Today the direction of the stock exchanges will set the corporate reports
On the agenda reports on income from «Intel» and «Johnson & Johnson». Of particular interest is «Intel» (publish a report after the close of the market). We expect good financial performance.
Yesterday's trading day was calm and in terms of makrostatistiki, and in terms of corporate reports, but it did not stop the rally of risky assets. European stocks have shown excellent results. The same can be said about the dynamics of the euro, Canadian and Australian dollars.
Today on the agenda reports on income from «Intel» and «Johnson & Johnson». Last published before the opening of markets in the United States. The results of both companies is projected to exceed their expectations, which stimulates the growth of equity markets.
Results «Intel» for 2 quarter were relatively weak, but they still were better than market forecasts. This company does not expect significant changes in the second half, so we expect another strong reduction in annualized revenue. But markets will focus on analysts' forecasts, and those likely to be frustrated.
From the statistics we are waiting for several reports, the most important of which - Study ZEW. But now in the midst of corporate reporting season, so that statistics will remain in the background, unless there will be any drastic changes.
Laundering schemes, which are known in the FATF
In another article the authors standing «Sun» shows the basic scheme of money laundering in the stock market in the precious metals market and dragkamney. The authors concluded that the primary role in money laundering offshore jurisdictions and politically unstable regions.
Illegal transfers of
Money laundering - the process, inevitably affecting the socio-political problems and pointing to their aggravation. Of course, economics and politics are inseparable in practice: the politicians need finance, economists and policy needed to be lobbied for their interests. This often leads to separation of the economy in the shadow and legitimate. failure to pay taxes or illegal export of capital are far less evil than the financing of terrorism or laundering of criminal profits.
FATF (Financial Action Task Force on Money Laundering) - one of the specialized international organizations in charge of combating money-laundering [1]. She regularly conducts research in their field, and today the FATF identifies some commonly schemes that can be identified as money laundering.
The first of such schemes - illegal system of translations. The existence of black and gray of remittances without opening an account means that the national system of cashless payments are legal and procedural breach. In different corners of the world, such systems have been household names of hawala, hundi, fei-chein, black market peso exchange. The essence of these calculations is that the natural or legal person providing services to illegal transfer of funds through its completely legal expense. The scheme is simple - you just enough money to upload into the system using a large number of small transfers to a bank account, and you, without any monitoring by the authorities to start making payments and transfers to other customers of illegal system. At the request of a client of such a system could return the money in the legal sector, for example, your offshore bank account.
It is clear that the illegal settlement system, operating on a global scale, from time to time, need to legally move money among their subsidiaries. To do this as a cover used by the legal export: overvalued or undervalued prices for the products affiliates maintain a zero balance. In order to cash the money or, alternatively, upload them to the system, illegals have to use ordinary bank accounts. This is their weakness. Oversight body with little effort could determine that the account is going something wrong. Thus, in one of the countries of Southeast Asia have been arrested the owners of the company. The rationale was charged for services for the illegal payments. Attracted the attention of supervisory authorities of the fact that the total turnover of $ 150 thousand through the accounts held in different years from $ 1.7 million to $ 3.5 million settlement has been open system, consisting of 14 branches around the world. When the detention of suspects have been seized $ 350 thousand in cash.
Branches of the calculated centers attract a huge number of international payments and a significant difference between the turnover on the accounts and turnover in the account. With a favorable fiscal environment, such affiliates may transfer its activity on the cash. Money caught up in such a payment system could be anywhere in the world and be used for any purpose.
Illegal settlement centers
Illegal settlement centers are closely linked with criminal structures and the financing of terrorism, but completely deny the existence of transfers without opening an account, many governments are simply unable to. First, the mode transfers without opening an account are many eminent structure (eg, Western Union, Money Gram), with a sterling reputation and close contacts with financial institutions, which are linked to the hands and feet of many conventions and rules of national laws obliging them to fight money-laundering.
Secondly, there are still areas, such as in Asia and Africa, where banking is not available, and the only source of income from overseas funds for the local population are the so-called «Bureau exchanges», which, in turn, are often a common part of «gray» or «black» clearing center. Closure of «Bureau exchanges» could cause social upheaval of local scale.
In the FATF see the only way - to strengthen the monitoring of the movement of funds in the accounts of bank customers. This has broken out a lot of scandals. Thus, in the United States in April 2003, accused of money laundering system for large transfers over the Internet - Pay Pal, which bought the day before the auction eBay. At the same time still operating the system is clearly suspicious transfers, involving transfers by means of «e-gold dinars» [2].
