NewzIntel.com

Category: Taxation

  • MIL-OSI Europe: OSCE course in Montenegro highlights importance of financial intelligence in preventing and countering terrorism

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

    Headline: OSCE course in Montenegro highlights importance of financial intelligence in preventing and countering terrorism

    From 15 to 17 October 2024, the OSCE Transnational Threats Department’s Action against Terrorism Unit organized a training course for officials from Montenegro on how to use financial intelligence to effectively cut off terrorism financing channels in Bar, Montenegro. The event was organized with the support of the OSCE Mission to Montenegro and the United Nations Office on Drugs and Crime.
    The course brought together 15 representatives from the Montenegro Special State Prosecutor’s Office, the Police Directorate’s Financial Intelligence Unit and Organized Crime Department, and the Tax and Customs Administrations. Representatives gained valuable insights into both proactive and reactive analytical techniques, as well as investigative methods for financial investigations within the broader context of counter-terrorism operations.
    The training highlighted the critical role of collecting, managing and using financial intelligence in counter-terrorism efforts. It also included a component on virtual assets, with a focus on analyzing cryptocurrency transactions. A team of national trainers, previously trained by the OSCE and supported by international experts, led sessions focused on financial information analysis and application of various analytical techniques in counter-terrorism operations. The trainers also engaged inter-agency teams in practical exercises, covering the intelligence cycle, intelligence grading, and network and data analysis.
    The course is part of a comprehensive effort to further build Montenegro’s domestic framework to prevent terrorists from moving, using and raising funds for terrorist purposes, in line with international commitments and standards. This multiannual training programme is supported by the United States.

    MIL OSI Europe News –

  • MIL-OSI: Prospect Capital Corporation Provides First Lien Senior Secured Term and Convertible Loans to Support the Acquisition of Druid City Infusion by Inlet Road Capital Management

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has provided first lien senior secured term and convertible loans to support the acquisition of Druid City Infusion, LLC (“Druid City”) by investment funds managed by Inlet Road Capital Management, LLC (“Inlet Road”) in partnership with Druid City’s founders and leadership team.

    Druid City is a leading ownership group within the Vital Care Infusion Services (“Vital Care”) franchise system, with Druid City operating nine territories across the South and Mountain West regions of the United States.  Vital Care is dedicated to providing high-quality, safe, convenient, and cost-effective infusion therapy services for both chronic and acute patients across its extensive national network. With over 160 infusion pharmacy locations in 35 states, Vital Care is a national home infusion platform.

    “Druid City is proud of its growth and the outstanding team we have built over the last 10 years,” said Druid City CEO and co-founder Ryan McFerrin. “Our unwavering commitment to patient care and delivering high level service to our referral partners will be enhanced as we begin this new chapter with Prospect and Inlet Road.”

    “We chose to team up with Prospect because of Prospect’s ability to create a comprehensive financing solution to meet the unique needs of our transaction and the business,” said Brian M. Harrison, Partner at Inlet Road. “Prospect’s collaborative approach and industry expertise make Prospect an ideal group for supporting Druid City’s expanding opportunities within the home infusion sector.”

    “The Prospect team was the right fit for our transaction, providing our founder partners with complementary industry experience and capital to support Druid City’s growth both organically and through the acquisition of new territories and possibly other franchisees,” said Robert L. Jenkins, Partner at Inlet Road.

    “Prospect is pleased to complete this important transaction with Inlet Road,” said Neil Zieses, Vice President at Prospect. “We look forward to continued strong performance at Druid City, a company with a compelling value proposition for delivering pharmacy services, and bedside and clinic-based infusion services.”

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For further information, contact:
    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI USA: Murphy Introduces Legislation to Crack Down on Unlawful Campus Protests

    Source: United States House of Representatives – Representative Stephanie Murphy (D-Fla)

    CategoriesMIL OSI

    Greenville, NC — Congressman Greg Murphy, M.D. issued the following statement after introducing the Education Not Agitation Act, legislation to eliminate tax benefits for individuals who commit criminal offenses while protesting at institutions of higher education.

    “Institutions of higher education are entrusted to cultivate robust world views,”  said Congressman Greg Murphy, M.D.“Unfortunately, many prestigious universities in America have become bastions of hateful ideology and criminal behavior. The First Amendment is sacred, and I encourage students to exercise their right to freedom of speech and assembly. However, protests on college campuses should remain peaceful and lawful. Those who abuse their privilege and disregard the law should not benefit from the tax benefits we have in place to financially help folks further their education.”

    Background
    This legislation disqualifies individuals who are convicted of certain criminal offenses from receiving education related tax benefits including the American Opportunity Tax Credit, the Lifetime Learning Tax Credit, and the deduction on student loan interest. 

    Specifically, if an individual is convicted of unlawful assembly, rioting, trespassing, vandalism, battery, or battery on a law enforcement officer while conducting a protest at an institute of higher education, they will be disqualified from receiving these tax benefits.

    MIL OSI USA News –

  • MIL-OSI Security: Owner Of Majestic Seals & Stripes, Inc. Sentenced To Federal Prison For Payroll Tax Fraud

    Source: Office of United States Attorneys

    Tampa, Florida – U.S. District Judge Thomas P. Barber has sentenced Linda Davis to four years in federal prison for willfully failing to pay to the Internal Revenue Service (IRS) employment taxes that were withheld from employees’ paychecks. Davis was also ordered to pay $719,049.62 in restitution. Davis entered a guilty plea on November 9, 2023. 

    According to court documents, Davis owned and operated a pavement maintenance company, known as Majestic Seals & Stripes, Inc. (Majestic), in Clearwater. As the owner of Majestic, Davis was responsible for withholding employment taxes from the Majestic employees’ paychecks and paying the taxes owed. Instead of paying these amounts to the IRS, Davis diverted the funds for her own personal use. Davis also failed to pay to the IRS the employer’s portion of the payroll taxes. Specifically, between June 2016 and December 2021, Davis failed to pay $557,249.62 in payroll taxes. 

    Further, in February 2021, Davis applied for a Paycheck Protection Program (PPP) loan on behalf of Majestic. In support of the loan application, Davis submitted a false IRS Form. As a result of the application package, the PPP loan was approved and funded in the amount of $161,800.

    “When you work somewhere, you trust that your employer will do the right thing,” said Ron Loecker, Special Agent in Charge of the IRS-CI Tampa Field Office. “For an employer to take advantage of their employees for their own personal gain in such a blatantly criminal way is downright shameful. My hope is that this sentencing will urge others to always do right by their employees.”

    This case was investigated by Internal Revenue Service – Criminal Investigation. It was prosecuted by Assistant United States Attorney Tiffany E. Fields. 

    MIL Security OSI –

  • MIL-OSI: Phunware Issues Letter to Stockholders and Announces Business Update

    Source: GlobeNewswire (MIL-OSI)

    Phunware Announces Next Generation AI-Driven SaaS Platform

    Targets expansion into the Global Mobile App Market expected to exceed $420 Billion by 2028

    AUSTIN, Texas, Oct. 16, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company“), a leader in cloud enterprise solutions for mobile applications and related technologies, today issued a letter to stockholders from Mike Snavely, the Chief Executive Officer of Phunware, providing an update on Phunware’s existing and new business units and performance and achievements during 2024. The letter provides insight into Phunware’s transition to a new generative AI-based software development platform and several other new business initiatives, and its avenues for continued growth and success in 2025.

    Dear Fellow Stockholders:

    A letter to Stockholders is often written after the end of the year to reflect on successes and challenges and to share insights for the road ahead. However, the past few years have been anything but a normal path for Phunware and as I reflect on my first year as CEO, I felt the time was right to update you on 2024 and to share our vision for 2025 and beyond.

    Our primary focus is to create value for our stockholders. One key measure of that is our market capitalization which has varied from $12M late last year to a high of about $120M in the first quarter, settling at about $55M as of the writing of this letter. It’s certain that some of our stockholders’ positions have benefited from this price volatility and some have not. We acknowledge this by saying that we have always acted, and will continue to act, in what we see as the best long-term interests of our stockholders.

    Often, volatility drives opportunity, and over the months we have used the trading volume and price volatility to raise capital to stabilize the balance sheet and to provide the capital required to think bigger.

    This letter explains what we intend to do with that capital. We couldn’t be more optimistic about our future, and I want to briefly share what we have been doing to strengthen our core business, enhance our operations and right-size our cost structure in service of our strategic vision. More importantly, I am excited to highlight new initiatives we are launching. I believe these steps will help the market at large see why we believe we are a great investment and that our best days are ahead of us.

    I’ll remind you of our recent performance: so far this year, we have lowered our cash burn by more than half and have increased sales by two orders of magnitude in the first half of 2024 as compared to the same period in 2023.

      Six Months Ended  
        2024     2023   Change
    Bookings (contracts executed) $ 1,746   $ 168   939 %
    Revenue   1,932     2,640   -27 %
    Gross profit   994     610   63 %
    Net loss from:      
    Continuing operations   (4,923 )   (8,126 ) 39 %
    Discontinued operations     (2,667 ) 100 %
    Loss per share from:      
    Continuing operations   (0.65 )   (3.90 ) 83 %
    Discontinued operations     (1.28 ) 100 %
                 

    We believe our sales engine is just getting underway

    As we move toward the end of the year and into 2025, we continue to do the blocking and tackling to continue to sell and grow revenue. We have been able to recruit seasoned sales and marketing talent to help us get our message out to more customers and to win more deals. We are also announcing various initiatives to unlock additional markets and to position ourselves as the most advanced and highest potential company in mobile globally.

    Our Software Business continues to evolve to pick up new efficiencies and to unlock new markets

    Phunware is a market leader in providing enterprise cloud solutions for mobile applications. Our location-based services and patented wayfinding technology sets us apart from our competitors, providing real-time indoor navigation with unmatched precision and customization. Our technology for seamless transition from indoor wayfinding to outdoor location sharing and geofencing is best in class. Phunware is widely known for creating first rate custom mobile applications for large enterprise customers with complex needs to engage with their end users and to facilitate profitable engagements and experiences.

    Our software development platform for mobile applications is currently designed to create fully customizable apps and provide related services for larger enterprises. In the first half of 2024, we have seen dramatic growth (939% over the comparable period in 2023) in bookings. Our customers like what we do for them and notably we are getting terrific word of mouth references, accelerating our growth in major customers. Finally, we have added new features and functionalities to our existing products, including artificial intelligence features like an AI Personal Concierge for property guests and Intelligent Reporting for property owners.

    Leveraging the Power of Generative AI, our Platform Will Enable Rapid Development and Monetization of Custom Mobile App Solutions

    Today, we are announcing the development of a new generative AI-based platform designed to democratize access to world-class design, user experience and content creation so that businesses of any size can design, create, build, and deploy high-quality custom mobile applications in days or even hours. By leveraging generative AI, we believe that the new platform will simplify mobile app design and content creation and drastically reduce the need for expensive and time-consuming design and development investments.   

    This platform marks the next chapter in Phunware’s evolution, building on a decade and a half of providing custom mobile app solutions to several thousand U.S. and global customers, including some of the most recognized Fortune 100 & 500 brands.  

    The platform is designed to harness and integrate the power of generative AI to enable all businesses to quickly develop and monetize custom mobile app solutions, making them accessible to small and medium-sized businesses. We also expect to add new AI-related features and functionalities to all of Phunware’s mobile app offerings, reinforcing our position as a leader and innovator in the continually-growing mobile app market.  

    Phunware’s Competitive Advantages in a Multi-Billion Dollar Global Mobile App Market1
    Our planned incorporation of AI into our SaaS platform is driven by our view that consumer engagement with mobile-first solutions and artificial intelligence technology will continue to play a critical role across industries. Key competitive advantages of this platform will include:

    • AI-Driven Customization: Generative AI frameworks provide customizable templates for rapid mobile app creation, reducing development costs and accelerating time-to-market, and include important features and functionalities such as AI-powered personal concierge and contextual engagement.
    • End-to-End Modular Design: Our independent software modules, such as location-based services, digital advertising tools such as programmatic advertising and real-time data analytics support flexible audience building and engagement strategies. 
    • Advanced Location-Based Services (LBS): Our market leading indoor navigation and outdoor geofencing systems continue to offer even more precise geopositioning and collection of user data using a combination of GPS, Wi-Fi, BLE, and sensor data for customized on-venue user engagement in sectors such as hospitality, healthcare, retail, residential, sports and convention centers, gaming facilities and other verticals involving large real properties or portfolios of properties. 
    • Data Analytics: Our enhanced review and analysis of data of mobile app usage and user behaviors support assessment of intent and other metrics to drive user engagement, conversion and retention. 
    • Multi-Industry Capability: Our platform is designed to provide low- or no-code custom mobile apps across a range of sectors, from hospitality and healthcare to other verticals such as advocacy, retail and ecommerce in the U.S. and other leading economies including China, Brazil and India. 

    The adoption of our generative AI-powered SaaS platform is expected to benefit our existing customers and all industry verticals and create meaningful opportunities for accessing new markets. Our platform is designed to automate the development intake process, reduce development costs and time-to-market, and enable innovation and user engagement through AI. We are leading the way to make AI-powered mobile applications accessible to enterprise and small and medium business customers alike. 

    We expect our new AI-powered SaaS platform will launch mid-2025. We also expect to further integrate AI and machine learning capabilities into our new platform in 2025. We intend to integrate AI-driven predictive analytics into the platform by Q3 2025, providing businesses with advanced tools for analyzing customer data to predict future behaviors. We also expect the new platform to offer seamless integrations of its mobile apps with additional cloud service providers, ensuring modern scalability, flexibility, efficiency and security for businesses of all sizes.  

    Digital Advertising Business

    We also have a growing business in providing digital advertising campaigns for a range of customers.  We work with agencies and directly with our own customers, from public companies to non-profit organizations to governmental entities. We place general awareness, performance-based and retargeting advertising campaigns for our customers, enabling them to successfully reach their audiences and achieve their marketing objectives. We have provided digital advertising and related placements to hundreds of customer campaigns in 2024 to date and continue to see strong demand for these services.

    We plan to expand our digital advertising platform in several additional ways. We intend to relaunch our programmatic advertising capabilities into our core mobile platform. This will enable us to help our customers conduct more efficient, scalable digital advertising campaigns through our platform and through partnerships or alliances with one or more third-party programmatic advertising platforms. The integrated solution will be designed to utilize generative AI to help our customers personalize their digital advertising campaigns to individual users based on behavior, preferences and demographics to enhance user engagement and increase conversions. Finally, we intend to serve a global audience with these capabilities, tied to our mobile application portfolio growth.

    Voter / Advocacy Engagement Business

    We are also planning to invest in the application of our AI-powered platform to advocacy and voter engagement. You will recall that we developed and implemented the Donald J. Trump 2020 Presidential Campaign app, a highly regarded and well received voter / advocacy engagement app.

    We think this was just the tip of the iceberg. Every election cycle, candidates set new records in spending and we believe that our AI-powered platform can help make that spend more impactful. Further, we believe that it is more important than ever for Phunware to help political candidates and voters connect, engage and participate in the voting process, and for individuals and organizations to become knowledgeable about, educate others about, and advocate for events, causes and issues that are important to them. Our platform can help them do just that.

