NewzIntel.com

Category: Taxation

  • MIL-OSI USA: THOMPSON INTRODUCES BICAMERAL BILL TO REINSTATE AND MODERNIZE BICYCLE COMMUTER TAX BENEFIT, ENCOURAGE BIKING TO WORK

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Washington – Representative Mike Thompson (D-CA-04) today joined Senator Peter Welch (D-VT)and Senator Alex Padilla (D-CA) to introduce the Bicycle Commuter Act of 2025, bicameral legislation that would reinstate and expand the Bicycle Benefit Subsidy Program’s non-taxable bicycle commuter benefit to encourage more Americans to bike to work.  

    “Cycling is efficient, low-cost, and low-impact on our roads and the environment — in other words, it’s good for you and for our planet. Encouraging people to bike to work just makes sense,” said Thompson, Co-Chair of the Congressional Bike Caucus. “I’m glad to work with Senators Welch and Padilla on this bicameral legislation restoring and modernizing bike commuters’ tax benefits.”

    “The perks of biking to work are tenfold–saving commuters money, providing health benefits, and helping reduce emissions. An increasing number of Vermonters have recognized those benefits, with the number of cycling commuters doubling in the Green Mountain State in the past decade. But there’s more that we can do to strengthen biking infrastructure to help more folks around the country enjoy the advantages of cycling to work,” said Senator Welch. “Our bicameral legislation will reinstate and modernize the bicycling tax benefit to encourage more commuters around the country to get to work by riding a bicycle.” 

    “Biking to work is good for our planet, our health, and our wallets,” said Senator Padilla. “The Bicycle Commuter Act would allow cyclists to take advantage of the same tax benefits that incentivize hardworking Americans to commute via public transit or carpool, while also helping keep our air clean and reduce congestion on our roads. It would also expand these commuter tax benefits to e-bikes, bikeshares, and certain scooters, further encouraging bike ridership and putting money back in the pockets of workers.”

    In 2009, Congress created the Bicycle Benefit Subsidy Program to encourage more workers to bike to their jobs by allowing employers to offer a non-taxable reimbursement of up to $20 per month for expenses related to bicycle commuting. However, employees who elected to participate in the program were forced to forfeit other commuter benefits, such as those provided for parking or transit. The non-taxable bicycle commuter benefit was suspended until 2026 by the Tax Cuts and Jobs Act of 2017, eliminating this vital financial incentive for employees who bike to work.  

    The Bicycle Commuter Act of 2025 would modernize the Bicycle Benefit Subsidy Program to ensure cyclists can access pre-tax commuter benefits similar to those available for parking and public transit and allow recipients to claim the bicycle benefit in tandem with other commuter benefits. The bicameral legislation would also allow electric bicycles and bikeshare and scootershare services to be eligible for the benefit. 

    The Bicycle Commuter Act is supported by the Association for Commuter Transportation, League of American Bicyclists, North American Bikeshare and Scootershare Association, PeopleForBikes, Rails to Trails Conservancy, Safe Routes Partnership, and Sierra Club. 

    Read and download the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI USA: Scalise, Cosponsors Celebrate Passage of Rescissions Act

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    WASHINGTON, D.C. — Today, House Majority Leader Steve Scalise (R-La.), Conference Vice Chair Blake Moore (R-Utah), Appropriations Committee Chairman Tom Cole (R-Okla.), DOGE Subcommittee Chair Marjorie Taylor Greene (R-Ga.), Rep. Aaron Bean (R-Fla.), and Rep. Pete Sessions (R-Texas) released the following statements after the House of Representatives passed H.R. 4, the Rescissions Act of 2025:“For too long, Washington has run on reckless, out-of-control spending to the detriment of American families and taxpayers. Through their investigation into government waste, fraud, and abuse, DOGE uncovered shocking foreign aid initiatives funded by the American taxpayer – such as LGBTQ+ initiatives around the world or electric buses in Africa. Additionally, Americans continue to subsidize the Corporation of Public Broadcasting, including NPR and PBS, despite raging political bias,” said Majority Leader Steve Scalise. “American taxpayers shouldn’t be funding woke foreign aid or radical media – their dollars should go to improving the nation they live in. I’m grateful to my colleagues in the House for supporting my legislation codifying the Trump Administration’s rescissions request. House Republicans and President Trump ran on the promise to turn Washington’s spending trajectory around, and with this legislation, we’re following through.”“This $9.4 billion rescissions package is a step in the right direction in reducing waste in our spending, addressing our crippling federal debt issues, and ensuring the American Dream stays within reach for the next generation. If we keep running $2 trillion annual deficits for the next decade, our Treasury bonds will become worthless, and it will be impossible to protect any federal programs in the long haul. I am also pleased that this package maintains live-saving aid provisions in PEPFAR and other Global Health accounts. This effort is critical to scaling back our bloated federal spending,” said Conference Vice Chair Blake Moore. Appropriations Committee Chairman Tom Cole said, “Responsible governance means prioritizing fiscal sanity and holding Washington accountable. Just as everyday Americans make tough choices and cut costs, so should their government. This rescissions request is part of that objective and will advance accountability and save hard-earned taxpayer dollars. It’s another step in fulfilling the promise President Trump and House Republicans made to change the trajectory of our fiscal glide path and restore discipline across federal agencies. I commend Majority Leader Scalise’s work and his willingness to hear various perspectives on the proposal. Taken as a whole, this effort reflects a shared understanding that the status quo on spending cannot remain, and I am steadfast in my support of advancing that comprehensive mission. This is just the start, and we will continue to reevaluate federal spending and target investments where they’re needed most.”DOGE Subcommittee Chair Marjorie Taylor Greene said, “I’m so excited the House has passed its first bill codifying President Trump’s DOGE cuts into law! I’m proud of the work the House Oversight Committee and my DOGE Subcommittee have done to expose the waste, fraud, and abuse at USAID, NPR, and PBS. We led the way. We held the hearings. We’re getting results. But this is only the beginning. We must codify every single DOGE cut into law and keep our promise to the American people to eliminate waste, fraud, and abuse for good.”“Taxpayers deserve an efficient, accountable government. H.R. 4, the Rescissions Act of 2025, cuts reckless, politically biased spending identified by DOGE and takes a critical step toward fiscal health. House Republicans are ready to restore responsibility—I urge the Senate to act swiftly. Let’s go get’em!” said Rep. Aaron Bean.“The Rescissions Act of 2025 is a commonsense measure to restore fiscal discipline in Washington. As Co-Chair of the House DOGE Caucus, I’m committed to eliminating waste, reclaiming taxpayer dollars, and upholding conservative principles of responsible governance. Protecting the taxpayer and overseeing the allocation of their hard-earned money is the constitutional duty of Congress,” said Rep. Pete Sessions.

    MIL OSI USA News –

  • MIL-OSI USA: Scalise Highlights America First Rescissions Package

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    WASHINGTON, D.C.—Today, House Majority Leader Steve Scalise (R-La.) spoke on the House floor before the passage of the Rescissions Act of 2025, which codifies President Trump’s DOGE cuts to root out waste, fraud, and abuse from federal overspending. Leader Scalise emphasized that Democrats’ ‘no’ vote is a vote to prioritize far-left foreign programs over lowering inflation, paying down our debt, and strengthening social services for Americans.

    Click here or the image above to view Leader Scalise’s full remarks. 
    Leader Scalise’s remarks:“I thank my friend, our conference chair, Ms. McClain, for managing this time on this important bill. Mr. Speaker, a lot of people come up here and they talk about trying to get America’s fiscal house in order, about the idea of getting back to balanced federal budgets. I don’t know many people here who are against it. I know when we later in this Congress put a bill on the floor to require a balanced federal budget, there will be many Democrats, Mr. Speaker, who will vote no on that, because when it comes time to actually put your votes on the board to back up the principles that most Americans relish, they walk away. They won’t be there when it actually matters. Everybody could talk about cutting wasteful spending. Even if you don’t necessarily agree that it’s wasteful spending, and what we’re bringing today is wasteful spending, but even if you think, ‘Okay, might not be as bad as some other things you don’t agree with,’ we all have to agree, Mr. Speaker, that as we just saw a few weeks ago, Moody’s downgraded the credit rating of the United States. Wasn’t a recommendation, Mr. Speaker. Wasn’t a warning that, gee whiz, if you folks don’t get your fiscal house in order, this might happen. They actually did it. They downgraded the credit rating in the United States because spending has to get under control. The party over there that spent the last four years under President Biden spending like drunken sailors, and all due respect to drunken sailors, because they don’t spend this bad. But the trillions of dollars of debt that were racked up had consequences, Mr. Speaker. “It had consequences not only in terms of our national debt, it affected the pocketbooks of families all across America because that spending, bloated spending in Washington, money we don’t have, by the way, increased inflation to the point where people couldn’t even go to the grocery store to fill up their carts. They couldn’t afford to go to the gas station to fill up their cars. They couldn’t afford to take out a loan to buy a house because interest rates had gotten so high that today we’re spending more money servicing our interest than we are on America’s national debt. These are all real, dramatic facts that concern most Americans. They say, thank goodness, Congress is finally bringing a bill to the floor to start cutting some spending that aren’t priorities. Call it wasteful if you want, call it whatever you want, but these aren’t things that we can afford to spend, even if you agree with them. Because it’s not money we have in the bank. It’s all borrowed money, Mr. Speaker. And so, where did we start? “Well, the White House laid out a number of things. They looked at that USAID program – they didn’t gut the whole thing, but they said there are a number of things that are being done that just don’t represent the values of the United States. And are being done in foreign countries while we don’t have our fiscal house in order here in America. So, how about we start there? I know the Democrats on the other side are acting like, ‘Oh, my God, the world’s going to stop spinning on its axis if this spending goes away.’ So why don’t we talk about some of the spending that will go away? Again, borrowed money, not money we just took out of the bank, money we borrowed from countries like China to spend on that is a debt to our kids. Each one of these I list, Mr. Speaker, you should ask, if you vote ‘yes,’ you’re finally relieving that debt burden. But if you vote ‘no,’ you think it’s okay to send this bill to our kids. “We’re not paying for it today, Mr. Speaker, but our kids would if we keep doing it. If the other side votes ‘no,’ they want to keep borrowing money from our children to spend a million dollars on voter ID in Haiti. The same party that doesn’t want voter ID in America – calls it racist – wants to fund voter ID in Haiti. $6 million for net-zero cities in Mexico. I know some of their best supporters are waving a Mexican flag at an American city right now, and they support those efforts. Most Americans don’t, Mr. Speaker. “$3 million for Iraqi Sesame Street. The minority leader held up a Sesame Street character here on the floor as if Sesame Street somehow is going to go away. I was just watching a commercial on TV yesterday where the Cookie Monster was actually doing an advertisement for Netflix because a private company is paying money to run Sesame Street. It’s not going away. It’s doing just fine. Very lucrative. What will go away is some of the far-left radical views that are being espoused. By the way, when this goes away at NPR, you can still turn on about six or seven other channels and get the same far-left radical views, but they’re all going to be private companies, Mr. Speaker, not taxpayer-funded entities. If somebody wants to pay money to go on one of their services that they stream or get over the top, or however they get their digital content, they can still do that.And there are a lot of options. Never been more options. Some people joke that they buy their services for their cable or whatever else they get, and that there’s 200 channels, and they might only watch four or five of them. There is still going to be a plethora of options for the American people. But if they’re paying their hard-earned dollars to go get content, why should your tax dollars go to only one thing that the other side wants to promote? Let everybody compete on a fair basis. They can still watch Sesame Street in Iraq, but let the Iraqi people pay for it, not the taxpayers of the United States of America’s children. “Today’s taxpayers aren’t paying for it because it’s all borrowed money. $2.1 million for climate resilience in Southeast Asia, Latin America, and East Africa. Five hundred thousand for electric buses in Rwanda. Rwanda is more than free to go buy all the electric buses they want or diesel buses. Why should the taxpayers of America be borrowing money from our children to buy electric buses for Rwanda? $33,000 for being LGBTQI in the Caribbean. Taxpayer money that a ‘no’ vote today says is more important than strengthening a program like Social Security. I say not. $643,000 for LGBTQI+ programs in the Western Balkans. Borrowed money. $567,000, Mr. Speaker, for LGBTQI+ programs in Uganda. $5.1 million to strengthen the ‘resilience of lesbian, gay, bisexual, transgender, intersex, and queer global movement.’ Not sure what that global movement is. They can continue that movement in some other way, but just not with the taxpayer dollars of the United States of America’s children. Again, there’s no bank account that $5.1 million came out of. It’s all borrowed money that a ‘no’ vote says is more important than strengthening Social Security. $135 million in contributions to the World Health Organization, which we all saw during COVID, was the mouthpiece for the Chinese Communist Party. I would imagine if we stopped this $135 million funding, the CCP may pick it up because they were regurgitating their talking points during COVID. “At some point, Mr. Speaker, the question we’ve all got to answer is, number one, do you believe in fiscal responsibility? Maybe some people have other priorities than these they’d like to defund. But if you think these are all things that are worth borrowing money from our children to fund, then that’s what the ‘no’ vote represents. If you think it’s time we start somewhere, here’s the place to start, not to finish, just the beginning, to finally start getting control over spending and respecting those families who are working hard, who are working two shifts at the diner to pay taxes on tips that will soon go away if our One Big Beautiful Bill passes. Or somebody who’s working overtime because you want to send your kid to college, and you find out this is where your taxpayer dollars are going, and you’re disgusted and say, ‘When will somebody do something about it?’ Today’s the day to do something about it. Talk is cheap. Put the action on the floor. Let’s finally get control over spending in a small way. Start a bigger picture towards a balanced budget, but it starts here. Vote yes, get this done, and let’s keep moving forward to strengthen this great country. With that, I urge a yes vote and yield back, Mr. Speaker.”

    MIL OSI USA News –

  • MIL-OSI Security: Former Illinois Speaker of the House Michael J. Madigan Sentenced to Seven and a Half Years in Prison After Corruption Conviction

    Source: Office of United States Attorneys

    CHICAGO — A federal judge in Chicago today sentenced former Speaker of the Illinois House of Representatives MICHAEL J. MADIGAN to seven and a half years in federal prison for using his official position to corruptly solicit and receive personal financial rewards for himself and his associates.

    A jury in U.S. District Court in Chicago earlier this year convicted Madigan of conspiracy to commit an offense against the United States; using interstate facilities to promote unlawful activity; wire fraud; and bribery.  Evidence at the four-month trial revealed that Madigan, who served as House Speaker and occupied a number of other political roles, conspired with others to cause the utility company Commonwealth Edison to make monetary payments to Madigan’s associates as a reward for their loyalty to Madigan, in return for performing little or no legitimate work for the business.  The true nature of the payments was to influence and reward Madigan in connection with specific legislation ComEd sought in the Illinois General Assembly.

    Madigan, 83, of Chicago, also schemed with an Alderman of the Chicago City Council to steer legal work to Madigan’s private law firm and Madigan’s son, in exchange for Madigan’s assistance in inducing the Governor of Illinois to appoint the Alderman to a compensated state board position.

    After reviewing Madigan’s criminal conduct and finding that Madigan perjured himself repeatedly in his trial testimony, U.S. District Judge John Robert Blakey imposed the seven-and-a-half-year prison sentence and fined Madigan $2.5 million.

    The sentence was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, and Ramsey E. Covington, Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago.  The government was represented today by Assistant U.S. Attorneys Sarah Streicker, Diane MacArthur, and Julia Schwartz.

    “Corruption at the highest level of the state legislature tears at the fabric of a vital governing body,” said U.S. Attorney Boutros.  “It was the grit and determination of our team of prosecutors and law enforcement agents, led by our former colleague, Amarjeet S. Bhachu, who served as the Chief of the U.S. Attorney’s Office’s Public Corruption and Organized Crime Section until earlier this year, that allowed this case to reach a jury and send a clear message that the criminal conduct by former Speaker Madigan was unacceptable.  I couldn’t be prouder of the strong commitment of our law enforcement partners at the FBI and IRS Criminal Investigation.  Our Office and our partners remain steadfast in our commitment to vigorously prosecute corruption at all levels of government and hold public officials accountable for violating the public trust.”