«Washing machines» in the stock market
«Washing machines» in the stock market - and not too rare. The most simple scheme is considered to be the provision of settlements between parties in the three jurisdictions. A broker opens an account abroad, which are beginning to receive money from different sources. And since the account has a non-resident, the majority of jurisdictions imposing such accounts for preferential treatment operation, allowing the repatriation of profits, tax, etc. After several days of operation in the market shall be terminated and the money sent to a bank account to a third country with more stringent monitoring, but the source of funds is not regarded as suspicious.
To more serious schemes include the establishment of legitimate companies from illegal money. FATF has not uncovered one such scheme. For example, in 1994, the criminal structures of the countries of Eastern Europe created a legitimate company that has gained access to the stock market. The company has been exporting petroleum products from countries of the former USSR. By 1996, revenues increased by 10 times, and she has recorded and placed on the market of its shares worth $ 74 million The registry will not hesitate to market the whole issue.
However, due to accidental circumstances, by the national agency to combat money laundering, which found that after the emission of the company started buying assets in Eastern Europe at prices that are ten times more than their real value. Moreover, from $ 74 million for nearly half, $ 32 million, placed in offshore bank, which was later found to have belonged to criminal structures. The company spent four years in its leadership was composed of fairly well-known in Europe, social and political figures. Currently FATF pending judicial authorities in this case. Serious laundering schemes to loosen the market from the inside, also includes the manipulation in the stock market. The most common надувательства in the stock market - buy-back scheme swindlers various well-established companies, followed by an affiliation of brokers in the market and providing false information. For example, the manager announced that the company begins to manufacture a new product, the revolutionary technology. The market warmed (in the directory FATF provides a case where a few days the price of shares rose to 6.4 times), get rid of stock swindlers, after which the market boned.
On Wall Street these things sometimes cause a shock that affects the major indexes. As the FATF conducted a study on the violation of the law on such schemes are often those associated with drug trafficking, because it allows them to not only earn money, naduvaya investors, but also to launder narkodollary. The analysis presented FATF example points to the following major signs of market manipulation: rapid changes in prices, news, soon refuted, the existence among the respondents of offshore companies with unclear ownership structure. Interestingly, even diluted shareholdings in the company can not guarantee stability. There have been cases where publicly traded company acted as filters through which the chase «dirty» money. In doing so, even the major shareholders did not suspect anything, because crackers into a huddle with senior insiders.
As shown, the greatest results in the stock market managed to get those attackers who managed to intercept the control of the bank, brokerage houses or other financial institution, where the high activity in the calculation of no particular suspicion on the part of the oversight bodies. With the development of monitoring and tighter legislation in some countries, particularly after the corporate scandals of Enron and WorldCom, money laundering in the stock markets become more and more difficult. Now no one is illusion, which may engage in reinsurance company incorporated, for example, in the Cayman Islands.
The yellow metal for the black market
The market of precious stones and precious metals today is much greater interest in «Investors highwayman», than other markets. Gold and dragkamni able to hold more value in small amounts, they can be easily transported anywhere in the world. The simplest example of money laundering in the market of gold and precious stones is buying jewelry for «dirty» money. In the United States and EU countries for the purchase of a large sum of cash to instantly record. Recently FATF has identified a case where one and a half years, people bought $ 2.4 million in jewelry, paying them in cash. As it turned out later, he did not have any permanent place of residence or work, and such amount of money brought him the drug.
In practice, apply the most sophisticated schemes. For example, the yellow metal was allegedly obezdvizhivaetsya in an African country. Malefactors provide documents on the actual presence of the metal, an asset management company, which then sells «Gold Fund». When someone wants depositors to withdraw from the trust, it pays for funds from new investors, and the scheme continues to work as a financial pyramid. However, the total flow may be involved and their own money intruders, thus passing a clean legalization, because after the collapse of the pyramid is unlikely to someone immediately suspects the participants.
In the market of precious stones in nearly the same pattern as in the gold market. However, the number of regions where dragkamni extracted, can be counted on the fingers, in addition, to establish the origin of the stones is much easier than gold.
In the FATF argue that 5% to 10% of diamonds mined, for example, voruetsya during movement of stones from mine to shop window shop. Main «black hole», where no flow of diamonds mined, is West Africa. Trade in arms and drugs in this part of the black continent connected with the real movement of values in the region. As a rule, obtained in these countries, gold and precious stones settle in the Arab world and beyond into Asia. FATF has recently been enriched with new members - the largest producer of diamonds in the world - South Africa and Russia, which, of course, should facilitate the monitoring of competition in the market.