    We plan to continue to use our AI-powered platform to develop custom mobile apps for election campaigns, political action committees, and other organizations to identify, engage and turn out voters. Our mobile advertising solutions will be a part of driving voter engagement as well.   We may invest in and partner with other technology providers and organizations that use mobile technologies to drive voter and advocacy engagement. We will likely pursue these opportunities both in the U.S. and with strategic partners and alliances globally.

    Financial Strength

    Our spend has been adjusted to fit the size of our business today and to focus investment on the future. We believe that sober execution against our business plan is the right way to deliver long-term stockholder value and we are focused on the careful stewardship of the company to bring our vision to life.

    1. We have zero debt and believe we have adequate access to the necessary resources to support our investments and sustain our business as we invest in the evolution and growth of our company
    2. We have seen dramatic improvement to our year-to-date software and advertising business bookings which we believe demonstrates a growing demand for our software and advertising offerings
    3. We are judiciously investing in sales, engineering, AI, marketing and business development to fulfill our vision for the company’s future

    We have not said much in the markets recently. In retrospect, we’ve probably said too little. Moving ahead, we intend to continue to provide our stockholders with additional updates on our businesses and products from time to time. Our focus will remain on platform launch, product roadmaps and timelines; innovation; operational efficiency; building thought leadership; and inorganic growth, including tactical and strategic acquisitions, investments, partnerships and alliances. And we will endeavor to keep stockholders advised of significant occurrences every step of the way.

    I’ll end where I started…I believe Phunware’s best days are ahead. We look forward to continuing to create and enhance value for our stockholders, customers, employees and the consumers who use our products.

    Thank you for your ongoing support.

    Mike Snavely

    Chief Executive Officer

    About Phunware  

    Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences.  

    Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants.  

    For more information, please visit https://www.ai.phunware.com or contact:   

    MZ Group, North America 
    Joe McGurk, Managing Director
    917-259-6895 
    PHUN@mzgroup.us 

    Phunware Investor Relations:  

    CORE IR 
    516-222-2560 
    investorrelations@phunware.com 

    Safe Harbor / Forward-Looking Statements  

    This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur.  

    The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.  

    By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. 

    ___________________________

    1 Grand View Research, Inc. Mobile Application Market Size, Share & Trends Analysis, July 2024: market size is projected to reach approximately $322 billion in 2026, $367 billion in 2027, and $421 billion in 2028.   

    The MIL Network –

  • MIL-OSI Asia-Pac: Reduction of duty on liquor with alcoholic strength of more than 30 per cent

    Source: Hong Kong Government special administrative region

    Reduction of duty on liquor with alcoholic strength of more than 30 per cent
    Reduction of duty on liquor with alcoholic strength of more than 30 per cent
    ****************************************************************************

         As announced in “The Chief Executive’s 2024 Policy Address”, the Government would reduce the duty on liquor with an alcoholic strength of more than 30 per cent (liquor) by introducing a two-tier system with different duty rates for each tier with effect from today (October 16).          Under the new two-tier system, the duty rate for liquor with import price over $200 will be reduced from 100 per cent to 10 per cent for the portion above $200, while the duty rate for the portion of $200 and below as well as liquor with import price of $200 or below will remain at 100 per cent. The new duty rates will only be applicable to liquor of up to one litre. If a larger container is used, the duty payable will be calculated on a “value per litre” basis.      A Government spokesman said, “Hong Kong has been adopting a simple ad valorem duty system on liquor since 1994. Given the experience in waiving wine duty in 2008, a reduction of liquor duty should similarly promote high-end liquor trade, thereby giving impetus to the development of other high value-added sectors such as logistics and storage, tourism as well as high-end food and beverage consumption, creating more job opportunities and bringing overall benefits to society. With the introduction of a two-tier system with different duty rates based on value, we believe that the proposal has struck a balance between facilitating the liquor business and guarding public health against binge drinking as a result of the reduction in liquor duty.”      The above two-tier system is set out in the proposed resolution to be moved by the Secretary for Commerce and Economic Development pursuant to section 4(2) of the Dutiable Commodities Ordinance (Cap. 109) (the proposed resolution), which forms part of the Public Revenue Protection (Duty on Liquor) Order 2024 (the Order) made by the Chief Executive today to give full force and effect of law to the proposed resolution so long as the Order remains in force.      The Order and the proposed resolution have been published in the Gazette today. The Hong Kong Customs and Excise Department has also put up notices at boundary control points and on its websites for travellers and the trade.

     
    Ends/Wednesday, October 16, 2024Issued at HKT 19:56

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Overseas US voters get ignored by political campaigns − but could be crucial supporters

    Source: The Conversation – USA – By Amanda Klekowski von Koppenfels, Honorary Reader in MIgration and Politics, University of Kent

    Election workers prepare to mail absentee ballots to Americans, including those living overseas. Allison Joyce/Getty Images

    One group of American voters is being largely ignored in the closely watched polling leading up to the Nov. 5 elections: U.S. citizens living abroad, whether as civilians or as members of the military. We know from governmental data that the number of ballots cast by overseas Americans has been greater than the margin of victory in races in the past – and may be again in 2024.

    But that one potentially crucial group of American voters – U.S. citizens living abroad – does not get much attention, from pollsters or campaigns.

    We are scholars of political science whose research shows that overseas voters can make a difference in elections – and that there is potential for campaigns to mobilize these voters, despite a more complex process of voting than for domestic voters.

    Who are overseas Americans?

    Though there is not an exact count of American citizens living abroad, we do know they number in the millions. Estimates from the Federal Voter Assistance Program and the Association of Americans Resident Overseas placed this number between 4.4 million and 5.3 million in 2023.

    But those are likely undercounts. It’s almost impossible to account fully for dual citizens, naturalized U.S. citizens who have returned to the country of their birth or people who split their time between the U.S. and other countries.

    Research that we and others have conducted indicates that Mexico and Canada are home to the largest numbers of Americans outside the U.S., followed by the U.K., France, Israel and Germany. The three most common reasons Americans move abroad are family connections, employment and quality of life, although there are others.

    Overseas Americans tend to be highly educated: More than three-quarters have a college degree, double the percentage within the U.S. Most overseas Americans do not move from country to country but rather stay in one country, often for a decade or more. But our surveys have found they remain interested in U.S. politics – not least because they pay U.S. income taxes, whether they work for a U.S. or foreign employer. IRS data shows that the vast majority are not ultra-wealthy.

    Voting from abroad

    Military members and U.S. citizens living abroad have had the right to vote in federal elections since 1976. This right was further consolidated in the 1986 Uniformed and Overseas Citizens Absentee Voting Act, while the right for Americans living abroad to vote in local and state elections depends on state law.

    Some people have recently expressed concern that overseas voting could be used to cast fraudulent ballots, but there is no evidence of illegal voting by noncitizens abroad.

    Overseas voters’ absentee ballot requests and their returned ballots are carefully scrutinized by local officials in the state where they last lived in the U.S., making abuse very unlikely. But it is complex for overseas voters to vote: The paperwork is complicated, and there is comparatively little outreach from political parties and candidates.

    Barriers to voting from overseas

    In 2020, the Federal Voting Assistance Program, which is supposed to help overseas voters exercise their voting rights, estimated that just shy of 8% of eligible American voters overseas cast ballots in that year’s presidential election. Using program numbers to calculate a percentage another way finds that no more than 20% of overseas Americans cast ballots in the 2020 election.

    That’s far lower than the 67% national turnout rate that year.

    Federal law requires local election officials in the U.S. to mail absentee ballots 45 days before an election to overseas Americans who request them. Poor mail service in the U.S. and elsewhere can mean that voters don’t always get the ballots in time, and the ballots mailed back to election officials face similar delays.

    Some states allow voters to receive or return their ballots electronically, which is faster; an overseas voter casting a ballot in Massachusetts can request a ballot, receive a blank ballot and return it all by email, while an overseas voter from Pennsylvania must return it by mail or courier, following exact procedures for enclosing their ballot in multiple envelopes.

    In 2023, the Federal Voting Assistance Program estimated that as many as 150,000 U.S. citizens overseas did not cast ballots in the 2022 elections because of administrative hurdles, such as slow or irregular mail service and difficulties in communicating procedural changes to prospective voters abroad.

    Interest in US politics

    Another possible reason Americans abroad don’t vote is that they have lost interest in U.S. politics. But our own research, and the work of others, finds that not to be true.

    Even given the logistical challenges, U.S. citizens living in Canada, as one example, have very similar levels of interest in American politics compared with citizens back home.

    During the 2020 and 2022 campaign seasons, two of us surveyed American citizens who had moved north of the border. In 2020, 55% indicated they were very interested in American politics, as did 44% in the midterm year of 2022. This is comparable with levels of attention to politics within the U.S. during those campaigns, as gauged by the Cooperative Election Study.

    So although Americans in Canada indicated interest levels as high as those in the U.S. during the past two national election cycles, the vast majority of them did not cast a vote. Administrative barriers play a role, but they’re not enough to explain such low turnout among citizens overseas.

    Ignored by campaigns

    Another key factor driving low turnout from abroad is a lack of communication from campaigns and parties. Research demonstrates that contacts by campaigns and parties significantly increase a person’s likelihood of voting.

    In the U.S., parties and campaign organizations can help streamline the voter registration process, reinforce the stakes of an election and bolster a sense of camaraderie among citizens.

    U.S. citizens living abroad are unlikely to hear from campaigns, even in nearby Canada. When asked in 2020 or 2022 whether they had been contacted by American political campaigns, most potential voters in the U.S. had. But our surveys of Americans living in Canada show less than one-third reported contact from parties or candidates.

    Because overseas citizens vote in their last state of residence in the U.S. but are not physically resident there, campaigns find it harder to identify them as swing-state residents or members of favorable demographic groups.

    Overall, Americans living overseas are as eligible to vote as citizens in the U.S. They are as attentive to politics as Americans living in the U.S. On the other hand, they face major administrative hurdles and are generally not contacted by American parties or campaigns.

    James A. McCann has received support for his research on migration from Purdue University, the US Fulbright Program, the Russell Sage Foundation, and the Carnegie Corporation of New York.

    Amanda Klekowski von Koppenfels and Ronald Rapoport do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Overseas US voters get ignored by political campaigns − but could be crucial supporters – https://theconversation.com/overseas-us-voters-get-ignored-by-political-campaigns-but-could-be-crucial-supporters-240184

    MIL OSI – Global Reports –

  • MIL-OSI: DigiAsia Corp. and Digit9 Announce Strategic Collaboration

    Source: GlobeNewswire (MIL-OSI)

    ~ Enhancing Cross Border Payments ~

    ABU DHABI, United Arab Emirates and NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) — DigiAsia Corp. (NASDAQ: FAAS) (“DigiAsia” or the “Company”), a leading Fintech as a Service (FaaS) ecosystem provider, has announced a strategic collaboration with Digit9, the cross-border payments orchestration platform developed by LuLu Money Singapore, a wholly owned subsidiary of Abu Dhabi-based LuLu Financial Holdings.

    The partnership with Digit9 will enhance DigiAsia’s offering and competitiveness in servicing the cross-border payments needs for Indonesian consumers and SMEs in Indonesia and the GCC.

    Further, DigiAsia will be able to leverage Digit9’s wide network of partners and the ability to facilitate cross-border payments in more than 150 markets globally, to create efficient and cost-effective cross-border payment rails to further support Indonesian consumers and SMEs.

    DigiAsia estimates that the partnership with Digit9 will generate an estimated US$250mn volume annually in cross-border payments.

    DigiAsia and Digit9 will continue strategic partnership discussions and look to launch innovative products and services in the cross-border payments space in the near future.

    About DigiAsia

    DigiAsia is a leading Fintech as a Service (FaaS) provider operating a B2B2X model offering its complete Fintech solution in emerging markets. DigiAsia’s fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers. DigiAsia’s embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion. For more information, please visit DigiAsia’s Corporate website here or Investor Relations website here.

    About Digit9

    Digit9 is a payments orchestration platform tailored to meet the diverse needs of financial institutions. It seamlessly integrates an array of payment methods, banks, and service providers, simplifying the complexities of cross-border payments. Digit9 has been developed by LuLu Money Singapore, a wholly owned subsidiary of LuLu Financial Holdings.

    About LuLu Financial Holdings

    LuLu Financial Holdings is a leading global financial services provider, offering a wide range of services including cross-border payments, currency exchange, and financial technology solutions. With over 350 customer engagement centers in over 10 countries and a commitment to innovation and customer satisfaction, LuLu Financial Holdings continues to set benchmarks in the financial services industry.

    Forward-Looking Statements:

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning DigiAsia and the Company’s operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. DigiAsia cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world including those discussed in DigiAsia’s Form 20-F under the headings “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and DigiAsia specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

    DigiAsia Company Contact:
    Subir Lohani
    Chief Financial Officer and Chief Strategy Officer
    646-480-0142

    Lulu Financial Holdings Company Contact:
    Ajit Johnson
    Head of Strategic Business Relations
    ajit.johnson@lulufin.com

    Investor Contact:
    MZ North America
    Email: FAAS@mzgroup.us

    The MIL Network –

  • MIL-OSI: LanzaTech Awarded $3 Million from U.S. Department of Energy to Advance Conversion of Waste CO2 into Valuable Chemicals

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 16, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, has been awarded $3 million by the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM), as part of a broader $29 million investment program to advance its carbon management priorities. LanzaTech’s Project ADAPT (“Accelerating Decarbonization via Advanced Production Technologies”) was selected to address FECM’s priority of converting carbon dioxide (CO2) into environmentally responsible and economically valuable products.

    LanzaTech’s Project ADAPT builds upon the Company’s existing capabilities of using CO2 as a feedstock to produce isopropanol at a pilot scale and aims to advance the process and platform with the following key focus areas:

    1. Versatility in Feedstock Use: Enhancing the platform’s ability to process a range of gas mixes with CO2
    2. Microbial Strain Optimization: Employing advanced gene-editing techniques to develop tailored microbial production strains for making isopropanol and other prevalent chemicals
    3. Cost and Efficiency Improvements: Refining the end-to-end process to be more cost-effective, efficient, and more robust

    Isopropanol is a common alcohol used in an array of everyday products such as cleaning agents and is also a precursor to the propylene value chain. Propylene, which is a building block for packaging, medical supplies, automotive products, among many other applications, has a thriving demand market that is projected to approach $150 billion and 180 million tons by 2030. Importantly, isopropanol production has the ability to achieve greenhouse gas savings of over 200% when produced from recycled CO2 instead of fossil carbon, and a non-fossil commercial production pathway does not exist today.

    Project ADAPT will primarily be funded by the FECM investment of $3 million and includes a Company funded cost share portion of approximately $0.8 million, totaling an estimated project cost of $3.8 million. Revenue and costs related to this project will be reported as Joint Development Agreement and Contract Research results for LanzaTech, and the majority of revenue is expected to be received and benefit financial results in 2025 and 2026.

    “We are thrilled to receive this support from the U.S. Department of Energy to progress our work around scaling the conversion of waste CO2 to make some of the world’s most needed chemicals,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “CO2 is an essential feedstock of today and the future, and Project ADAPT leverages our expertise and existing operations to accelerate the commercialization of transformational carbon capture and utilization technologies that deliver cleaner and more sustainable energy and products.”