    “Mr. Madigan was elected to serve the people of Illinois, but his actions demonstrated time and time again that his priority was his own personal interests and gain,” said FBI SAC DePodesta. “Thanks to the dedicated investigative and prosecutorial teams, he will now be held accountable for those criminal actions.  The FBI remains dedicated to aggressively investigating corruption and fraud to ensure that the public has faith in our democratic institutions and elected leaders who are truly honest and fair.”

    “Today’s sentencing marks a pivotal moment in our commitment to uphold the integrity of public service,” said IRS-CI SAC Covington.  “Through meticulously tracing the flow of illicit funds tied to legislative influence and no‑show jobs, our team has demonstrated that no individual—regardless of stature or tenure—is beyond the reach of the law.  Holding Michael J. Madigan accountable today reinforces the core principle that public trust is sacred, and those who betray it will be brought to justice.”

    MIL Security OSI –

  • MIL-OSI USA News: Father’s Day, 2025

    Source: US Whitehouse

    class=”has-text-align-center”>By the President of the United States of America

    A Proclamation

    America’s fathers are the custodians of our strength, the leaders of our families, and the protectors of our security and safety.  This Father’s Day, my Administration pays tribute to every father whose fierce love, heroic devotion, and inspiring example are molding the next generation.

    Whether by birth, adoption, or father figures, America’s dads help shape the character and future of our Nation.  Through their example, they instill strength, integrity, and perseverance in their children.  They rise early, work late, make sacrifices, and remain steadfast in their love and commitment to their families.  Fathers lead through action, speak with purpose, and impart wisdom honed by experience.  From their children’s earliest days as infants through their journey into adulthood, fathers leave a lasting influence that reaches far beyond the walls of their homes.

    The presence of a father also serves to plant the seeds of virtue and instill American values in their children.  For many, dads are the first to teach the value of hard work, love of country, and the importance of living with conviction.  With every generation, these lessons are carried forth. 

    As President, I am fighting every day for America’s fathers and families — preserving the Child Tax Credit, expanding school choice, and restoring the fundamental rights of parents to raise their children free from Government interference.  I will always stand with our dads in shielding children from the toxic lies of gender ideology, and I will never stop working to keep our neighborhoods safe by backing our law enforcement, crushing violent crime, and ensuring our southern border remains sealed and secure.  Together, we are building a Nation where fathers can lead with strength, protect their families, and pass on the timeless values that make America great.

    Today, we celebrate the invaluable role our fathers play in shaping our families, guiding our communities, and strengthening our country — and we offer our unending thanks for their leadership, selflessness, and inspiration.

    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, in accordance with a joint resolution of the Congress approved April 24, 1972, as amended (36 U.S.C. 109), do hereby proclaim June 15, 2025, as Father’s Day.  I call on United States Government officials to display the flag of the United States on all Government buildings on Father’s Day and invite State and local governments and the people of the United States to observe Father’s Day with appropriate ceremonies.

         IN WITNESS WHEREOF, I have hereunto set my hand this thirteenth day of June, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

    DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Completes Fourth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, First Review of an Arrangement Under the Resilience and Sustainability Facility, and Concludes 2025 Article IV Consultation with Papua New Guinea

    Source: IMF – News in Russian

    June 13, 2025

    • The Executive Board completed the Fourth Reviews under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements for Papua New Guinea, providing the country with immediate access to about US$172 million.
    • The IMF Executive Board also completed the First Review under the Resilience and Sustainability Facility (RSF) arrangement, making available about US$28 million to support the authorities’ policies to address longer-term structural balance of payments vulnerabilities associated with climate change. Papua New Guinea is the first Pacific Island country to access the RSF.
    • The IMF-supported programs will continue to support Papua New Guinea’s homegrown reform agenda, focusing on strengthening debt sustainability, alleviating FX shortages, fostering good governance, and building climate resilience, while protecting the vulnerable and promoting inclusive and sustainable growth.

    Washington, DC: On June 13, 2025, the Executive Board of the International Monetary Fund (IMF) completed the Fourth Reviews of Papua New Guinea’s ECF/EFF arrangements and the First Review under the RSF arrangement.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2] The completion of these reviews allows for the immediate disbursement of SDR 121.07 million (about US$172 million) under the ECF/EFF and SDR 19.74 million (about US$28 million) under the RSF, bringing total disbursements under the programs so far to SDR 461.93 million (about US$655 million). The Executive Board also concluded the Article IV consultation with Papua New Guinea.

    The ECF/EFF arrangements with Papua New Guinea were approved by the Executive Board on March 22, 2023, in an overall amount equivalent to SDR 684.32 million (260 percent of quota) to help address a protracted balance of payments need—manifested in foreign exchange shortages—and to support the authorities’ reforms to address longstanding structural impediments to inclusive growth. The 24-month RSF arrangement, which was approved by the Executive Board on December 11, 2024, in an overall amount of SDR 197.4 million (75 percent of quota), aims to help address risks to prospective balance of payments stability associated with longer-term structural challenges posed by climate change.

    Papua New Guinea’s economic outlook remains positive as structural reforms continue to bear fruit. Notwithstanding a weakening external environment, growth is expected to increase to 4.7 percent in 2025, driven by strong growth in the resource sector and resilient growth in the non-resource sector in part thanks to improvements in access to foreign exchange. Headline inflation is expected to rise to 4.8 percent from a very low base in 2024 and core inflation is expected to edge up to 4 percent. Over the medium term, growth is expected to moderate and stabilize at just above 3 percent, supported by the non-resource sector growth, with inflation remaining anchored at around 4.5 percent.

    The outlook is subject to significant downside risks, as Papua New Guinea is vulnerable to both domestic and external shocks. These risks are exacerbated by considerable capacity constraints and socio-political fragility that limit the government’s ability to design and implement policies aimed at economic stabilization, development, and climate adaptation. Commodity price volatility, as well as other global risks arising from geopolitical conflicts, geoeconomic fragmentation, trade barriers, and supply disruptions may create additional pressure on growth and inflation. On the upside, the kickoff of major resource projects, which are not yet in the baseline scenario, could boost economic growth in the medium run, with significant gains in exports and fiscal revenues once they begin operations.

    Program performance has remained satisfactory, with the authorities displaying a sustained commitment to reforms. All but one end-December 2024 quantitative performance criteria and indicative targets under the ECF-EFF arrangements were met, and six out of eight structural benchmarks due were fully or partially implemented. One reform measure under the RSF arrangement was implemented.

    At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:

    “The Papua New Guinea (PNG) authorities have continued implementing their multipronged reform agenda under the Fund-supported programs, with the reforms continuing to bear fruit. Sustained commitment to these homegrown reforms will help achieve more resilient, inclusive, and greener economic growth.

    “The authorities have been successfully reducing the fiscal deficit and adopted important amendments to the Income Tax Act—a major milestone in the simplification of tax policies. Going forward, further fiscal adjustment, guided by the implementation of the authorities’ medium-term revenue strategy and supported by efforts to limit the growth of current spending and strengthen expenditure efficiency, would help to durably reduce debt vulnerabilities. Securing fiscal space for social and capital spending, engaging in prudent borrowing, and strengthening debt management capacity, including to avoid incurrence of arrears, are also essential.

    “Foreign exchange shortages continued to ease, supported by central banking reforms, increased flexibility of the Kina, and favorable external conditions. The current crawl-like arrangement remains appropriate to bring the Kina to its market-clearing rate and facilitate the return to Kina convertibility. A tighter monetary policy stance, through timely adjustments in the KFR, is needed to ensure consistency between monetary policy and the exchange rate regime. Further efforts to modernize monetary policy operations, strengthen the Bank of PNG’s liquidity management capacity, develop the interbank market, and operationalize its lender of last resort function would help to support financial sector development.

    “Further strengthening governance and addressing the remaining gaps in the anti-money laundering and countering the financing of terrorism regime are critical. Meanwhile, macro-structural reforms should focus on improving PNG’s external competitiveness and attracting foreign investment, including by removing barriers to trade, enhancing export capacity, and further diversifying the economy.

    “Reforms under the new RSF arrangement will help the authorities build resilience against climate-related risks and address structural balance of payments vulnerabilities. The recent climate finance roundtable event, which provided several concrete and innovative climate finance options, will support the authorities’ efforts to effectively scale up resources for climate action.

    “The ECF/EFF and RSF arrangements will continue to support the authorities’ homegrown reform agenda, helping address balance of payment needs and rebuild buffers, while avoiding disruptive adjustment and catalyzing support from other international partners. Timely technical assistance and advice from the IMF and other development partners will continue to underpin reform implementation.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities for their commitment to keep program performance on track in a fragile socio‑political environment and welcomed positive developments in macroeconomic and fiscal indicators. Given significant downside risks and elevated external uncertainty, they stressed the importance of building buffers to preserve macroeconomic stability. They encouraged the authorities to continue to advance critical structural reforms with the support of capacity development activities.

    Directors supported the authorities’ fiscal consolidation strategy and stressed the need for continued efforts to durably reduce public debt risks, including by enhancing the rules‑based fiscal framework, strengthening debt management capacity, and maintaining a prudent borrowing strategy. They called for a continued reduction of the fiscal deficit while securing space for development spending by combining revenue mobilization efforts with improvements in expenditure efficiency and cash management. They called for a timely adoption of the amendments to the Internal Revenue Commission Act to reinforce accountability in revenue collection.

    Directors commended the progress achieved in implementing central banking reforms. They supported efforts to depreciate the Kina to its market‑clearing rate and gradually eliminate foreign exchange restrictions. They broadly concurred that a tighter monetary policy stance would help anchor inflation expectations and support the exchange rate regime, and emphasized the importance of liquidity management reforms to strengthen monetary policy transmission. They encouraged further development of the financial sector while containing financial stability risks.

    Directors encouraged the authorities to further promote good governance, law and order, proactively enhance their AML/CFT framework, allocate sufficient budget resources to the Independent Commission Against Corruption, and swiftly appoint its oversight committee members. They also emphasized the need for enhancing transparency in the financial dealings of state‑owned enterprises. 

    Directors encouraged the authorities to expedite reforms to enhance external competitiveness and help attract foreign investment, including by improving the business environment, removing barriers to trade, enhancing export capacity, reducing gender imbalances, and further diversifying the economy. Directors commended efforts to scale up climate finance and called for maintaining focus on strengthening disaster risk management, setting up fiscal incentives for fuel efficiency and forest protection, and integrating climate considerations in infrastructure governance.

    It is expected that the next Article IV consultation with Papua New Guinea will be held in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.

    Papua New Guinea: Selected Economic and Financial Indicators, 2021–2026

    		  
     

    Nominal GDP (2021):      

    US$26.3 billion 1/

    		    

    Population (2021):         

    11.8 million

    		    

    GDP per capita (2021):    

    US$2,217

    		    

    Quota:

    SDR 263.2 million

    		    
     
     

    2021

    2022

    2023

    2024

    2025

    2026

    		  

    Actual

    Actual

    Actual

    Est.

    Proj.

    Proj.

    		  
     

    (Percentage change)

    		  

    Real sector

     

    		  

    Real GDP growth

    -0.5

    5.7

    3.8

    3.8

    4.7

    3.5

    		  

    Resource 2/

    -11.6

    5.1

    1.3

    1.7

    4.7

    1.4

    		  

    Non-resource

    4.2

    5.9

    4.7

    4.5

    4.8

    4.2

    		  

    Mining and quarrying (percent of GDP)

    8.2

    8.2

    8.5

    9.9

    12.2

    13.4

    		  

    Oil and gas extraction (percent of GDP)

    17.1

    23.7

    18.9

    18.3

    16.4

    16.2

    		  

    CPI (annual average)

    4.5

    5.3

    2.3

    0.6

    4.8

    4.6

    		  

    CPI (end-period)

    5.7

    3.4

    3.9

    0.7

    4.0

    4.3

    		  
     

    (In percent of GDP)

    		  

    Central government operations

    		  

    Revenue and grants

    15.1

    16.6

    17.9

    17.0

    17.9

    18.6

    		  

    Of which: Resource revenue

    1.1

    3.9

    3.9

    3.5

    4.2

    4.5

    		  

    Expenditure and net lending

    22.0

    21.9

    22.3

    20.4

    20.5

    19.7

    		  

    Net lending(+)/borrowing(-)

    -6.8

    -5.3

    -4.3

    -3.4

    -2.6

    -1.2

    		  

    Non-resource net lending(+)/borrowing(-)

    -8.0

    -9.1

    -8.2

    -6.9

    -6.8

    -5.7

    		  
     

    (Percentage change)

    		  

    Money and credit

     

    		  

    Domestic credit

    15.9

    1.5

    12.1

    1.6

    3.6

    2.3

    		  

    Credit to the private sector

    2.5

    6.9

    14.9

    3.2

    13.4

    10.8

    		  

    Broad money

    13.4

    14.7

    9.9

    -6.4

    -8.5

    7.7

    		  
     

    (In billions of U.S. dollars)

    		  

    Balance of payments

     

    		  

    Exports, f.o.b.

    10.8

    14.6

    12.8

    13.4

    14.9

    15.1

    		  

    Imports, c.i.f.

    -4.4

    -5.9

    -5.4

    -4.6

    -6.1

    -6.8

    		  

    Current account (including grants)

    3.3

    4.6

    2.8

    5.0

    3.5

    4.2

    		  

    (In percent of GDP)

    12.6

    14.4

    9.1

    15.8

    10.8

    12.7

    		  

    Gross official international reserves

    3.2

    4.0

    3.9

    3.7

    3.0

    3.5

    		  

    (In months of goods and services imports)

    4.5

    5.9

    6.7

    5.6

    3.7

    4.3

    		  
     

    (In percent of GDP)

    		  

    Government debt

     

    		  

    Government gross debt

    52.6

    48.2

    53.9

    52.1

    50.5

    48.9

    		  

    External debt-to-GDP ratio (in percent) 3/

    25.0

    23.5

    27.0

    27.4

    29.7

    30.5

    		  

    External debt-service ratio (percent of exports)

    4.3

    2.2

    2.7

    3.4

    4.5

    5.4

    		  
     

    Memo Items

    		  

    US$/kina (end-period)

    0.2850

    0.2840

    0.2683

    0.2500

    …

    …

    		  

    NEER (2005=100, fourth quarter)

    91.2

    100.3

    95.3

    89.3

    …

    …

    		  

    REER (2005=100, fourth quarter)

    125.3

    134.6

    129.0

    119.5

    …

    …

    		  

    Terms of trade (2010=100, end-period)

    48.3

    70.4

    64.0

    62.7

    67.7

    66.8

    		  
     

    Nominal GDP (in billions of kina)

    91.6

    111.4

    110.6

    121.5

    134.9

    144.2

    		  

    Non-resource nominal GDP (in billions of kina)

    68.4

    75.9

    80.3

    87.3

    96.3

    101.6

    		  
     

    Sources: Papua New Guinea authorities; and IMF staff estimates and projections.

    		  

    1/ Based on period average exchange rate.

    		  

    2/ Resource sector includes production of mineral, petroleum, and gas and directly-related activities such as

    		  

    mining and quarrying, but excludes indirectly-related activities such as transportation and construction.

    		  

    3/ Public external debt includes external debt of the central government, the central bank, and guarantees to other entities.

    		  

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/en/Countries/PNG page.

