Category: KB

  • MIL-OSI Europe: EU Fact Sheets – Personal data protection – 24-06-2025

    Source: European Parliament

    Protection of personal data and respect for private life are fundamental European rights. The European Parliament has always insisted on the need to strike a balance between enhancing security and safeguarding human rights, including data protection and privacy. New EU data protection rules strengthening citizens’ rights and simplifying rules for companies in the digital age took effect in May 2018. Research prepared for the European Parliament indicates that EU legislation related to regulating data flows contributes EUR 51.6 billion annually to GDP in the European Union. Research prepared for the European Parliament’s Committee of Inquiry to investigate the use of Pegasus and equivalent surveillance spyware (PEGA Committee) confirms the importance of data protection in defending democracy and individual freedoms in the EU.

    MIL OSI Europe News

  • MIL-OSI Europe: EU Fact Sheets – Asylum Policy – 24-06-2025

    Source: European Parliament

    The aim of the EU’s asylum policy is to offer appropriate status to any non-EU national requiring international protection in one of the Member States and ensure compliance with the principle of non-refoulement[1]. To this end, the EU is striving to develop a Common European Asylum System.

    MIL OSI Europe News

  • MIL-OSI Europe: EU Fact Sheets – The European Neighbourhood Policy – 24-06-2025

    Source: European Parliament

    The European neighbourhood policy (ENP) applies to Algeria, Armenia, Azerbaijan, Belarus, Egypt, Georgia, Israel, Jordan, Lebanon, Libya, Moldova, Morocco, Palestine, Syria, Tunisia and Ukraine. It aims to strengthen the prosperity, stability and security of all. It is based on democracy, the rule of law and respect for human rights and is a bilateral policy between the EU and each partner country, with regional cooperation initiatives: the Eastern Partnership (EaP) and the Union for the Mediterranean[1].

    MIL OSI Europe News

  • MIL-OSI: Bitget Heads to Milan as Sponsor at ETHMilan 2025

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 25, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, proudly joins ETHMilan 2025 as the official Viscoti Sponsor, aligned with its expansion strategy in Europe and beyond. Held on June 24 at the iconic Museo Nazionale Scienza e Tecnologia in Milan, Italy, ETHMilan brings together developers, founders, and thinkers shaping the decentralized future.

    This event follows hot on the heels of Bitget’s high-profile MotoGP partnership, marking a powerful back-to-back showcase of the brand’s expanding influence—on the track and on the blockchain stage. ETHMilan’s timing couldn’t be better, as it underscores Bitget’s commitment to blending mainstream visibility with meaningful industry engagement.

    ETHMilan 2025 gathered more than 1,000 participants and featured over 50 speakers, including notable names like Alessandro Mazza, Marco Monaco from TAC, Stefano Rossi from PwC Italia, and Filippo Moraschi (FolksFinance). As one of Italy’s largest Web3 conferences, ETHMilan has staged impactful panels on DeFi, DAOs, Ethereum scaling, and creative tech innovation.

    As part of this year’s program, Bitget’s Chief Operating Officer, Vugar Usi Zade, took to the stage to discuss how centralized exchanges (CEXs), blockchain, and crypto infrastructure are redefining the global financial system. In a cycle where institutions and regulations are finally catching up with the technology, Vugar shared insights on how CEXs are adapting, shifting from transactional platforms to ecosystem enablers.

    The appearance aligns with Bitget’s broader push to shape the discourse around crypto maturity, user trust, and long-term utility. “ETHMilan is more than a developer event—it’s a signal that Milan is becoming a serious node on the global Web3 map,” said Vugar. “Bitget is here not just to participate, but to help drive the conversations that move the industry forward.”

    Bitget also hosted a breakfast reception at the Museum of Science & Technology, offering builders and industry leaders a space to connect over key themes like compliance, CeFi/DeFi evolution, and everything else crypto-related.

    The event marks another milestone in Bitget’s expansion across Europe, where it continues to operate under increasing regulatory clarity, including licenses in Italy, Lithuania, Georgia, and several other markets. With over 120 million users globally and a daily trading volume of $20 billion, Bitget’s presence at ETHMilan reflects its commitment to driving adoption.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a809f43e-6a11-4cd5-bb64-df0a93e4886a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/44b3903e-1f12-4dce-88fd-00d96ccf4187

    The MIL Network

  • MIL-OSI: Bitget Heads to Milan as Sponsor at ETHMilan 2025

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 25, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, proudly joins ETHMilan 2025 as the official Viscoti Sponsor, aligned with its expansion strategy in Europe and beyond. Held on June 24 at the iconic Museo Nazionale Scienza e Tecnologia in Milan, Italy, ETHMilan brings together developers, founders, and thinkers shaping the decentralized future.

    This event follows hot on the heels of Bitget’s high-profile MotoGP partnership, marking a powerful back-to-back showcase of the brand’s expanding influence—on the track and on the blockchain stage. ETHMilan’s timing couldn’t be better, as it underscores Bitget’s commitment to blending mainstream visibility with meaningful industry engagement.

    ETHMilan 2025 gathered more than 1,000 participants and featured over 50 speakers, including notable names like Alessandro Mazza, Marco Monaco from TAC, Stefano Rossi from PwC Italia, and Filippo Moraschi (FolksFinance). As one of Italy’s largest Web3 conferences, ETHMilan has staged impactful panels on DeFi, DAOs, Ethereum scaling, and creative tech innovation.

    As part of this year’s program, Bitget’s Chief Operating Officer, Vugar Usi Zade, took to the stage to discuss how centralized exchanges (CEXs), blockchain, and crypto infrastructure are redefining the global financial system. In a cycle where institutions and regulations are finally catching up with the technology, Vugar shared insights on how CEXs are adapting, shifting from transactional platforms to ecosystem enablers.

    The appearance aligns with Bitget’s broader push to shape the discourse around crypto maturity, user trust, and long-term utility. “ETHMilan is more than a developer event—it’s a signal that Milan is becoming a serious node on the global Web3 map,” said Vugar. “Bitget is here not just to participate, but to help drive the conversations that move the industry forward.”

    Bitget also hosted a breakfast reception at the Museum of Science & Technology, offering builders and industry leaders a space to connect over key themes like compliance, CeFi/DeFi evolution, and everything else crypto-related.

    The event marks another milestone in Bitget’s expansion across Europe, where it continues to operate under increasing regulatory clarity, including licenses in Italy, Lithuania, Georgia, and several other markets. With over 120 million users globally and a daily trading volume of $20 billion, Bitget’s presence at ETHMilan reflects its commitment to driving adoption.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a809f43e-6a11-4cd5-bb64-df0a93e4886a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/44b3903e-1f12-4dce-88fd-00d96ccf4187

    The MIL Network

  • MIL-OSI: Santech Holdings Announces Unaudited Financial Results for the First Half of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, June 25, 2025 (GLOBE NEWSWIRE) — Santech Holdings Ltd. (“Santech” or the “Company”) (NASDAQ: STEC) today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024.

    Santech is a Cayman Islands holding company operating through its subsidiaries in Hong Kong and United States, primarily focusing on exploring opportunities in consumer technology, consumer healthcare and enterprise technology.

    First Half of Fiscal Year 2025 Highlights

    Continuing Operations

    Net revenues

    Total revenues from continuing operations in the six months ended December 31, 2024 decreased to nil from US$17.4 million in the same period of 2023, primarily due to Company having completely exited from overseas wealth management and asset management businesses during the reporting period. All remaining revenues from our prior overseas wealth management and asset management businesses during the reporting period have been reclassified under discontinued operations.

    Operating Costs and Expenses

    Cost of compensation and benefits from continuing operations in the six months ended December 31, 2024 decreased to nil from US$13.2 million in the same period of 2023.

    Sales and marketing expenses from continuing operations decreased to nil from US$1.5 million in the same period of 2023.

    All direct costs of revenue from overseas wealth management and asset management during the reporting period have been reclassified under discontinued operations.

    General and administrative expenses from continuing operations in the six months ended December 31, 2024 decreased by 4.3% to US$2.4 million from US$2.5 million in the same period of 2023, primarily due to ongoing cost cutting and restructuring.

    Other expenses, net from continuing operations in the six months ended December 31, 2024 were US$0.2 million, primarily due to the losses on early termination of operating lease.