    The projects supported by FECM’s investment program are in keeping with the Biden-Harris Administration’s aggressive climate ambitions of reaching a carbon-neutral power sector by 2035 and net-zero greenhouse gas emissions by 2050.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Forward Looking Statements
    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

    • Timing delays in the advancement of projects to the final investment decision stage or into construction;
    • Failure by customers to adopt new technologies and platforms;
    • Fluctuations in the availability and cost of feedstocks and other process inputs; • The availability and continuation of government funding and support;
    • Broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures;
    • Unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and
    • Other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission.

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    LanzaTech Global, Inc.

    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media Relations
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    The MIL Network –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on FIAT (105.76%), CONY (101.35%), ULTY (100.99%), YMAX (51.97%), YMAG (62.33%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Distribution
    Rate    2,4,5    		 30-Day
    SEC Yield    3    		 Ex-Date &
    Record Date    		 Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs Multiple $0.1747 Weekly 51.97% 62.93% 10/17/2024 10/18/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Multiple $0.2261 Weekly 62.33% 50.85% 10/17/2024 10/18/2024
    CONY YieldMax™ COIN Option Income Strategy ETF COIN $1.1098 Every 4 Weeks 101.35% 3.70% 10/17/2024 10/18/2024
    FIAT   YieldMax™ Short COIN Option Income Strategy ETF COIN $1.4513 Every 4 Weeks 105.76% 3.22% 10/17/2024 10/18/2024
    MSFO YieldMax™ MSFT Option Income Strategy ETF MSFT $0.5077 Every 4 Weeks 33.76% 3.33% 10/17/2024 10/18/2024
    AMDY YieldMax™ AMD Option Income Strategy ETF AMD $0.9212 Every 4 Weeks 84.48% 3.24% 10/17/2024 10/18/2024
    NFLY YieldMax™ NFLX Option Income Strategy ETF NFLX $0.7929 Every 4 Weeks 59.84% 3.45% 10/17/2024 10/18/2024
    ABNY YieldMax™ ABNB Option Income Strategy ETF ABNB $0.8003 Every 4 Weeks 61.67% 2.84% 10/17/2024 10/18/2024
    PYPY YieldMax™ PYPL Option Income Strategy ETF PYPL $1.1042 Every 4 Weeks 75.73% 2.94% 10/17/2024 10/18/2024
    ULTY YieldMax™ Ultra Option Income Strategy ETF Multiple $0.8267 Every 4 Weeks 100.99% 0.00% 10/17/2024 10/18/2024
    Scheduled for next week: YMAX YMAG MSTY YQQQ AMZY APLY AIYY DISO SQY SMCY


    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1All YieldMax™ ETFs (except YMAX,YMAG and ULTY) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.

    2The Distribution Rate shown is as of close on October 15, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30. 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period. As of such date, the ULTY subsidized and unsubsidized 30-Day SEC Yields were 0.00% and 0.00%, respectively. The subsidized yield reflects fee waivers in effect while the unsubsidized yield does not adjust for any fee waivers in effect.

    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5 As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH,GDXY and FIAT. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here

    Prospectuses

    Click here.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTY), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

    © 2024 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI Asia-Pac: Special Campaign 4.0 in full swing in CBIC, aims to institutionalize Swachhata at workplace

    Source: Government of India

    Special Campaign 4.0 in full swing in CBIC, aims to institutionalize Swachhata at workplace

    Nearly 289 cleanliness campaign events organized across various locations, targeting both office spaces and public areas

    Posted On: 16 OCT 2024 3:48PM by PIB Delhi

    The Central Board of Indirect Taxes and Customs (CBIC) is making significant strides in its “Special Campaign for Disposal of Pending Matters 4.0,” which is being actively implemented across all its offices nationwide. Launched on 2nd October 2024 and running through 31st October 2024, the campaign is designed to institutionalize cleanliness (Swachhata) at workplace and surrounding areas while also reducing backlogs in key areas such as record management, file weeding, scrap disposal, and creating more available space.

    As of 15th October, 2024, CBIC has successfully resolved over 75% of public grievances and public grievance appeals. Additionally, it has reviewed 12,464 physical files, weeding out 1283 files, and closed 260 e-files. Around 289 cleanliness campaign events have been organized across various locations, targeting both office spaces and public areas.

    Another key focus area has been the disposal of old or unused office equipment and scrap materials. This has resulted in the freeing up of 5,070 square feet of office space and the generation of revenue of ₹96,390. One such endeavor is from the CGST Faridabad Commissionerate which developed a cafeteria and creche within the building premises by reclaiming two abandoned rooms filled with old records and used furniture. The creche is named ‘Mukesh’ in the loving memory of Shi Mukesh Kumar, IRS (C&IT) 2014 officer, who lost his life during COVID-19 Pandemic. The officer worked as Deputy Commissioner with CGST Faridabad for more than two years. His parents were also present at the inauguration of the creche.

    Glimpses of certain activities performed are as under:

     

    Hyderabad CGST zone

     

    Cleanliness drive by Bhopal CGST Zone

     

    – Disposal of waste at Ahmedabad Customs Kandla

     

      Disposal of e-Waste and Waste furniture By Department of Labour (DoL) and 100 sq.ft. area space freed for office use.

    *****

    NB/AD

    (Release ID: 2065338) Visitor Counter : 25

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 to be gazetted

    Source: Hong Kong Government special administrative region

         The Inland Revenue (Amendment) (Tax Deductions for Leased Premises Reinstatement and Allowances for Buildings and Structures) Bill 2024 will be gazetted on October 18. The Bill seeks to implement two profits tax enhancement measures in the 2024-25 Budget, which include introducing a tax deduction for expenses incurred for reinstating the condition of premises under a lease to their original condition, and removing the time limit for claiming annual allowances in respect of industrial/commercial buildings or structures.

         Under the Bill, if a lessee is obligated to reinstate or pay for the reinstatement of his/her premises to their original condition at the end of the lease term or on early termination of the lease, and the relevant costs have been incurred and are reasonable, the lessee can claim tax deduction for the relevant costs.

         Furthermore, currently a qualifying taxpayer may claim an annual allowance in respect of the expenditure incurred on the construction of an industrial/commercial building or structure during a specified period (usage period). If the building or structure is sold before the expiry of the usage period, the buyer may claim annual allowances over the remaining years of assessment within the usage period. However, if the building or structure is sold after the expiry of the usage period, the buyer will not be entitled to claim any annual allowance even if there is residue of expenditure. The Bill proposes removing the time limit for the relevant claims in order not to discourage the purchase of old or second-hand buildings or structures. If a building or structure is sold in the basis period for a year of assessment beginning on or after April 1 this year, the buyer will be entitled to claim annual allowances until the residue of expenditure has been fully claimed, regardless of whether the usage period of the building or structure concerned has expired.

         A Government spokesman said, “The two enhancement measures will alleviate the tax burden of taxpayers and promote the business environment. As reinstatement costs generally represent a small part of a taxpayer’s turnover, it is envisaged that the proposed tax deduction would not impact on government revenue. Regarding the removal of the time limit for claiming annual allowances for buildings or structures, based on the statistics for the year of assessment 2022/23, it is expected that it will reduce the annual government revenue by about $164 million.”

         The Bill will be introduced into the Legislative Council for first reading on October 30 with a view to implementing the above measures in the year of assessment 2024/25.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Department of Defence undertakes pathbreaking initiatives under Special Campaign 4.0

    Source: Government of India

    Department of Defence undertakes pathbreaking initiatives under Special Campaign 4.0

    Himalayan Mountaineering Institute establishes Darjeeling’s first-ever Sewage Treatment Plant; Can treat 1,000 litres of waste water per day

    Posted On: 16 OCT 2024 1:50PM by PIB Delhi

    The Department of Defence as part of the Pan-India Swachhata Abhiyan initiative, has successfully covered 2,705 sites out of 3,832 locations, creating positive impacts across the country. As on October 15, 2024, over 20,976 physical files have been reviewed, leading to the weeding out of 5,391 files and freeing up 195k square feet of valuable space. Revenue generation of Rs 21.1 lakh has been achieved through the disposal of scrap materials and obsolete IT equipment.

    The sites include those under Military Hospitals, Controller General of Defence Accounts, Border Roads Organisation, Indian Coast Guard National Cadet Corps, Sainik Schools, Canteen Stores Department, Cantonments along with the Nehru Institute of Mountaineering, Uttarkashi and Himalayan Mountaineering Institute, Darjeeling.

    The cantonments have been at the forefront of the campaign and carried out initiatives like mosquito-breeding eradication campaigns and organised waste segregation workshops for local communities in coordination with volunteers. Garbage Vulnerable Points (GVPs) have been transformed into plantation sites, further enhancing public spaces with dry-leaf composting initiatives in parks.

    Himalayan Mountaineering Institute established Darjeeling’s first-ever Sewage Treatment Plant (STP) named Swachhata Se Samriddhi which can treat 1,000 litres of wastewater per day, equivalent to 365 kilo litres annually. The treated water is repurposed for toilet flush systems, ensuring sustainable waste management within the institute. Additionally, the Institute has constructed a Rain Water Storage Plant with a capacity of 1.8 lakh litres, significantly reducing reliance on external water sources.

    The Himalayan Mountaineering Institute also exemplifies the ethos of sustainability by transforming damaged mountaineering gear, such as shoes and ropes, into decorative pieces, highlighting the innovative spirit of recycling and environmental stewardship.

    *****

    SR/MR/KB

    (Release ID: 2065273) Visitor Counter : 8

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine – A10-0006/2024

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine

    (COM(2024)0426 – C10‑0106/2024 – 2024/0234(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

    – having regard to the Commission proposal to Parliament and the Council (COM(2024)0426),

    – having regard to Article 294(2) and Article 212 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10‑0106/2024),

    – having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

    – having regard to the budgetary assessment by the Committee on Budgets,

    – having regard to the undertaking given by the Council representative by letter of 9 October 2024 to approve Parliament’s position, in accordance with Article 294(4) of the Treaty on the Functioning of the European Union,

    – having regard to Rule 60 of its Rules of Procedure,

    – having regard to the letter from the Committee on Foreign Affairs,

    – having regard to the report of the Committee on International Trade (A10-0006/2024),

    1. Adopts its position at first reading, taking over the Commission proposal;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

     

     

    EXPLANATORY STATEMENT

    The ongoing war of aggression by Russia has significantly increased Ukraine’s financial needs. To address these challenges, both the European Union (EU) and the international community are being called upon to provide additional funding.

     

    In response, the European Commission has put forward a legislative proposal aligned with a G7 initiative. This proposal aims to utilize the extraordinary revenues from immobilized Russian assets to cover Ukraine’s urgent financial needs. Specifically, the proposal seeks to establish the Ukraine Loan Cooperation Mechanism (ULCM), which will enable Ukraine to service and repay loans of up to €45 billion. These loans will be repaid using the windfall profits generated from frozen Russian assets. The EU’s proposed macro-financial assistance (MFA) includes an amount of up to €35 billion, intended to support Ukraine’s immediate financing needs. This assistance will be delivered in a predictable, long-term, and timely manner.

     

    A key feature of this MFA is that Ukraine will not be required to repay the loan directly. Instead, repayments will be covered by windfall profits generated from interest accrued on immobilized Russian assets. Additionally, the terms of this loan will align with the conditions under the Ukraine Facility.

     

    The rapporteur emphasizes the importance of a swift procedure in order for the EU to adopt this proposal by the end of October 2024 to ensure that the MFA loan can be released by the end of 2024.

     

     

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she has received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    Bálint Ódor, Chair of the Committee of Permanent Representatives, Council of the European Union

    The list above is drawn up under the exclusive responsibility of the rapporteur.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

     

    BUDGETARY ASSESSMENT (11.10.2024)

    for the Committee on International Trade

    on the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine

    (COM(2024)0426 – C10‑0106/2024 – 2024/0234(COD))

    Rapporteur for budgetary assessment: Janusz Lewandowski 

     

    The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

    – having regard to Council Regulation (EU, Euratom) 2022/2496 of 15 December 2022 amending Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework for the years 2021 to 2027[1],

    – having regard to Council Regulation (EU, Euratom) 2024/765 of 29 February 2024 amending Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework for the years 2021 to 2027[2],

    – having regard to Regulation (EU) 2024/792 of the European Parliament and of the Council of 29 February 2024 establishing the Ukraine Facility[3],

    – having regard to Regulation (EU) 2022/2463 of the European Parliament and of the Council of 14 December 2022 establishing an instrument for providing support to Ukraine for 2023 (macro-financial assistance +)[4],

    – having regard to Council Decision (CFSP) 2022/335 of 28 February 2022 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine[5],

    – having regard to Council Decision (CFSP) 2024/577 of 12 February 2024 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine[6],

    – having regard to Council Decision (CFSP) 2024/1470 of 21 May 2024 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine[7],

    – having regard to Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union[8],

    – having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources[9],

    A. whereas the Commission proposed a draft amendment to Council Regulation (EU, Euratom) 2022/2496 that made it possible to allow contingent liabilities stemming from financial assistance to Ukraine for 2023 and 2024 only to be treated in the same manner as financial assistance for Member States;

    B. whereas there is a need for greater sustained budgetary support to Ukraine;

    C. whereas Ukraine’s financing needs are expected to significantly outstrip current IMF projections and total at least USD 38 billion for 2025, making the amounts available under previous rounds of macro-financial assistance (MFA), the Ukraine Facility and the current round of MFA insufficient to ensure the required level of support, particularly for 2026 and 2027;

    D. whereas Council Decision (CFSP) 2024/577 provides rules for allocating extraordinary revenues stemming from immobilised Russian state assets to the Ukraine Peace Facility and the Ukraine Facility, considering that EUR 210 billion of Russian Central Bank assets are currently held by financial institutions in the EU;

    E. whereas the G7 leaders announced the launch of Extraordinary Revenue Acceleration Loans for Ukraine, which would make USD 50 billion available to Ukraine and would be secured through immobilised Russian state assets;

    F. whereas the next tranche of the IMF’s loan to Ukraine is also linked to the entry into force of the proposed regulation;

    1. Takes note of the proposal for the creation of the new Ukraine Loan Cooperation Mechanism, which will provide non-repayable financial support with a view to assisting Ukraine to repay loans provided for its support and will be endowed mainly by the amounts transferred in accordance with Annex XLI to Council Regulation (EU) 833/2014[10], as well as by any potential amounts stemming from voluntary contributions from Member States, third countries or other sources, for up to EUR 45 billion;

    2. Takes note of the conditions and obligations that Ukraine must fulfil in order to receive and use the non-repayable financial support provided by the Ukraine Loan Cooperation Mechanism, particularly the obligation for the repayment of the principal, interest and any other costs of the MFA loan or eligible bilateral loans;

    3. Takes note of the proposal for the creation of a new MFA instrument for the benefit of Ukraine, providing support of up to EUR 35 billion, pending other contributions under the G7 agreement on Extraordinary Revenue Acceleration Loans for Ukraine, over a duration of 45 years; takes note of the fact that the Commission’s proposal seems to be based on the assumption that the Russian state assets will remain immobilised for 45 years and on various assumptions regarding the future flows of extraordinary revenues stemming from the immobilisation of Russian sovereign assets held in the EU;