Analysis of criminal Chronicle and cited examples of FATF suggests that the set and catch the criminals, it is difficult, and there is still a great role played by chance. For example, often with the control on domestic flights at airports reveal large amounts of cash, and further investigation in relation to figures carrying suitcases of cash, makes it possible to determine the source of illegal funds. About 30% of cases of money laundering is disclosed in the earlier investigation of the crimes committed.
Who does not like offshore?
If the FATF said that the country is not involved in money laundering, it just means that the laws of this country is hard and expert meets FATF. Money continues cleaned in major financial centers, and in the deaf of Africa. Recently, more goes to a major offshore areas, some of which are included in the «black list» FATF. Not so long ago, there were some differences between EU member states.
Thus, in a French parliamentary committee report explicitly states that London has become a haven for money laundering. City, believe French parliamentarians are not rushing to take action against financial crime. The author of the report Arnaud Montebur states: «City - this is a closed universe, where every banker and a businessman above all puts the silence». The report says that you need to tighten regulations on financial management of the UK Territories such as the Isle of Man and Channel Islands, and again focuses on the offshore jurisdictions.
Thus, in many ways it can be predicted that in the near future is expected to exacerbate conflicts between offshores and developed countries. Most likely, the war on offshore jurisdictions is just beginning, it can not be avoided, but so far unknown, who will head the movement. Although the FATF is actively working on anti-terrorism area, all threads are in the major offshore jurisdictions.
References:
1. Shapran B. FATF: the fight against money laundering / / Currency speculator, 2003, № 9, pp. 34-37.
2. Shapran B., Shapran N. Gold Dinar - a new tool of globalization? / / Currency speculator, 2002, № 10, pp. 18-23.
Illegal transfers of
Money laundering - the process, inevitably affecting the socio-political problems and pointing to their aggravation. Of course, economics and politics are inseparable in practice: the politicians need finance, economists and policy needed to be lobbied for their interests. This often leads to separation of the economy in the shadow and legitimate. failure to pay taxes or illegal export of capital are far less evil than the financing of terrorism or laundering of criminal profits.
FATF (Financial Action Task Force on Money Laundering) - one of the specialized international organizations in charge of combating money-laundering [1]. She regularly conducts research in their field, and today the FATF identifies some commonly schemes that can be identified as money laundering.
The first of such schemes - illegal system of translations. The existence of black and gray of remittances without opening an account means that the national system of cashless payments are legal and procedural breach. In different corners of the world, such systems have been household names of hawala, hundi, fei-chein, black market peso exchange. The essence of these calculations is that the natural or legal person providing services to illegal transfer of funds through its completely legal expense. The scheme is simple - you just enough money to upload into the system using a large number of small transfers to a bank account, and you, without any monitoring by the authorities to start making payments and transfers to other customers of illegal system. At the request of a client of such a system could return the money in the legal sector, for example, your offshore bank account.
It is clear that the illegal settlement system, operating on a global scale, from time to time, need to legally move money among their subsidiaries. To do this as a cover used by the legal export: overvalued or undervalued prices for the products affiliates maintain a zero balance. In order to cash the money or, alternatively, upload them to the system, illegals have to use ordinary bank accounts. This is their weakness. Oversight body with little effort could determine that the account is going something wrong. Thus, in one of the countries of Southeast Asia have been arrested the owners of the company. The rationale was charged for services for the illegal payments. Attracted the attention of supervisory authorities of the fact that the total turnover of $ 150 thousand through the accounts held in different years from $ 1.7 million to $ 3.5 million settlement has been open system, consisting of 14 branches around the world. When the detention of suspects have been seized $ 350 thousand in cash.
Branches of the calculated centers attract a huge number of international payments and a significant difference between the turnover on the accounts and turnover in the account. With a favorable fiscal environment, such affiliates may transfer its activity on the cash. Money caught up in such a payment system could be anywhere in the world and be used for any purpose.
Illegal settlement centers
Illegal settlement centers are closely linked with criminal structures and the financing of terrorism, but completely deny the existence of transfers without opening an account, many governments are simply unable to. First, the mode transfers without opening an account are many eminent structure (eg, Western Union, Money Gram), with a sterling reputation and close contacts with financial institutions, which are linked to the hands and feet of many conventions and rules of national laws obliging them to fight money-laundering.
Secondly, there are still areas, such as in Asia and Africa, where banking is not available, and the only source of income from overseas funds for the local population are the so-called «Bureau exchanges», which, in turn, are often a common part of «gray» or «black» clearing center. Closure of «Bureau exchanges» could cause social upheaval of local scale.