    Discontinued Operations

    Results of discontinued operations are as follows:

               
      Six Months Ended December 31, 2023
      Two Months Ended August 31, 2024
      (US$’000)   (US$’000)
           
    Discontinued operations      
           
    Net revenues      
    Wealth management 2,442     11  
    Asset management 1,788     1,170  
    Total net revenues 4,230     1,181  
           
    Operating cost and expenses      
    Compensation and benefits 1,358     602  
    Sales and marketing expenses 315      
    General and administrative expenses 656     266  
    Asset impairment loss 2,158      
    Total operating cost and expenses 4,487     868  
           
    (Loss)/income from operations (257 )   313  
           
    Other expense, net (4 )   (1 )
           
    Income/(loss) before income tax expense (261 )   312  
    Income tax (expense)/credit (145 )   (29 )
    Net income/(loss) from discontinued operations (406 )   283  
           
    Gain on disposal of subsidiaries from discontinued operations, net     138  
           
    (Loss)/income for the year from discontinued operations, net of income taxes (406 )   421  
           

    In August 2024, the Company completely exited from its historical businesses in overseas wealth management and asset management and disposed of certain subsidiaries in Hong Kong, namely, Haiyin Insurance (Hong Kong) Co., Limited and Hywin International Insurance Broker Limited for nil consideration, and Haiyin International Asset Management Limited and Hywin Asset Management (Hong Kong) Limited for US$0.6 million to a third party. The disposal was completed on August 31, 2024. After the disposals, the Company no longer holds any financial services licenses or houses any personnel licensed to provide financial services in Hong Kong.

    Net revenues

    Total revenues from discontinued operations in the two months ended August 31, 2024 decreased by 72.1% to US$1.2 million from US$4.2 million in the six months ended December 31, 2023, primarily due to cessation of operations in wealth management and asset management.

    Operating Costs and Expenses

    Cost of compensation and benefits from discontinued operations in the two months ended August 31, 2024 decreased by 55.7% to US$0.6 million from US$1.4 million, in line with the decreases in transaction value of wealth management and asset management businesses.

    Sales and marketing expenses decreased to nil from US$0.3 million in the six months ended December 31, 2023, due to discontinuation of sales and marketing activities.

    General and administrative expenses from discontinued operations in the two months ended August 31, 2024 decreased by 59.5% to US$0.3 million from US$0.7 million in the six months ended December 31, 2023.

    Asset impairment loss from discontinued operations in the six months ended December 31, 2023 represented impairment losses due to impairment of assets held in the PRC, and impairment of intangible assets including software and licenses due to disruption to our brand and our licensed financial services operations in Hong Kong.

    Loss from disposal of subsidiaries under discontinued operations

      Wealth management business   Asset management business   Total
      (US$’000)   (US$’000)   (US$’000)
               
    Considerations received     641     641  
    Less: Net assets disposed of (134 )   (369 )   (503 )
               
    (Loss)/gain from disposal of subsidiaries (134 )   272     138  
     
     

    About Santech Holdings Limited
    Santech Holdings Limited (NASDAQ: STEC) is a technology-focused company. The Company historically served a large number of high net-worth clients in China and Hong Kong in wealth management, asset management and health management, and accumulated a large customer base. The Company has since exited or disposed of its historical businesses in financial services, and is actively exploring innovative new opportunities in technology verticals, including and not limited to consumer technologies and enterprise technologies. For more information, please visit https://ir.santechholdings.com.

    Safe Harbor Statement
    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    Investor Contact:
    Santech Holdings Limited
    Email: ir@santechholdings.com

    SANTECH HOLDINGS LTD.
    CONSOLIDATED BALANCE SHEETS
    (In thousands, except for number of shares and per share data)
     
      June 30,
    2024
      December 31,
    2024
      (US$’000)   (US$’000)
    Assets      
    Current assets:      
    Cash and cash equivalents 15,184     11,233  
    Deposits, prepayments and other current assets 320     72  
    Total current assets 15,504     11,305  
           
    Property and equipment, net 3     4  
    Right-of-use asset 1,235      
    Total non-current assets 1,238     4  
           
    Total Assets 16,742     11,309  
           
    Liabilities and Shareholders’ equity      
    Current liabilities:      
    Commission payable 859      
    Income tax payable 91      
    Due to related parties 11,488     11,062  
    Other payables and accrued liabilities 433     7  
    Lease liability 1,059      
    Total current liabilities 13,930     11,069  
           
    Lease liability 250      
    Total non-current liabilities 250      
           
    Total Liabilities 14,180     11,069  
           
    Shareholders’ Equity:      
    Ordinary shares (US$0.0001 par value; authorized 500,000,000 shares; issued and outstanding 56,000,000* shares (28,000,000 ADS) as of June 30, 2024, and December 31, 2024, respectively) 6     6  
    Additional paid-in capital 33,256     33,256  
    Accumulated deficit (30,700 )   (33,022 )
    Total shareholders’ equity 2,562     240  
           
    Total Liabilities and shareholders’ equity 16,742     11,309  
     
    SANTECH HOLDINGS LTD.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (In thousands, except for share and per share data, or otherwise stated)
             
    Six Months Ended December 31,  
    2023   2024
      (US$’000)   (US$’000)
           
    Continuing operations      
           
    Net revenues      
    Insurance referral 17,351      
    Total net revenues 17,351      
           
    Operating cost and expenses      
    Compensation and benefits 13,210      
    Share-based compensation expense 102      
    Sales and marketing expenses 1,512      
    General and administrative expenses 2,469     2,364  
    Total operating cost and expenses 17,293     2,364  
           
    Income/(loss) from operations 58     (2,364 )
    Other income/(expenses)      
    Interest expense, net (63 )   (17 )
    Other income/(expense), net 72     (245 )
    Total other income/(expense), net 9     (262 )
           
    Income/(loss) before income tax expense 67     (2,626 )
    Income tax (expense)/credit     (117 )
    Net income/(loss) from continuing operations 67     (2,743 )
           
    Discontinued operations      
           
    (Loss)/income for the year from discontinued operations, net of income taxes (406 )   421  
           
    Net loss and comprehensive loss for the period (339 )   (2,322 )
           
    (Loss)/income per share      
    From continuing and discontinued operations      
    Ordinary share – Basic (0.01 )   (0.04 )
    Ordinary share – Diluted (0.01 )   (0.04 )
    ADS – Basic (0.01 )   (0.08 )
    ADS – Diluted (0.01 )   (0.08 )
           
    From continuing operations      
    Ordinary share – Basic 0.00     (0.05 )
    Ordinary share – Diluted 0.00     (0.05 )
    ADS – Basic 0.00     (0.10 )
    ADS – Diluted 0.00     (0.10 )
           
           
    From continuing and discontinued operations      
    Ordinary share – Basic (0.01 )   0.01  
    Ordinary share – Diluted (0.01 )   0.01  
    ADS – Basic (0.01 )   0.02  
    ADS – Diluted (0.01 )   0.02  
           
    Weighted average number outstanding:      
    Ordinary share – Basic 56,000,000     56,000,000  
    Ordinary share – Diluted 56,000,000     56,000,000  
    ADS – Basic 28,000,000     28,000,000  
    ADS – Diluted 28,000,000     28,000,000  
     
    SANTECH HOLDINGS LTD.
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (In thousands, except for share and per share data, or otherwise stated)
                                 
      Ordinary shares   Additional
    paid-in
    capital
      Accumulated
    deficit
      Total
    Shareholders’
    equity
                             
      Number of ordinary shares   Amount                  
            (US$’000)   (US$’000)   (US$’000)   (US$’000)
                 
                                 
    Balance as of June 30, 2024 56,000,000     6     33,256     (30,700 )   2,562  
     
    Net loss for the period             (2,322 )   (2,322 )
     
    Balance as of December 31, 2024 56,000,000     6     33,256     (33,022 )   240  
     

    The MIL Network

  • MIL-OSI: IgniteX Sponsors Taiwan Blockchain Hackathon, Empowering Next Generation of Web3 Innovators

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, June 25, 2025 (GLOBE NEWSWIRE) — MEXC IgniteX, successfully concluded its Silver Partnership sponsorship of Taiwan’s premier Blockchain Hackathon series with Demo Day on June 22, 2025.

    Four-Week Innovation Program

    The comprehensive hackathon program brought together Taiwan’s brightest blockchain developers across four sessions from June 8-22. The series included an opening ceremony on June 8th, intensive development sessions on June 10th and 18th, and concluded with Demo Day and expert panel discussion on June 22.

    Strategic Partnership Impact

    As a Silver Sponsor, IgniteX achieved significant brand visibility throughout the event series. The partnership included strategic booth presence and comprehensive integration across university blockchain communities, local DAOs, and social channels. Leo, MEXC Traditional Chinese Market Business Head, delivered a keynote presentation introducing IgniteX services and participated as a featured panelist during Demo Day. His engagement included sharing insights on blockchain innovation trends and facilitating discussions with finalist teams and industry experts about the future of decentralized technologies.

    Expanding Educational Partnerships in Taiwan

    This hackathon sponsorship builds upon MEXC’s broader commitment to Taiwan’s blockchain education ecosystem. MEXC has established collaborative partnerships with leading Taiwanese universities, including National Taipei University of Technology (NTUT), to foster fintech and blockchain education innovation. The company’s educational initiatives extend beyond traditional sponsorship to include direct industry mentorship and curriculum development support.

    Fostering Web3 Innovation and Strategic Vision

    “This hackathon represents IgniteX’s commitment to fostering blockchain innovation in Taiwan’s vibrant tech ecosystem,” said Leo, MEXC Traditional Chinese Market Business Head. “By supporting these talented developers and entrepreneurs, we’re helping build the foundation for the next generation of Web3 applications and services.”