    4. Takes note of the fact that there is no grace period for the repayment of the principal or interest for the MFA instrument;

    5. Takes note of the fact that the MFA instrument, unlike previous instruments, does not give Ukraine the option to request interest rate subsidies covered by Member States;

    6. Takes note of the preconditions for support, such as effective democratic mechanisms, including a multi-party parliamentary system and the rule of law, and respect for human rights, including for those of minorities, and takes note of the consequences of not meeting, or no longer meeting, these preconditions;

    7. Takes note of the future negotiation between the Commission and Ukraine on the Memorandum of Understanding containing the guidelines that will underpin all future disbursements to Ukraine and must be consistent with the qualitative and quantitative steps contained in the Annex to Council Implementing Decision (EU) 2024/1447 of 14 May 2024 on the approval of the assessment of the Ukraine Plan[11] and any amendments thereto; takes note of the fact that the assessment criteria for the funds allocated through the Ukraine Loan Cooperation Mechanism are aligned with the assessment criteria established in Article 18 of Regulation (EU) 2024/792 in order to guarantee effective support and optimal use of resources for Ukraine’s recovery and development; calls on the Commission to pay particular attention to consulting the Verkhovna Rada and involving relevant stakeholders, including civil society organisations;

    8. Takes note of the derogation from Article 31(3), second sentence, of Regulation (EU) 2021/947[12], which implies that the External Action Guarantee will not be used to guarantee the borrowing of the amounts to be lent in the framework of this MFA and that, therefore, the guarantees for this MFA will be provisioned by the headroom; calls for caution in extending borrowing without a clear guarantee mechanism, with a view to ensuring that any additional borrowing does not jeopardise the Union’s financial stability;

    9. Takes note of the derogation from Article 214(1) of Regulation (EU) 2024/2509, preventing the establishment of a provisioning rate, because of the use of the headroom for the provisioning of guarantees;

    10. Recalls all the mandatory provisions to be included in the MFA Loan Agreement, particularly those related to the early repayment of the amounts borrowed should it be recognised that Ukraine has engaged in any act of fraud, corruption or any other illegal activity detrimental to the financial interests of the Union;

    11. Takes note of the repayment arrangements, and particularly of the waterfall structure to be established in the MFA Loan Agreement and the potential implications for the EU budget;

    12. Takes note of the provisions on the transmission of information to Parliament and the Council, as laid down in the Interinstitutional Agreement on good interinstitutional cooperation and governance and specifically within the framework of the annual budgetary procedure, ensuring full accountability and oversight of how funds are managed and disbursed; acknowledges the urgent need to implement the proposed regulation and calls for the relevant draft amending budget to include only the changes arising from the entry into force of the proposed regulation; expects the proposal to provide an update on the borrowing plan as per Article 52(1)(d)(iii), third indent, of Regulation (EU, Euratom) 2024/2509; expects to be informed, in a timely manner, of the implementation of borrowing as per Article 223(4)(b) of Regulation (EU, Euratom) 2024/2509, including of any potential early repayments and the construction of a buffer, if applicable;

    13. Takes note of the fact that, according to the financial legislative statement, the implementation of the proposal does not require any additional human resources or administrative expenditure; reiterates its understanding that new policy priorities or tasks must be accompanied by adequate resources and staff to properly implement them;

    14. Regrets the proposal’s lack of clarity about whether the Union budget has final liability, particularly in the framework of a loan guaranteed solely by the headroom, independently of the support from the Ukraine Loan Mechanism, for example in the event of significant changes to the sanctions regime underwriting the mechanism;

    15. Requests that the Commission clarify the potential interplay and complementarity in the funding provided by the Ukraine Facility, in particular under Pillar I for 2025, and by the MFA, and explain how the latter will be linked to relevant political and reform-related conditions that are consistent with and support the conditionality under the Ukraine Facility, in particular the Ukraine Plan;

    16. Requests that the Commission provide the budgetary authority with details of the aggregation of liabilities to the headroom, contingent on borrowing and lending operations;

    17. Recalls that a further amendment to the MFF, adopted by unanimity in the Council, would be required in order to extend the ability of the Union to treat the financial assistance to Ukraine in the same manner as financial assistance to Member States until the end of the current MFF;

    18. Regrets the urgency of this proposal, stemming partly from the lack of flexibility granted by the Commission proposal on the amendment of the MFF, and the subsequent Council decision pressuring Parliament to co-legislate in a very limited time frame;

    19. Calls on the Committee on International Trade, as the committee responsible, to recommend the approval of the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine.

     

     

    LETTER FROM THE COMMITTEE ON FOREIGN AFFAIRS (2.10.2024)

    Mr Bernd Lange

    Chair

    Committee on International Trade

    BRUSSELS

     

     

    Subject:  Opinion on the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine (COM/2024/426 final) (2024/0234(COD))

     

     

     

    Dear Mr Lange,

     

    Under the procedure referred to above, the Committee on Foreign Affairs has been asked to submit an opinion to your committee. By way of a written procedure, the committee Coordinators decided to send the opinion in the form of a letter. Due to the extreme urgency of the procedure, the committee Coordinators adopted the opinion at their meeting on 30 September 2024.

     

    Yours sincerely,

     

     

     

     

     

    David McAllister

     

     

      

    SUGGESTIONS

     

    The Committee on Foreign Affairs:

     

    1. Expresses its complete solidarity with the people of Ukraine, along with its full support for the independence, sovereignty and territorial integrity of Ukraine within its internationally recognised borders;

    2. Welcomes the commitments of the EU and its Member States to provide humanitarian assistance, military support, economic and financial aid and political support in every possible way until Ukraine’s victory;

    3. Commends the Commission’s proposal to establish the Ukraine Loan Cooperation Mechanism, which contributes to answering Parliament’s call on the EU and its Member States to achieve the broadest possible international support for Ukraine, and builds upon the decision of the Council to direct extraordinary revenues stemming from immobilised Russian state assets to the Ukraine Assistance Fund and the Ukraine Facility as well as upon the G7’s decision to offer Ukraine a USD 50 billion loan secured through immobilised Russian state assets;

    4. Expresses its conviction that the new Ukraine Loan Cooperation Mechanism is a substantive step towards making Russia financially compensate for the massive damage it continues to cause in Ukraine; insists that this should not preclude the establishment of a sound legal regime for the confiscation of Russian state assets frozen by the EU, to be used for the benefit of Ukraine; urges the Commission and the EEAS to step-up their work in that direction;

    5. Acknowledges that the Commission’s proposal is based on the assumption that Russian assets will remain immobilised until Russia definitively and irreversibly ceases its war of aggression against Ukraine.  Therefore urges the Council to adopt swiftly a decision to that effect;

    6. Invites the Commission, when evaluating whether Ukraine has met the precondition set out in Article 11 of the proposal, to apply the same standards it applies when it evaluates whether Ukraine has met the precondition set out in Article 5 of Regulation (EU) 2024/792 on the establishment of the Ukraine Facility; in particular, in its assessment, the Commission shall also take into account the context in Ukraine and the consequences of the application of martial law in Ukraine; invites the Commission to transmit its assessment simultaneously to the European Parliament and to the Council;

    7. Calls on the Commission to ensure that, when it agrees with Ukraine the policy conditions to be set out in the MoU pursuant to Article 12 of the proposal, it is satisfied that Ukraine has complied with (i) the provisions set out in Article 17 of Regulation (EU) 2024/792 and provided all the relevant explanations, as appropriate; and (ii) the qualitative and quantitative steps provided for in Council Implementing Decision (EU) 2024/1447 and its annex. At the same time, calls on the Commission to make sure, when deciding on the release of funds pursuant to Article 13 of the proposal, that its assessment complies with Article 18 of Regulation (EU) 2024/792 and, in particular, takes into account the criteria listed in paragraph 3 thereof, where relevant; urges the Commission, in that context, to make sure that all decisions adopted by Ukraine on the use of the funds allocated to it in the framework of the proposed regulation respect democratic procedures and are supported by meaningful consultations with all relevant institutions and stakeholders, including the Verkhovna Rada of Ukraine, anti-corruption institutions and representatives of the civil society;

    8. Calls on the Commission to transmit the MFA Loan Agreement to the European Parliament as soon as it will be signed;

    9. Requests that the Commission include by default in its yearly report on the implementation of the proposed Regulation a review of the adequacy of the arrangements contained in the Regulation itself.

     

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine

    References

    COM(2024)0426 – C10-0106/2024 – 2024/0234(COD)

    Date submitted to Parliament

    20.9.2024

     

     

     

    Committee(s) responsible

    INTA

     

     

     

    Committees asked for opinions

     Date announced in plenary

    AFET

    10.10.2024

     

     

     

    Not delivering opinions

     Date of decision

    AFET

    27.9.2024

     

     

     

    Rapporteurs

     Date appointed

    Karin Karlsbro

    30.9.2024

     

     

     

    Simplified procedure – date of decision

    30.9.2024

    Discussed in committee

    14.10.2024

     

     

     

    Date adopted

    14.10.2024

     

     

     

     

    BUDG

    7.10.2024

     

     

     

    Result of final vote

    +:

    –:

    0:

    31

    4

    0

    Members present for the final vote

    Brando Benifei, Lynn Boylan, Udo Bullmann, Raphaël Glucksmann, Bart Groothuis, Céline Imart, Karin Karlsbro, Rihards Kols, Sebastian Kruis, Bernd Lange, Ilia Lazarov, Thierry Mariani, Gabriel Mato, Ştefan Muşoiu, Daniele Polato, Majdouline Sbai, Francesco Torselli, Catarina Vieira, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski

    Substitutes present for the final vote

    Mika Aaltola, Dan Barna, Nina Carberry, Anna Cavazzini, Hana Jalloul Muro, Ľubica Karvašová, Marina Mesure, Branislav Ondruš, Pierre Pimpie, Jessika Van Leeuwen

    Members under Rule 216(7) present for the final vote

    Peter Agius, Marie Dauchy, Elio Di Rupo, Virginie Joron

    Date tabled

    15.10.2024

     

    MIL OSI Europe News –

  • MIL-OSI Banking: XSET and Samsung Galaxy Unite to Empower Women in Gaming

    Source: Samsung

    XSET, the revolutionary lifestyle gaming organization, and Samsung Galaxy , the internationally recognized industry leader in technology, today announced a dynamic partnership aimed at elevating the gaming experience and empowering women in the industry. The collaboration will debut at New York Comic Con (NYCC) with an immersive activation featuring special appearances by the XSET QUEENS.
    This strategic alliance aims to enhance the gaming experience with a particular focus on empowering women in the industry. By combining Samsung’s advanced mobile technology with XSET’s cultural influence, the partnership creates new opportunities for female gamers to showcase their skills and creativity. The collaboration, spotlighting talents like the XSET QUEENS, will encourage broader representation and inspire the next wave of diverse gaming enthusiasts. XSET and Samsung Galaxy are taking concrete steps towards a more inclusive and innovative gaming community.
    The partnership will make its IRL debut at New York Comic Con (NYCC), October 17-20 at the Jacob Javits Convention Center. Samsung Galaxy is creating an immersive onsite experience that offers gaming enthusiasts hands-on interactions with cutting-edge devices. Visitors to the activation can look forward to:
    XSET QUEENS Meet and Greet: Special appearance by XSET’s Aliyah Will on Saturday, October 19
    PUBG MOBILE Battle Royale: An adrenaline-pumping elimination competition showcasing Galaxy Z Fold6
    Lone Survivor Photo-Op: A unique opportunity for fans to capture their NYCC memories using state-of-the-art Samsung technology
    Exclusive Giveaways: Chances to win premium Galaxy products, including the revolutionary Galaxy Z Fold6 and the immersive Galaxy Buds3 Pro
    XSET QUEENS Meet and Greet: Special appearance by XSET’s Aliyah Will on Saturday, October 19
    Olga Suvorova, Vice President, Mobile eXperience Marketing at Samsung Electronics America, commented, “Samsung Galaxy devices are designed to make a difference by breaking down barriers and empowering users to pursue their passions. Partnering with XSET affords us the opportunity to bring our innovations to the next generation of female content creators, including gamers, athletes, musicians, and many others. With its unparalleled gaming experience, and the countless ways the device seamlessly fits into users’ lives, we know Galaxy Z Fold6’s incredible hardware, software, and Galaxy AI innovations will empower these creators to reach new heights.”
    “This partnership with Samsung Galaxy represents a pivotal moment for XSET and the gaming industry as a whole,” said Brynanna Goecke, Chief Revenue Officer of XSET. “Together, we’re not just advancing technological innovation; we’re redefining what it means to be a gamer in today’s world. The XSET QUEENS embody the spirit of innovation and diversity that both our brands champion.”

    The NYCC activation marks just the beginning of the XSET and Samsung Galaxy partnership. Fans can look forward to a series of unboxing videos featuring XSET QUEENS, showcasing how Galaxy Z Fold 6‘s powerful performance,  long-lasting battery, and  immersive display will help them take their gaming to the next level. Additional collaborations, content, and events will be announced in the coming months.
    For more information about the XSET and Samsung Galaxy partnership,  follow @XSET and @SamsungMobileUS on social media platforms.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Press Release – Alderney Budget 2025 Wednesday 16 October 2024

    Source: Channel Islands – States of Alderney

    Press Release

    Date:  16th October 2024

    Alderney balances the books despite a fragile economy

    Alderney’s senior politician presented a balanced budget to the States today (October 16th) but he warned Members that the Island was “living beyond its means”.

    Policy & Finance Chair Nigel Vooght announced a revised £400,000 surplus in this year’s forecast which allowed the States to approve a 2025 Budget with no increases in Alderney Property Tax (APT) or Water Rates.

    He told the States meeting:

    “Despite delivering this balanced budget, we must be conscious of the simple fact that Alderney is living beyond its means as the cost of transferred services such as healthcare, education, the airport and emergency services exceed the taxes paid to the Bailiwick to help to pay for these. Despite the likelihood that income tax may increase, these services cost more than we contribute to the Guernsey Treasury.

    “The 1948 agreement was set up post-war when Alderney needed expertise and resources in return for which we entered a fiscal union which initially resulted in us producing a surplus of revenue versus the cost of transferred services. This is not the case today.

    “We are grateful to Guernsey for these transferred services but we must be mindful that this is not a sustainable position, especially given the financial difficulties Guernsey faces. Although we are a separate jurisdiction, we are in a fiscal union and partnership with Guernsey and must look for ways to grow our economy to generate new revenue streams.”

    The immediate priority is a refurbished runway and improved air connectivity which will help make Alderney more attractive as a place to live and work, thus growing the economy and attracting inward investment. In the medium term, seeking new sustainable economic growth that will create revenue streams.

    Key points in the 2025 Budget approved by the States include:

    ·         No increase to APT in 2025

    ·         Fuel Duty to be consistent with the States of Guernsey rate for 2025

    ·         Document Duty pegged at 2024 levels

    ·         No increase to Water Rates which went up marginally in 2024

    An increase in investment interest and higher than expected returns from Document Duty and Property Transfer duties were key factors contributing to a revised £400,000 surplus for this year, despite an increase in the cost of services.

    However, the budget for next year indicates a more modest “break even” surplus of £29,000 as operational costs are budgeted to increase by £354,000 compared with 2024, accounting for almost all of expected operating income and taxation.