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    https://www.imf.org/en/News/Articles/2025/06/13/pr-25197-papua-new-guinea-imf-completes-4th-rev-under-ecf-eff-1st-rev-of-arrang-under-rsf-art-iv

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Welch, Colleagues Introduce Legislative Package to Improve Medicaid for Kids, Seniors, and Families 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    As Republican Bill Takes Away Health Care from Millions of Americans, Senate Democrats Offer Common Sense Improvements to Medicaid and Empower Federal Watchdogs to Fight Real Fraud 
    WASHINGTON, D.C. – U.S. Senator Peter Welch, a member of the Senate Finance Committee, this week joined Ranking Member of the Senate Finance Committee Ron Wyden (D-Ore.) and eleven Senate Democrats in filing legislative proposals to strengthen and invest in the Medicaid program for children, seniors, Americans with disabilities and working families. Senator Welch’s Expanded Coverage for Former Foster Youth Act, which would expand Medicaid coverage for former foster care youth up to the age of 26, was included as part of Democrats’ legislative package. 
    “In the midst of a nationwide affordability crisis, we should do everything in our power to help more folks get the health care they need. Instead, Republicans’ budget cruelly attacks the lives and well-being of families and seniors, ripping health care away from millions–including nearly 20,000 Vermonters on Medicaid. As if slashing funding for Medicaid wasn’t egregious enough, Republicans’ budget will also tank our economy, and it does nothing to combat waste, fraud, and abuse,” said Senator Welch. “I’m proud to join Senate Democrats in introducing these bills to protect, improve, and expand Medicaid.” 
    “The Republican bill is rotten to the core when it comes to health care. Not only does the Republican bill break their promise not to cut benefits for Americans with Medicare and Medicaid, it also fails to accomplish their stated goal of cracking down on waste, fraud and abuse,” said Senator Wyden. “Senate Democrats say there’s a better way: let’s make the Medicaid program work better for moms, kids and seniors while investing in fraud fighters who have a track record of rooting out fraud where it actually occurs, and returning taxpayer dollars where they belong.” 
    The legislation comes as congressional Republicans continue to jam their reconciliation through the House and Senate behind closed doors. Republicans falsely claim the bill addresses waste, fraud and abuse in the health care system, but in reality, it rips away affordable health care from millions of Americans without doing anything meaningful on health care fraud.  
    The nonpartisan Congressional Budget Office (CBO) has found that virtually all of the health care cuts in the legislation come as a result of families that count on Medicaid losing their coverage or benefits, not eliminating waste, fraud and abuse. It’s the largest cut to American health care in history, all to fund tax breaks for the ultra-wealthy. 
    Senator Welch is a cosponsor of every bill introduced this week introduced by Senate Democrats to improve Medicaid: 

    The Keeping Obstetrics Local Act, legislation to address hospital labor and delivery unit closures by increasing Medicaid payments for eligible rural and high-need hospitals.  

    The Health Care Fraud and Abuse Control (HCFAC) Act, legislation to address funding shortfalls and ensure long-term stability of health care fraud, waste and abuse prevention work at HHS, CMS and DOJ, which returns $11 for every $1 invested. 

    The Stabilize Medicaid and CHIP Coverage Act, legislation to provide continuous eligibility for all individuals enrolled in Medicaid and the Children’s Health Insurance Program (CHIP) for 12-months.  

    The HCBS Relief Act, legislation to temporarily increase the federal Medicaid match for home- and community-based services by ten percentage points for two years.  

    The Advancing Student Services in Schools Today (ASSIST) Act, legislation to increase the federal Medicaid match for mental health and substance use disorder services provided in schools to 90%.  

    The Expanded Coverage for Former Foster Youth Act, legislation to expand Medicaid coverage for certain former foster care youth up to the age of 26.  

    The Medicare and Medicaid Dental, Vision, and Hearing Benefit Act, legislation to require Medicaid and Medicare to cover dental, vision, and hearing.   

    The Easy Enrollment in Health Care Act, legislation to allow individuals to check eligibility for and enroll in Medicaid or subsidized Affordable Care Act coverage through submitting their federal tax return.  

    The Disaster Relief Medicaid Act, legislation to ensure that individuals eligible for Medicaid who are forced to relocate due to a disaster are able to continue accessing Medicaid-supported services. 

    The Maximizing Opioid Recovery Emergency, legislation to enhance coverage for opioid treatment for Medicaid, Medicare, and private health plan enrollees, including increasing the federal Medicaid match for opioid medication treatment to 90%.  

    The Helping Tobacco Users Quit Act, legislation to require state Medicaid programs to cover tobacco cessation services without cost-sharing.  

    The State Public Option Act, legislation to give states the option to create a Medicaid buy-in program for state residents regardless of their income.   

    The Postpartum Lifeline Act, legislation to require state Medicaid programs to provide coverage up to 12-months postpartum.  

    Senator Welch has been a leading voice in calling to protect Medicaid and health care in the Senate. Last week, Senator Welch took to the Senate floor to slam Republicans’ tax bill, which will rip away health care coverage for more than 16 million Americans, including 29,000 Vermonters. 
    Earlier this month, Senator Welch joined Planned Parenthood of Northern New England (PPNNE) for a virtual roundtable highlighting the harmful consequences of Republicans’ reconciliation bill for patients in Vermont. In May, Senator Welch denounced Republicans disastrous proposed budget plan to limit ACA Premium Tax Credits which help low- and moderate-income Vermonters access health coverage.   
    Last month, Senator Welch joined Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senators Tammy Baldwin (D-Wis.), Tina Smith (D-Minn.), and Protect Our Care for a press conference condemning the Republican budget. Senator Welch also recently spoke on the Senate floor about how health care is at risk for millions, and challenged President Trump to join him and Senator Josh Hawley (R-Mo.) in working to lower prescription drug prices through his recently introduced Fair Prescription Drug Prices for Americans Act. 
    This Congress, Senator Welch has led the introduction of several bills to make health care more accessible and affordable for Vermonters, including the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act, Fair Prescription Drug Prices for Americans Act, End Price Gouging for Medications Act, Creating Opportunities Now for Necessary and Effective Care Technologies (CONNECT) for Health Act, Protecting Pharmacies in Medicaid Act, Fair Funding for Rural Hospitals Act, and the Rural Hospital Support Act. 

    MIL OSI USA News –

  • MIL-OSI Security: Former CFO Of Sf Seafood Wholesaler Convicted For Embezzling Over $9 Million From Company

    Source: Office of United States Attorneys

    Defendant Used Stolen Funds to Pay for Personal Travel, Luxury Purses, and College Tuition

    SAN FRANCISCO – A federal jury yesterday convicted Antonietta Nguyen of multiple counts of wire fraud, aiding and abetting wire fraud, conspiracy to commit wire fraud, conspiracy to transport monetary instruments for the purpose of laundering, and tax evasion in connection with a scheme to embezzle millions of dollars from a San Francisco-based seafood company. The jury’s verdict followed a two-week trial before Senior U.S. District Judge Susan Illston.

    Nguyen, 57, of Brisbane, was a minority shareholder of ABS Seafood, a private Former CFO Of Sf Seafood Wholesaler Convicted For Embezzling Over $9 Million From Companyseafood wholesaler and importer, and served as the company’s Chief Financial Officer. According to court documents and evidence presented at trial, from January 2014 to around May 2020, Nguyen fraudulently used a company credit card and funds from the company’s bank account to pay for millions of dollars of expenses on her personal credit cards. She also charged personal expenses to her corporate credit card, which were then paid for by the company. Nguyen used the stolen funds to pay for personal travel, purses and other luxury goods from Louis Vuitton, Hermès, Goyard, Chanel, and Neiman Marcus, property taxes for one of her residences, and college tuition fees for a relative. The evidence presented at trial showed that Nguyen misappropriated approximately $2.7 million in company funds over the course of six-and-a-half years.

    The jury also found that Nguyen devised an inflated invoice scheme involving family members who operated Pescaderia Pacifica International, Inc., a Filipino seafood exporter that was one of ABS’s top vendors and main source for tuna imported into the United States. Nguyen caused ABS to pay over double the true value of the imported seafood by creating false invoices that Nguyen hid from others at the company. Her family members then split the proceeds, with some of the money being wired back to bank accounts in the United States in the names of Nguyen’s husband and daughters.

    The evidence presented at trial also showed that Nguyen evaded personal income taxes that she and her spouse owed for tax years 2018 and 2019 by underreporting the amount of joint taxable income they had for those two years.

    “The defendant devised multiple ways to defraud her business partners of several millions of dollars and got away with it for over six years. She exploited her position of trust in order to fund a lavish lifestyle for herself and her family members,” said United States Attorney Craig H. Missakian. “The jury’s verdict today holds the defendant accountable for her long-running fraud scheme.”

    “Antonietta Nguyen’s conviction reflects the serious consequences of the scheme she orchestrated to defraud her business partners,” said FBI Special Agent in Charge Sanjay Virmani. “As CFO, she systematically stole millions from her own company to bankroll a lavish lifestyle, betraying the responsibilities of her position. The FBI remains committed to working with our partners to uncover and stop financial crimes, and to ensure those who commit them are held fully accountable.”

    “Antonietta Nguyen’s brazen multi-million-dollar embezzlement scheme is a betrayal and breach of trust against her employer and runs afoul of well-established financial law. Her conviction is befitting and a strong deterrent, sending a clear message that white-collar crime has serious consequences.” said IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen. “IRS-CI Special Agents are the experts at tracking down ill-gotten gains and bringing financial criminals to justice.”

    Nguyen was released on bond. Nguyen’s sentencing hearing is scheduled for October 10, 2025 before Judge Illston. Defendant faces a maximum statutory penalty of 20 years in prison and a $250,000 fine for each count of wire fraud and wire fraud conspiracy, 20 years in prison and a $500,000 fine for the count of conspiracy to transport monetary instruments for the purpose of laundering, and five years in prison and a $100,000 fine for each count of willful tax evasion. Any sentence will be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    Assistant U.S. Attorneys Sailaja M. Paidipaty and Colin Sampson are prosecuting the case with the assistance of Sara Slattery, Janice Pagsanjan, and Kathy Tat. The prosecution is the result of an investigation by the FBI and IRS-CI.
     

    MIL Security OSI –

  • MIL-OSI USA: Former Massachusetts Attorney Pleads Guilty to Tax Evasion

    Source: US State of California

    A Massachusetts man and a former attorney pleaded guilty today to evading his taxes.

    The following is according to court documents and statements made in court: until 2020, Paul Anthony Conte, of Upton, Massachusetts, was an attorney and member of the Massachusetts Bar.  From approximately January 2003 through at least 2020, through several companies, Conte earned income by offering services as a taxation, investments, and real estate specialist.

    Yet, from at least 2016 through 2020, Conte did not file any tax returns either for himself or his companies. Conte also attempted to conceal his income from the IRS by using his business bank accounts to pay for his personal expenses, including purchasing auto parts, guns, jewelry, and powersports vehicles. Conte further concealed his income by transferring funds from his business entities to his wife, and then using his wife’s bank accounts, in which Conte was not a signatory until 2020, to pay his personal expenses. 

    Conte is scheduled to be sentenced on Oct. 9. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney for Criminal Matters Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Catriona Coppler and Assistant Chief Jorge Almonte of the Tax Division are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Former Massachusetts Attorney Pleads Guilty to Tax Evasion

    Source: United States Attorneys General

    A Massachusetts man and a former attorney pleaded guilty today to evading his taxes.

    The following is according to court documents and statements made in court: until 2020, Paul Anthony Conte, of Upton, Massachusetts, was an attorney and member of the Massachusetts Bar.  From approximately January 2003 through at least 2020, through several companies, Conte earned income by offering services as a taxation, investments, and real estate specialist.

    Yet, from at least 2016 through 2020, Conte did not file any tax returns either for himself or his companies. Conte also attempted to conceal his income from the IRS by using his business bank accounts to pay for his personal expenses, including purchasing auto parts, guns, jewelry, and powersports vehicles. Conte further concealed his income by transferring funds from his business entities to his wife, and then using his wife’s bank accounts, in which Conte was not a signatory until 2020, to pay his personal expenses. 

    Conte is scheduled to be sentenced on Oct. 9. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney for Criminal Matters Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Catriona Coppler and Assistant Chief Jorge Almonte of the Tax Division are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Payday Ventures is Leading as the Best No Credit Check Loans Platform with No Credit Check Loans Guaranteed Approval in 2025

    Source: GlobeNewswire (MIL-OSI)

    New York City, June 13, 2025 (GLOBE NEWSWIRE) —

    Searching for the best no credit check loans online in 2025? You’re in the right place. When urgent expenses strike and your credit score isn’t where it should be, traditional banks often shut the door. That’s why more Americans are turning to no credit check loans with guaranteed approval alternatives — fast, flexible, and tailored for those with poor or limited credit history.

    Payday Ventures acts as a reliable online platform that connects borrowers with trusted lending partners across the U.S. With a simple, secure process, Payday Ventures helps you find loan offers that require no hard credit checks, offering quick access to funds when you need them most.

    We’ve done the digging and rounded up the top 5 no credit check loans online for 2025 — all accessible through trusted platforms like Payday Ventures. Let’s break them down.

    How Payday Ventures Stands Out As a Leading Marketplace in Providing Emergency Loans Guaranteed Approval & No Credit Check Required

    When bills stack up and traditional lenders shut the door, getting fast cash can seem impossible—especially if your credit score isn’t perfect. That’s why no credit check loans online in 2025 are gaining popularity, offering quick, hassle-free access to funds. Payday Ventures plays a crucial role as a trusted loan marketplace, connecting borrowers across the U.S. with reliable lenders who provide emergency loans with guaranteed approval and no credit check required.

    Unlike direct lenders that often reject applicants based on credit history, Payday Ventures doesn’t perform hard credit checks or issue loans themselves. Instead, it offers a streamlined way to compare multiple loan offers through a secure platform, making it easier to find no credit check loans with fast approval and minimal paperwork.

    Here’s why Payday Ventures stands out:

    • No hard credit checks – Soft inquiries only, so your credit score stays protected 
    • High approval rates – Even borrowers with poor or no credit can receive real offers 
    • Fast application process – Complete the online form in minutes and get matched instantly
    • Trusted network of lenders – Access a broad range of options in one place 
    • 24/7 availability – Apply anytime, from anywhere in the U.S. 

    From urgent car repairs to unexpected medical bills, Payday Ventures connects you to emergency loans that cut through the usual red tape. In 2025, it remains one of the best platforms for fast, flexible funding without credit score barriers.

    Skip the credit check, snag your cash quick>>

    Best Emergency Loans for Bad Credit with Guaranteed Approval in 2025

    Big Buck Loans – Best for No Credit Check Loans Alternatives for Bad Credit Borrowers

    Why is It Tough to Get a Loan with Bad Credit?

    Getting approved for a loan when you have bad credit can feel like an uphill battle. This is because lenders use your credit score as a primary measure of your creditworthiness. A low credit score or negative credit history signals higher risk, making lenders cautious about approving your loan application.
    Traditional banks and direct lenders typically prefer borrowers with strong credit histories because they indicate a higher likelihood of timely repayments. If your credit report shows missed payments, defaults, or a high debt-to-income ratio, lenders often view you as a high-risk borrower. Consequently, they may reject your application outright or offer loans with steep interest rates and unfavorable terms.

    Moreover, many lenders rely on automated credit scoring systems that automatically filter out applications below a specific credit score threshold. This limits access to conventional loans for people with bad credit, forcing them to look for alternatives.

    That’s where bad credit loans and no credit check loans come into play. These loan options often don’t require a detailed credit check, allowing borrowers with poor credit histories to secure fast funding. Many lenders offering emergency loans with guaranteed approval focus more on your current income and ability to repay rather than your past credit mistakes.

    Platforms like Payday Ventures help borrowers explore these alternatives by connecting them with lenders specializing in loans for bad credit. This increases the chance of quick loan approval without the usual credit score barriers.

    Bad credit? No stress — get your loan fast>>

    Best No Credit Check Loan Lender that Provides Loan to Applicants with Bad Credit Scores by Payday Ventures

    Big Buck Loans

    Big Buck Loans is an online loan-matching service designed to help individuals quickly access short-term loans ranging from $100 to $5000, even with less-than-perfect credit. The platform offers a simple, 100% online application process with no paperwork, allowing users to receive funds in as little as 15 minutes to 24 hours after approval. With interest rates between 5.99% and 35.99% and repayment terms from 3 to 24 months, Big Buck Loans provides flexible options tailored to various financial needs. 
    The service is free to use, with no fees for applying or matching with lenders. Borrowers must be U.S. citizens or residents, at least 18 years old, have a bank account, earn a minimum of $1000 per month, and be able to afford the loan. The site emphasizes transparency, quick processing, and accessibility, positioning itself as a viable alternative to limited lending apps like Cash App. Additionally, Viva Payday Loans is mentioned as an alternative for those seeking payday or personal loans with similar loan ranges and terms.
    Pros:

    • Loans from $100 to $5,000
    • Fast online application with same-day approvals
    • Accepts applicants with poor credit
    • Funds can be deposited within 24 hours
    • No collateral required
    • Operates 24/7 for urgent financial needs

    Cons:

    • Only available in select states
    • Loan terms vary by lender, not standardized

    How is Payday Ventures Making it Possible to Provide Instant Payday Loans Online Guaranteed Approval Alternatives?