    IgniteX’s educational investment reinforces its commitment to integrating blockchain education with hands-on development experience. The company provides participants with exposure to development tools, industry best practices, and direct feedback from experienced practitioners within the MEXC ecosystem.

    This sponsorship has sparked discussions about establishing regular blockchain innovation events in Taiwan and potentially creating ongoing partnership programs with academic institutions. MEXC’s investment in Taiwan’s blockchain community contributes to the region’s growing reputation as a blockchain-friendly jurisdiction with strong technical talent, supporting the company’s broader goals of expanding its presence in Asia while identifying and nurturing emerging blockchain talent.

    About MEXC IgniteX
    MEXC IgniteX is a comprehensive Web3 innovation platform providing cutting-edge services for blockchain developers, entrepreneurs, and enterprises. Through strategic partnerships and community engagement, MEXC IgniteX drives adoption and innovation across the global blockchain ecosystem.

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4bef5682-2ec8-44e8-94ac-0eb7fbd5eea3

    The MIL Network

  • MIL-OSI Africa: Forum committed to ending corruption at immigration, border management systems

    Source: South Africa News Agency

    Forum committed to ending corruption at immigration, border management systems

    The Border Management and Immigration Anti-Corruption Forum (BMIACF) has reaffirmed its commitment to combating corruption within the country’s immigration and border management systems.

    Launched officially on 25 March 2025, the forum serves as a critical platform for collaboration among key law enforcement, civil society, government and business to address systemic corruption and illicit activities in the sector.

    Chaired by Advocate Andy Mothibi, the Head of the Special Investigating Unit (SIU), the forum held its quarterly meeting recently, which brought together high-level stakeholders, including Michael Masiapato, the Commissioner of the Border Management Authority (BMA), as well as representatives from the National Prosecuting Authority (NPA) and the Directorate for Priority Crime Investigation (DPCI). 

    RAED I Home Affairs, SIU to launch anti-corruption forum in border management

    The forum reviewed progress in the ongoing investigations and corruption prevention strategies in the sector to eradicate corruption.

    The forum received a progress report on the fraudulent and corruption investigations related to the issuance of the following permits and visas:
    – Permanent residence permits
    – Corporate visas
    – Business visas
    – Critical/exceptional skills work visas
    – Study visas
    – Retired persons’ visas
    – Work visas
    – Citizenship by naturalisation

    The forum noted the recommendations made to revoke all irregularly awarded visas and deportation of persons involved, as they have violated the South African laws. Criminal referrals were made to the NPA to prosecute all those who were identified in the investigations to have violated the law. 

    The forum also noted with concerns the abuse of the Traffic Register Numbers (TRNs) that are issued in terms of the National Road Traffic Act, 1996. 

    The preliminary investigations’ findings in the SIU Proclamation 191 of 2024 revealed the abuse and irregularities in the issuing of TRNs, which involves undocumented immigrants in South Africa. 

    The forum resolved to intensify investigations in this space to root out fraud and corruption in the issuing of TRNs.

    The forum also identified the spread of foot and mouth disease as an emerging risk that required increased scrutiny at ports of entry. Strengthening border controls to prevent illegal movement of livestock and contaminated products will be a priority in upcoming discussions.

    The forum noted the corruption prevention initiatives undertaken in some of the border posts. The latest corruption prevention campaign was conducted on 16 April 2025 at the Lebombo Border Post in Komatipoort, Mpumalanga.

    The objective was to promote whistleblowing and raise awareness about corruption in borders. The theme of the campaign was: “If You See Something, Say Something.” 

    The forum noted other corruption prevention initiatives that are planned in the coming quarters, in particular the corruption risk assessments that will be conducted at the border posts.

    Advocate Mothibi emphasised that the forum’s work was part of an intensified, multi-agency effort to combat corruption, ensuring transparency and accountability in immigration processes. 

    “This collaboration is vital to safeguarding South Africa’s borders and maintaining the integrity of our immigration system,” he said.

    The BMIACF will continue to meet quarterly and progress reports  will be shared with relevant oversight bodies and the public when appropriate. – SAnews.gov.za 
     

    Edwin

    MIL OSI Africa

  • MIL-OSI Africa: Labour dept rolls out mobile offices amid Klerksdorp office closure

    Source: South Africa News Agency

    Labour dept rolls out mobile offices amid Klerksdorp office closure

    The Department of Employment and Labour has implemented several measures to minimise the disruption of services caused by the continued closure of its Klerksdorp Labour Centre in the North West province. 

    In a statement on Tuesday, the department said this interruption is due to ongoing issues with the PC Pelser Building, which has been prohibited from use since January 2024, due to non-compliance with Occupational Health and Safety (OHS) legislation and compromised structural integrity.

    The department explained that the Klerksdorp office has been operating from the City of Matlosana Local Municipality premises since the prohibition of the PC Pelser Building. However, this temporary accommodation has not met the required standards, prompting the department to prioritise the health and well-being of its officials and clients.

    “The department acknowledges that the current situation has negatively impacted service delivery. The department is unable to provide its full range of services due to the inaccessibility of the building.

    “To mitigate the impact, the department has implemented several measures. The department will utilise mobile offices (buses) and conduct outreach campaigns to continue service delivery. A satellite office has been secured in Wolmaransstad, which will operate five days a week, starting from 17 June 2025 (07:30am–4pm),” the department said. 

    The department said its Potchefstroom office will receive additional personnel to handle the increased demand resulting from the temporary suspension of services at the Klerksdorp office.

    These outreach campaigns will be rolled out throughout the district, with schedules shared in advance to notify clients of upcoming visits.

    “The department appeals to clients for patience as it actively investigates long-term sustainable solutions to ensure uninterrupted service delivery. Clients who can visit other nearby labour centres, such as those in Potchefstroom and Lichtenburg, are encouraged to do so.

    “The department, in collaboration with other stakeholders, is committed to resolving the issues with the PC Pelser Building to restore normal operations as soon as possible,” the department said. – SAnews.gov.za 

    DikelediM

    MIL OSI Africa

  • MIL-OSI Africa: SCOPA probes RAF for maladministration 

    Source: South Africa News Agency

    SCOPA probes RAF for maladministration 

    The Standing Committee on Public Accounts (SCOPA) has resolved to launch a full committee inquiry into allegations of maladministration, financial mismanagement, wasteful and reckless expenditure, and related financial misconduct at the Road Accident Fund (RAF).

    SCOPA made this decision after months of repeated attempts by the committee to obtain truthful, complete information from the RAF Board and executive management to little avail.

    “The committee cannot perform its work effectively if state entities do not provide it with complete and truthful information, with adequate context and supporting information,” SCOPA said on Tuesday.

    Some of the issues of concern for the committee include but are not limited to:
    •    Failure to perform adequate background checks on senior management and executive appointments who nonetheless have access to and manage significant sums of public funds despite having a deeply concerning employment and disciplinary history involving allegations of reckless financial management decisions.
    •    Subsequent refusal by the RAF to disclose to the committee where such funds are kept and for what purpose.
    •    Failure to appoint critical officials such as a Chief Claims Officer, Head of Claims Operations, Head of Legal, Chief Corporate Support Officer, Head of People Management etc, for an unacceptably long time while decisions with a significant financial impact on the RAF are being taken, alternatively not being taken when they should.
    •    Apparent failures of governance with a direct impact on the rule of law, the authority and powers of Parliament as well as Chapter 9 institutions tasked with performing oversight on behalf of the South African people.
    •    Numerous whistleblower accounts relating to supply chain irregularities involving more than R1 billion while internal management controls appear to not be applied.

    “These allegations point to failure by the Board to properly oversee management’s decisions and actions in line with their statutory mandate.

    “The volume of complaints and related documentary disclosures to the committee about the RAF make it necessary to examine them thoroughly and make such recommendations as may be necessary to ensure that the institution does its work within legal and constitutional prescripts, and serves the public interest as intended. 

    “An inquiry will also give everyone involved or implicated the opportunity to state their case under oath and receive a fair hearing before the committee draws its conclusions,” SCOPA Chairperson Songezo Zibi said.

    The committee will approve terms of reference on 1 July 2025, and the inquiry will take place after the August recess. –SAnews.gov.za

    nosihle

    MIL OSI Africa

  • MIL-OSI Africa: CAPRISA condemns fake COVID-19 vaccine video

    Source: South Africa News Agency

    CAPRISA condemns fake COVID-19 vaccine video

    The Centre for the AIDS Programme of Research in South Africa (CAPRISA) has condemned the dissemination of inaccurate information regarding COVID-19 vaccines and their associated side effects.

    This comes after a recent incident of misinformation making the rounds on the internet. 

    In the deepfake video, SABC news anchor Oliver Dickson “interviews” Professor Salim Abdool Karim, the Director of the CAPRISA. During the interview, Abdool Karim makes claims that the COVID-19 vaccine is causing harm and resulting in fatalities. 