In the FATF see the only way - to strengthen the monitoring of the movement of funds in the accounts of bank customers. This has broken out a lot of scandals. Thus, in the United States in April 2003, accused of money laundering system for large transfers over the Internet - Pay Pal, which bought the day before the auction eBay. At the same time still operating the system is clearly suspicious transfers, involving transfers by means of «e-gold dinars» [2].
«Washing machines» in the stock market
«Washing machines» in the stock market - and not too rare. The most simple scheme is considered to be the provision of settlements between parties in the three jurisdictions. A broker opens an account abroad, which are beginning to receive money from different sources. And since the account has a non-resident, the majority of jurisdictions imposing such accounts for preferential treatment operation, allowing the repatriation of profits, tax, etc. After several days of operation in the market shall be terminated and the money sent to a bank account to a third country with more stringent monitoring, but the source of funds is not regarded as suspicious.
To more serious schemes include the establishment of legitimate companies from illegal money. FATF has not uncovered one such scheme. For example, in 1994, the criminal structures of the countries of Eastern Europe created a legitimate company that has gained access to the stock market. The company has been exporting petroleum products from countries of the former USSR. By 1996, revenues increased by 10 times, and she has recorded and placed on the market of its shares worth $ 74 million The registry will not hesitate to market the whole issue.
However, due to accidental circumstances, by the national agency to combat money laundering, which found that after the emission of the company started buying assets in Eastern Europe at prices that are ten times more than their real value. Moreover, from $ 74 million for nearly half, $ 32 million, placed in offshore bank, which was later found to have belonged to criminal structures. The company spent four years in its leadership was composed of fairly well-known in Europe, social and political figures. Currently FATF pending judicial authorities in this case. Serious laundering schemes to loosen the market from the inside, also includes the manipulation in the stock market. The most common надувательства in the stock market - buy-back scheme swindlers various well-established companies, followed by an affiliation of brokers in the market and providing false information. For example, the manager announced that the company begins to manufacture a new product, the revolutionary technology. The market warmed (in the directory FATF provides a case where a few days the price of shares rose to 6.4 times), get rid of stock swindlers, after which the market boned.
On Wall Street these things sometimes cause a shock that affects the major indexes. As the FATF conducted a study on the violation of the law on such schemes are often those associated with drug trafficking, because it allows them to not only earn money, naduvaya investors, but also to launder narkodollary. The analysis presented FATF example points to the following major signs of market manipulation: rapid changes in prices, news, soon refuted, the existence among the respondents of offshore companies with unclear ownership structure. Interestingly, even diluted shareholdings in the company can not guarantee stability. There have been cases where publicly traded company acted as filters through which the chase «dirty» money. In doing so, even the major shareholders did not suspect anything, because crackers into a huddle with senior insiders.
As shown, the greatest results in the stock market managed to get those attackers who managed to intercept the control of the bank, brokerage houses or other financial institution, where the high activity in the calculation of no particular suspicion on the part of the oversight bodies. With the development of monitoring and tighter legislation in some countries, particularly after the corporate scandals of Enron and WorldCom, money laundering in the stock markets become more and more difficult. Now no one is illusion, which may engage in reinsurance company incorporated, for example, in the Cayman Islands.
The yellow metal for the black market
The market of precious stones and precious metals today is much greater interest in «Investors highwayman», than other markets. Gold and dragkamni able to hold more value in small amounts, they can be easily transported anywhere in the world. The simplest example of money laundering in the market of gold and precious stones is buying jewelry for «dirty» money. In the United States and EU countries for the purchase of a large sum of cash to instantly record. Recently FATF has identified a case where one and a half years, people bought $ 2.4 million in jewelry, paying them in cash. As it turned out later, he did not have any permanent place of residence or work, and such amount of money brought him the drug.
In practice, apply the most sophisticated schemes. For example, the yellow metal was allegedly obezdvizhivaetsya in an African country. Malefactors provide documents on the actual presence of the metal, an asset management company, which then sells «Gold Fund». When someone wants depositors to withdraw from the trust, it pays for funds from new investors, and the scheme continues to work as a financial pyramid. However, the total flow may be involved and their own money intruders, thus passing a clean legalization, because after the collapse of the pyramid is unlikely to someone immediately suspects the participants.
In the market of precious stones in nearly the same pattern as in the gold market. However, the number of regions where dragkamni extracted, can be counted on the fingers, in addition, to establish the origin of the stones is much easier than gold.