    Mr Vooght explained:

    “Alderney is reliant on limited income streams such as APT, Fuel Duty, and Document Duty and this needs to be taken into consideration for future budgets and how we manage growing costs. Efforts to improve efficiency and reduce costs across various departments is being addressed with all budget holders.”

    Meanwhile, the States’ Capital Programme is mainly funded by Alderney Gambling Control Commission (AGCC) surpluses, together with income from asset sales. Estimated AGCC gross distribution for 2025 is expected to be in the region of £1.9M, a decrease in the income from 2024 which has been maintained at £2.2M.

    There is no cash allocation received from the States of Guernsey in respect of Capital funding.

    Mr Vooght concluded:

    “While the budget demonstrates a responsible financial approach, it’s essential to remain vigilant about potential risks and uncertainties. Factors such as geopolitical and economic fluctuations, changes in government policies and unforeseen expenses could impact future budgets.

    “Recommendations for future consideration will include exploring alternative revenue sources to diversify the States’ income streams and reduce reliance on a few key taxes. We also need to continue to review and optimise operational costs to identify areas for further efficiency gains.”

    His report paid tribute to the Head of Finance, Liz Maurice, supported by the Treasury team as well as budget holders for their work involved in preparing the Budget.

    Ends

    States of Alderney media enquiries:Alistair.Forrest2@gov.gg

    MIL OSI United Kingdom –

  • MIL-OSI: Surgent Knowledge Summit Offers Premium CPE Courses for Accounting and Tax Professionals

    Source: GlobeNewswire (MIL-OSI)

    RADNOR, Pa., Oct. 16, 2024 (GLOBE NEWSWIRE) — Surgent Accounting & Financial Education, a division of KnowFully Learning Group, is excited to announce the inaugural Surgent Knowledge Summit, a series of exclusive, live events celebrating International Accounting Week. The Knowledge Summit will provide accounting and tax professionals with valuable, premium content designed to enhance their expertise and support their ongoing professional development.

    This event will feature a variety of insightful sessions aimed at helping attendees earn essential continuing professional education (CPE) credits while staying up to date with the latest industry trends and practices. 

    “At Surgent, we believe that continuous learning is the key to staying competitive in today’s fast-paced accounting and tax landscape,” said Liz Kolar, executive vice president of Surgent. “The Surgent Knowledge Summit is our commitment to helping professionals not only meet their CPE requirements but also stay informed on the latest industry trends and technologies.” 

    The Surgent Knowledge Summit features sessions led by industry experts and covers critical topics like the future of financial reporting, the impacts of artificial intelligence (AI) on accounting, post-election tax policy changes and much more. Below is the calendar of events, showcasing the diverse range of sessions that will be held during the summit. 

    “The Surgent Knowledge Summit offers unparalleled access to exclusive content delivered by top industry experts,” Kolar said. “From the latest AI developments to crucial tax updates following the 2024 elections, our courses are designed to equip professionals with the knowledge and tools they need to thrive in this dynamic industry.”

    Surgent Knowledge Summit Events

    Thursday, Nov. 7

    AICPA and Surgent Panel on the CPA Exam and State of the Industry
    We kick off the summit with a free webinar at noon ET featuring a panel discussion on the CPA exam and the state of the accounting industry. Liz Kolar will join Mike Decker and Joe Maslott from the Association of International Certified Professional Accountants (AICPA) to discuss the recent CPA exam overhaul, industry trends and what lies ahead for 2025 and beyond.

    Free Premium CPE: Weekly Expert Hour Webinar
    Later that afternoon, join Washington insider Ken Kies and Surgent instructor Mike Tucker for Surgent CPE’s exclusive free Weekly Expert Hour on how the 2024 election results may shape tax policies. They will explore potential changes to tax legislation and expiring provisions of the Tax Cuts and Jobs Act. This premium CPE course will be held 2-3 p.m. ET and attendees will earn one CPE credit.

    Tuesday, Nov. 12

    Mark Your Calendars: Surgent’s Most Exciting Annual Event Is Coming! 
    In celebration of International Accounting Day Surgent will be offering its biggest sale of the year.

    Tax Preparation for Accountants
    Join Surgent Income Tax School at 3 p.m. ET for a free webinar: How Accounting Firms Can Increase Revenue with Tax Prep. Surgent’s team of industry experts will share strategies on using tax preparation services to boost revenue and client retention.

    Wednesday, Nov. 13 

    The Surgent Knowledge Summit will kick into high gear with a day dedicated to the future of accounting and auditing with cutting-edge webinars, including:

    • What A&A Pros Need to Know About Blockchain, Bitcoin, and Digital Assets (BBD2) with Jack Castonguay will explore the impact of blockchain, Bitcoin and digital assets on accounting practices. Attendees will learn about the regulatory challenges, reporting standards and key accounting complexities related to these emerging technologies. This course will be held 9-11 a.m. ET and attendees will earn two CPE credits.  
    • Innovating Accounting: The Impact of AI, Automation and Blockchain on Financial Reporting and Auditing (AAB1) with Eric Cohen, owner of Cohen Computer Consulting and co-founder of XBRL. This webinar will cover how AI, automation and blockchain are transforming financial reporting and audit. This course will be 11 a.m.-noon ET and attendees will earn one CPE credit. 
    • CFOs as Leaders of Organizational Change (CFO1) will feature a panel facilitated by Cory Ng, Surgent’s accounting and auditing content developer, and will include Avia Yudalevich and Landon Cortenbach, two leading CFOs from diverse industries. This program will discuss how CFOs are driving innovation and navigating economic challenges. This course will be held 1-2 p.m. ET and attendees will earn one CPE credit. 
    • The Threat and Opportunity to Accounting Posed by Generative AI and Other Emerging Technologies (GEN1) with Dr. Sean Stein Smith, associate professor at Lehman College; Jack Castonguay, Surgent vice president of learning and development; and James Madison University associate professor, Dr. Nicole Wright, will explore how AI and emerging technologies are reshaping audit functions by automating tasks like data analysis and fraud detection. It will also address challenges related to ethics, data security and the evolving role of auditors in the AI-driven landscape. This course will be held 2-3 p.m. ET and attendees will earn one CPE credit. 
    • Quarterly Update: The FASB, AICPA, SEC, and PCAOB (QFA2) with Jack Castonguay and Cory Ng will cover new FASB, SEC, and PCAOB standards. This session provides an overview of key updates from the FASB, SEC and PCAOB. Attendees will learn about recent changes to accounting standards and auditing regulations, including new standards and guidance, and their impact on financial reporting. This course will be held 3-5 p.m. ET and attendees will earn two CPE credits. 

    Thursday, Nov. 14

    The Knowledge Summit continues with a day dedicated to the tax industry and how the 2024 presidential and congressional elections will impact the profession. Here is a rundown of the CPE webinars that Surgent has planned for the day:

    • 2024 Tax Changes and Year-end Planning Opportunities (YT24) featuring Surgent instructor Mike Tucker; Shannon Retzke Smith, a partner in the international law firm Withers Bergman; and Lance Weiss, a CPA and member of SFW Partners, LLC in St. Louis; will cover the key 2024 tax law changes and their implications for year-end planning. Attendees will gain valuable insights into new tax strategies and opportunities to optimize their tax positions before the end of the year. This course will be held 9 a.m.-12:30 p.m. ET and attendees will earn four CPE credits.
    • How Our Economy and Markets Perform in Election Years (ELY2) will feature David Peters, founder and owner of Peters Tax Preparation & Consulting in Richmond, Va., and financial advisor for Peters Financial, LLC. This course will look at the economic cycle and the effect of election years. It will examine how certain key investments have performed, examine why this year is unique and look at how major tax policy changes affect our economy. This course will be held 1-3 p.m. ET and attendees will earn two CPE credits. 
    • Post-election Coverage of Potential Tax Changes and Planning Strategies (PEL2) with Mike Tucker, Ken Kies, Lance Weiss and Ed Renn, of counsel at the international tax law firm Withers Bergman, will examine potential tax law changes following the recent election. This course will explore how shifts in tax policy may impact individuals and businesses, offering strategies to adapt and plan for potential legislative changes. Participants will learn to navigate the evolving tax landscape. This course will be held 3-5 p.m. ET and attendees will earn two CPE credits.

    Friday, Nov. 15

    Mock CPA Exam
    The Surgent Knowledge Summit concludes with a free virtual mock CPA exam facilitated by Michael Matthews, director of state society partnerships at Surgent. This online event will allow CPA candidates to practice CPA exam questions, pinpoint their strengths and identify areas that need extra attention before their exam day. By simulating the actual exam, candidates will gain the confidence and insights needed to improve their performance. Plus, they will receive detailed feedback to guide them through their final stages of preparation. The mock exam will be at 3 p.m. ET and is open to the public.

    About Surgent
    Surgent Accounting & Financial Education, a division of KnowFully Learning Group, is a provider of the high-impact education experiences that accounting, tax and financial professionals need throughout their careers. For most of the company’s 35-year history, Surgent has been a trusted provider of the continuing professional education (CPE), continuing education (CE) and skill-based training that professionals need to maintain their credentials and stay current on industry changes. More recently, Surgent became one of the fastest-growing certification exam review providers, offering adaptive learning-based courses that help learners pass accounting and finance credentialing exams faster. Learn more at Surgent.com. 

    About KnowFully  
    KnowFully Learning Group provides continuing professional education, exam preparation courses and education resources to the accounting, finance and healthcare sectors. KnowFully’s suite of learning solutions helps learners become credentialed, satisfy required credit hours to maintain credentials, and stay informed on the latest trends and critical changes in their industries over the course of their careers. The company provides exam preparation and continuing education for accounting, finance and tax professionals under the Surgent Accounting & Financial Education brand. KnowFully’s healthcare education brands include CME Outfitters, CE Concepts, PharmCon, The Rx Consultant, ChiroCredit, IA Med, EMT & Fire Training Inc., Psychotherapy.net and American Fitness Professionals & Associates. For more information, please visit KnowFully.com.

    SOURCE: Surgent Accounting & Financial Education

    Contact:
    marketing@surgent.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/697a0e4f-d78c-414e-8545-08e12377070c

    The MIL Network –

  • MIL-OSI Security: Houston Man Guilty in $160 Million Medicare Fraud Scheme

    Source: Federal Bureau of Investigation FBI Crime News (b)

    HOUSTON – A 59-year-old Houston man has been convicted of all 15 counts as charged for heading a massive Medicare fraud scheme involving the fraudulent billing of expensive topical creams, announced U.S. Attorney Alamdar S. Hamdani.  

    The jury deliberated for less than five hours before convicting Mohamad Mokbel following a 10-day trial. 

    From 2014 through 2021, Mohamad Mokbel led a company called 4M Pharmaceuticals which operated 14 pharmacies with straw owners. The jury heard evidence that Mokbel illegally purchased thousands of Medicare beneficiaries, including their identification number, personal health and physician information. Mokbel targeted elderly diabetic patients who are dependent on diabetic testing supplies to manage their blood sugar levels. Mokbel paid $16 to $40 per Medicare beneficiary.  

    To maximize reimbursements and without regard for medical necessity, Mokbel then directed 4M employees to use the Medicare beneficiaries’ patient data to run insurance claims to determine if Medicare or other insurance plans would cover and reimburse at a high rate for the topical creams, Omega-3 pills and other medications that Mokbel intended to sell through 4M pharmacies.

    At Mokbel’s direction, 4M employees would then fax pre-filled prescription requests to the patients’ doctors appearing to be for diabetic testing supplies with topical creams added at the bottom. They also included false representations that the patient was requesting a 4M Pharmacy fill their medications. In reality, Mokbel had previously purchased the patient’s personal information, the patient had not selected a 4M Pharmacy and the patient was often unaware the request was being made on their behalf. 

    Many doctors apparently took the representations in the fax at face value and did sign and send back the prefilled prescription requests to 4M. Mokbel’s call center in Houston and later in Egypt then contacted the patients and made false and misleading statements about the topical cream and their doctor’s order. Mokbel’s pharmacies then shipped out numerous topical creams, often on auto-refill, and excessively billed Medicare, Medicaid and private insurance plans. 

    Mokbel made over $200 million as a result of the scheme. 

    From 2015 through 2020, Mokbel also corruptly gave a series of bribe payments, ranging from $2,000 to $5,000 and totaling over $188,000 an employee of a pharmacy benefits manager – OptumRx – in exchange for favorable treatment for 4M pharmacies. They were credentialed and recredentialed with OptumRx which allowed them to enter into retail network agreements with OptumRx, participate in the Medicare Part D program and submit claims for prescriptions for Medicare beneficiaries. Mokbel also received information and advice about responding to audits and preventing and/or delaying OptumRX termination of many 4M pharmacies.

    U.S. District Judge Lee H. Rosenthal accepted the verdict and set sentencing for Jan. 7, 2025. At that time, Mokbel faces up to 20 years for conspiracy to commit mail fraud and health care fraud, 10 years for each of five counts of health care fraud, each of six counts of money laundering and one count of bribery concerning programs receiving federal funds as well as five years for

    conspiracy to violate the Anti-Kickback Statute and conspiracy to commit bribery. He could also be ordered to pay up to a total of $4 million in fines and possible restitution in excess of $160 million.      

    Previously released on bond, Mokbel was taken into custody pending sentencing.

    The FBI, IRS Criminal Investigation, Homeland Security Investigations, Department of Health and Human Services, Food and Drug Administration and the Texas Attorney General Medicaid Fraud Control Unit conducted the investigation. Assistant U.S. Attorneys Kathryn Leigh Olson and Adam Laurence Goldman are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Federal Home Loan Bank of Indianapolis announces $800,000 in pre-development grants now available for Tribal Nations Housing Development Assistance Program

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Oct. 16, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or the “Bank”) announced today that pre-development affordable housing grants are now available to the 12 federally recognized tribal nations located in Michigan through the Tribal Nations Housing Development Assistance Program (TNHDAP).

    Announced earlier this year, the TNHDAP is a unique and innovative capacity-building housing development grant program in partnership with the Michigan State Housing Development Authority (MSHDA). The TNHDAP provides dedicated training and technical assistance coupled with grant funding opportunities to support tribal nations in creating innovative housing solutions tailored to the unique needs of each nation. The Bank’s program grant of up to $3 million marks the largest investment to a single organization in FHLBank Indianapolis history.

    FHLBank Indianapolis is making $800,000 available for project-specific pre-development grants with up to $75,000 available per project. Pre-development dollar grants may support either rental or homeownership projects, dependent upon individual tribal priorities.

    “Pre-development grants are often the hardest type of funding to find, and one of the most impactful tools to help kickstart projects,” said Anna Shires, VP, Community Investment Outreach Partner at the Bank. “We’re excited to complement all of the technical assistance underway, and help tribes get one major step closer to providing safe and affordable housing for their communities.”

    Through the program, the Bank also will be providing project-specific gap funding subsidies as well as supporting additional capacity building needs identified by tribal nations in Michigan. Through next year, each tribe also will receive dedicated technical assistance to identify their unique housing needs, support for overall housing initiatives and project-specific guidance.