    “Abdool Karim refutes in its entirety the contents of this latest fake video that is currently being circulated on social media sites and other communication applications,” the statement read. 

    According to the AIDS research centre, Karim has since reiterated that COVID-19 vaccines are indeed safe.

    “Furthermore, neither Abdool Karim nor CAPRISA have endorsed any medicines for any company.

    “Standing by our commitment to protecting the safety and well-being of the public based on accurate and trusted scientific research, CAPRISA urges members of the public to verify all health claims, to refrain from sharing misinformation and to report it as fake immediately.” 

    The centre has encouraged citizens to consult credible sources for accurate health information. 

    These sources include CAPRISA, the South African Health Products Regulatory Authority (SAHPRA), the Department of Health, or a trusted registered healthcare professional. 

    In addition, the centre emphasised the importance of verifying the authenticity of health claims, products, and any suggested actions. 

    Meanwhile, CAPRISA has urged citizens to report any instances of fake news encountered online directly to the social media platforms hosting the content, such as X, Facebook, and TikTok, and to avoid sharing fake news images, videos, and messages on mobile chat groups. 

    “Should you receive a message of this nature either individually or in a chat group, you are advised to delete it immediately. We urge you to make informed health decisions based on trusted and credible scientific evidence.” – SAnews.gov.za

    Gabisile

    MIL OSI Africa

  • MIL-OSI Africa: Gauteng government removes HODs who ‘failed lifestyle audits’

    Source: South Africa News Agency

    Gauteng government removes HODs who ‘failed lifestyle audits’

    In a crackdown against wrongdoing, the Gauteng Provincial Government has removed three provincial heads of department following their failure of lifestyle audits.

    This was announced by Gauteng Premier Panyaza Lesufi who briefed the media on Wednesday.

    Earlier this year, a report by the Special Investigating Unit revealed that at least 37% of senior officials in the provincial government had failed lifestyle audits.

    “In line with due processes, officials whose lifestyles were found to be inconsistent with the audits were given an opportunity to provide an explanation. In response to these findings, the provincial government, in collaboration with the SIU [Special Investigating Unit] which conducted the audits, have notified the affected employees and directed them to address and rectify the identified areas that the SIU was not happy with.

    “Over the weekend, I received the last reports from the SIU [and] I have now directed the HOD to engage with the relevant HODs so that they can conclude this process. Of the four outstanding reports of these HODs, three of them came back again as failed audit outcomes. 

    “On the basis of this, I’ve taken a decision to immediately remove these HODs from their positions. The DG will facilitate this process and make the public announcement on the changes of administrative head of department,” he said.

    The Premier explained that the move reaffirmed the “commitment to ensure that departments are led by people with impeccable credentials”. 

    Furthermore, the SIU is conducting lifestyle audits for all supply chain and finance officials in departments.

    “Given the scale of this exercise, the SIU will submit reports to departments starting with the Office of the Premier. Currently, investigators are collating outstanding documents, analysing them and compiling submitted information, conducting third party verification and finalising individual audit reports,” Lesufi said.

    Forensic investigations

    At the media briefing, the Premier also released some 47 forensic investigation reports conducted by institutions, including the SIU, the National Prosecuting Authority and the Public Protector.

    “These reports, from multiple departments, cover a range of investigations including alleged cases of abuse of state resources, irregular and unauthorised expenditure, theft, unfair labour practices, ghost employees, procurement irregularities, suspected fraud, Human Resource irregularities, assault and death threats and corruption, amongst others.

    “We are proud to release these reports to indicate our commitment that we will not tolerate any form of corruption. We have taken the recommendations to the MECs so that [they] implement the recommendations,” he said.

    Additionally, a committee in the Office of the Premier has been established to track the implementation of the recommendations from those reports. 

    The Office of the Premier is tracking the implementation of these forensic investigation reports and recommendations…including financial recoveries, through quarterly reports submitted to the Premier and the Provincial Anti-Corruption Coordinating Committee. 

    “Additionally, the Office of the Premier is supporting the Gauteng provincial government departments to prioritise fund recovery with progress monitored by the Gauteng Audit Committee.

    “To strengthen recovery efforts, the office has already enhanced collaboration with the Asset Forfeiture Unit and the AFU has reaffirmed its readiness to support the Gauteng Provincial Government in asset recovery,” he said.

    For even greater accountability, the provincial government is teaming up with the SIU to facilitate fund recovery.

    “This includes utilising the Special Tribunal at the SIU established by the President…to expedite the recovery of state funds lost due to corruption or irregular expenditure,” he said. SAnews.gov.za

    NeoB

    MIL OSI Africa

  • MIL-OSI Economics: Secretary-General of ASEAN meets with the Minister of Youth, Culture, and Communication of Morocco

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, met with the Minister of Youth, Culture, and Communication of Morocco, Mohammed Mehdi Bensaid, in Rabat, on 25 June 2025. They discussed ways to further enhance cooperation in areas such as the creative industries and cultural heritage, media and information, and youth development, among others.

    The post Secretary-General of ASEAN meets with the Minister of Youth, Culture, and Communication of Morocco appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Analysis: How’s the UK attempt to reach net zero going? There’s good news and bad news

    Source: The Conversation – UK – By John Barrett, Professor of Energy and Climate Policy, Deputy Director of the Priestly Centre for Climate Futures, Theme Lead for the UKRI Energy Demand Research Centre, University of Leeds

    BOY ANTHONY/Shutterstock

    Each year, the Climate Change Committee – the UK’s independent advisory body tasked with monitoring the country’s movement toward its legally binding climate goals – gives a report on the government’s progress over the last year.

    The Climate Change Committee’s new 2025 progress report is a mix of good and bad news about whether the UK is on track to meet its greenhouse gas emissions targets. These include a 68% reduction by 2030 and an 81% reduction by 2035, relative to 1990 levels.

    Meeting these targets requires long lead times. It takes years to develop and deploy low-carbon technologies, change social practices and align industrial and economic policy with net zero ambitions. The Climate Change Committee’s analysis goes beyond simply measuring emissions — it also evaluates whether the right policies are in place across sectors such as transport, buildings, energy and industry.

    So how is the UK doing? Between 1990 and 2024, the UK halved its greenhouse gas emissions, primarily by decarbonising the power sector, improving energy efficiency and shifts in the UK’s industrial base. This equates to an average annual reduction of 0.7%.

    Since the committee was established in 2008, the rate of reduction has more than doubled. In the last decade, since the Paris agreement was signed in 2015, the UK has decarbonised at around 3.4% per year. To meet the 2030 and 2035 targets, the pace of reduction has to continue at this level, but from a wider set of sectors.

    However, the analysis in the CCC report suggests that even this may not be fast enough. A major scientific review recently warned the world has just three years left in its global carbon budget if we are to stay within the 1.5°C temperature limit agreed in the Paris agreement.

    A mixed picture

    We are both involved with the committee and its work. Piers Forster, a climate scientist, has served on the committee since 2018 and is currently its chair. John Barrett provides key data on imported emissions and regularly provides analysis into the committee’s work.

    On the positive side, the UK continues to expand renewable energy capacity, which not only cuts emissions but lowers energy bills and improves energy security. Emissions from the energy supply sector decreased 17% last year.

    A fifth of new vehicles sold are now electric. For the first time, evidence shows that electric cars are causing transport emissions to decline, even as people are travelling more. Tree planting rates also increased by 56% last year, mainly in Scotland.

    However, this report highlights serious gaps. With only five years left until 2030, the Climate Change Committee estimates that 39% of the required emissions reductions are not adequately backed by government policy.

    Growing demand in high-carbon sectors like aviation is offsetting gains made in electricity generation. Aviation emissions are now scarily largely than those from electricity generation and rising fast.

    Time is running out and climate action is urgently required.
    banu sevim/Shutterstock

    Although nearly 100,000 heat pumps were installed last year, emissions from buildings are still rising. In road transport, while electric vehicle adoption is growing, there’s been little shift towards shared public transport options such as buses and trains. In industry, policies around resource efficiency and consumption remain underdeveloped.

    Critically, the Climate Change Committee notes that electricity currently accounts for just 18% of the UK’s total energy demand, and suggests that 80% of required emissions reductions must come from sectors beyond energy supply. The rates of decarbonisation need to more than double in these other sectors.

    Yet, policy to reduce overall energy demand remains weak. This is a broader agenda than reducing household energy bills but a more fundamental appreciation of how the UK’s energy demand can be shaped in the future.

    The UK cannot rely on technology alone. The climate transition can benefit from changes in how we live, move, consume and produce. Making such changes would make us less dependent on fossil fuel imports, put more money in our pockets from efficiency savings and make us healthier by improving air quality, increase exercise levels through more active travel such as walking and cycling and make our homes more comfortable in both hot and cold conditions.

    A truly credible response to the climate crisis demands a whole-system approach. That means aligning climate goals with economic and social policy, and recognising the broader benefits — from improved health to reduced inequality — that come with reducing energy demand.