    When urgent cash needs arise, access to quick funds becomes crucial. However, traditional lenders often impose strict credit requirements and lengthy approval processes, leaving many borrowers stranded—especially those with poor credit. This is where Payday Ventures steps in, revolutionizing the way borrowers find instant payday loans online with guaranteed approval alternatives.

    Payday Ventures acts as a trusted loan marketplace rather than a direct lender. By partnering with a broad network of vetted lenders, it connects borrowers with multiple lending options tailored to their financial needs. This unique approach enables borrowers to bypass traditional credit checks and complicated paperwork, which are common roadblocks in securing fast loans.

    Here’s how Payday Ventures makes it possible:

    • Access to No Credit Check Loans: Payday Ventures specializes in linking borrowers to lenders who offer no credit check payday loans. This means applicants don’t have to worry about their credit history impacting approval, making it an ideal solution for people with bad or no credit.
    • Guaranteed Approval Alternatives: While no lender can guarantee approval outright, Payday Ventures improves your chances by presenting multiple loan offers instantly. This competitive selection increases the likelihood of finding a loan that fits your situation without the usual credit score barriers.
    • Instant Online Application: The platform’s streamlined online application process can be completed in minutes from any device, offering borrowers immediate access to loan offers without lengthy waits or in-person visits.
    • Wide Range of Loan Options: Whether you need a small payday advance or a larger emergency loan, Payday Ventures connects you with lenders offering flexible loan amounts, repayment terms, and competitive rates—all designed to meet diverse borrower needs.
    • Secure & Confidential Platform: Payday Ventures prioritizes user security and privacy, ensuring that your personal information is protected throughout the loan matching process.

    By focusing on speed, convenience, and inclusivity, Payday Ventures empowers borrowers across the U.S. to access instant payday loans online and other guaranteed approval loan alternatives—even when traditional banks say no.

    In 2025, Payday Ventures continues to be a leading marketplace for fast, reliable, and accessible payday loan solutions, making financial emergencies easier to manage with minimal hassle.

    No credit check required! Whether your credit’s good, bad, or somewhere in between, grab your loan today and breathe easy knowing cash is on the way!

    How to Apply for No Credit Check Loans Online for Bad Credit with Payday Ventures?

    Applying for no credit check loans online when you have bad credit can feel overwhelming—but Payday Ventures makes the process simple, fast, and secure. Here’s how you can get started and increase your chances of quick approval for loans designed for borrowers with less-than-perfect credit.

    Step 1: Visit Payday Ventures’ Website

    Start by heading to the Payday Ventures platform, a trusted marketplace that connects you with multiple lenders offering no credit check loans and loans for bad credit. The site is user-friendly and available 24/7, so you can apply whenever it’s convenient.

    Step 2: Complete the Online Application Form

    Fill out the short application form with basic personal and financial information. Payday Ventures uses this data to match you with lenders who specialize in bad credit loans and emergency loans with guaranteed approval. The process is quick—usually taking just a few minutes.

    Step 3: Review Loan Offers

    Once your application is submitted, you’ll receive multiple loan offers tailored to your profile. These offers often include instant payday loans online with flexible terms and no credit check requirements. Take your time to review interest rates, repayment periods, and loan amounts before making a decision.

    Step 4: Select the Best Loan Option

    Choose the loan that best fits your financial needs. Payday Ventures connects you directly to the lender, so you can finalize the loan agreement with confidence. Because the platform partners with a wide network of lenders, your chances of finding a suitable loan increase significantly—even with bad credit.

    Step 5: Get Funds Quickly

    After approval, funds are typically deposited into your bank account within 24 hours or less, depending on the lender. This fast turnaround makes Payday Ventures a reliable solution for urgent cash needs.

    Bad credit dragging you down? Forget the hassle of credit checks and get approved fast with funds sent right to your account>>

    Benefits of Using Payday Ventures for No Credit Check Loans Same Day Guaranteed Approval in 2025

    When fast cash is a must, finding reliable no credit check loans with same day guaranteed approval can make all the difference. Payday Ventures stands out as a premier online loan marketplace, helping borrowers across the U.S. access quick funding without the hassle of traditional credit checks. Here are the key benefits of using Payday Ventures in 2025:

    Fast Access to Emergency Cash

    Payday Ventures connects you to lenders offering same day payday loans online, so you can receive funds quickly—often within 24 hours. This speed is crucial when facing urgent expenses or financial emergencies.

    No Credit Check Required

    Unlike banks and direct lenders that perform hard credit inquiries, Payday Ventures specializes in linking you with lenders who offer no credit check loans. This means your credit history won’t hold you back, making it easier for borrowers with bad or no credit to get approved.

    Guaranteed Approval Alternatives

    While no lender can promise 100% approval, Payday Ventures increases your chances by presenting multiple loan options tailored to your financial profile. This marketplace approach offers guaranteed approval alternatives by matching you with lenders most likely to approve your application.

    Variety of Loan Options

    Whether you need a small payday loan or a larger emergency cash advance, Payday Ventures provides access to a broad range of loan amounts and terms. This flexibility lets you choose the best loan suited to your immediate financial needs.

    Simple and Secure Online Process

    Applying through Payday Ventures is quick, with a streamlined online application that takes just minutes to complete. The platform uses advanced security measures to keep your personal and financial information safe throughout the process.

    No Hidden Fees or Surprises

    Transparency is a priority—Payday Ventures ensures you can review loan terms clearly before accepting any offer. This helps avoid unexpected fees and gives you peace of mind.

    24/7 Availability

    Financial emergencies don’t follow a schedule. Payday Ventures allows you to apply for no credit check loans same day anytime, anywhere in the U.S., making it convenient and accessible.

    Don’t let bad credit stand between you and your goals. No credit checks here — just quick, easy loans ready when you are>>

    Eligibility Criteria for No Credit Check loans Same day Guaranteed Approval 

    Getting approved for no credit check loans same day guaranteed approval requires meeting certain basic eligibility criteria. While these loans are designed to be accessible—even for borrowers with bad or no credit—lenders and loan marketplaces like Payday Ventures still set minimum standards to ensure responsible lending. Here’s what you typically need to qualify in 2025:

    1. Age Requirement

    You must be at least 18 years old to apply for no credit check payday loans or any form of instant emergency loans online. Some lenders may require applicants to be 21 or older depending on state laws.

    2. Proof of Income

    Lenders need to verify that you have a stable source of income to ensure you can repay the loan. This can include regular employment, self-employment, government benefits, or other consistent income sources.

    3. Active Bank Account

    An active checking or savings account in your name is essential. Funds for your loan will typically be deposited directly into this account, and repayments are usually withdrawn automatically.

    4. U.S. Residency

    Most lenders require applicants to be U.S. citizens or permanent residents. Some may also accept those with valid work permits or other legal documentation.

    5. Valid Contact Information

    You must provide a working phone number and email address to facilitate communication during the application and loan approval process.

    6. Minimal Documentation

    Unlike traditional loans, no credit check loans usually require minimal paperwork. Basic identification (like a driver’s license or state ID) and proof of income are generally sufficient.

    Forget credit checks and long waits. Apply now, even with bad credit, and get a fast loan tailored to your budget and timeline>>

    Real Borrower Stories: How Payday Ventures Helped People Get No Credit Check Loans in 2025

    Payday Ventures isn’t just another online loan marketplace—it’s a platform that has helped thousands of real people across the U.S. secure emergency funding when traditional options failed them. Below are a few real-world examples and user testimonials that highlight how no credit check loans with same day approval through Payday Ventures made a difference.

    Case Study 1: Sarah – Freelance Designer from Arizona

    Sarah had just wrapped up a slow month with freelance clients when her car suddenly broke down. With bad credit and no savings to spare, she turned to Payday Ventures for help. Within minutes of submitting the simple online form, she was matched with multiple lenders offering instant payday loan alternatives with no credit check required.

    Loan Amount: $600
    Approval Time: Under 2 hours
    Credit Score: 510
    Outcome: Funds deposited same day

    “I didn’t think I’d qualify for anything with my credit, but Payday Ventures helped me find a lender fast—and no one even asked about my score.” – Sarah

    Case Study 2: Jason – Warehouse Worker in Georgia

    Jason was hit with an unexpected utility bill just days before payday. His credit history had taken a hit during the pandemic, so traditional loans were off the table. After searching online, he landed on Payday Ventures, known for connecting users with no credit check same-day loans. He completed the application on his phone during a break and had approval by the time he got home.

    Loan Amount: $350
    Approval Time: 1 hour
    Credit Score: 476
    Outcome: Bills paid, lights stayed on

    “It was easier than ordering pizza. Zero paperwork, no calls, just fast help when I needed it.” – Jason, GA

    Case Study 3: Mia – Part-Time Student in Illinois

    Mia needed to cover textbook costs and rent for the month. With limited income and no credit history, she struggled to find any loan options. A friend recommended Payday Ventures, which specializes in bad credit and no credit loan options with guaranteed approval alternatives. She was matched with a lender offering flexible repayment and a quick turnaround.

    Loan Amount: $500
    Approval Time: Same day
    Credit History: None
    Outcome: Covered expenses without parental help

    “It was my first time applying for a loan, and I was nervous. But it was simple and quick. No pressure, no surprises.” – Mia, IL

    Who needs credit checks when you’ve got No credit check loans? Bad credit is no barrier here — just quick, easy cash to keep you moving forward>>

    Important Considerations: Risks, Legal Notes & Responsible Borrowing Practices

    While no credit check loans with guaranteed approval can offer fast financial relief, it’s important to understand the risks and responsibilities involved before applying through platforms

    Risk Factors to Be Aware Of

    • Higher Interest Rates: Many bad credit loan alternatives come with higher APRs due to the lack of credit checks. Always review the total repayment amount before agreeing to any terms.
    • Short Repayment Windows: Most same day payday loan alternatives have shorter repayment periods, which can create additional stress if not managed properly.
    • Debt Cycle Risk: Repeated borrowing can lead to a cycle of debt. These loans are best used for genuine emergencies, not ongoing expenses.

    Legal Disclaimers You Should Know

    • Payday Ventures is not a lender: It does not issue loans or perform credit decisions. It simply connects users with a network of vetted third-party lenders.
    • Loan terms vary: Lenders in the Payday Ventures network may operate under different state regulations. Always read their terms, privacy policies, and legal notices before accepting an offer.
    • Availability may differ by state: Not all loan types or features are available in every U.S. state due to lending laws and caps on interest rates.

    Ethical Borrowing Guidelines

    • Borrow only what you need: Just because you qualify for a loan doesn’t mean you should take the full amount. Keep repayment manageable.
    • Be honest on your application: Providing accurate information ensures a smoother experience and helps avoid delays or denials.
    • Understand the full cost: Before accepting a loan offer, make sure you understand the APR, fees, and payment schedule.
    • Explore alternatives if possible: If you have access to community support, side gigs, or budget adjustments, consider those options before taking out a high-interest loan.

    Need cash but hate credit checks? Same here. That’s why we made loans that skip the fuss and deliver the funds fast>>

    Payday Ventures vs. Traditional Lenders: Why Same-Day No Credit Check Loans Are a Smarter Choice in 2025

    When comparing Payday Ventures to traditional banks or credit unions, the differences are clear—especially for borrowers with bad credit or no credit history who need fast, same-day loan alternatives without going through a credit check.

    1. Credit Check Requirements

    • Traditional Lenders: Always perform hard credit checks, which can impact your score and lead to rejections if you have poor credit.
    • Payday Ventures: Connects you with lenders who don’t require hard credit checks. Only soft inquiries are made, which do not affect your credit score.

    2. Speed & Accessibility

    • Traditional Lenders: Long application processes, in-person paperwork, and days of waiting.
    • Payday Ventures: Entirely online with a fast, secure form. Get matched with offers and funds deposited as soon as the same day.

    3. Approval Rates

    • Traditional Lenders: Strict approval criteria focused on credit score, employment history, and banking relationships.
    • Payday Ventures: Designed for high approval odds, even for those with bad credit or limited credit background.

    4. Application Process

    • Traditional Lenders: Involve multiple steps—appointments, documentation, and credit reports.
    • Payday Ventures: Just a few minutes to complete one form. No faxing, no paperwork, 100% online.

    5. Flexibility & Loan Variety

    • Traditional Lenders: May not offer small-dollar or short-term loans, especially to riskier applicants.
    • Payday Ventures: Gives you access to a network of lenders offering no credit check, same-day payday loan alternatives in various amounts and terms.

    Credit hurdles? Forget them! Step up, apply now, and watch your cash worries disappear — no credit check, no stress. Your loan, your way>>

    Conclusion: Why Payday Ventures is the Top Choice for No Credit Check, Same Day Loans in 2025

    In 2025, when fast access to cash matters more than ever and credit scores can still hold borrowers back, Payday Ventures stands out as a trusted solution for no credit check loans with same-day guaranteed approval alternatives.

    Unlike traditional lenders that rely heavily on rigid credit assessments, Payday Ventures connects users with a broad network of vetted lenders willing to offer emergency loans without requiring hard credit checks. Its 100% online platform is fast, secure, and built for convenience, allowing borrowers to submit one quick form and receive multiple loan offers, often within minutes.

    Whether you’re dealing with an unexpected expense, temporary cash shortfall, or simply need bad credit payday loan alternatives, Payday Ventures makes the process simple, transparent, and judgment-free. With high approval odds, flexible loan options, and same-day funding possibilities, it remains one of the most reliable choices for no credit check loans online in the U.S. today.

    If you’re looking for fast, flexible, and credit-friendly financing, Payday Ventures is the go-to marketplace to explore your options — without the wait, stress, or score penalties.

    FAQs Regarding No Credit Check Loans with Same-Day Guaranteed Approval in 2025

    Does it cost anything to apply through Payday Ventures?

    No, applying through Payday Ventures is completely free. There are no hidden fees or application charges to use the platform. You simply fill out one secure online form, and Payday Ventures connects you with multiple no credit check loan options instantly.

    How fast can I get money from a no-credit-check loan?

    With Payday Ventures, borrowers can receive funds as soon as the same day if approved. The application process is quick—usually under 5 minutes—and once you accept an offer from a lender, the money is typically deposited within 24 hours.

    What are the best loan providers for bad credit with guaranteed approval?

    Payday Ventures works with a trusted network of lenders (Big Buck Loans) who specialize in bad credit loans, no credit check payday loan alternatives, and guaranteed approval options. Instead of searching lender by lender, Payday Ventures lets you compare multiple offers in one place—increasing your chances of getting approved quickly.

    How fast can I get a bad credit loan through Payday Ventures?

    Very fast. Most users receive loan offers within minutes of submitting their application. Once approved, funds are commonly transferred on the same business day, depending on the lender and your bank’s processing speed.

    Are these no credit check loans safe and legitimate?

    Yes. Payday Ventures partners only with vetted, reputable lenders in the U.S like Big Buck Loans. The site uses bank-level encryption to keep your personal information secure and ensures that you are only connected with legal and compliant lenders offering no credit check loan alternatives.

    Can I use a loan from Payday Ventures to pay off other debt?

    Absolutely. Borrowers often use these loans for debt consolidation, overdue bills, or other personal expenses. While Payday Ventures doesn’t dictate how you use the funds, many choose it to bridge gaps in cash flow or reduce high-interest debt.

    What’s the typical APR on bad-credit personal loans?

    APR can vary based on the lender, loan amount, and repayment term. However, by using Payday Ventures, you can easily compare multiple loan offers side-by-side and choose the one with the most favorable rates—even if you have bad or no credit.

    Who qualifies for no-credit-check loans?

    Most U.S. adults qualify as long as they are 18+, have a steady income, and possess an active checking account. Payday Ventures doesn’t require a credit score, making it one of the best platforms for those seeking no credit check loans online in 2025.