    In keeping with the knowledge and capacity-building focus of the program, the National American Indian Housing Council and its partners facilitated a series of training sessions earlier this year focusing on the wide range of available affordable housing solutions. Sessions focused on multi-unit development, Low Income Housing Tax Credits (LITHC) and other funding sources, housing development for special needs populations, and homeownership development opportunities. Sessions included presentations and discussions between the tribes and FHLBank Indianapolis, MSHDA, HUD leadership, the Michigan Balance of State Continuum of Care, and local and national housing and finance industry leaders.

    “The completion of this training series represents a significant commitment of time and effort, and we commend everyone involved for their dedication to this critical work,” said Karen Gagnon, Tribal Liaison for MSHDA. “It’s truly exciting to see the program entering its next phase. This support will play a pivotal role in advancing essential housing projects for these communities, and we look forward to the far-reaching impact of these new investments and partnerships.”

    For more information about the pre-development grants, visit the Tribal Nations Housing Development Assistance Program page on MSHDA’s website.

    More information on the Tribal Nations Housing Development Assistance Program is available at fhlbi.com. For information on FHLBank Indianapolis’ other programs to support affordable housing and community development, see the Community Programs page on fhlbi.com.

    Media contact information:
    For more information, contact Katherine Marshall, Corporate Communications Specialist, at kmarshall@fhlbi.com.

    Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
    FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit http://www.fhlbi.com and follow the Bank on LinkedIn, and Instagram and X at @FHLBankIndy.

    The MIL Network –

  • MIL-OSI USA: ICYMI: Pressley Joins Ribbon-Cutting Ceremony for Economic Mobility Hub at Rindge Commons

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Pressley Secured $250K in Federal Funds to Support Project

    Video (YouTube) | Photo (Dropbox)

    BOSTON – Congresswoman Ayanna Pressley (MA-07) joined Just A Start, elected officials and community advocates and members for the formal ribbon-cutting ceremony to unveil the Economic Mobility Hub at Rindge Commons, a 70,000-square-foot facility designed to address the evolving needs of the community. Rep. Pressley secured $250,000 in federal community project funding to support the center.

    The center brings together affordable housing, state-of-the-art job training for youth and adults, Universal Pre-K classrooms, and community resources—all under one roof. By consolidating services, the Hub will serve over 2,800 individuals annually, building long-term pathways to economic stability and opportunity in the region.

    “Today’s ribbon-cutting ceremony at Rindge Commons is a testament to the commitment Just A Start and our communities have to uplifting one another and expanding economic opportunities for our neighbors,” said Rep. Pressley. “I was proud to secure $250,000 in federal community project funding to make this effort a reality, and I look forward to seeing the long-term impact the Economic Mobility Hub will have on families across the Massachusetts 7th.” 

    “The Rindge Commons is an incredible example of collaboration and partnership,” said Lieutenant Governor Kim Driscoll. “Not only did its development involve federal and state agencies and the private sector, but this building also addresses our state’s need for affordable housing and promotes economic development in Cambridge. Our administration was proud to support this expansion, and we congratulate the team at Just A Start for their hard work.”

    “We are thrilled to see Just A Start growing with its new addition of the Economic Mobility Hub at Rindge Commons,” said Secretary of Economic Development Yvonne Hao. “This project will support affordable housing, a safe space for children, and career training for adults. We congratulate Just a Start on its expansion, and we’re so grateful for its work supporting Massachusetts residents.”

    “MassHousing is thrilled to be a partner in Just A Start’s Rindge Commons that has delivered 24 brand-new affordable rental homes as well the dynamic Economic Mobility Hub that will be providing educational and job-training opportunities for youth and adults,” said MassHousing CEO Chrystal Kornegay. “This development will also allow Just A Start to coordinate its many mission-driven community programs and efforts to promote equitable communities in greater Cambridge from one new, integrated space.”

    “The Rindge Commons development is aligned with LIIF’s commitment to support projects that build equity, opportunity, and wellbeing in communities that need it most,” said Kirsten Shaw, Vice President of the Northeast and Mid-Atlantic Regions of Low Income Investment Fund (LIIF). “The development’s wide-ranging impact will improve vibrancy and quality of life in the community, and we’re thrilled to have had the opportunity to support this project with New Markets Tax Credits and additional financing. The Rindge project demonstrates how important public-private partnerships are to driving community revitalization and resiliency efforts.”

    Footage of the event can be found here and photos are here.

    Rep. Pressley secured federal funding for the center in the Fiscal Year 2024 government spending package that passed Congress and was signed into law by President Biden. Rep. Pressley has secured approximately $35 million in federal community project funding for the Massachusetts 7th since Fiscal Year 2022.

    • On June 18, 2024, Rep. Pressley visited Boston Medical Center (BMC) to celebrate $370,000 in federal community project funding she secured to support BMC’s Violence Intervention Advocacy Program. 
    • On June 18, 2024, Rep. Pressley visited Chelsea HealthCare Center to celebrate $1,150,000 in federal community project funding she secured to support Massachusetts General Hospital’s (MGH) efforts to address the statewide shortage of bilingual, culturally diverse mental health providers for immigrant and limited English proficiency communities.
    • On April 22, 2204, Rep. Pressley and Senator Elizabeth Warren (D-MA) visited Nubian Square in Roxbury for a roundtable discussion to celebrate the $1,000,000 million in federal funding they secured for the Black Economic Council of Massachusetts (BECMA).
    • On March 28, 2024, Rep. Pressley visited Roxbury to celebrate the $1,000,000 in federal funding she secured to provide emergency childcare support for families experiencing homelessness in the City of Boston.
    • In February 2024, Rep. Pressley visited Chelsea City Hall for a roundtable and press conference to celebrate the $750,000 in federal funding she secured for the City of Chelsea’s and City of Everett’s Island End River Coastal Flood Resilience Project.
    • In January 2024, Rep. Pressley visited Somerville to celebrate the $2.4 million in federal funding she secured to support the community-led transformation of the Clarendon Hill housing community, an ethnically, linguistically and economically diverse neighborhood.
    • In December 2023, Rep. Pressley visited Brighton to celebrate $400,000 she delivered for Amplify Latinx’s ALX Small Business Program.
    • In November 2023, Rep. Pressley visited Roxbury Community College (RCC) to celebrate $1 million in federal community project funding she secured for Northeastern University’s Roxbury Associate’s to Master’s Workforce Accelerator (RA2MWA).
    • In June 2023, Rep. Pressley visited Chelsea to celebrate $2,000,000 in federal community project funding she secured to improve the Broadway Corridor—home to an array of BIPOC-owned small businesses, vibrant public spaces, high frequency public transit routes, and dense residential housing.
    • In April 2023, Rep. Pressley visited Randolph to celebrate $524,000 she secured for Randolph Public Schools to support a mobile library and STEM programming.
    • In March 2023, Rep. Pressley visited Dorchester to celebrate $250,000 in new Community Project Funding she secured for Big Sister Association of Greater Boston’s one-to-one mentoring and enrichment programs for girls.
    • In February 2023, Rep. Pressley visited the African Community Economic Development of New England (ACEDONE) to celebrate the $643,003 in community project funding she secured for ACEDONE to support small businesses in predominately Black, brown and African immigrant communities.
    • In October 2022, Rep. Pressley visited The Dimock Center in Roxbury to celebrate $1 million in federal community project funding she secured to support substance use treatment and programming at the health center. 
    • In August 2022, Rep. Pressley visited Randolph to deliver $275,000 in federal community project funding for culturally responsive resources and digital literacy tools for Randolph Public Schools.
    • In June 2022, Rep. Pressley visited the Benjamin Franklin Institute of Technology to deliver $300,000 in direct federal funding for the development of a Clean Energy Building Automation Systems certificate and associate degree program.
    • In May 2022, she visited Bunker Hill Community College to celebrate the $1,000,000 in federal community project funding she secured to expand the City of Boston’s Tuition-Free Community College program.
    • In April 2022, she visited Randolph to deliver $1,000,000 in federal community project funding for a new school-based community health center at Randolph High School. 
    • In March 2022, she visited La Colaborativa in Chelsea to celebrate the $300,000 in federal community project funding that she delivered for La Colaborativa’s COVID Employment Recovery Program.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Ciscomani Hosts Veteran Servant Leader Award Ceremony in Tucson 

    Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

    Tucson, AZ – On Monday, October 7, 2024, U.S. Congressman Juan Ciscomani (AZ-06) hosted the Veteran Servant Leader Award Ceremony to honor and recognize veterans from across Arizona’s 6th Congressional District for their continued service to our communities after they leave the Armed Forces.  

    “I was deeply honored to host this award ceremony to recognize all these remarkable veterans who exemplify leadership, dedication, and service, even after their time in uniform,” said Ciscomani. “Their commitment to our communities is invaluable and embodies what it means to be a servant leader. This ceremony is not just about celebrating their past military service, but also honoring their continued contributions that make southern Arizona, and our nation, stronger.” 

    Ciscomani serves on the House Veterans’ Affairs Committee and represents over 70,000 veterans in his district. He has introduced ten-pieces of veterans-focused legislation to provide comprehensive healthcare, mental health support, educational opportunities, and employment resources to empower veterans as they transition back to civilian life. Read more about his efforts to support veterans here.   

    In addition, through casework, Ciscomani’s team has returned more than $1.8 million dollar to veterans across AZ-06. This is money that was owed to veteran-constituents but was stuck in the bureaucracy of a federal agency, such as the Department of Veterans Affairs, the IRS, Social Security, and more. 

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    MIL OSI USA News –

  • MIL-OSI Security: Ex-Mexican Secretary of Public Security Genaro Garcia Luna Sentenced to Over 38 Years’ Imprisonment

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Former Highest Ranking Law Enforcement Official in Mexico Took Millions of Dollars in Bribes from the Sinaloa Cartel and Enabled Transportation of More Than One Million Kilograms of Cocaine to the United States

    Genaro Garcia Luna, the former Secretary of Public Security in Mexico from 2006 to 2012, was sentenced today by United States District Judge Brian M. Cogan to 460 months’ imprisonment and a $2 million fine for his decade-long assistance to the Sinaloa Cartel in exchange for millions of dollars in bribes.  Following a four-week trial in February 2023, Garcia Luna was convicted by a jury of engaging in a continuing criminal enterprise, international cocaine distribution conspiracy, conspiracy to distribute and possess with intent to distribute cocaine, conspiracy to import cocaine and making false statements.

    Breon Peace, United States Attorney for the Eastern District of New York, Anne Milgram, Administrator, U.S. Drug Enforcement Administration (DEA), and Katrina W. Berger, Executive Associate Director, Homeland Security Investigations (HSI), announced the verdict.

    “Today’s sentencing of Genaro Garcia Luna is a critical step in upholding justice and the rule of law.  His betrayal of the public trust and the people he was sworn to protect resulted in more than one million kilograms of lethal narcotics imported into our communities and unleashed untold violence here and in Mexico. This sentence sends a strong message that no one, regardless of their position or influence, is above the law.” stated United States Attorney Peace.  “After years of destructive narcotrafficking and deceit, Garcia Luna will spend nearly 40 years where he belongs: federal prison.”

    “Today’s sentencing of Mexico’s former Secretary of Public Security, Genaro Garcia Luna, sends a clear message to corrupt leaders around the world who use their positions of power to help the cartels: no amount of power will shield you from justice,” said DEA Administrator Anne Milgram. “Garcia Luna accepted millions of dollars in bribes from the Sinaloa Cartel to allow millions of kilograms of cocaine to flood the streets of the United States.  Instead of protecting the citizens of Mexico, Garcia Luna was protecting drug cartels.  The DEA will continue to relentlessly pursue drug trafficking organizations and those who protect them.”

    “Today’s sentencing sends a powerful message that no one is above the law,” said HSI Executive Associate Director Katrina W. Berger. “HSI continues its partnered commitment to disrupting and dismantling the criminal networks responsible for bringing deadly narcotics into the U.S.”

    As proven at trial, from 2006 to 2012, Garcia Luna was Mexico’s top law enforcement official, serving as Secretary of Public Security and, in that capacity, controlled Mexico’s Federal Police Force.  Previously, from 2001 to 2005, the defendant was the head of Mexico’s Federal Investigative Agency (AFI).  The defendant used his official positions to assist the violent Sinaloa Cartel (the Cartel) in exchange for millions of dollars in bribes.  Garcia Luna’s conduct included facilitating safe passage of the Cartel’s drug shipments, providing sensitive law enforcement information about investigations into the Cartel and helping the Cartel attack rival drug cartels, thereby facilitating the importation of multi‑ton quantities of cocaine and other drugs into the United States.

    In exchange for bribes, the defendant’s Federal Police Force acted as bodyguards and escorts for the Cartel, allowing Cartel members to wear police uniforms and badges and helping to unload shipments of cocaine from planes at Mexico City’s airport, then delivering the cocaine to the Cartel. The defendant was paid in U.S. currency, stuffed variously in suitcases, briefcases and duffel bags.  The bribe amounts increased over the years as the Sinaloa Cartel grew in size and power through the assistance of the defendant.   Former members of the Cartel testified that bribe money was handed off to the defendant in a variety of locations, including at a “safe house” located in Mexico City where large amounts of cash were hidden in a false wall, at a car wash in Guadalajara and at a French restaurant in Mexico City across the street from the U.S. Embassy.  Further, in exchange for the millions of dollars in bribes, the defendant’s Federal Police Force leaked sensitive information that enabled the Cartel to evade detection by law enforcement or use the information in attacks on rival traffickers.  Finally, after moving to the United States in 2012, Garcia Luna submitted an application for naturalization in 2018, in which he lied about his past criminal conduct on behalf of the Cartel in an attempt to become a U.S. citizen.

    In connection with post-trial proceedings, the Court also found that, while he was awaiting sentencing, Garcia Luna obstructed justice when he sought to bribe fellow inmates to provide false testimony in an attempt to overturn the jury’s verdict.

    The investigation was led by the New York Strike Force, a crime-fighting unit comprising federal, state and local law enforcement agencies supported by the Organized Crime Drug Enforcement Task Force and the New York/New Jersey High Intensity Drug Trafficking Area.  The Strike Force is based at the DEA’s New York Division and includes agents and officers of the DEA, New York City Police Department, New York State Police, Homeland Security Investigations, U.S. Internal Revenue Service Criminal Investigation Division, Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Customs and Border Protection, U.S. Secret Service, United States Marshals Service, New York National Guard, Clarkstown Police Department, U.S. Coast Guard, Port Washington Police Department and New York State Department of Corrections and Community Supervision.

    HSI New York’s El Dorado Task Force (EDTF) played an important role in this investigation. The EDTF is comprised of more than 200 law enforcement personnel representing approximately thirty-five (35) federal, state, and local law enforcement and regulatory agencies, including the DEA.

    The government’s case is being handled by the Office’s International Narcotics and Money Laundering Section.  Assistant U.S. Attorneys Saritha Komatireddy, Erin Reid, Ryan C. Harris, Philip Pilmar and Adam Amir are in charge of the prosecution, with the assistance of Paralegal Specialists Huda Abouchaer and Melissa Bennett.

    The Defendant:

    GENARO GARCIA LUNA
    Age:  56
    Miami, Florida

    E.D.N.Y. Docket No. 19-CR-576 (S-1) (BMC)

    MIL Security OSI –

  • MIL-OSI Russia: In the flagship offices of My Documents, Muscovites can consult with tax service specialists

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In the flagship offices of “My Documents” you can consult with specialists of the Federal Tax Service. Muscovites are told about the possibility of receiving benefits on property taxes for individuals, as well as about debt or overpayment. Employees of the mobile office of the tax service show how to work in the “Personal Account of the Taxpayer” service and help fill out the declaration on form 3-NDFL.