    The window to act is closing. The UK has made progress, but without more ambitious and integrated action, it risks falling short when it matters most.

    According to the Climate Change Committee report, the UK can deliver both its legislated targets and its internationally-committed emission reduction targets if it takes decisive policy action. And with the right political will that’s possible in a cost-effective way that improves the lives of its citizens.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.


    John Barrett receives funding from UK Research and Innovation (UKRI) and the Department of Energy Security and Net Zero (DESNZ).

    Piers Forster receives funding from UK and European research councils. He is interim chair of the Climate Change Committee

    ref. How’s the UK attempt to reach net zero going? There’s good news and bad news – https://theconversation.com/hows-the-uk-attempt-to-reach-net-zero-going-theres-good-news-and-bad-news-259580

    MIL OSI Analysis

  • MIL-OSI United Kingdom: UK to provide hundreds of air defence missiles for Ukraine with money from seized Russian assets

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK to provide hundreds of air defence missiles for Ukraine with money from seized Russian assets

    The UK will boost Ukraine’s air defence with 350 missiles using funds from seized Russian assets, helping to protect Ukrainians from Putin’s attacks.

    • UK to provide 350 ASRAAM air defence missiles using £70m of funding raised from the interest on seized Russian assets 
    • The new package of missiles can be used with UK-provided air defence launchers, helping to protect Ukrainian citizens from Russian missile and drone attacks 
    • Comes as the Prime Minister and Defence Secretary visit The Hague for an annual summit of NATO leaders, with de-escalation in the Middle East and support for Ukraine topping the agenda 

    The UK will boost Ukraine’s air defence with 350 missiles using funds from seized Russian assets, helping to protect Ukrainians from Putin’s attacks.

    The ASRAAM missiles can be fired using the RAVEN Ground Based Air Defence System supplied by the UK to Ukraine, with five more RAVEN systems due for imminent delivery, bringing the total to 13.  

    Initially used as air-to-air missiles fired from fighter jets, RAF engineers adapted ASRAAM in just three months to be launched from the back of a UK designed and built truck, working with a British defence industry team from MBDA UK, based in Bolton. 

    The UK, together with allies, is stepping up its support for Ukraine – providing £4.5 billion of military support this year – more than ever before.  This support is vital to European security but is also supporting economic growth across the UK, supporting the Prime Minister’s Plan for Change and delivering a defence dividend across the UK.

    The missiles will be funded using £70m worth of interest generated from seized Russian assets under the Extraordinary Revenue Acceleration (ERA) scheme.

    Prime Minister Keir Starmer said:

    “Russia, not Ukraine, should pay the price for Putin’s barbaric and illegal war, so it is only right we use the proceeds from seized Russian assets to ensure Ukraine has the air defence it needs.

    “The security of Ukraine is vital to the security of the UK and the Euro-Atlantic area, and our support will never waiver.

    “My message to President Putin is clear: Russia needs to stop its indiscriminate attacks on innocent Ukrainian people and return to the negotiating table.”

    It comes as the Prime Minister, Defence Secretary and Foreign Secretary join NATO leaders for the Alliance’s annual summit in the Hague, where they will meet counterparts to discuss de-escalation efforts in the Middle East, as well as further military support for Ukraine.  

    Defence Secretary John Healey MP said:  

     “Ukrainians are continuing to fight with huge courage – civilians and military alike. I am committed to ensuring Ukraine has the support they need to put them in the strongest possible position to secure peace.  

    “Russia’s indiscriminate missile and drone attacks on Ukrainian cities show that Putin is not serious about peace, and it’s right that we use funds from seized Russian assets to help Ukraine defend itself from this onslaught. 

    “These air defence missiles will save Ukrainian lives, using equipment developed jointly by British military engineers and our defence industry – showing how we are delivering on our Strategic Defence Review’s commitment to learn lessons from Ukraine.”  

    In March, the Prime Minister announced a historic £1.6 billion deal to provide more than five thousand air defence missiles for Ukraine – creating 200 new jobs and supporting a further 700. Defence supports more than 434,000 skilled jobs in the UK.   

    The UK will also invest a record £350m this year to increase the supply of drones to Ukraine from a target of 10,000 in 2024 to 100,000 in 2025.  

    The UK has sent around 400 different capabilities to Ukraine, with a £150 million package including drones, tanks and air defence systems announced on 12 February 2025, a £225 million package including drones, boats and munitions announced on 19 December 2024, and 650 lightweight multirole missiles announced on 6 September 2024.  

    The UK is absolutely committed to securing a just and lasting peace in Ukraine and are engaging with key allies in support of this effort.

    Updates to this page

    Published 25 June 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Cybersecurity Service Providers Connect Programme briefing webinar for service providers held today

    Source: Hong Kong Government special administrative region

    Cybersecurity Service Providers Connect Programme briefing webinar for service providers held today 
         The programme aims to strengthen the connection between cybersecurity service providers and local businesses and organisations, in particular small and medium-sized enterprises (SMEs), to assist in sourcing suitable cybersecurity solutions. After categorisation and vetting, the HKCERT will put the information of service providers meeting predefined requirements on a dedicated website to facilitate SMEs in sourcing and procuring suitable cybersecurity services. The related solutions mainly cover four service areas: Internet Security Solution, Cybersecurity Assessment Service, Managed Security and Incident Response Service, and Cybersecurity Training Service. Meanwhile, the programme also includes the provision of a cybersecurity resource hub, offering guidance on cybersecurity solutions and references for best practices in cybersecurity for SMEs.
     
         In addition to the programme, the DPO has also partnered with the Hong Kong Internet Registration Corporation Limited to launch the free and integrated security service “Cybersec One” in March 2025, helping participating organisations identify website vulnerabilities, conduct risk assessments, and provide solutions to empower local secondary schools and primary schools, non-governmental organisations and SMEs to strengthen their cybersecurity resilience in all dimensions. The DPO will continue to safeguard cybersecurity in Hong Kong through fostering industry collaboration and uniting diverse stakeholders, thus promoting the sustainable development of Hong Kong’s digital economy.
    Issued at HKT 17:55

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Immigration Dept to revise fees

    Source: Hong Kong Information Services

    The Government today announced that from September 8 the Immigration Department will revise fees for some services, including the issuance of visas/entry permits and travel documents, as well as despatch services for delivery of travel documents to places outside Hong Kong.

    The Government sets and reviews various fees and charges according to “cost recovery” and “user pays” principles, and fees charged should in general be set at levels adequate to recover the full cost of providing the goods or services.

    In view of this, fees for the services concerned will be increased by 3% to 51% with the aim of achieving full cost recovery gradually. The fees will have little impact on most people’s daily expenses and have limited impact on general business activities.

    The department’s measures are being enacted to control the cost of providing the services.

    Proposed legislative amendments relating to the fee revisions will be tabled at the Legislative Council for negative vetting on July 2. The revisions will take effect after completion of the necessary legislative procedures.

    Click here for details of the fee revisions.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Truck crash on Sturt Highway at Kingsford

    Source: New South Wales – News

    Emergency services are at the scene of a truck crash on the Sturt Highway, Kingsford.

    Two trucks collided about 6.45pm on Wednesday 25 June on the Sturt Highway, near Argent Road, Kingsford, just north-east of Gawler in the Barossa Valley.

    Fortunately, there are no reports of serious injuries at this time.

    The crash is affecting northbound traffic on the Sturt Highway.

    Motorists are advised to take an alternate route if possible.

    MIL OSI News

  • MIL-OSI Economics: AI and collaboration tools: how cyberattackers are targeting SMBs in 2025

    Source: Securelist – Kaspersky

    Headline: AI and collaboration tools: how cyberattackers are targeting SMBs in 2025

    Cyberattackers often view small and medium-sized businesses (SMBs) as easier targets, assuming their security measures are less robust than those of larger enterprises. In fact, attacks through contractors, also known as trusted relationship attacks, remain one of the top three methods used to breach corporate networks. With SMBs generally being less protected than large enterprises, this makes them especially attractive to both opportunistic cybercriminals and sophisticated threat actors.

    At the same time, AI-driven attacks are becoming increasingly common, making phishing and malware campaigns easier to prepare and quickly adapt, thus increasing their scale. Meanwhile, cybersecurity regulations are tightening, adding more compliance pressure on SMBs.

    Improving your security posture has never been more critical. Kaspersky highlights key attack vectors every SMB should be aware of to stay protected.

    Kaspersky analysts have used data from the Kaspersky Security Network (KSN) to explore how frequently malicious and unwanted files and programs are disguised as legitimate applications commonly used by SMBs. The KSN is a system for processing anonymized cyberthreat-related data shared voluntarily by opted-in Kaspersky users. For this research, only data received from the users of Kaspersky solutions for SMBs were analyzed. The research focused on the following applications:

    • ChatGPT
    • Cisco AnyConnect
    • Google Drive
    • Google Meet
    • DeepSeek
    • Microsoft Excel
    • Microsoft Outlook
    • Microsoft PowerPoint
    • Microsoft Teams
    • Microsoft Word
    • Salesforce
    • Zoom

    Between January and April 2025 alone, nearly 8,500 SMB users encountered cyberattacks in which malware or PUAs were disguised as these popular tools.