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    The MIL Network –

  • MIL-OSI USA: AG Brown sues five apartment complexes and their property management firm for deceiving low-income senior tenants

    Source: Washington State News

    SEATTLE – Attorney General Nick Brown today filed a complaint in Snohomish County Superior Court against California-based property management company FPI Management and the owners of five apartment complexes in Western Washington, alleging that they engaged in unfair and deceptive practices impacting hundreds of vulnerable senior tenants at the properties.

    FPI and the property owners market their apartment complexes as “low-income” units to tenants who are 55 and older.

    Over a period of several years, FPI and the property owners failed to disclose to their low-income senior tenants how their rent would be calculated and increased in the future, and misrepresented the quality of their apartment units, the availability and quality of building amenities like pools or fitness areas, and safety at the properties. These are all violations of the Consumer Protection Act.

    “Housing is particularly important for older Washingtonians, and it’s hard for them to move once they’ve signed a lease,” Brown said. “It’s egregious to convince vulnerable populations they’re getting quality living when in reality they are stuck with properties in disrepair that also end up costing more than they expected over time.”

    The property owners participate in the Low-Income Housing Tax Credit Program (LIHTC), through which they receive valuable tax credits in exchange for setting aside a certain number of apartment units in their buildings for tenants below a certain income threshold. The maximum rental rates under this program are set annually by the U.S. Department of Housing & Urban Development, based on the rise or fall of the area median income (AMI) in the county where the property is located. This is unlike other forms of housing assistance, in which the amount of rent a tenant will pay is based on their own income, and not the income of other people in the area.

    FPI and the property owners do not explain or adequately disclose to prospective tenants that their monthly rent will be calculated based on AMI, which is often significantly more than the fixed Social Security or pension incomes many senior LIHTC tenants must live on. As a result, these tenants often end up paying an unsustainable portion of their fixed income as rent, leaving little for other expenses like food, transportation, or medical expenses.

    This failure to disclose key details about rent calculations and increases surprised and harmed seniors, who are less likely to move units once they’re in, even if costs become unmanageable, due to the cost and physical demands of moving.

    The defendants in this case also misrepresent the quality of their buildings, marketing them as “luxury” and “resort style,” when in reality many tenants move in only to find their units dirty with broken appliances, leaks, mold, worn carpets, torn flooring, and more issues. Despite the promise of quality amenities like pools, fitness centers, and computer rooms, tenants found such amenities either did not exist, were inoperable, or were permanently closed and shut down.

    The apartment complexes were also not safe and secure as defendants represented. Many have no one monitoring who is entering, which has led to trespassing and other crimes on site. Their parking lots also experience frequent prowling, theft and vandalism.

    The complaint seeks an injunction preventing the defendants from continuing to engage in the unlawful conduct alleged, restitution to impacted tenants, an enhanced civil penalty of $12,500 for each Consumer Protection Act violation due to the vulnerable nature of the seniors who were targeted and impacted, and an award to the state for the costs of pursuing litigation.

    Attorney General’s Office staff handling the case include Assistant Attorneys General Anthony Thach and Emily Nelson, Senior Investigator Jennifer Treppa, and Paralegal Logan Young.

    A copy of the complaint is available here.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties.

    Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI USA: Justice Department Seeks to Shut Down Georgia Tax Preparer for Fabricating Expenses and Credits

    Source: US State Government of Utah

    Note: View complaint here.

    The Justice Department filed a complaint today to permanently bar tax preparer Tanja D. Hollis, of Griffin, Georgia, and her business, Tanja Tax Preparations LLC, from preparing federal tax returns for others.

    The complaint, filed in a federal court in Newnan, Georgia, alleges that Hollis prepared and filed false federal tax returns through Tanja Tax Preparations that understated her customers’ tax liabilities by reporting false or exaggerated business expenses and claiming tax credits for false education expenses.

    According to the complaint, despite knowing them to be false, Hollis prepared returns claiming business expenses for customers who did not own or operate a business and education expenses for customers who were not enrolled as students. The IRS interviewed Tanja Tax Preparations customers who said they did not give Hollis any reason to believe that the items reported on their returns were legitimate.

    The complaint alleges that, by repeatedly understating her customers’ tax liabilities, Hollis caused the United States to lose substantial tax revenue.

    In addition to a permanent injunction, the complaint asks the court to order Hollis to turn over the ill-gotten tax preparation fees she earned while preparing and filing fraudulent tax returns.

    Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams, and taxpayers seeking a return preparer should remain vigilant. The IRS has information on its website for choosing a tax preparer, launched a free directory of federal tax preparers, and offers information on how to avoid “ghost” tax preparers whose refusal to sign a return should be a red flag to taxpayers. The IRS also has a checklist of things to remember when filing income tax returns. In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found here. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Seeks to Shut Down Georgia Tax Preparer for Fabricating Expenses and Credits

    Source: United States Attorneys General

    Note: View complaint here.

    The Justice Department filed a complaint today to permanently bar tax preparer Tanja D. Hollis, of Griffin, Georgia, and her business, Tanja Tax Preparations LLC, from preparing federal tax returns for others.

    The complaint, filed in a federal court in Newnan, Georgia, alleges that Hollis prepared and filed false federal tax returns through Tanja Tax Preparations that understated her customers’ tax liabilities by reporting false or exaggerated business expenses and claiming tax credits for false education expenses.

    According to the complaint, despite knowing them to be false, Hollis prepared returns claiming business expenses for customers who did not own or operate a business and education expenses for customers who were not enrolled as students. The IRS interviewed Tanja Tax Preparations customers who said they did not give Hollis any reason to believe that the items reported on their returns were legitimate.

    The complaint alleges that, by repeatedly understating her customers’ tax liabilities, Hollis caused the United States to lose substantial tax revenue.

    In addition to a permanent injunction, the complaint asks the court to order Hollis to turn over the ill-gotten tax preparation fees she earned while preparing and filing fraudulent tax returns.

    Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams, and taxpayers seeking a return preparer should remain vigilant. The IRS has information on its website for choosing a tax preparer, launched a free directory of federal tax preparers, and offers information on how to avoid “ghost” tax preparers whose refusal to sign a return should be a red flag to taxpayers. The IRS also has a checklist of things to remember when filing income tax returns. In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found here. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

  • MIL-OSI USA: Luján Slams Latest Republican Effort to Gut SNAP

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research, issued the following statement on Senate Republicans’ updated proposal to cut $211 billion from the Supplemental Nutrition Assistance Program (SNAP):

    “Senate Republicans have unveiled yet another extreme proposal to gut SNAP – taking food off the plates of our friends, neighbors, and family members who are struggling to make ends meet and diverting those dollars directly to fund the next Tax Scam. These would be the deepest cuts in SNAP’s history, coming at a moment when families are already being squeezed by rising costs under the Trump administration. Not only will this proposal make it harder for families to put food on the table, it also creates a massive unfunded mandate that will blow a hole in state budgets.

    “SNAP was established as a fundamental promise: no American should go hungry. By walking back that promise and turning their backs on a bipartisan Farm Bill process, Senate Republicans are making it harder for children, veterans, seniors, and folks with disabilities to eat, straining emergency food networks, and undermining the rural economies, farmers, and small businesses that rely on SNAP dollars.”

    Last week, Senators Luján and Amy Klobuchar (D-Minn.), Ranking Member of the Senate Agriculture, Nutrition, and Forestry Committee, convened a Senate Spotlight Forum titled “Hunger by Design: The GOP’s Assault on SNAP,” bringing together national experts and advocates to highlight the dangerous consequences of Congressional Republicans’ proposal to slash SNAP.

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Hochul Pays Tribute to Rep. Charles B. Rangel

    Source: US State of New York

    arlier today, Governor Hochul delivered remarks at a memorial service for Representative Charles B. Rangel. He passed away at the age of 94 on May 26th. Born in Harlem, Representative Rangel dedicated his life to public service beginning in 1970 — when he was first elected to Congress — and retiring in 2016. His 46 years in Congress led him to become the ninth-longest serving in the House, where he backed the Affordable Care Act, the Low-Income Housing Tax Credit and sponsored more than 40 pieces of legislation that became law.

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

     I want to acknowledge the presence of so many who traveled to be here — not to mourn Charlie — but to celebrate an extraordinary life. Thank you. Minority Leader Chuck Schumer, Democratic Leader Hakeem Jeffries, Senator Kirsten Gillibrand. President Bill Clinton has joined us as well, and countless members of the Rangel family and members of Congress. Past and present elected officials.

    Charlie was a giant in American life. He was a warrior from back in his days on the battlefield, hence the military designation here today. But he was a warrior for justice and such a proud, proud son of Harlem. I feel the presence of Harlem in this room today? Anyone from Harlem out there? Yeah, I thought so. I could feel it. I could feel the spirit of Harlem that lives through all of us.

    When I was a young Attorney on the staff of a congressman and Senator Daniel Patrick Moynihan — already Charlie Rangel had made a name for himself. He was that cool congressman from Harlem that everybody knew his name and revered him. And I watched him as he had a title with great power, but that wasn’t who Charlie was.

    He wanted to use the power of his position to do good for others, and he put a glaring spotlight on the needs of his beloved Harlem and other communities that needed help. So when I arrived as a member of Congress — his 40th year. He was the dean of our delegation. He said, “You’re now part of our family, sister. And I’m going to take care of you.” And he did.

    When I later ran for state office, he made sure I met everybody. He gave me that Charlie Rangel seal of approval — whether it’s biscuits as Sylvia’s, or walking the streets of Lenox Avenue. He was there for me and he stood up for me time and time again.

    And I thought of him yesterday, as I went through a grueling eight hours of testimony before the political theater that has now become our Congress. I thought of Charlie because I knew I’d be here today and I said, “What would Charlie do?” And I just harnessed his cool, right? “Just keep your cool. Don’t let them get to you. Don’t get under your skin.” And I thought of what he’d want me to do, and he’d want me to stand up and be a loud voice of the people he spoke for, and I’d do it despite the hatred that was spewed against people who came to our country looking for a better life. I stood up and showed them what New York values were, what Harlem values were, what Charlie Rangel values were.

    Charlie once said, “Leadership is not about the next election. It’s about the next generation.” And that’s why knowing his love of CUNY and every time I saw him, my pockets were a little lighter and the money went to CUNY. So I know how passionate he was.

    I said, “Let’s keep his name alive at his beloved institution and have 20 CUNY graduate students each year.” Named in scholarships, the Charlie Rangel Public Service Scholarship. Let’s get it going next fall. So the next generation knows his story, his influence, and how he used the power of his position. I think that’ll be a lasting tribute to Charlie and Alma Rangel’s shared commitment between quality and justice for all.

    I also think it’s important that we immortalize his name and that’s why I’m working with Mayor Adams and Speaker Adams and my team to ensure that there is a street — a prominent street — in Harlem that bears the name “Charlie Rangel Way,” reminding people of the Charlie Rangel way and how he conducted himself and how he was undeterred against the forces of evil and he stood up time and time again. That is the legacy that has been bestowed on all of us.

    We must leave here today deciding, are we going to pick up that mantle of leadership? Are we going to cower in the face of what is happening to our country as we speak. Not just in Washington, but in cities like New York and Los Angeles? Charlie wants us to fight back, and we will.

    Thank you everyone. Let’s do it in Charlie’s name. God bless all of you.

    MIL OSI USA News –

  • MIL-OSI Security: New York Man Pleads Guilty to $70 Million Kickback Scheme

    Source: US FBI

    BOSTON – A New York-based director of operations and sales for the Northeast region of a mobile medical diagnostics company pleaded guilty yesterday in federal court in Boston to conspiring to offer and pay kickbacks to doctors in exchange for ordering medically unnecessary brain scans.

    James Rausch, 57, of Port Jefferson Station, N.Y., pleaded guilty to one count of conspiracy to violate the anti-kickback statute. U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for July 10, 2025. Rausch was charged in May 2025.

    From approximately March 2015 through approximately September 2020, Rausch conspired with others, including two managers for a mobile medical diagnostics company that performed transcranial doppler (TCD) scans, to enter into kickback agreements with various doctors. TCD scans are brain scans that measure blood flow in parts of the brain. Rausch and his alleged co-conspirators agreed to offer and pay doctors kickbacks, some in cash and others by check, based on the number of TCD ultrasounds the doctors ordered. Rausch and his alleged co-conspirators created purported rental and administrative service agreements, which on paper made it appear as if doctors were compensated for the TCD company’s use of space and administrative resources of the ordering doctor’s practice based on fair market value and not based on the volume or value of referrals. These agreements were shams that hid the true nature of the arrangement of paying per test.  

    The scheme as a whole resulted in fraudulent bills of approximately $70.6 million to Medicare. Medicare paid approximately $27.2 million to the TCD company for the fraudulent claims.

    The charge of conspiracy to violate the Anti-Kickback Statute provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Roberto Coviello, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation Division, Boston Field Office; Kelly M. Lawson, Acting Regional Director of the U.S. Department of Labor, Employee Benefits Security Administration, Boston Regional Office; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division; and Christopher Algieri, Special Agent in Charge of the U.S. Department of Veterans Affairs Office of Inspector General, Northeast Field Office made the announcement. Assistant U.S. Attorneys Howard Locker and Mackenzie A. Queenin of the Health Care Fraud Unit are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: 60 Affordable Homes Completed in Schenectady

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of Mosaic Apartments, a 60-unit affordable housing development in the Mont Pleasant neighborhood in the City of Schenectady. Half of the apartments in the $27 million development are reserved for individuals and families struggling with homelessness and in need of support services, including older New Yorkers. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 4,700 affordable homes in the Capital Region, including more than 600 in Schenectady County. Mosaic Apartments continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

    “New York is committed to creating affordable homes and supporting our most vulnerable communities,” Governor Hochul said. “Mosaic Apartments is creating new housing opportunities for 60 households and continues statewide efforts to build more housing and tackle the housing crisis. I am proud to have partners at the local level who support our housing agenda and are helping to make New York more affordable for individuals and families.”

    Units at Mosaic Apartments are available to households earning up to 50 percent of the Area Median Income. Tenants living in the supportive apartments will receive services including case management, healthcare coordination, transportation, community integration, and independent living skills education.

    The fully-electric development features rooftop solar panels, ENERGY STAR(r) appliances, electric heating and cooling, and energy-efficient lighting. There are also water‐conserving plumbing fixtures and electric hot water heaters.

    Mosaic Apartments complements the ongoing planning and revitalization efforts in the City of Schenectady’s 2020 Mont Pleasant Neighborhood Plan and the U.S. Department of Housing and Urban Development’s 2018 Mont Pleasant Renewal Area Plan. The site was assembled by the City of Schenectady’s unified economic development team including the Schenectady Metroplex Development Authority and the Capital Region Land Bank. The development is walking distance from a County library branch, convenience store, and schools.

    DePaul Properties is the project’s developer and DePaul Community Services is providing the on-site support services. Applications for Mosaic Apartments are now being accepted and qualified individuals can apply online at https://www.depaul.org/locations/mosaic-apartments/.

    Mosaic Apartments is supported by New York State Homes and Community Renewal’s Federal Low-Income Housing Tax Credit program, which generated $11 million in equity, $5.8 million from its Federal Housing Trust Fund, $4 million from its Supportive Housing Opportunity Program, and $330,000 from its Clean Energy Initiative program, created in partnership with the New York State Energy Research and Development Authority (NYSERDA). The project is also supported by $4.3 million from the New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and a $226,200 program development grant from the New York State Office of Mental Health. Additional funding includes $525,000 from the Schenectady Metroplex Development Authority and $200,000 from the Capital Region Land Bank. Operating funding for the supportive apartments is provided by the Empire State Supportive Housing Initiative administered by the New York State Office of Mental Health.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Mosaic Apartments will give 60 households an affordable, modern, and energy-efficient place to call their own. This $27 million investment in the Schenectady community builds on the city’s continued efforts to enhance quality-of-life throughout the Mount Pleasant neighborhood and provides much-needed support to vulnerable residents. We thank the Governor for her ongoing efforts to increase housing opportunities across the state, Mayor McCarthy for his continued collaboration, and for our development partners for making this project a reality.”

    New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The 30 apartments with supportive services will help vulnerable New Yorkers who have experienced homelessness to access vital services while remaining safely housed. We are grateful to all of our partners for the successful completion of Mosaic Apartments and what it represents–that supportive housing can strengthen communities while stabilizing lives.”