    Consultations are held until November 28. You can contact specialists from 12:00 to 20:00, except for the government service centers in Kommunarka and Moskovsky, which are open from 10:00 to 18:00.

    Working hours of mobile tax service offices:

    — October 17 — the flagship office of “My Documents” in the Central Administrative District (Afimall City shopping and entertainment center, Presnenskaya Embankment, Building 2 (first floor);

    — October 22 and 24 — the flagship office of “My Documents” in the South-West Administrative District (TRC “Spektr”, Novoyasenevsky Prospekt, Building 1 (third floor);

    — October 29 and 31 — the flagship office of “My Documents” in the Southern Administrative District (Columbus shopping center, Kirovogradskaya street, building 13a (third floor);

    — November 5 and 7 — the flagship office of “My Documents” in the Eastern Administrative District (TC “Shchelkovsky”, Shchelkovskoye Shosse, Building 75 (fourth floor);

    — November 12 and 14 — the flagship office of “My Documents” in the South-East Administrative District (TC “Gorod”, Ryazansky Prospekt, Building 2, Building 3 (first floor);

    — November 19 and 26 — the flagship office of “My Documents” in the Northern Administrative District (Metropolis shopping center, Leningradskoe shosse, building 16a, building 8 (minus first floor);

    — November 26 and 28 — the flagship office of “My Documents” in the North-West Administrative Okrug (Kaleidoscope shopping center, Skhodnenskaya street, building 56 (fourth floor);

    — November 18 — the Kommunarka district government services center (Aleksandry Monakhovoy Street, building 23);

    — November 20 — Moskovsky government services center (Filimonkovsky district, Moskovsky, 3rd microdistrict, building 21).

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145221073/

    MIL OSI Russia News –

  • MIL-OSI USA: Two CPAs Sentenced in Billion-Dollar Syndicated Conservation Easement Tax Scheme

    Source: US State of California

    Defendants Helped Clients File Tax Returns Claiming Millions in False Charitable Deductions

    Two accountants were each sentenced today to 20 months in prison for their roles in the promotion and sale of abusive syndicated conservation easement tax shelters.

    According to court documents and statements made in court, Victor Smith was a CPA and founding partner of an Atlanta-based accounting firm. Beginning at least in 2014 and through at least 2019, Smith promoted and sold tax deductions to his wealthy clients in the form of units in illegal syndicated conservation easement tax shelters organized and created by co-defendants Jack Fisher, James Sinnott and others. Smith, along with his firm, sold approximately $14 million in false tax deductions to their clients, causing a tax loss to the IRS of about $4.8 million. He earned $491,400 in commissions from Fisher and Sinnott for his role in the scheme.

    William Tomasello was a CPA at another accounting firm who, at least in 2015 and through at least 2019, also promoted and sold units to his wealthy clients in these same syndicated conservation easement tax shelters. Tomasello sold approximately $8.5 million in false deductions, causing a tax loss of about $2.3 million. He earned approximately $525,072 in commissions.

    The scheme entailed the creation of partnerships that would purchase land and land-owning companies and then donate conservation easements over that land or the land itself. Appraisers would value the land and the partnerships would then claim a charitable contribution tax deduction based on the appraised value of the conservation easement, resulting in tax deductions flowing to the wealthy clients who purchased units in the partnership. Many of these clients joined the tax shelters after the donation of the interest in land and after the close of the relevant tax year.

    Smith and Tomasello both knew that, contrary to law, these syndicated conservation easement tax shelters lacked economic substance and that their wealthy clients participated in these sham investments only to obtain a tax deduction and received only a tax benefit for their participation in the tax shelters.  For example, a client who purchased units in a partnership had to “vote” ostensibly on what to do with the partnership’s land. However, Smith and Tomasello knew that the “vote” held by the partnerships each year was just optics and that the land invariably would be donated largely as a conservation easement. Smith and Tomasello also knowingly instructed and caused their clients to falsely backdate documents — such as subscription agreements and checks — related to the illegal tax shelters.

    In addition to their prison sentences, U.S. District Court Judge Timothy C. Batten Sr. for the Northern District of Georgia ordered Smith to serve two years of supervised release and to pay $4,878,990.90 in restitution. Judge Batten ordered Tomasello to serve three years of supervised release, to perform 120 hours of community service and to pay $2,386,816.04 in restitution.   

    Seven additional defendants have previously pleaded guilty to criminal conduct related to the syndicated conservation easement tax shelter scheme of Fisher and Sinnott (who were convicted after trial). These other defendants include appraiser Walter Douglas “Terry” Roberts, accountant Stein Agee, CPA Corey Agee, CPA Ralph Anderson, CPA James Benkoil, CPA Herbert Lewis and CPA and Attorney Randall Lenz.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division, U.S. Attorney Ryan K. Buchanan for the Northern District of Georgia and IRS Criminal Investigation Chief Guy Ficco made the announcement. They also thanked U.S. Attorney Dena J. King for the Western District of North Carolina for her office’s assistance.

    IRS Criminal Investigation and the U.S. Postal Inspection Service investigated the case.

    Trial Attorneys Richard M. Rolwing, Parker Tobin, Jessica Kraft and Nicholas J. Schilling Jr. of the Tax Division and Assistant U.S. Attorney Christopher Huber, Deputy Chief of the Complex Frauds Section, for the Northern District of Georgia prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI USA: Connecticut Fisherman Sentenced for Tax Evasion

    Source: US State of California

    A Connecticut man was sentenced today to one year and one day in prison for evading taxes on income he earned from commercial fishing in Massachusetts.

    According to court documents and statements made in court, Brian Kobus, of Durham, worked as a commercial fisherman and deckhand for various fishing companies in Massachusetts. After each fishing trip, the companies paid Kobus by check. Despite receiving over $1.2 million in fishing income between 2011 through 2013, and 2017 through 2021, Kobus never filed a federal income tax return or paid the taxes that he owed. To conceal the source and disposition of his income from the IRS, Kobus regularly cashed his paychecks from the fishing companies and used the cash to fund his personal lifestyle.

    In total, Kobus caused a tax loss to the IRS of approximately $377,839.90.

    In addition to his prison sentence, U.S. District Court Judge Nathaniel M. Gorton for the District of Massachusetts ordered Kobus to serve one year of supervised release and to pay $377,839.90 in restitution to the United States.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Joshua S. Levy for the District of Massachusetts made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Matthew L. Cofer of the Tax Division and Assistant U.S. Attorney Victor Wild for the District of Massachusetts prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Taxation Reform – TJA welcomes support for CGT in latest poll

    Source: Tax Justice Aotearoa

    17 October 2024 – Tax Justice Aotearoa welcomes the latest 1News-Verian poll finding which shows almost half of voters would support a capital gains tax that excludes the family home.

    The poll asked “Do you support or oppose the introduction of a capital gains tax (CGT) on properties other than the family home?”

    More voters than not said they would support the introduction of a CGT, with 46 per cent in favour and 41 per cent opposed. 13 per cent did not know or preferred not to say.

    “This poll shows that New Zealanders are tired of the current unfair system, in which you are taxed less if you make a living from buying and selling houses than you do if you work an ordinary job,” says Tax Justice Aotearoa chair Glenn Barclay.

    “New Zealand is an outlier internationally in that we do not tax capital gains in a comprehensive way. The additional revenue raised could fund vital services such as education, healthcare and infrastructure and help address climate change – leading to a better quality of life for all New Zealanders.”

    “Our tax system is way out of balance and a capital gains tax (CGT) is a good first step to help level the playing field between wage earners and those who mainly earn their money through investments,” Barclay says.

    “There has been growing support for a capital gains tax from a range of individuals and organisations in the media in recent weeks and this poll shows the public of New Zealand are supportive too.”

    Polling commissioned by TJA also indicates a strong public appetite for a tax on capital – and showed that when the concept is properly explained, support was even stronger.

    “Once people understand that gains from the sale of assets such as houses and shares is income, just like income from employment, they realise how unfair our current system is,” Barclay says.

    “Given the public level of support for treating all sources of income consistently for tax purposes, we call on all political parties to act now.”

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Poland: Staff Concluding Statement of the 2024 Article IV Mission

    Source: IMF – News in Russian

    October 17, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – October 17, 2024:

    An International Monetary Fund mission visited Warsaw during October 8-17 in the context of the 2024 Article IV consultation.

    Poland’s near-term outlook is positive and has improved relative to last year despite ongoing sluggish growth across Europe and Russia’s war in Ukraine. A consumption-led recovery is underway, and the outlook is further supported by recently unlocked NextGen EU Funds (NGEU). Inflation has declined helped by a tight monetary stance, and its descent to the target range by close to end-2025 is on track, provided prudent policies are maintained. Policy priorities for the near- and medium-term include balancing the mix of monetary and fiscal policy , preserving debt sustainability, while strengthening the economy to face longer-term challenges. Specifically:

    • Monetary policy is appropriately tight and interest rate cuts should commence only when there is clear evidence that wage growth is decelerating, and inflation is firmly on track towards the target.

    • The medium-term Fiscal Structural Plan is welcome and it targets sufficient cumulative fiscal consolidation by 2028, meeting the EU’s new fiscal rules. The full set of measures to achieve this is yet to be identified.

    • Bringing more of the authorities’ medium-term deficit reduction plans up front in 2025 would build more resilience against future shocks, reduce debt, and support more rapid interest rate reductions, which would foster private sector investment and growth while still bringing inflation to target.

    • Population ageing, diminishing cost-competitiveness, and climate transition present significant challenges to Poland’s export-driven growth model. Thus, medium-term growth is expected to decline, unless structural reforms are deepened and progress on the energy transition accelerates.

    Economic growth is accelerating in 2024 led by recovering domestic demand. Private consumption has picked up as strong nominal wage growth coupled with lower inflation led to a sharp rebound in real wages. Fixed investment also continued its gradual recovery though remaining as a share of GDP below pre-pandemic levels. Net exports, however, are imposing some drag as imports recovered on the back of higher consumption while exports are held back by weak demand from the Euro Area. As a result, growth is expected at 3 percent in 2024 up from around 0 in 2023.

    The near-term outlook is positive due to the ongoing cyclical recovery in consumption and investment, and the absorption of EU funds. Growth is expected to accelerate to 3.5 percent in 2025 and 3.4 percent in 2026. Real and nominal wage growth are expected to gradually decelerate, while profits are expected to continue declining as firms have limited capacity to pass-through increases in wage costs into prices given that the output gap remains negative. Stronger consumption, normalization of inventories, lagged impact of the appreciation of the real exchange rate, and release of EU funds are expected to support imports and with it a narrowing in the current account surplus.

    Over the medium term, growth is expected to moderate and converge to potential as the support from rebounding consumption and NGEU funds subside. Growth will decelerate to slightly below 3 percent by 2029 as EU-financed investments decline and the population ages. Productivity is expected to modestly recover from the impact of recent labor hoarding. However, productivity growth is not expected to return to pre-pandemic levels given that much of the productivity gap with advanced economies has already been closed.

    Amidst high uncertainty, risks remain elevated and tilted towards lower growth and higher inflation. A slower-than-expected recovery in the Euro Area, delayed absorption of EU funds, and heightened geopolitical tensions could dampen the recovery. At the same time, risks to inflation remain elevated from the tight labor market against the backdrop of accelerating domestic demand and potential supply-side shocks. There are also upside risks to growth including a stronger-than-expected catalytic role from EU funds on private investment and productivity, a larger-than-expected workforce from higher immigration, and potential nearshoring as a result of geoeconomic fragmentation. Risks are well mitigated by ample foreign exchange reserves, a flexible exchange rate, modest debt levels, and robust financial sector buffers.

    Monetary policy is appropriately tight.While the policy rate was kept on hold at 5.75 percent since November 2023, the monetary stance has tightened as inflation expectations declined. This is appropriate because inflation is well above the central bank inflation target. The momentum of core inflation is elevated in the context of strong wages growth amid still-tight labor market and substantial wage increases in the public sector.

    Monetary policy should remain tight at least through 2025 with rate cuts commencing only when data and forecasts confirm that inflation is on a clear downward path towards the target. Absent surprises, both core and headline inflation should peak in year-on-year terms before mid-2025, significantly above the target, before moderating around the upper end of the target range of 2.5±1 percent by end-2025. However, uncertainty on the inflation trajectory is substantial, including due to uncertainty regarding energy prices, developments in the labor market, and the pace of economic recovery. While, monetary policy should remain both data-dependent and forward-looking, the current context warrants placing significant weight on realized inflation declining towards the target over several months on the back of decelerating wages. On this basis, there may be scope for limited and gradual policy rate cuts to start around mid-2025.

    Near-term growth acceleration presents an opportunity to rebuild buffers and help complete the disinflation process by tightening fiscal policies. The general government (GG) deficit is projected to widen from 5.1 percent of GDP in 2023 to 5.7 percent of GDP in

    2024, due to expansionary policies resulting in a fiscal impulse of 0.4 percent of GDP. The 2025 budget targets a slightly lower GG deficit of 5.5 percent of GDP largely owing to higher growth. Staff recommends a tighter fiscal stance by around 0.5 percent of GDP. This can be still achievable within the 2025 budget by saving possible revenue overperformance and limiting non-priority spending. Such a shift would lower debt, thereby rebuilding fiscal space to mitigate against future shocks. It would also lift some of the burden from tight monetary policies to rein in inflation, potentially freeing space for additional policy rate cuts.

    Fiscal consolidation should be anchored in a clear medium-term plan to stabilize debt. The recently published Fiscal Structural Plan is an important and welcome step in this regard as it targets appropriate fiscal balances by 2028 – entailing an adjustment of about 2½ percent of GDP from 2024 in terms of the structural fiscal balance – that would allow exiting the EU’s Excessive Deficit Procedure while stabilizing debt at levels close to 60 percent of GDP notwithstanding large increases in spending on defense. Fully identifying the necessary fiscal measures now and bringing more of the planned fiscal consolidation upfront into 2025 would help strengthen its credibility.

    Potential measures that would support consolidation while also further reducing inequality include: i) raising Personal Income Tax revenues by increasing progressivity to bring them more in line with EU peers , ii) addressing the preferential and regressive treatment of the self-employed, iii) better targeting of social benefits to more effectively support the vulnerable, iv) raising property tax revenues closer to EU comparators, and v) taxing more non-essential items at the standard VAT rate. In this context, raising the PIT tax-exempt threshold, which is under consideration, would require even stronger consolidation measures to offset the fiscal cost. Finally, aligning the retirement age for men and women and then adjusting it over time in line with longevity would help limit the expected shortfall in pensions’ adequacy over the longer-term.

    The authorities have made commendable progress in strengthening the fiscal framework. They have expanded the coverage of the stabilizing expenditure rule and improved oversight over extrabudgetary funds. Establishing a fiscal council as planned would further strengthen accountability and governance.