In the FATF argue that 5% to 10% of diamonds mined, for example, voruetsya during movement of stones from mine to shop window shop. Main «black hole», where no flow of diamonds mined, is West Africa. Trade in arms and drugs in this part of the black continent connected with the real movement of values in the region. As a rule, obtained in these countries, gold and precious stones settle in the Arab world and beyond into Asia. FATF has recently been enriched with new members - the largest producer of diamonds in the world - South Africa and Russia, which, of course, should facilitate the monitoring of competition in the market.
Analysis of criminal Chronicle and cited examples of FATF suggests that the set and catch the criminals, it is difficult, and there is still a great role played by chance. For example, often with the control on domestic flights at airports reveal large amounts of cash, and further investigation in relation to figures carrying suitcases of cash, makes it possible to determine the source of illegal funds. About 30% of cases of money laundering is disclosed in the earlier investigation of the crimes committed.
Who does not like offshore?
If the FATF said that the country is not involved in money laundering, it just means that the laws of this country is hard and expert meets FATF. Money continues cleaned in major financial centers, and in the deaf of Africa. Recently, more goes to a major offshore areas, some of which are included in the «black list» FATF. Not so long ago, there were some differences between EU member states.
Thus, in a French parliamentary committee report explicitly states that London has become a haven for money laundering. City, believe French parliamentarians are not rushing to take action against financial crime. The author of the report Arnaud Montebur states: «City - this is a closed universe, where every banker and a businessman above all puts the silence». The report says that you need to tighten regulations on financial management of the UK Territories such as the Isle of Man and Channel Islands, and again focuses on the offshore jurisdictions.
Thus, in many ways it can be predicted that in the near future is expected to exacerbate conflicts between offshores and developed countries. Most likely, the war on offshore jurisdictions is just beginning, it can not be avoided, but so far unknown, who will head the movement. Although the FATF is actively working on anti-terrorism area, all threads are in the major offshore jurisdictions.
Vitaly Shapran, Natalia Shapran
References:
1. Shapran B. FATF: the fight against money laundering / / Currency speculator, 2003, № 9, pp. 34-37.
2. Shapran B., Shapran N. Gold Dinar - a new tool of globalization? / / Currency speculator, 2002, № 10, pp. 18-23.
Japan's stock market fell on Wednesday
Japan's stock market fell on the results Wednesday. Nikkei index lost 1.1%, showing negative momentum third consecutive day.
Weak macroeconomic data on retail sales in the United States, received the day before, have undermined investors' hopes for an early restoration of the country's economy. In addition, the strengthening yen to the dollar on the Forex has supported the downward trend in the stock market.
Significant losses of companies, shares of exporters:
Toyota Motor -2.6%
Canon -4.5%
Honda Motor -2.0%.
Pressure was noted in the financial sector. Papers of Japan's largest bank Mitsubishi UFJ Financial lost 2.4%, Nomura Holdings Inc, the country's largest broker, collapsed to 8.5%.
Experienced a natural increase in the pharmaceutical sector:
Astellas +3.8%
Takeda Pharmaceutical +2.6%.
In general, trading in the Asian areas culminated on Wednesday mostly declining indexes:
Nikkei -1.13% to 8742.96
CSI200 (China) +1.06% to 2999.94
Hang Seng (Hong Kong) -0.57% to 15491.16
KOSPI (Korea) -0.71% to 1333.09.
Prepared with input Reuters
Japanese stock market closed decline
Japan's stock market closed on Wednesday. Nikkei index lost 2.7% reduction has contributed to the strengthening yen on the foreign exchange market, as well as investors' anxiety about the financial results of companies in the quarter. Seasons accounting in the United States opened the eve of the biggest companies producing aluminum in Alcoa, reported the second consecutive quarterly loss.
At the auction in Tokyo today, the reduction took place in the shares of exporters. Paper Sony lost 5%, Canon -5.3%, Kyocera -4.3%.
Better to feel the market shares of automakers:
Honda -2.0%
Toyota +0.5%
Nissan +1.1%.
The negative dynamics of futures for the "black gold" has contributed to the weakening stock traders. Oil sector leader Mitsui & Co lost 2.7%, Mitsubishi Corp-1.8%.
In general, trading in the Asian areas on Wednesday ended the decline of exchange indices:
Nikkei -2.7% to 8595.01
CSI200 (China), -3.1% to 2742.64
Hang Seng (Hong Kong) -4.2% to 14306.94
KOSPI (Korea) -2.9% to 1262.07.
Prepared with input Reuters
0 comments:
Post a Comment