    NYSERDA President and CEO Doreen M. Harris said, “New York continues to prioritize expanded access to clean, modern, affordable living opportunities across the state, especially for those who have been historically marginalized. Adopting all-electric and energy efficient building features such as electric heating and cooling and rooftop solar, like we see at Mosaic Apartments, demonstrates how we can create accessible living environments that prioritize the needs and well-being of our communities.”

    New York State Office of Mental Health Commissioner Dr. Ann Sullivan said, “All New Yorkers should have the ability to age with dignity within their community. The Mosaic Apartments will provide stable homes and supportive services for older adults living with mental illness. This project represents Governor Hochul’s strong commitment to developing new supportive housing throughout our state to help older adults live safely in independent settings.”

    Representative Paul Tonko said, “I’m so proud to celebrate the completion of Mosaic Apartments, an all-electric, energy-efficient affordable housing development that will address critical housing needs in the Schenectady area. Investments in sustainable, affordable housing are an essential part of our efforts to build stronger communities. Now, thanks to significant federal funding from the Low-Income Housing Tax Credit program, this development will help advance our efforts to provide quality living spaces for all residents of our Capital Region — particularly for seniors and individuals with disabilities — while also moving us toward a cleaner, greener future.”

    Schenectady County Legislature Chair Gary Hughes said, “We thank Governor Hochul for making this $27 million investment in Schenectady County possible. By working as a team, we have been able to build more than 3,000 new housing units in our community in recent years and this pro-housing effort has helped to make Schenectady County the fourth fastest growing county in New York State.”

    Schenectady Mayor Gary McCarthy said, “The new Mosaic development adds to the momentum in our neighborhoods replacing vacant properties with new quality apartments that we are proud to showcase at this grand opening today.”

    DePaul President Mark Fuller said, “DePaul is grateful to Governor Kathy Hochul and partners for assisting us in increasing our ability to provide permanent housing where residents can access the support services they require to live successfully. We look forward to changing even more lives for individuals in Schenectady and across New York State by offering housing stability for the most vulnerable populations.”

    Governor Hochul’s Housing Agenda

    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY 2025 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY 2026 Enacted Budget included more than $1.5 billion in new state funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. In addition, as part of the FY 2023 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. Nearly 60,000 homes have been created or preserved to date.

    The FY 2025 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro-Housing certification is now a requirement for localities to access up to $750 million in discretionary funding. Currently, more than 300 communities have been certified, including the City of Schenectady.

    MIL OSI USA News –

  • MIL-OSI Canada: The FCAA Warns Saskatchewan Residents of Scams Targeting Wildfire Evacuees

    Source: Government of Canada regional news

    Released on June 13, 2025

    The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning residents of scams that are targeting wildfire evacuees. The messages claim to be from the Canadian Red Cross and request personal and banking information in order to process payments.

    The Canadian Red Cross has issued a fraud alert regarding Manitoba and Saskatchewan wildfires advising that individuals eligible for financial assistance will NOT need to provide their social insurance number, bank account information or credit card number during their registration to receive assistance. 

    In light of this recent scam, the FCAA encourages all Saskatchewan residents to be mindful if you are contacted by a charitable organization requesting personal or banking information. 

    Scam red flags (email, phone and text)

    • Emails coming from a domain that does not match the company.
    • Unsolicited calls or texts from unknown numbers.
    • Messages with spelling or grammar errors.
    • Requests for personal or banking information.
    • Pressure to act quickly. 
    • Too-good- to-be-true offers. 
    • Suspicious links and attachments. 
    • If you are unable to confirm the organization’s registration or licence.

    Tips to protect yourself from scams 

    • Do not answer or engage with unsolicited messages. 
    • Do not click on any links or attachments.
    • Never share personal information (SIN, bank account, credit card) through email, phone or text.
    • If you suspect you have received a scam email, phone call or text, contact your local police or the Canadian Anti-Fraud Centre immediately.

    The FCAA licenses for-profit charitable fund-raising businesses acting on behalf of a registered charity. Click here to check the charitable fundraising businesses licensed through the FCAA. Charities acting on their own behalf, including the Canadian Red Cross, are registered with the Canada Revenue Agency (CRA). Click here to check the charities registered with the CRA.

    For more information about donating to a charity, visit the FCAA’s website at https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/consumers/donating-to-charity.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: Canada Disability Benefit

    Source: Government of Canada News

    Persons with disabilities are more likely to live in poverty than working-age persons without disabilities because of economic and social exclusion, barriers to employment, and other factors. Recognizing this, the Government of Canada created the new Canada Disability Benefit (CDB) to support the financial security of working age, low-income persons with disabilities by providing them with direct financial support.

    Through the Canada Disability Benefit Act that came into force on June 22, 2024, investments of $6.1 billion over six years provided under Budget 2024, and the Canada Disability Benefit Regulations that  came into force on May 15, 2025, the CDB is now enshrined into Canada’s social safety-net.

    The benefit is administered by Service Canada, and will provide a maximum of $200 per month, for a total of $2,400 per year, to low-income persons with disabilities between the ages of 18 and 64. It is estimated that this benefit will increase the financial well-being of over 600,000 low-income persons with disabilities. The benefit is intended to supplement, not replace, existing provincial and territorial income support measures and fill a gap in the federal social safety net between the Canada Child Benefit and Old Age Security for working-age persons with disabilities.

    As of June 20, 2025, people will be to apply in a manner that works best for them, including an online self-serve option. If needed, people can receive assistance applying for the benefit by phone or in person at their nearest Service Canada Centre. The first payments of the CDB will be made in July 2025 for applications received and approved by June 30, 2025.

    To receive the benefit, a person must:

    • be a resident of Canada for the purposes of the Income Tax Act
    • have been approved for the disability tax credit
    • be between the ages of 18 and 64
    • have filed an income tax return with the Canada Revenue Agency for the previous tax year (their spouse or common-law partner, if they have one, must have also file their taxes.)
    • be one of the following:
      • a Canadian citizen
      • a permanent resident
      • a protected person
      • a temporary resident who has lived in Canada for the past 18 months
      • someone who is registered or entitled to be registered under the Indian Act.

    If a person is married or has a common-law partner, their spouse or common-law partner must also have filed an income tax and benefit return with the Canada Revenue Agency for the previous tax year. In some exceptional cases, this requirement may be waived.

    With the support from the CDB, persons with disabilities will have more money to cover the costs of accessible housing, medical care and disability supports.

    MIL OSI Canada News –

  • MIL-OSI Canada: Canadians can apply for the Canada Disability Benefit on June 20

    Source: Government of Canada News (2)

    First payments to be issued in July

    June 13, 2025              Gatineau, Quebec              Employment and Social Development Canada  

    Today, the Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, the Honourable Patty Hajdu, announced that persons with disabilities will be able to apply for the new Canada Disability Benefit (CDB) as of June 20, 2025.

    First payments will begin in July 2025 for applications received and approved by June 30, 2025. Canadians will be able to apply through barrier-free, accessible ways: online, in person at a Service Canada office, or by phone.

    Persons with disabilities between the ages of 18 and 64 can apply for the benefit if they have qualified for the disability tax credit (DTC) and meet the benefit’s other eligibility requirements, including having filed their 2024 income tax return with the Canada Revenue Agency. For those who have a spouse or common-law partner, their partner must also have filed their 2024 income tax return to be eligible.

    The federal government will send letters to eligible Canadians inviting them to apply.

    To support individuals with the application process, a number of community-based organizations across Canada will provide accessible, individualized navigation services to disability programs and benefits, including the DTC and CDB. Applicants can also now use the newly launched benefit estimator tool to find out how much they may qualify to receive each month.  

    This new benefit reflects the federal government’s commitment to improving financial security for Canadians living with disabilities. 

    MIL OSI Canada News –

  • MIL-OSI: Channel Factory Announces Latest Move to Elevate North American Executive Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 13, 2025 (GLOBE NEWSWIRE) — Channel Factory, the global brand suitability and contextual advertising company, today announced the promotion of Nico Greco as the company’s Chief Revenue Officer (CRO), North America. Most recently serving as SVP, Head of Sales at Channel Factory, Greco’s appointment to the North American C-Suite follows a series of strategic moves that enhance Channel Factory’s growth and innovation. In his new role, Greco will report to Kevin Gentzel, newly appointed President, Americas.

    Earlier this year, Channel Factory announced a significant investment from Truelink Capital, as well as the addition of Gentzel to its leadership group. Both these moves and today’s announcement demonstrate a commitment to advancing the company’s ongoing growth.

    Greco, a sales veteran in the digital advertising industry with over 14 years of experience, has extensive experience working with both global agencies and technology companies. Since joining Channel Factory in early 2021, Greco has played a pivotal role in the company’s sales and expansion across the country, most recently serving as SVP, Head of Sales. Before joining Channel Factory, Greco worked as a Director at Amobee, where he focused on the company’s strategic agency partnerships.

    “From an outsider’s perspective, Nico Greco was someone whose career I followed with great interest. He’s been a valuable spokesperson for the company, and his proven track record for driving revenue growth and building strategic partnerships speaks for itself,” said Kevin Gentzel, recently appointed President, Americas at Channel Factory. “When I joined the company, Nico Greco was someone I couldn’t wait to start working with. With Nico as our new CRO for North America, we’re taking our plans for growth and expansion and strapping a rocket to our backs. It’s an exciting time for us and the right time in our industry for a move like this.”

    “Since day one, Channel Factory has demonstrated an incredible level of purpose-driven growth, innovation, and client satisfaction. It’s rare to work for a company that is doing work that you can truly believe in, and I’m eager to take on a larger role to expand on that vision and mission across North America,” said Greco.

    About Channel Factory
    Channel Factory is a global technology and data company that optimizes business performance and enhances brand reputation through ethical and effective contextual targeting. Utilizing proprietary AI and brand suitability technologically, Channel Factory ensures ads are placed on brand-safe, contextually relevant content across YouTube, CTV platforms, and social media, including Meta and TikTok. Through its conscious media planning, Channel Factory is committed to promoting sustainability, diversity, and positive content, helping brands achieve their goals while fostering a healthier digital ecosystem.

    Channel Factory has a presence in 31 countries across the Americas, Europe, the Middle East, Asia, and ANZ, providing advertisers with IAB standard category lists and customized content options in 49+ languages. For more information about Channel Factory, please visit http://www.channelfactory.com.

    Media Contact:
    Andrew Krepow
    andrew@broadsheetcomms.com

    The MIL Network –

  • MIL-OSI Africa: Three police officers successfully convicted of corruption

    Source: South Africa News Agency

    Three police officers successfully convicted of corruption

    The Serious Corruption Investigation component of the Directorate for Priority Crime Investigation has this week secured a conviction in a high-profile corruption matter involving three police officials attached to the Provincial Taxi Violence Unit in Durban, KwaZulu-Natal.

    The police officials are Madoda Mduduzi Mhlongo (56), Siyabonga Herbert Mabhida (51) and Prince Ntsikelelo Shezi (50).

    “It was reported that on 13 March 2019, the complainant [in the matter] was approached by the three police officials, who alleged that they were under pressure from the Director of Public Prosecutions (DPP) to arrest two suspects due to the alleged murders of key witnesses in a case they were investigating,” the South African Police Service (SAPS) said in a statement. 

    “The officials solicited a gratification of R200 000 from the complainant, in lieu of preventing the arrests. The trio warned that failure to pay would result in the suspects being arrested that same night. 

    “Later that evening, the police officials arrived at one of the suspects’ premises, reinforcing the threat,” the police said.

    The matter was reported to the Serious Corruption Investigation component based at the head office. A police operation was authorised in terms of section 252A of the Criminal Procedure Act, 1977 (Act No. 51 of 1977). On 29 March 2019, the three implicated police officials, who were all Warrant Officers, were arrested after receiving the R200 000.

    The trio appeared in the Durban Specialised Commercial Crimes Court on 1 April 2019 and were each released on R10 000 bail. Their trial commenced on 1 March 2021 and ran over an extended period until they were found guilty of corruption.

    The trio was remanded in custody as the matter was postponed to 19 June 2025 in the same court for their sentencing. – SAnews.gov.za

    Edwin

    MIL OSI Africa –

  • MIL-OSI USA: At Hearing, Warren Questions Trump Treasury Secretary on Hypocrisy of Adding to National Debt to Pay for Tax Giveaways for Rich

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    June 13, 2025
    Video of Exchange (YouTube)
    Washington, D.C. — At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned Secretary of the Treasury Scott Bessent on Republicans’ hypocrisy on raising the deficit with Trump’s “big, beautiful bill.”
    Senator Warren highlighted the hypocrisy of Secretary Bessent’s support for cutting crucial social programs to decrease the national debt, while also supporting adding trillions to the deficit to give billionaires and giant corporations tax cuts. 
    Secretary Bessent, with no evidence, said he believed the tax bill would decrease the deficit. 
    Senator Warren pointed out that “[e]very credible, independent expert agrees that Trump and the Republicans’ ‘Big Beautiful Bill’ will add trillions to the national debt and would not even come close to paying for itself…Even Elon Musk and the Wall Street Journal are criticizing the bill for ballooning the national debt.”  
    The nonpartisan Congressional Budget Office has revealed the Republican tax bill would increase the deficit by $3 trillion. Secretary Bessent said only that he “[doesn’t] agree with the CBO.” 
    “[W]hy is the national debt so very important that you’re trying to kick 16 million people off their health insurance, but increasing the national debt doesn’t seem to matter if you’re cutting taxes for billionaires and billionaire corporations?” Senator Warren asked. 
    Bessent attempted to downplay the health care cuts by saying the “figure is overstated by 5.1 million,” and falsely claimed Medicaid is granted to undocumented people. 
    “[T]he part that troubles me the most is that the Secretary is deeply worried about the deficit and is willing to knock 16 million, or as he says, ‘merely 11 million,’ people off their health care [because it] matters so much, but it doesn’t matter so much if you’re cutting taxes for billionaires…I think that’s wrong,” concluded Senator Warren.
    Transcript: Hearing on the President’s Fiscal Year 2026 Budget for the Department of Treasury and Tax ReformSenate Finance CommitteeJune 12, 2025 
    Senator Elizabeth Warren: Thank you, Mr. Chairman. So I want to ask about the Republican “Big, Beautiful Bill,” which will knock about 16 million off their healthcare coverage and cut programs that keep groceries cheaper for millions of families, in order to try to pay for about $4 trillion in tax giveaways, that are mostly going to be sucked up by millionaires, billionaires, and wealthy corporations. 
    So, Secretary Bessent, I’d like to start with a very simple question: will this bill increase or decrease the deficit?
    Mr. Scott Bessent, Secretary of the Treasury: There are varying scoring on that, Senator Warren.
    Senator Warren: You’re the Secretary of the Treasury, so I’m asking you: what is your view? Will this bill increase or decrease the deficit? 
    Secretary Bessent: It is my view that over the ten-year window, it will decrease. 
    Senator Warren: You know, do you have anybody who agrees with you on this? 
    Secretary Bessent: Yes, ma’am.
    Senator Warren: Let me ask my question. 
    Secretary Bessent: Okay. 
    Senator Warren: Every credible, independent expert agrees that Trump and the Republicans’ “Big Beautiful Bill” will add trillions to the national debt and would not even come close to paying for itself. The nonpartisan Congressional Budget Office, the Penn Wharton Budget Model, and the Yale Budget Lab all agree on this, and they are looking at ten-year windows, thank you. So do the conservative Tax Foundation and Committee for a Responsible Federal Budget—conservative groups. 
    Even Elon Musk and the Wall Street Journal are criticizing the bill for ballooning the national debt. The only people who are saying publicly that it is not going to add to the national debt are you, Donald Trump, the Republicans in Congress. Do you have an independent group that has put forward numbers that disagrees with all of these conservative groups and disagrees with the Wall Street Journal on this? 
    Secretary Bessent: Well, Senator, it’s interesting to see you aligned with Elon Musk, but if I might—
    Senator Warren: You’re no more shocked than I am. 
    Secretary Bessent: If we want to take the full Congressional Budget scoring, they predict, and I don’t agree with their methodology, they predict a $2.4 trillion deficit, but— 
    Secretary Warren: Okay, so the answer to the question is yes.
    Secretary Bessent: No, no, no. But may I finish? They include that, but they’ve also scored $2.8 trillion in tariff income. So even, even in Washington, D.C. math, that is a $400 billion surplus.
    Senator Warren: Okay, so let me make sure I understand. This bill, you admit, will increase the deficit by $2.4 trillion, but you think there will be another bill and another set of agreements that somehow materialize. Haven’t materialized so far, don’t have any statutory authority, but that will make up the difference. 
    So the answer to the original question, will this bill increase or decrease the deficit? I think you just said it will increase. This bill increases the deficit, is that right? 
    Secretary Bessent: I will use all the CBO scoring, and you can’t take one without the other. I don’t agree with the CBO.
    Senator Warren: One is the law that we are scoring, the bill that is in front of us. We don’t have a tariff bill in front of us to score. Mr. Secretary, let me go on to the second question. You have said that government spending is, quote, “out of control.” You have also called government spending, quote, “unsustainable.” In fact, in the name of fiscal responsibility, you’re working with the Republicans on this “big, beautiful bill” to pass the biggest cuts to Medicaid and the Affordable Care Act in American history. 
    So, Mr. Secretary, help me understand here: why is the national debt so very important that you’re trying to kick 16 million people off their health insurance, but increasing the national debt doesn’t seem to matter if you’re cutting taxes for billionaires and billionaire corporations?
    Secretary Bessent: Well, first of all, a huge portion of this goes to family-owned businesses that are passed through entities that are below that level, Senator, and I am sure you share my goals of Main Street prosperity.
    Senator Warren: You know, I’m glad to do tax cuts for people of modest means. The question I’m asking is, why does the deficit not matter to you when we’re talking about knocking 16 million people off their health care? But it matters not—It does matter to you if we’re knocking people off their health care, but not if—
    Secretary Bessent: Well, first of all, that figure is overstated by 5.1 million. That is an amount not attributable to provisions in this bill. 
    Senator Warren: So you think it’s okay to knock ten million people off. 
    Secretary Bessent: Well, first of all, let’s set that straight. Work requirements account for 8 million of CBO’s claim number. Again, we’re creating an economy that promotes and rewards—
    Senator Warren: So it’s clear, Secretary Bessent, you don’t want to answer the question.
    Secretary Bessent: Senator, I am answering. 
    Senator Warren: No, you’re not. 
    Secretary Bessent: And what I want is for Medicaid to be used for mothers and children as it was meant, not for 1.4 million illegal aliens, not for able-bodied people—
    Senator Warren: Medicaid is not used for people who are not documented. Mr. Chairman, I just want to say here the part that troubles me the most is that the Secretary is deeply worried about the deficit and is willing to knock 16 million, or as he says, “merely 11 million,” people off their health care—matters so much, but it doesn’t matter so much if you’re cutting taxes for billionaires, then it’s okay to run up a big deficit. I think that’s wrong.