    Among the detected threats, the highest number (1652) of unique malicious and potentially unwanted files mimicked Zoom, the widely used video conferencing platform. This accounted for nearly 41% of all unique files detected, a 14-percentage point increase compared to 2024. Microsoft Office applications remained frequent targets for impersonation: Outlook and PowerPoint each accounted for 16%, Excel for nearly 12%, while Word and Teams made up 9% and 5%, respectively.

    Share of unique files with names mimicking the nine most popular legitimate applications in 2024 and 2025 (download)

    A comparison of the threat landscape in 2024 and 2025 reveals a clear shift: with the growing popularity of AI services, cyberattackers are increasingly disguising malware as various AI tools. According to our analysis, the number of unique malicious files mimicking ChatGPT grew by 115%, reaching 177 in the first four months of 2025. This contributed to a three-percentage-point increase in the tool’s share among the most mimicked applications. DeepSeek, a large language model launched only in 2025, has immediately appeared on the list of impersonated tools.

    Another cybercriminal tactic to watch for in 2025 is the growing use of collaboration platform brands to trick users into downloading or launching malware and PUAs. As mentioned above, the share of threats disguised as Zoom increased by 14 percentage points, reaching 1652 unique files, while Microsoft Teams and Google Drive saw increases of over three and one percentage points, respectively, with 206 and 132 cases. This pattern likely reflects the normalization of remote work and geographically distributed teams, which has made these platforms integral to business operations across industries.

    Attackers are clearly leveraging the popularity and credibility of these services to increase the success rate of their campaigns.

    Malicious file names mimicking popular services 2024 2025 2025 vs 2024
    Zoom 26.24% 40.86% 14.62 p.p.
    Microsoft Teams 1.84% 5.10% 3.25 p.p.
    ChatGPT 1.47% 4.38% 2.9 p.p.
    DeepSeek 0 2.05%
    Google Drive 2.11% 3.26% 1.15 p.p.

    The total number of unique malicious and unwanted files imitating legitimate applications slightly declined year-over-year, from 5,587 in 2024 to 4,043 in 2025.

    Main types of threats affecting the SMB Sector, 2025 (download)

    The top threats targeting SMBs in 2025 included downloaders, Trojans, and adware.

    Leading the list are downloaders, potentially unwanted applications designed to install additional content from the internet, often without clearly informing the user of what’s being downloaded. While not inherently malicious, these tools are frequently exploited by attackers to deliver harmful payloads to victims’ devices.

    Trojans ranked next. These are malicious programs that carry out unauthorized actions such as deleting, blocking, modifying, or copying data, or disrupting the normal operation of computers and networks. Trojans are among the most prevalent forms of malware, and cyberattackers continue to use them in a wide range of malicious campaigns.

    Adware also made the top three list. These programs are designed to display advertisements on infected computers or substitute a promotional website for the default search engine in a browser. Adware often comes bundled with freeware or shareware, effectively serving as the price for using the free software. In some cases, Trojans silently download and install adware onto the victim’s machine.

    Among other common types of threats were DangerousObject, Trojan-Dropper, Backdoor, Trojan-Downloader, HackTool, Trojan-PSW, and PSW-Tool. For instance, we recently identified a campaign involving a Trojan-Downloader called “TookPS“, which was distributed through fake websites imitating legitimate remote access and 3D modeling software.

    How scammers and phishers trick victims into giving up accounts and money

    We continue to observe a wide range of phishing campaigns and scams targeting SMBs. Attackers aim to steal login credentials for various services, from delivery platforms to banking systems, or manipulate victims into sending them money.

    To do this, cyberattackers use a variety of lures, often imitating landing pages from brands commonly used by SMBs. One example is a phishing attempt targeting Google business accounts. The bait lures victims with the promise of promoting their company on X. It requires them to first log in to a dedicated platform using their Google account with credentials that will end up in cyberattackers’ hands.

    Another fake landing page impersonated a bank that offered business loans: a “Global Trust Bank”. Since legitimate organizations with that name exist in multiple countries, this phishing attempt may have seemed believable. The attackers tried to lure users with favorable business loan terms – but only after victims submitted their online banking credentials, giving the criminals access to their accounts.

    We also saw a range of phishing emails targeting SMBs. In one recent case detected by our systems, the attacker sent a fake notification allegedly from DocuSign, an electronic document-signing service.

    SMBs can even find themselves targeted by classic Nigerian scams. In one recent example, the sender claimed to represent a wealthy client from Turkey who wanted to move $33 million abroad to allegedly avoid sanctions, and invited the recipient to handle the funds. In Nigerian scams, fraudsters typically cajole money. They may later request a relatively small payment to a manager or lawyer compared to the amount originally promised.

    Beyond these threats, SMBs are bombarded daily with hundreds of spam emails. Some promise attractive deals on email marketing or loans; others offer services like reputation management, content creation, or lead generation. In general, these offers are crafted to reflect the typical needs of small businesses. Not surprisingly, AI has also made its way into the spam folder – with offers to automate various business processes.

    We have also seen spammers offering dubious deals like purchasing a database of over 400,000 businesses for $100, supposedly to be used for selling the company’s B2B products, or manipulating reviews on a review platform.

    Security tips

    SMBs can reduce risks and ensure business continuity by investing in comprehensive cybersecurity solutions and increasing employee awareness. It is essential to implement robust measures such as spam filters, email authentication protocols, and strict verification procedures for financial transactions and the handling of sensitive information.

    Another key step toward cyber resilience is promoting awareness about the importance of comprehensive security procedures and ensuring they are regularly updated. Regular security training sessions, strong password practices, and multi-factor authentication can significantly reduce the risk of phishing and fraud.

    It is also worth noting that searching for software through search engines is an insecure practice, and should be prohibited in the organization. If you need to implement new tools or replace existing ones, make sure they are downloaded from official sources and installed on a centralized basis by your IT team.

    Cybersecurity Action Plan for SMBs

    1. Define access rules for corporate resources such as email accounts, shared folders, and online documents. Monitor and limit the number of individuals with access to critical company data. Keep access lists up to date and revoke access promptly when employees leave the company. Use cloud access security brokers to monitor and control employee activities within cloud services and enforce security policies.
    2. Regularly back up important data to ensure the preservation of corporate information in case of emergencies or cyberincidents.
    3. Establish clear guidelines for using external services and resources. Create well-defined procedures for coordinating specific tasks, such as implementing new software, with the IT department and other responsible managers. Develop short, easy-to-understand cybersecurity guidelines for employees, with a special focus on account and password management, email protection, and safe web browsing. A well-rounded training program will equip employees with the knowledge they need and the ability to apply it in practice.
    4. Implement specialized cybersecurity solutions that provide visibility and control over cloud services, such as Kaspersky Next.

    MIL OSI Economics

  • MIL-OSI Europe: OSCE Mission Hands Over Specialized Vehicles to Kosovo Police to Improve Public Safety and Security

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE Mission Hands Over Specialized Vehicles to Kosovo Police to Improve Public Safety and Security

    The OSCE Mission in Kosovo handed over five specialized vehicles to the Kosovo Police K9 unit on 24 June 2025 to enhance the operational capabilities of police canine teams.
    The vehicles, specially modified to support the safe and efficient transport of police dogs and their handlers during critical missions, will improve the mobility and responsiveness of K9 teams deployed in various security operations.
    In addition, the Mission has overseen essential repairs to the existing kennels used by the K9 unit. These upgrades include improved ventilation systems, structural reinforcements, and enhanced sanitation facilities to ensure the wellbeing and readiness of the police dogs. The kennel repairs are a vital part of maintaining high standards of care and ensuring that the canine officers are in optimal condition to perform their specialized duties.
    “The safety and security of all communities living in Kosovo remains our key priority,” said Ambassador Gerard McGurk, Head of the OSCE Mission in Kosovo, speaking at the handover event. “The delivery of specialized vehicles and the renovation of the K9 kennels represent tangible steps towards strengthening public safety and building trust across all communities in Kosovo,” he added.
    Kosovo Police General Director, Colonel Gazmend Hoxha, said that the longstanding co-operation with the OSCE has been instrumental in advancing the capabilities of the Kosovo Police. He underlined that the partnership is vital for improving the police’s ability to detect and confiscate illicit arms and explosives, ultimately contributing to a safer and more secure Kosovo.
    The initiative is part of an extra-budgetary project funded by the Government of Germany and the European Union, focused on strengthening the canine capacity of Kosovo’s police services to detect and confiscate small arms and light weapons (SALW), ammunition, and explosives — key priorities for maintaining public safety and security. As part of the same project, the Mission built a training polygon for the K9 unit in 2023.
    Through this support, the OSCE Mission in Kosovo is contributing to the long-term development and modernization of the police K9 unit. These improvements not only enhance operational efficiency but also demonstrate a shared dedication to security, professionalism, and the welfare of police dogs. The strengthened K9 capacity will play a crucial role in countering illegal arms trafficking and explosives, thereby fostering a safer environment for all people of Kosovo.

