged Polaris in 2021 (details here). Some 10 people were on board but we do not know whether Shubarev was on the vessel. A few days later The superyacht left Malta destined for Turkey.

Malta’s Golden Passport scheme – cash-for-passports – was an instant hit with rich Russians. Therefore, in its first full year of operation, 54.3 percent of applications were submitted from Russia. As a result, the EU Parliament has just voted to stop these Golden Passport schemes.

The 59-year-old Maxim Shubarev is the chairman of Setl Group, a leading Russian construction and real estate company based in St Petersburg. His net worth is estimated at $500 million. Shubarev is also a shareholder of Polaris Malta Ltd and Polaris Charter Ltd, incorporated in 2016. The two companies’ registered addresses are in St Julian’s and Valletta. The director of both companies, which never filed their audited financial statements, is Anastasia Budykho.

Shubarev is also chairman of the committee on housing and civil engineering of Russia’s National Association of Construction Companies. In 2019, Shubarev was pictured with Russian President Vladimir Putin at a judo awards ceremony.

Maxim Shubarev and his Setl Group do not appear on the list of oligarchs and companies who have been subjected to international sanctions in the wake of the Russian invasion of Ukraine.

This week, France seized a yacht linked to Russian oil company Rosneft boss, Igor Sechin, in the Mediterranean port of La Ciotat. German authorities locked Alisher Usmanov‘s $600m superyacht Dilbert in Hamburg.

Read more on the superyacht hunting here

End Corruption! EU Parliament Demands Ban on Golden Passport Schemes

Charlene Lensburg
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End Corruption! EU Parliament Demands Ban on Golden Passport Schemes

On 9 March 2022, the EU Parliament has voted overwhelmingly to end the practice of EU countries selling “citizenship by investment” (CBI). Many wealthy Russians have received EU passports in exchange for significant investments (and payments to local officials and politicians). Members of the EU Parliament voted 595 for, 12 against, and with 74 abstentions to end the Golden Passport schemes.

Citizenship by Investment

The MEPs are calling for an all-out ban on “citizenship by investment” (CBI) a/k/a Golden Passport schemes by 2025. However, they want significantly increased background checks to come into force immediately. Unfortunately, the vote is not binding. It is now up to the EU Commission to outline a detailed proposal of how to end the schemes. The EU’s national governments will then have the final say.

“The system of golden passports and visas carries with it inherent risks of tax evasion, corruption, and money laundering,” said Saskia Bricmont, a Green MEP from Belgium. “For too long, oligarchs, criminals, and corrupt politicians have had the ability to buy their way into Europe and launder their cash, image, and identities.“

Parliament stresses that CBI schemes undermine the essence of EU citizenship. The practices in Malta, Bulgaria, and Cyprus would be “free-riding.” The states would have accepted applications even when requirements were not met. The governments need to terminate due to the risks they pose.

A very lucrative business

Cyprus and its Golden Passport scheme sold 922 citizenships to Russians between 2013 and 2019

Malta, Cyprus, and Bulgaria are the EU countries that have run the most lucrative golden passport schemes. Selling passports is a highly lucrative business. The Prime Minister of Malta, Robert Abela, prior to being appointed as Prime Minister, was selling passports through his law firm Abela Advocates.

According to The New York Times, more than 6,779 individuals from Russia, Ukraine, China, or Cambodia purchased citizenship in Cyprus between 2007 and 2020. Most of them were Russians; between 2013 and 2019, 922 Russians became Cyprus citizens. They needed to invest at least €2 million. Cyprus terminated its Golden Passport scheme in Oct 2020 after AlJazeera, in its report The Cyprus Papers, exposed the corruption associated with it. Cyprus has raised over €6B billion through the program. Let alone the millions in bribes.

The Golden Passport schemes have been a highly profitable business, especially for the states’ politicians and high officials. High sums of bribes flow in the process, as insiders tell us. Therefore, it is not surprising that the politicians in the countries concerned are resisting abolition.

Read the full story on FinTelegram
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