    MIL OSI USA News –

  • MIL-OSI Europe: Antoine Ferey is the 2025 AFSE Malinvaud Prize laureate

    Source: Universities – Science Po in English

     

     

    The Association Française de Science Économique (AFSE) announced the 2025 laureate of its Prix Edmond Malinvaud: Antoine Ferey.

    The AFSE (French Economic Association) is a nonprofit organization founded in 1950. It aims at promoting exchange of knowledge and participation of its members in public debates on economic policies. It is open to all economists, whether they work in universities, public research organizations, government bodies or private companies.

    Every year the AFSE awards a Prize for the best paper published in an indexed EconLit, peer-reviewed journal in the past two years by a young economist affiliated to a French laboratory.

    Antoine is awarded the 2025 Prix Edmond Malivaud for his paper Sufficient Statistics for Nonlinear Tax Systems with General Across-Income Heterogeneity (joint with Ben Lockwood and Dmitry Taubinsky), published in 2024 in the American Economic Review.

    The jury wanted to shed light on the topic of optimal non-linear tax systems, in particular taxation of savings which is much less investigated than taxation of income. 

    “In their paper, Antoine Ferey and his co-authors put forward a comprehensive approach to quantifying optimal commodity and savings taxes by developing sufficient statistics that capture various sources of income heterogeneity, extending the standard Atkinson-Stiglitz framework, and providing practical guidance for policy design and empirical estimation.”

    A ceremony will be organised on June 20th during the Paris Economics Taxation Workshop to award the Malinvaud Prize to Antoine.

    This is the third time that Antoine’s work has been honoured in as many months: earlier this year he became a CESifo Distinguished Fellow for his paper Redistribution and Unemployment Insurance (read abstract) and the Aix-Marseille School of Economics (AMSE) awarded him the Carine Nourry Best Doctoral Dissertation Prize. 

    Antoine also joins a growing list of faculty members whose papers have been awarded the Malinvaud Prize: Alfred Galichon, Isabelle Mejean, Clément de Chaisemartin, Johannes Boehm, and Michele Fioretti.

    Congratulations Antoine !

    (credits: Alexis Lecomte)

    Antoine Ferey joined the Department of Economics in 2023 as an Assistant Professor (tenure track). He is also a Research Affiliate of the CESifo Network and of the Institut des politiques publiques. During the Spring Semester, he has been invited by Harvard University to teach a part of their public economics sequence to PhD students.

    Prior to joining our faculty, he was an Assistant Professor at the Ludwig Maximilian University of Munich (LMU). He received his PhD in Economics from the Centre de recherche en économie et statistique (CREST) and Ecole Polytechnique in 2021, for which he received two PhD Dissertation Awards from the Association française de science économique (AFSE) and from Institut Polytechnique de Paris (IP Paris). 

    Antoine Ferey’s website

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Christopher Hui visits Norway

    Source: Hong Kong Information Services

    Secretary for Financial Services & the Treasury Christopher Hui said during his visit to Oslo, Norway, on June 11 and 12 that Hong Kong and Norway could create a powerful synergy to address global challenges with regards to climate change and digital transformation, leveraging the complementary strengths of the two places.

    He was also pleased to note that after a meeting with the Norwegian Ministry of Finance, positive progress was made with the early signing of a comprehensive avoidance of double taxation agreement (CDTA) between Hong Kong and Norway.

    At a meeting with Norwegian State Secretary of the Ministry of Finance Torgeir Micaelsen and Director General of Tax Law Department Omar G Dajani on June 12, Mr Hui called for an early signing of a CDTA between the two places.

    Mr Micaelsen responded positively and indicated that they will look into the matter to expedite the process.

    The treasury chief also told the gathering that Hong Kong had just been confirmed by the International Financial Reporting Standards Foundation as being among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards, affirming Hong Kong’s efforts and determination in supporting and promoting a common international language in sustainability disclosures.

    To unlock new opportunities in the area of maritime finance, Mr Hui visited Norwegian marine and energy insurance provider Gard, which has a strong presence in Hong Kong’s marine insurance market and provides services to manage maritime risk for clients, by meeting its Chief Customer Officer Line Dahle as well as Vice President and Head of Analytics Sigvald Fossum.

    He also met Vice-President and Director of Group Government and Public Affairs of DNV Lars Almklov. The global assurance and risk management company DNV has been recognised by the Hong Kong Monetary Authority as an approved external reviewer for the Green & Sustainable Finance Grant Scheme.

    Mr Hui told the management of the two companies that Hong Kong and Norway possess complementary strengths that can create a compelling case for financial co-operation. While Norway’s maritime industry is the cornerstone of its economy, Hong Kong’s maritime services industry is also a valued brand in the international arena.

    Joint ventures in maritime insurance could combine Norway’s expertise in marine risk management with Hong Kong’s accessibility, creating comprehensive solutions for the sector and addressing the new demands arising from geopolitical and climatic challenges.

    He highlighted that Hong Kong has a sophisticated ecosystem for ship financing and leasing, supported by tax incentives and its strategic location along global trade routes.

    On June 12, Mr Hui paid a courtesy call to Chinese Ambassador Extraordinary & Plenipotentiary to the Kingdom of Norway Hou Yue.

    He also had a meeting with Director of Politics & Society of Finance Norway Jan Erik Fane. Finance Norway is the industry organisation for the financial sector in Norway, representing banks, insurance companies and other financial institutions on regulatory, policy and industry developments.

    Mr Hui noted that the Norwegian sovereign fund is one of the largest funds in the world and is positioned as a pioneer in responsible investing with a strong emphasis on environmental, social and governance principles.

    He said that the shared focus of Hong Kong and Norway on sustainability creates significant opportunities for collaboration.

    At a dinner reception co-organised by the Hong Kong Economic & Trade Office, London, and the Norway-Hong Kong Chamber of Commerce on June 11, Mr Hui said that even though there is a geographical distance of around 8,600 km between Norway and Hong Kong, the two places share more commonalities in the financial market than perceived.

    The first one is the commitment to green and sustainable developments. The other commonality is expertise in wealth management.

    Mr Hui noted that Norway’s expertise in long-term asset management driven by its sovereign fund aligns seamlessly with Hong Kong’s position as Asia’s premier wealth management centre.

    Capitalising on Hong Kong’s advantages of having a solid financial infrastructure and an extensive international client base, abundant co-investment opportunities are available for Norwegian capital in the Asian markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area.

    Mr Hui returned to Hong Kong this evening.

    MIL OSI Asia Pacific News –

  • MIL-OSI: MoneyHero Group Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Adjusted EBITDA loss improved by 49% YoY to US$(3.3) million
    • Improving revenue mix with high-margin insurance and wealth revenue accounting for 25% of revenue, up 11 pp YoY
    • Cost of revenue fell by 55% YoY and accounted for 44% of revenue, down 20 pp

    SINGAPORE , June 13, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the first quarter ended March 31, 2025.

    Management Commentary:

    Rohith Murthy, Chief Executive Officer, stated:

    “We began 2025 with strong momentum, building on the strategic pivot we initiated last year. In Q1, we made significant financial progress — reducing net loss to US$(2.4) million from US$(13.1) million during the same period last year, improving our Adjusted EBITDA loss to US$(3.3) million, and lowering our cost of revenue by 20-points to 44% of total revenue. These improvements reflect our disciplined focus on enhancing revenue quality, operating leverage, and margin expansion.

    “Our strategy is delivering. By reallocating resources toward higher-margin verticals such as insurance and wealth, we are steering the business toward sustainable, profitable growth. These verticals now account for 25% of total revenue, an increase of 11-points year-over-year. Notably, our car insurance platform, launched in partnership with bolttech, is outperforming our expectations by driving higher conversion rates and recurring revenue with seamless end-to-end journeys and real-time pricing.

    “We have also made substantial operational efficiency gains. Following last year’s restructuring to reset our cost base, we are leveraging AI across the organization to maintain a lean cost structure as we scale. From content creation and service automation to engineering workflows, AI is enhancing workforce productivity, reducing inquiry volumes, and improving user experience — all while keeping expenses flat. Consequently, our unit economics continue to improve quarter after quarter.

    “Our member base is rapidly expanding, with registered MoneyHero Group Members increasing by 38% year-over-year to over 8 million. Leveraging these insights, we have refined our strategy and optimized our marketing spend to deliver highly personalized offers that boost user engagement – achieving stronger results with marketing costs falling 25% year-over-year.

    “We are encouraged to see growing signs of recovery in the Philippines, a key market for us. After a major banking partner exited last year, we recently secured new partnerships with BPI and RCBC, restoring product supply across key verticals. These partnerships significantly strengthen our market position and offerings, and we anticipate a meaningful rebound in our performance during the second half of 2025 as these partnerships scale.

    “Looking ahead, our priority throughout the remainder of the first half of 2025 will be to consolidate our recent operational gains. In the second half, we expect to accelerate topline growth by activating our robust pipeline of banking partnerships, strategically scaling our higher-margin insurance business, and launching Credit Hero Club in collaboration with TransUnion. Credit Hero Club will provide consumers with free credit scores, credit monitoring, and personalized financial product recommendations, thereby driving higher user engagement and conversion rates. This strengthens our confidence in accelerating our revenue growth and reaching positive Adjusted EBITDA in the later part of the year.

    “With no debt and US$36.6 million in cash, we are well-positioned to invest in high-return growth initiatives and capitalize on opportunities as the regional personal finance comparison sector evolves. Our focus on disciplined execution, quality growth, and prudent capital deployment uniquely position us to lead market consolidation, deliver long-term shareholder value, and scale efficiently in a dynamic environment.”

    Danny Leung, interim Chief Financial Officer, added:

    “Our financial performance during the quarter clearly reflects the progress we are making following our strategic pivot in the second half of 2024, with a strong focus on revenue quality and disciplined operational management.

    “While revenue declined 35% year-over-year as part of our strategic focus on improving quality, revenue mix substantially improved with high-margin verticals increasingly accounting for a larger proportion. Personal loans increased from 15% to 17% of total revenue, insurance grew from 8% to 13%, and wealth surged from 6% to 12%, further reducing our reliance on relatively lower-margin credit cards which decreased 13-points to 57%. Cost of revenue also fell by 55% year-over year and accounted for 44% of total revenue, a 20-point decrease. Combined, this significantly improved gross margins and underscores the effectiveness of our strategy to reposition toward higher-quality, sustainable revenue.

    “Our operational efficiency initiatives are already proving to be highly effective, with total operating expenses falling by 26% year-over-year across advertising and marketing, technology, employee benefits, and general administrative costs. We are carefully managing costs while strategically investing in growth areas such as customer acquisition, technology re-platforming, and advanced data infrastructure.

    “As a direct result of expanding gross margins and reduced operating expenses, net loss narrowed substantially to US$(2.4) million this quarter from US$(13.1) million during the same period last year—a significant improvement of over US$10 million. Adjusted EBITDA loss also improved markedly, narrowing from US$(6.4) million to US$(3.3) million year-over-year, underscoring our clear trajectory toward sustainable profitability.

    “Looking ahead, we expect Adjusted EBITDA to improve throughout 2025, supported by steadily expanding margins and sustained operational efficiency. We remain confident in our ability to achieve positive Adjusted EBITDA in the later part of the year. Our strong cash position and disciplined investment strategy will ensure we remain focused on profitable growth and delivering sustained value to our shareholders.”

    First Quarter 2025 Financial Highlights

    • Revenue decreased by 35% year-over-year to US$14.3 million in the first quarter of 2025, reflecting a strategic shift toward diversifying revenue mix to enhance revenue quality and the high base effect set during the same period last year with significant marketing and customer acquisition spending in the credit card vertical to expand market share.
      • Revenue from insurance products increased by 4% year-over-year to US$1.9 million in the first quarter of 2025, accounting for 13% of total revenue, compared to 8% during the same period last year.
      • Revenue from wealth products increased by 20% year-over-year to US$1.7 million in the first quarter of 2025, accounting for 12% of total revenue, compared to 6% during the same period last year.
    • Cost of revenue decreased by 55% year-over-year to US$6.4 million and accounted for 44% of revenue, a decrease of 20 percentage points from 64% during the same period last year, reflecting improved gross margins through rewards costs optimization.
    • Total operating costs and expenses, excluding net foreign exchange differences, decreased to US$18.3 million in the first quarter of 2025 from US$30.4 million during the same period last year. This reduction was driven by more targeted and cost-efficient marketing campaigns, combined with strategic streamlining of technology costs to simplify workflows, and a comprehensive HR cost restructuring initiative.
    • Net loss for the period narrowed sharply to US$(2.4) million during the first quarter of 2025, compared to US$(13.1) million in the same period last year, supported by lower operating costs as well as lower non-operating expenses including foreign exchange differences and changes in fair value of financial instruments.
    • Adjusted EBITDA loss improved to US$(3.3) million in the first quarter of 2025 from US$(6.4) million in the prior year period.

    First Quarter 2025 Operational Highlights

    • Monthly Unique Users for the three months ended March 31, 2025, of 5.7 million
    • MoneyHero Group Members, to whom the Company provides more tailored product information and recommendations, grew by 38% year-over-year to 8.1 million as of March 31, 2025
    • MoneyHero sourced 399,000 applications and had 155,000 approved applications in the first quarter of 2025

    Capital Structure

    The table below summarizes the capital structure of the Company as of March 31, 2025:

    Share Class Issued and Outstanding
    Class A Ordinary 29,949,1931
    Class B Ordinary 13,254,838
    Preference Shares 2,407,575
    Total Issued Shares 45,611,606
    Employee Equity Options 618,7172
    Issued Class A Ordinary Shares Underlying Employee Equity Options (618,717)3
    Total Issued and Issuable Shares4 45,611,606

    _____________________________________
    1     Includes 618,717 shares issued to Computershare Hong Kong Investor Services Limited (“Computershare”) which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
    2 Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of March 31, 2025.
    3 Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
    4 Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of the money.