    MIL OSI Europe News

  • MIL-OSI Europe: OSCE Mission Hands Over Specialized Vehicles to Kosovo Police to Improve Public Safety and Security

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE Mission Hands Over Specialized Vehicles to Kosovo Police to Improve Public Safety and Security

    The OSCE Mission in Kosovo handed over five specialized vehicles to the Kosovo Police K9 unit on 24 June 2025 to enhance the operational capabilities of police canine teams.
    The vehicles, specially modified to support the safe and efficient transport of police dogs and their handlers during critical missions, will improve the mobility and responsiveness of K9 teams deployed in various security operations.
    In addition, the Mission has overseen essential repairs to the existing kennels used by the K9 unit. These upgrades include improved ventilation systems, structural reinforcements, and enhanced sanitation facilities to ensure the wellbeing and readiness of the police dogs. The kennel repairs are a vital part of maintaining high standards of care and ensuring that the canine officers are in optimal condition to perform their specialized duties.
    “The safety and security of all communities living in Kosovo remains our key priority,” said Ambassador Gerard McGurk, Head of the OSCE Mission in Kosovo, speaking at the handover event. “The delivery of specialized vehicles and the renovation of the K9 kennels represent tangible steps towards strengthening public safety and building trust across all communities in Kosovo,” he added.
    Kosovo Police General Director, Colonel Gazmend Hoxha, said that the longstanding co-operation with the OSCE has been instrumental in advancing the capabilities of the Kosovo Police. He underlined that the partnership is vital for improving the police’s ability to detect and confiscate illicit arms and explosives, ultimately contributing to a safer and more secure Kosovo.
    The initiative is part of an extra-budgetary project funded by the Government of Germany and the European Union, focused on strengthening the canine capacity of Kosovo’s police services to detect and confiscate small arms and light weapons (SALW), ammunition, and explosives — key priorities for maintaining public safety and security. As part of the same project, the Mission built a training polygon for the K9 unit in 2023.
    Through this support, the OSCE Mission in Kosovo is contributing to the long-term development and modernization of the police K9 unit. These improvements not only enhance operational efficiency but also demonstrate a shared dedication to security, professionalism, and the welfare of police dogs. The strengthened K9 capacity will play a crucial role in countering illegal arms trafficking and explosives, thereby fostering a safer environment for all people of Kosovo.

    MIL OSI Europe News

  • MIL-OSI Europe: Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies

    Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies | OSCE

    Skip navigation

    Navigation

    Navigation

    Home Newsroom News and press releases Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies

    MIL OSI Europe News

  • MIL-OSI Europe: Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies

    Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies | OSCE

    Skip navigation

    Navigation

    Navigation

    Home Newsroom News and press releases Uzbekistan’s Ombudsman institution, civil society organizations gain skills in alternative reporting to UN treaty bodies

    MIL OSI Europe News

  • MIL-OSI Video: Electric Vehicles in the Intelligent Age

    Source: World Economic Forum (video statements)

    Electric Vehicles in the Intelligent Age

    China’s EV market grew by nearly 40% in 2024 as domestic manufacturing made strides and contributed significantly to the 25% increase in EV sales worldwide.

    With the recent acceleration in charging and autonomous capabilities, what do new innovations in the EV space mean for manufacturers and how could they further transform the current market?

    https://www.youtube.com/watch?v=n6cuSIHKnPU

    MIL OSI Video

  • MIL-OSI Video: Nature: A $10 Trillion Opportunity

    Source: World Economic Forum (video statements)

    Nature: A $10 Trillion Opportunity

    As of 2025, 1 million species are threatened with extinction with a significant share of global habitats at risk. Yet nature-positive solutions could unlock $10 trillion in annual business opportunities by 2030, transforming nature action into a driver for long-term economic growth.

    How are financial institutions and other investors considering the potential of this economy and the best strategies to capture its value?

    https://www.youtube.com/watch?v=pb2EX2xKlDY

    MIL OSI Video

  • MIL-OSI Video: UK Lords debates Planning and Infrastructure Bill

    Source: United Kingdom UK House of Lords (video statements)

    Members will discuss the main purpose of the bill at second reading.

    Find out more https://www.parliament.uk/business/news/2025/june/planning-and-infrastructure-bill-centre-of-lords-debate/

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • X: https://twitter.com/UKHouseofLords
    • Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=F4ev6ECsRUk

    MIL OSI Video

  • MIL-OSI United Kingdom: Call for buses to be run for passengers, not profit

    Source: Scottish Greens

    Scottish Greens call for buses in Glasgow to be nationalised

    The Scottish Greens have called for Glasgow’s buses to be brought back into public ownership to deliver cheaper fares and a better service for passengers.

    Later today (Wednesday 25th June), the Scottish Greens will use a Members’ Business debate to call on the Scottish Government to support the expansion of publicly owned bus services in Glasgow to deliver high-quality, affordable and reliable services.

    Whilst local authorities in Scotland have the power to bring bus services in-house, the Scottish Government has made this process complicated and slow. SPT – Strathclyde Partnership for Transport – has recently consulted the public on their plans to either commission or run bus services in Glasgow, however, campaigners are concerned about ongoing delays and the lack of funding available.

    Ahead of a Green debate in Holyrood about bringing buses back into public hands, party co-leader and sponsor of the Members Business Debate Patrick Harvie said:

    “Glasgow deserves world-class public transport, but everyone who uses it can see that it’s confusing, expensive and unreliable. Fares have increased, routes have been cut, and passengers have been left stranded.

    “But if we had publicly owned bus companies we’d deliver great results for communities.

    “You just have to look at Lothian buses in Edinburgh – over the last decade, they’ve paid back a £36 million dividend to the Council that runs them. That’s the norm in many parts of Europe, and cities like Manchester have made great progress in recent years too.

    “So why shouldn’t we be running our own buses here in Glasgow?”

    Mr Harvie called on the Scottish Government to follow the Scottish Greens’ lead to make public transport cheaper and more accessible for all. He added:

    “The Scottish Greens have a track record of making public transport cheaper for people across Scotland. We delivered free bus travel for young people under the age of 22 and were the first to scrap peak rail fares.

    “Bus fares should be cheap or free for everyone, all the time. But without reliable, accessible and integrated buses even free travel won’t get you very far.

    “Councils desperately need the power to plan the routes they need and cap fares. But that’s only the first step – from there we need to properly support new publicly owned operators.

    “If we get this right, Glasgow and the wider region can achieve better buses for everyone. Glasgow deserves nothing less.”

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Side hustlers urged to get tax returns sorted now

    Source: United Kingdom – Executive Government Non-Ministerial Departments 2

    Press release

    Side hustlers urged to get tax returns sorted now

    HMRC is encouraging anyone with a side hustle to check if they need to complete a Self Assessment tax return for the 2024 to 2025 tax year.

    • If you earn more than £1,000 from additional income, you may need to register for Self Assessment.
    • Filing now means you will know your tax situation sooner and can spread payments over time.
    • HMRC’s digital services make filing quick and easy.

    Anyone earning extra income through a side hustle is being urged to check if they need to register for Self Assessment – and if so, file their tax return now.

    HM Revenue and Customs (HMRC) is encouraging those with additional income streams – from online selling and content creation to dog walking and property rental – to understand their tax obligations and get ahead of the January deadline rush.

    The £1,000 threshold is key: anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets.

    Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on GOV.UK to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference.

    Easy-to-use guides for side hustlers can be found at the  Tax Help for Hustles campaign page on GOV.UK.

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

    Whether you are selling handmade crafts online, creating digital content, or renting out property, understanding your tax obligations is essential. If you earn more than £1,000 from these activities, you may need to complete a Self Assessment tax return.

    Filing early puts you in control – you will know exactly what you owe, can plan your payments, and avoid the stress of the January rush. You don’t need to pay immediately when you file – you have until 31 January to settle your tax bill.

    The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026.

    Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software.

    Visit GOV.UK to find out more about Self Assessment and how to file a tax return.

    Further information

    A full list of who needs to complete a tax return and a wide range of help and support is available on GOV.UK.

    Those selling unwanted personal items (not trading) do not usually need to pay tax on this income.

    HMRC is urging customers who meet the MTD for Income Tax £50,000 threshold to sign up to a testing programme  on GOV.UK and start preparing now. Agents can also register their clients  via GOV.UK.

    Information on cryptoassets:

    • you need to make sure your tax return includes any gains or income received in relation to cryptoassets. 
    • Capital Gains Tax may be due if you sold or exchanged any cryptoassets. This includes selling cryptoassets for money, exchanging one type for another, using cryptoassets to make purchases, or gifting them away. 
    • Income Tax and National Insurance Contributions may also be due if you received cryptoassets from employment, or were involved in cryptoasset-related activities that generate income (for example, lending and staking). 
    • new for tax year 2024 to 2025: Dedicated sections are being introduced within the Self Assessment tax return for declaring cryptoassets separately from Capital Gains and Trusts and Estates. 
    • full guidance on cryptoasset taxation can be found on GOV.UK by searching for ‘tax when you sell cryptoassets’.