    Financial sector policies should safeguard the nascent credit recovery, building on a robust banking system. Systemic risks to the financial sector have moderated, with the banking sector being well-capitalized and liquid. Past prudential policies have focused on buttressing stability through regulatory tightening. At the same time banks had to face large costs of legal risks and regulatory burdens such as mortgage credit holidays. Together with weak credit demand and serious legal and regulatory uncertainties, this has created further headwinds for new credit resulting in one of the steepest declines in private sector credit-to-GDP in the EU. Moving forward, policy makers should: (i) take into account the impact of possible further tightening of regulations on the nascent credit recovery, while enhancing regulatory stability; (ii) proactively reduce legal risks to financial sector stability, including by exploring legislative solutions; (iii) even the playing field for private sector credit by replacing the bank asset tax in a manner that eliminates the preferential treatment of public debt` and (iv) allow the mortgage credit holiday to expire.

    After two decades of impressive income convergence, Poland’s growth model needs to adjust to new economic conditions. Exports, especially to the EU, have played a significant role in Poland’s success. However, sizable real appreciation over the past two years weighs on cost-competitiveness. Meanwhile, the regional growth outlook remains subdued, and geopolitical conflicts and geoeconomic fragmentation present headwinds to penetrating new markets. In addition, shallow domestic capital markets and low savings weigh on investment, with population ageing posing a substantial drag on the future size of the workforce. To sustain growth, policies should focus on: i) deepening capital markets (including steps towards a capital market union within the EU), ii) lowering barriers to resource reallocation (for example by strengthening re-skilling programs for adults), iii) fostering innovation capacity (including by promoting private equity and venture capital), and iv) supporting higher labor participation especially for women (by ensuring adequate child and elderly care). The new program supporting young parents’ return to the labor market aims to address this gap. Building on the successful absorption of refugees from Ukraine into the Polish labor market, ongoing efforts to enhance the integration of immigrants can further help contain labor shortages.

    The government’s new decarbonization targets are appropriate; meeting these while safeguarding competitiveness and social cohesion will require strong measures.

    Significant progress has been made on climate mitigation, but more is needed given Poland’s costly dependence on coal, which also undercuts competitiveness. The recent draft energy strategy update outlines additional policy targets and measures for bringing emissions in line with EU climate goals. Its success will be supported by EU funds, and depends on removing barriers to private investment in renewable energy, including by adopting EU legislation on faster permitting for green projects, liberalizing regulations for onshore windfarms, and prioritizing NextGen EU funds for expanding electricity grids. Extending carbon pricing to transportation and heating would also be important for reducing emissions; an early and gradual introduction would help limit adjustment costs. The authorities must address social challenges from the climate transition by cushioning the social impact on coal mining regions and reducing energy poverty.

    The mission thanks the authorities and other counterparts for the fruitful discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/CS-poland-2024

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Salford City Council approve major funding support for Salford Lads Club

    Source: City of Salford

    • Council approve £100k funding support for the club
    • Funding includes £20k match funding from Salford Crowdfunder and up to an additional £80k from the City Council Revenue Budget.
    • Decision is in response Salford Lad’s Club announcement of need to raise £250k to enable it to keep operating
    • Funding confirmation follows news of Manchester Evening News setting up a Go Fund Me page to support the club 

    Salford City Council has confirmed an agreement to provide significant funding to help support Salford Lads Club. The decision will see £100k committed to the club with immediate effect to help the club keep its doors open, remain operating and providing essential support to local children and young people.
     
    The funding package will consist of a £20k match funding contribution from the city’s Crowdfunder programme. The additional funding, up to £80k will be provided in the form of a grant from the City Council Revenue Budget.
     
    The council has acknowledged not only the significance of Salford Lads Club as an iconic cultural venue for the city, but also its important role in supporting and shaping the lives of children and young people in the city. The decision to act fast and activate this package of support is a reflection of the vital work done by the club and its volunteers and the need to secure its future.
     
    The support provided by the council will not just be financial. A further commitment has been agreed for council officers from across different departments to work more closely with the club to help ensure its survival. Salford City Council will also work closely with partners from across the city to garner further long term support for the club. 
     
    The council has recognised the important role of Manchester Evening News’ in raising awareness of the plight of the club and the creation of their Salford Lads and Girls Club Legacy Fund, to ensure the clubs future survival. 
     
    Salford City Mayor Paul Dennett said: “I’m delighted to be able to confirm this significant funding package for Salford Lads Club. Having worked closely with the club for many years, we are acutely aware of the current financial difficulties and the challenging operating times it faces. So, I’m pleased we have been able to act swiftly and provide this funding support now.  
     
    As a council, we are committed to creating a fairer, greener, healthier and more inclusive city for all and this includes working with organisations and institutions such as Salford Lads Club, who can help us achieve this goal.
     
    What better recipient of this support is there than an institution that wholly embodies the true Spirt of Salford? An institution that has been there, providing, support, guidance, activities and education, as well as being a safe haven for generations of Salfordians and a venue that has contributed to putting the city on a global stage. 
     
    There will be people around the world who are only aware of Salford, because of the Lads Club, via the lens of the famous Smiths photograph. So it is only right that the council provides this much need funding now and a commitment to support in the future. 
     
    The council has a history of making positive steps to invest in the city’s sport, heritage and culture. This decision follows previous commitments to purchase the Salford Community Stadium, investment in sporting facilities and positioning the city as a culture hotspot through the funding of The Lowry, the BBC Philharmonic and RHS Bridgewater.
     
    I’d also urge those who have benefitted from the great work of the club over the years and anyone who is able to donate, to contribute to the Manchester Evening News’ Salford Lads and Girls Club Legacy Fund, to further support the clubs future survival.” 

    Share this

    Date published
    Thursday 17 October 2024

    Press and media enquiries

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Transition Finance Market Review launch

    Source: United Kingdom – Executive Government & Departments

    Keynote speech by Minister for Industry at the launch event for the Transition Finance Market Review.

    Location:
    Guildhall, London
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Thank you Councillor for your warm welcome and for your work as part of this review.  

    This is my second time this week in the Guildhall. We had the big Investment Summit here on Monday. It’s always very special to come to the Guildhall. 

    For 2,000 years this site has been a hub of development, business and finance, so it’s apt that we meet here today to discuss more modern means of generating profitable, sustainable growth in the UK.  

     I want to start by congratulating Vanessa and the team and everyone who has taken part in the Transition Finance Market Review and for publishing your comprehensive report and to City of London Corporation for hosting this event.  

    This is a really important review, which will influence how we think about financing the clean energy transition in the UK and around the world.  

    Our twin  goals of clean power by 2030 and accelerating to net zero in 2050 are ambitious… 

    …but, as the men and women who stood in this Guildhall over the centuries knew, with any period of growth comes huge opportunity. 

    Which is why we need to deploy all the tools at our disposal – from innovative new technology at scale, to novel and creative financial packages that mirror that ambition.  

    Clean energy is at the heart of this government’s agenda.  

    We believe that clean energy is the economic and industrial opportunity of the 21st century.  

    Mobilising public and private finance will be critical to achieving our clean energy mission and international climate goals.  

    The government is working quickly to remove the barriers and deploy legislative actions to accelerate the work.  

    Take the de-facto onshore wind ban.  

    Removed within 72 hours of being in office… 

    Now we must support industry on how to break ground on multiple new projects.    

    It’s why we are introducing a Planning and Infrastructure Bill to speed up and streamline the planning process.  

    And we will also be updating the relevant National Policy Statements within the next 12 months to provide certainty to the industry. 

    By stimulating the market and crowding-in investment via Great British Energy, we stand to rapidly grow supply chains across the country, creating the well-paid and meaningful jobs our communities crave. 

    But this all points back to finance. 

    How do we approach the question of scaling up the investment we need?  

    First, our ambition is to make the UK the green finance capital of the world.  

    This will mobilise Britain’s world-leading financial centre to unlock the trillions of pounds of investment needed for the global energy transition.   

    A strong sustainable finance policy framework is critical to driving investment into the sectors that are crucial to meet our carbon budgets.  

    It also provides a huge economic growth opportunity for the financial services sector.  

    Second, there must be a genuine partnership between government and the private sector.

    In the UK we need hundreds of billions of pounds of investment to make this transition happen.  

    Our role is to set a clear and certain direction of travel, with a plan that businesses and investors understand. 

    And third, we remain committed to being a strong advocate for climate finance to ensure developing countries across the world have the finance they need.   

    COP29 needs to deliver an ambitious new climate finance goal that meets the needs and priorities of developing countries.  

    This will be vital to accelerating investment in mitigation and adaptation and will play an important role in securing ambitious NDCs ahead of COP30 next year.  

    But we know that this won’t be as easy as flicking a switch for high emitting sectors.  

    Transition finance for hard-to-abate sectors will play a key role, particularly when it comes to challenges such as industrial decarbonisation.  

    I know there are complex challenges to overcome in scaling up the transition finance market. 

    These include minimising the risks of greenwashing and ensuring investors are equipped with the right information on investment needs for our sectors.  

    But there are huge opportunities too.  

    So, what is changing? 

    The Transition Finance Market Review has developed a comprehensive set of policy recommendations for how government can do more to accelerate the growth and ensure the credibility of our transition finance market.  

    The Review has called for more clarity on decarbonisation pathways for key sectors and ways of mobilising private investment to achieve these. 

    We will strive to deliver this clarity through existing and new policy, including our Industrial Strategy launched on Monday setting out the steps we are taking to deliver long-term growth while harnessing the opportunities of net zero. 

    Clean Energy Industries are one of eight growth-driving sectors identified in the Industrial Strategy green paper this week. This is alongside Advanced Manufacturing, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.  

    We are now keen to hear your thoughts on how we identify the most promising sub-sectors within clean energy industries – including the most innovative emerging technologies. 

    More over, our green paper makes clear the UK is committed to sustaining growth – growth that is aligned with our Net Zero and environmental objectives. 

    We also announced a National Wealth Fund capitalised with £27.8 billion to invest in the new industries of the future and mobilise billions more in private investment and generating a return for taxpayers.  

    The National Wealth Fund will build on the leadership of the UK Infrastructure Bank but go further – including in ways recommended by the Transition Finance Market Review.  

    And just one example, the National Wealth Fund will be empowered to make investments that maximise the mobilisation of private investment, including an expanded suite of financial instruments such as performance guarantees and trialling new blended finance solutions, with government departments, taking on additional risk to facilitate higher impact in individual deals. 

    It will inherit UKIB’s existing £22 billion capitalisation and have an additional £5.8 billion, which will be committed over this Parliament. 

    In addition, we are driving forward several green finance priorities mentioned in the Review. 

    We are developing our approach to mandate UK registered financial institutions and large companies to implement credible transition plans. 

    we will ensure we move from ambition into coherent strategies to realise the opportunities of the net zero economy… 

    …and I want to extend my thanks to the Transition Plan Taskforce for their work to pioneer global best practice in this space. 

    We will also continue to advance our plans for a UK Green Taxonomy in line with our commitment in Financing Growth.  

    We want to ensure any framework is science-based, interoperable with international standards, and user-friendly for business and intend to provide more detail on our plans in this area soon.  

    Finally, we are advancing plans to ‘endorse’ international climate-related reporting standards issued by the International Sustainability Standards for use in the UK. 

    Our government will be studying the recommendations in the report very carefully and will be making further announcements on their implementation soon.  

    Clean power by 2030 is ambitious. But when you look around the world, you see that we have no time to waste.  

    Climactic events are worsening. All the industrialised nations around the world have a responsibility to step-up and redress this imbalance, using whatever resources necessary.  

    Domestically, we know that the advance of the green sector is intrinsically linked to the economy, and it is our core mission to deliver meaningful, well-paid jobs fuelled by renewable growth.   

    And it’s the reason we’re going all-out for clean power.  

    All of this hinges on mobilising green finance today, so that decades from now, people will remember this period as our green industrial revolution, delivering prosperity, skills and clean energy for millions of people.

    Updates to this page

    Published 17 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Houston man guilty in $160M Medicare fraud scheme

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    Southern District of Texas

    FOR IMMEDIATE RELEASE
    Tuesday, October 15, 2024

    HOUSTON – A 59-year-old Houston man has been convicted of all 15 counts as charged for heading a massive Medicare fraud scheme involving the fraudulent billing of expensive topical creams, announced U.S. Attorney Alamdar S. Hamdani.  

    The jury deliberated for less than five hours before convicting Mohamad Mokbel following a 10-day trial. 

    From 2014 through 2021, Mohamad Mokbel led a company called 4M Pharmaceuticals which operated 14 pharmacies with straw owners. The jury heard evidence that Mokbel illegally purchased thousands of Medicare beneficiaries, including their identification number, personal health and physician information. Mokbel targeted elderly diabetic patients who are dependent on diabetic testing supplies to manage their blood sugar levels. Mokbel paid $16 to $40 per Medicare beneficiary.  

    To maximize reimbursements and without regard for medical necessity, Mokbel then directed 4M employees to use the Medicare beneficiaries’ patient data to run insurance claims to determine if Medicare or other insurance plans would cover and reimburse at a high rate for the topical creams, Omega-3 pills and other medications that Mokbel intended to sell through 4M pharmacies.

    At Mokbel’s direction, 4M employees would then fax pre-filled prescription requests to the patients’ doctors appearing to be for diabetic testing supplies with topical creams added at the bottom. They also included false representations that the patient was requesting a 4M Pharmacy fill their medications. In reality, Mokbel had previously purchased the patient’s personal information, the patient had not selected a 4M Pharmacy and the patient was often unaware the request was being made on their behalf. 

    Many doctors apparently took the representations in the fax at face value and did sign and send back the prefilled prescription requests to 4M. Mokbel’s call center in Houston and later in Egypt then contacted the patients and made false and misleading statements about the topical cream and their doctor’s order. Mokbel’s pharmacies then shipped out numerous topical creams, often on auto-refill, and excessively billed Medicare, Medicaid and private insurance plans. 

    Mokbel made over $200 million as a result of the scheme. 

    From 2015 through 2020, Mokbel also corruptly gave a series of bribe payments, ranging from $2,000 to $5,000 and totaling over $188,000 an employee of a pharmacy benefits manager – OptumRx – in exchange for favorable treatment for 4M pharmacies. They were credentialed and recredentialed with OptumRx which allowed them to enter into retail network agreements with OptumRx, participate in the Medicare Part D program and submit claims for prescriptions for Medicare beneficiaries. Mokbel also received information and advice about responding to audits and preventing and/or delaying OptumRX termination of many 4M pharmacies.

    U.S. District Judge Lee H. Rosenthal accepted the verdict and set sentencing for Jan. 7, 2025. At that time, Mokbel faces up to 20 years for conspiracy to commit mail fraud and health care fraud, 10 years for each of five counts of health care fraud, each of six counts of money laundering and one count of bribery concerning programs receiving federal funds as well as five years for

    conspiracy to violate the Anti-Kickback Statute and conspiracy to commit bribery. He could also be ordered to pay up to a total of $4 million in fines and possible restitution in excess of $160 million.      

    Previously released on bond, Mokbel was taken into custody pending sentencing.

    The FBI, IRS Criminal Investigation, Homeland Security Investigations, Department of Health and Human Services, Food and Drug Administration and the Texas Attorney General Medicaid Fraud Control Unit conducted the investigation. Assistant U.S. Attorneys Kathryn Leigh Olson and Adam Laurence Goldman are prosecuting the case.

    MIL OSI USA News –