    According to insight commissioned by HMRC and published in 2023, one in 10 people in the UK are operating in the hidden economy with 65% of these individuals most likely operating side hustles and largely unaware that they should be registered for tax.

    Updates to this page

    Published 25 June 2025

    MIL OSI United Kingdom

  • Returning to Iranian sites is top priority: IAEA chief

    Source: Government of India

    Source: Government of India (4)

    U.N. nuclear watchdog chief Rafael Grossi said on Wednesday his top priority is getting his inspectors back to Iran’s nuclear facilities to assess the impact of U.S. and Israeli military strikes and verify its stocks of enriched uranium.

    “This is the number 1 priority,” International Atomic Energy Agency chief Grossi told a news conference at an Austrian security cabinet meeting. He is seeking his inspectors’ return to Iranian sites including the three plants where it was enriching uranium until Israel launched strikes on June 13.

    Asked if Iran had informed him of the status of its stocks of enriched uranium, particularly its uranium enriched to up to 60% purity, close to weapons grade, he pointed to a letter he received from Iran on June 13, saying Iran would take “special measures” to protect its nuclear materials and equipment.

    “They did not get into details as to what that meant but clearly that was the implicit meaning of that. We can imagine this material is there,” Grossi said, suggesting much of that material had survived the attacks.

    (Reuters)

  • MIL-OSI Asia-Pac: LCQ5: Family offices

    Source: Hong Kong Government special administrative region

    LCQ5: Family offices 
    Question:
     
         According to a consultancy study commissioned by Invest Hong Kong (InvestHK), it was estimated that around 2 700 single family offices were operating in Hong Kong as at end-2023. However, it has recently been reported that quite a number of “fake family offices” have emerged in the market and some of them may even be involved in money laundering or illegal fund-raising activities. In this connection, will the Government inform this Council:
     
    (1) whether it will consider drawing up a clear official definition and establishing a regulatory regime for family offices, and stepping up regulation through legislation or administrative measures to prevent money laundering and other financial crimes; if so, of the specific details; if not, the reasons for that;
     
    (2) whether it has developed corresponding monitoring mechanisms or regulatory measures when considering enhancing the preferential tax regimes for family offices and funds, so as to prevent the relevant regimes from being abused as tax avoidance tools; if so, of the specific details; if not, the reasons for that; and
     
    (3) whether it has plans to provide more systematic training and accreditation schemes for professional talents to meet the demand from family offices for multi-disciplinary professionals, and whether it will regularly assess the effectiveness of the implementation of the policies relating to family offices, including market responses, economic contributions and potential risks; if so, of the specific details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         As an international financial centre and the freest economy in the world, Hong Kong maintains an open market environment. Meanwhile, we also attach great importance to safeguarding the integrity of our financial systems by implementing international standards on anti-money laundering and counter-terrorist financing to deter and detect inward and outward flows of illicit funds.
     
         In consultation with Invest Hong Kong (InvestHK), the Inland Revenue Department (IRD), the Securities and Futures Commission (SFC) and the Hong Kong Academy for Wealth Legacy (HKAWL), my reply to the various parts of the question is as follows:
     
    (1) The Government welcomes all lawful and rule-compliant family offices (FOs) to set up in Hong Kong and respects the private financial arrangement of single FOs. Regarding the regulation of investment activities of FOs, the licensing regime under the Securities and Futures Ordinance is activity-based. Generally speaking, a single FO refers to an arrangement established by members of a single family to manage the family’s assets, investments, and long-term interests. A single FO is required to apply for a licence under the Securities and Futures Ordinance if it carries on a business of regulated activity in Hong Kong, for example, providing asset and wealth management services to clients other than members of the relevant family, and to fulfil relevant code of conduct and statutory requirements applicable to licensed corporations. The above requirements are also applicable to investment companies or multi-FOs. To facilitate the industry’s understanding of the regulatory regime in Hong Kong, the SFC has issued circular on the licensing obligations of FOs and quick reference guides to provide additional guidance.
     
         In addition, professionals of various sectors providing services concerned to FOs will conduct necessary due diligence in compliance with the statutory requirements and relevant guidelines. Among others, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) provides that financial institutions (including banks, SFC-licensed corporations, insurance companies, money services operators, etc.) and designated non-financial businesses and professions (including solicitors, accountants, estate agents, and trust or company service providers) shall conduct customer due diligence, including identifying and verifying the identity of beneficial owners, continuously monitoring the business relationships with customers, as well as maintaining records. When service providers identify any suspicious transactions, they are also under the legal obligation to report to law enforcement agencies.
     
         Our systems and measures for combating money laundering and terrorist financing have all along adhere to international standards and best practices. We will closely monitor the risks related to money laundering and terrorist financing, as well as the developments in international standards, and will keep our systems and measures under constant review so as to safeguard the integrity and stability of Hong Kong’s financial system.
     
    (2) Family-owned investment holding vehicles (FIHVs) managed by single FOs in Hong Kong fulfilling the minimum asset threshold of HK$240 million and substantial activities requirement can enjoy profits tax exemption for qualifying transactions. Currently, a series of anti-avoidance measures have been put in place for the preferential tax regimes for single FOs and funds. For example, a business undertaking for general commercial or industrial purpose is not eligible for tax concessions with a view to avoiding abuse. The tax regimes also contain the anti-round tripping provisions to prevent abuse or round-tripping by resident persons to take advantage of the profits tax exemption via a fund or FIHV. Meanwhile, the general anti-avoidance provisions of the Inland Revenue Ordinance (IRO) are also applicable to the preferential tax regimes for single FOs and funds. Through these provisions, the IRD can address any artificial or fictitious transaction, disposition that is not in fact given effect to and transaction entered into for the sole or dominant purpose of enabling a person to obtain a tax benefit.
     
         To attract more FOs and high-net-worth individuals to choose Hong Kong as a destination for wealth management, we will enhance the preferential tax regimes for funds, single FOs and carried interest, including expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single FOs, enhancing the tax concession arrangement on the distribution of carried interest by private equity funds, etc.
     
         The Government also proposes to introduce a tax reporting mechanism under the enhanced tax regime for funds to ensure that the funds and special purpose entities meet the relevant tax exemption conditions under the IRO. The Government will continue to closely communicate with the industry on formulating the details of the tax reporting regime, and minimise the compliance burden on funds and special purpose entities under the tax reporting regime.
     
    (3) The Government is committed to expanding the talent pool for wealth management and FOs to support the long-term development of the industry. We have since 2016 implemented the Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector to nurture more industry talents. To date, over 4 700 applications for reimbursement of professional training course fees have been approved, and the Programme has provided internship opportunities for over 920 tertiary students, supporting the industry to offer more professional training and learning opportunities, thereby enhancing the professional standards of practitioners. Besides, we have included “management professionals in asset and wealth management (WAM)” and “professionals in compliance in WAM” under the Talent List since 2018 and 2021 respectively, so as to facilitate high-quality talents in these professions to pursue development in Hong Kong.
     
         The Government has also established the HKAWL in 2023 to provide a platform for collaboration, networking, knowledge sharing and talent development, and to provide relevant training for asset owners, wealth inheritors and the FO sector. In 2024-25, the HKAWL organised, co-organised, and participated in over 20 events, enabling asset owners, wealth inheritors and FO practitioners to engage in discussions and exchanges. These events brought together over 3 100 participants.
     
         The Government will maintain close communication with FOs to understand their needs, evaluate the effectiveness of relevant policies and introduce enhancements in a timely manner. For example, the New Capital Investment Entrant Scheme (New CIES) has been well-received by the industry since its launch. As of end-May this year, the New CIES has received over 1 370 applications. The current applications are expected to bring an investment amount of over HK$41 billion into Hong Kong. The Government has also implemented enhancement measures with effect from March 1 this year, allowing investment under the New CIES to be made through an eligible private company wholly owned by the applicant, creating synergy with the tax concession regime for FOs.
     
         According to the research findings of the consultant commissioned by InvestHK and publicised in March 2024, there were around 2 700 single FOs operating in Hong Kong as of end-2023. The number is expected to exceed 3 000 in the near future. Separately, since its establishment in June 2021 up to end-May this year, the dedicated FamilyOfficeHK team of InvestHK has assisted over 190 FOs to set up or expand their business in Hong Kong, and around 150 FOs have indicated that they are preparing or have decided to set up or expand their business in Hong Kong. The performance indicator to attract no less than 200 FOs to establish or expand their operations in Hong Kong by end-2025 as set out in the 2022 Policy Address is likely to be achieved.
     
         Thank you, President.
    Issued at HKT 14:58

    NNNN

    MIL OSI Asia Pacific News