    Summary of financial / KPI performance

      For the Three Months Ended
    March 31,    		  
      2025   2024    
      (US$ in thousands, unless otherwise noted)  
    Revenue 14,314   22,175    
    Adjusted EBITDA (3,309 ) (6,440 )  
           
    Clicks (in thousands)5 2,081   N/A    
    Applications (in thousands)6 399   495    
    Approved Applications (in thousands)6 155   206    
           

    Revenue breakdown

      For the Three Months Ended
    March 31,    		  
      2025 2024  
      US$ % US$ %  
      (US$ in thousands, except for percentages)  
    By Geographical Market:          
    Singapore 5,084 35.5 8,944 40.3  
    Hong Kong 6,396 44.7 7,716 34.8  
    Taiwan 1,054 7.4 1,402 6.3  
    Philippines 1,779 12.4 3,979 17.9  
    Malaysia – – 133 0.6  
    Total Revenue 14,314 100.0 22,175 100.0  
               
    By Source:          
    Online financial comparison platforms 12,638 88.3 18,058 81.4  
    Creatory 1,676 11.7 4,117 18.6  
    Total Revenue 14,314 100.0 22,175 100.0  
               
    By Vertical:          
    Credit cards 8,173 57.1 15,426 69.6  
    Personal loans and mortgages 2,495 17.4 3,297 14.9  
    Wealth 1,663 11.6 1,387 6.3  
    Insurance 1,892 13.2 1,827 8.2  
    Other verticals 91 0.6 239 1.1  
    Total Revenue 14,314 100.0 22,175 100.0  
               

    _____________________________________
    5 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable click data for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
    6 Due to the nature of our business, there is often a delay in receiving confirmation of the number of Applications and Approved Applications by our commercial partners. As a result, the disclosed figures may utilize estimations if data is unavailable.

    Key Metrics

      For the Three Months Ended
    March 31, 2025
      (in millions, except for percentages)
    Monthly Unique Users7  
    Singapore   1.3           22.6 %
    Hong Kong   1.0           17.3 %
    Taiwan   1.8           31.2 %
    Philippines   1.7           29.0 %
    Total   5.7
    		           100.0 %
         
    Total Traffic7    
    Singapore   3.1           17.6 %
    Hong Kong   3.3           18.7 %
    Taiwan   5.9           33.5 %
    Philippines   5.3           30.1 %
    Total   17.5           100.0 %
       
      As of March 31,
      2025
    		 2024
      (in millions, except for percentages)
    MoneyHero Group Members  
    Singapore 1.4 16.7 % 1.2   21.0 %
    Hong Kong 0.9 11.0 % 0.7   12.6 %
    Taiwan 0.4 4.6 % 0.3   4.5 %
    Philippines 5.5 67.7 % 3.4   57.2 %
    Malaysia 0.0 0.0 % 0.3   4.8 %
    Total 8.1 100.0 % 5.9
    		   100.0 %
                   

    Conference Call Details

    The Company will host a conference call and webcast on Friday, June 13, 2025, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company’s financial results. The MoneyHero Limited (NASDAQ: MNY) Q1 2025 Earnings call can be accessed by registering at:

    Webcast: https://edge.media-server.com/mmc/p/q7ymzw9v
    Conference call: https://register-conf.media-server.com/register/BI715b6ae9a0fa497a9a90877eaad916ac

    The webcast replay will be available on the Investor Relations website for 12 months following the event.

    _____________________________________
    7 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable monthly unique users and total traffic for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.

    About MoneyHero Group
    MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 260 commercial partner relationships as at March 31, 2025, and had approximately 5.7 million Monthly Unique Users across its platform for the three months ended March 31, 2025. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.

    Key Performance Metrics and Non-IFRS Financial Measures

    Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: monthly unique users, traffic, and clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for monthly unique user, traffic, and clicks for any periods prior to July 1, 2024.

    “Monthly Unique User” means as a unique user with at least one session in a given month as determined by a unique device identifier from GA4. A session begins when a user opens an app in the foreground or views a page or screen while no other session is currently active (e.g., the prior session has ended). A session concludes after 30 minutes of user inactivity. To measure Monthly Unique Users over a period longer than one month, we calculate the average of the Monthly Unique Users for each month within that period. If an individual accesses a website or app from different devices within a given month, each device is counted as a separate unique user. However, if an individual logs in and accesses a website or app using the same login across different devices, they will only be counted as one unique user.

    “Traffic” means the total number of unique sessions in GA4. A unique session is a group of user interactions recorded when a user accesses a website or app within a 30-minute window. The current session concludes when there is 30 minutes of inactivity or users have a change in traffic source.

    “MoneyHero Group Members” means (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated.

    “Clicks” means the sum of unique clicks by product item on a tagged “Apply Now”, “Express Buy”, “Buy” or similar button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates.

    “Applications” means the total number of product applications submitted by users and confirmed by our commercial partners.

    “Approved Applications” means the number of applications that have been approved and confirmed by our commercial partners.

    In addition to MoneyHero Group’s results determined in accordance with IFRS, MoneyHero Group believes that the key performance metrics above and the non-IFRS measures below are useful in evaluating its operating performance. MoneyHero Group uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. MoneyHero Group believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as profit/(loss) for the year/period and profit/(loss) before income tax.

    Adjusted EBITDA is a non-IFRS financial measure defined as loss for the year/period plus depreciation and amortization, interest income, finance costs, income tax expenses/(credit), equity-settled share-based payment expenses, transaction expenses, changes in the fair value of financial instruments, non-recurring legal fees, and unrealized foreign exchange differences. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.

    A reconciliation is provided for each non-IFRS measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures. IFRS differs from U.S. GAAP in certain material respects and thus may not be comparable to financial information presented by U.S. companies. We currently, and will continue to, report financial results under IFRS, which differs in certain significant respects from U.S. GAAP.

      For the Three Months Ended
    March 31,
      2025   2024  
      (US$ in thousands)
    Loss for the period (2,449 ) (13,100 )
    Tax expenses –   52  
    Depreciation and amortization 302   981  
    Interest income (131 ) (595 )
    Finance costs 14   8  
         
    EBITDA (2,265 ) (12,654 )
         
    Non-cash items:    
    Changes in fair value of financial instruments (473 ) 1,346  
    Equity settled share-based payment arising from employee share incentive scheme 441   623  
    Unrealized foreign exchange (gain)/loss, net (1,012 ) 4,036  
         
    Listing and other non-recurring strategic exercises related items:    
    Transaction expenses –   35  
         
    Other non-recurring items:    
    Non-recurring legal fees –   174  
         
    Adjusted EBITDA (3,309 ) (6,440 )
         
    Revenue 14,314   22,175  
    Adjusted EBITDA (3,309 ) (6,440 )
    Adjusted EBITDA Margin (23.1 )% (29.0 )%
             

    Forward Looking Statements

    This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2024 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.

    For inquiries, please contact:

    Investor Relations:
    MoneyHero IR Team
    IR@MoneyHeroGroup.com

    Media Relations:
    MoneyHero PR Team
    Press@MoneyHeroGroup.com

    Unaudited Consolidated Statements of Loss and Other Comprehensive (Loss)/Income

      For the Three Months Ended
    March 31,
    (US$ in thousands, except for loss per share) 2025   2024  
       
    Revenue 14,314   22,175  
         
    Cost and expenses:    
    Cost of revenue (6,363 ) (14,106 )
    Advertising and marketing expenses (4,584 ) (6,132 )
    Technology costs (816 ) (1,851 )
    Employee benefit expenses (4,354 ) (5,878 )
    General, administrative and other operating expenses (2,190 ) (2,387 )
    Foreign exchange differences, net 954   (4,112 )
         
    Operating loss (3,040 ) (12,291 )
         
    Other income/(expenses):    
    Other income 131   597  
    Finance costs (14 ) (8 )
    Changes in fair value of financial instruments 473   (1,346 )
         
    Loss before tax (2,449 ) (13,048 )
    Income tax expense –   (52 )
    Loss for the period (2,449 ) (13,100 )
         
    Other comprehensive (loss)/income    
    Other comprehensive (loss)/income that may be classified to profit or loss in subsequent periods (net of tax):    
    Exchange differences on translation of foreign operations (1,378 ) 3,713  
         
    Other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods (net of tax):    
    Remeasurement gains on defined benefit plan –   1  
    Other comprehensive (loss)/income for the period, net of tax (1,378 ) 3,714  
         
    Total comprehensive loss for the period, net of tax (3,827 ) (9,386 )
         
    Loss per share attributable to ordinary equity holders of the parent    
    Basic and diluted (0.1 ) (0.3 )
             

    Unaudited Consolidated Statements of Financial Position

      As of March 31, As of December 31,
    (US$ in thousands) 2025 2024
         
    NON-CURRENT ASSETS    
    Non-current financial asset 600 600
    Intangible assets 1,215 1,018
    Property and equipment 174 215
    Right-of-use assets 1,034 744
    Deposits 36 25
    Total non-current assets 3,059 2,601
         
    CURRENT ASSETS    
    Accounts receivable 14,559 13,538
    Contract assets 12,571 11,825
    Prepayments and other assets 9,413 10,149
    Tax recoverable 108 63
    Pledged bank deposits 188 185
    Cash and cash equivalents 36,634 42,522
    Total current assets 73,472 78,282
         
    CURRENT LIABILITIES    
    Accounts and other payable 29,400 30,209
    Warrant liabilities 920 1,393
    Lease liabilities 625 442
    Tax payable 33 32
    Provisions 30 71
    Total current liabilities 31,007 32,147
         
    NET CURRENT ASSETS 42,465 46,135
         
    TOTAL ASSETS LESS CURRENT LIABILITIES 45,524 48,736
         
    NON-CURRENT LIABILITIES    
    Lease liabilities 424 294
    Provisions 42 –
    Deferred tax liabilities 30 30
    Defined benefit liabilities 187 185
    Total non-current liabilities 683 509
         
    Net assets 44,841 48,227
         
    EQUITY    
    Issued capital 4 4
    Reserves 44,837 48,223
    Total equity 44,841 48,227
         

    The MIL Network –

  • MIL-OSI Europe: Study – Reporting obligations – 13-06-2025

    Source: European Parliament

    This study of Reporting Obligations was commissioned by the European Parliament’s Policy Department for Justice, Civil Liberties and Institutional Affairs at the request of the JURI Committee. It provides an overview of regulatory reporting and disclosure overlaps that businesses face across the recently enacted Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), and the EU Taxonomy. It provides recommendations on how to mitigate the burdens caused by these overlaps, together with a preliminary assessment of the Commission’s efforts to reduce burdens in the proposed Omnibus Directives.

    MIL OSI Europe News –

  • MIL-OSI United Nations: UNECE joins United Nations’ global call-to-action to accelerate social progress through AI-powered virtual worlds

    Source: United Nations Economic Commission for Europe

    UNECE joined forces with 17 other UN entities during the 2nd UN Virtual Worlds Day to urge governments, civil society, academia, and the private sector to harness the transformative potential of AI-powered virtual worlds to drive development that works for all.  

    The call-to-action outlines 12 priorities—from expanding connectivity to promoting responsible use of emerging technologies—in order to ensure that no one is left behind in the fast-evolving digital era.  

    “Harnessing virtual worlds through common frameworks and standards can drive regional cooperation and smart, sustainable development. This initiative speaks to the heart of UNECE’s work to digitize its normative and capacity building instruments and enable communities to deal with the most pressing economic, environmental and social challenges in a data-driven and forward-looking manner,” said UNECE Executive Secretary Tatiana Molcean.  

    Held under the theme “From Innovation to Impact: Delivering on the Pact for the Future”, the second edition of UN Virtual Worlds Day highlighted the importance of interagency cooperation and demonstrated the growing momentum across the UN system to foster shared innovation, global standards, and inclusive digital ecosystems.  

    UNECE presented its policies and frameworks for digital energy transformation, and how they can enable more efficient, sustainable and clean energy systems. The energy sector is responsible for 70% of global GHG emissions, whereas its net useful energy output is estimated at only 5-30% due to conversion, transmission, distribution, and end-use losses. Harnessing digital innovations, such as AI-powered virtual plants and smart grids, can lead to systemic energy efficiency improvements and optimization, reducing energy costs by 80% by optimizing the efficiency of buildings and industrial facilities through retrofitting and electrification. 

    With its policies that support flexible, secure and interoperable energy systems, regulatory innovation that fosters open collaboration, as well as inclusive capacity-building strategies, UNECE is helping UN Member States to achieve system-wide efficiency and resilience in the energy sector. Above all, UNECE promotes a human-centered approach to digitalization that balances innovation with ethical considerations and prioritizes equity, social considerations, and long-term sustainability for a just transition.   

    Twelve priorities for a digital future for all  

    The call-to-action emphasizes the importance of expanding access to meaningful connectivity; empowering people through digital public infrastructure; promoting responsible and transparent use of AI; protecting environmental sustainability and cultural heritage; fostering youth digital skills and innovation; and advancing global standards and multistakeholder collaboration.  

    The priorities in the call directly respond to the Pact for the Future, adopted at the 2024 UN Summit of the Future, and support the implementation of its Global Digital Compact and Declaration for Future Generations, as well as the World Summit on the Information Society+20 (WSIS+20) process beyond 2025.  

    They also offer concrete proposals to inform the 2025 Second World Summit for Social Development (WSSD2), which aims to accelerate action on poverty eradication, the promotion of full employment and decent work, and social inclusion.  

    From vision to action: Partnering to deliver the digital future  

    The second edition of UN Virtual Worlds Day was co-organized by a broad coalition of UN entities, including: ITU, ITCILO, FAO, UNECA, UNECE, UNECLAC, UNESCWA, UNFCCC, UN Guatemala, UN-Habitat, UNICC, UNICEF, UNRISD, UN Tourism, UNU, UN Futures Lab, World Bank, and WIPO.  

    The collaboration illustrates the UN system’s capacity to co-create global solutions and work across sectors and regions to catalyze innovation that serves the public good, promoting open, rights-based digital transformation.  

    The event reaffirmed the need for practical, scalable partnerships to ensure that the benefits of virtual worlds and AI reach rural, remote, and underserved communities worldwide, leaving no one behind.  

    UN Virtual Worlds Day also unveiled the Citiverse Use Case Taxonomy Overview, the first flagship deliverable of the Global Initiative on AI and Virtual Worlds—a UN-led platform for promoting open, interoperable, and trustworthy AI-powered virtual worlds for people, businesses, and public services.  

    The interactive catalogue showcases real-world applications of AI-powered virtual environments transforming education, climate action, urban governance, public services, and economic resilience.  

    Read the full text of the Call-to-Action and explore the Citiverse Use Case Taxonomy: www.itu.int/un-virtual-worlds-day/2025   

    MIL OSI United Nations News –

  • MIL-OSI China: China’s VAT data reflects steady economic growth in May

    Source: People’s Republic of China – State Council News

    China’s value-added tax (VAT) invoice data released by the State Taxation Administration on Friday indicates that the Chinese economy had remained on a stable footing in May, with strong momentum in manufacturing, innovation and the private sector.

    Manufacturing remained a key economic stabilizer, accounting for 30.1 percent of total corporate sales in May. Sales in equipment manufacturing rose 7.5 percent year on year, with strong performances in the rail, ship, aviation and aerospace equipment, computer and telecom devices, and electrical machinery categories.

    High-tech industries continued to expand last month, with sales up 15 percent year on year. The core digital economy sector grew by 11.2 percent, while corporate spending on digital technologies increased 10.9 percent.

    Notably, sales of industrial and special-purpose robots surged 13.2 percent and 28.3 percent, respectively, underscoring progress in AI-driven manufacturing.

    Private businesses also saw robust growth, with sales rising 0.9 percentage points faster than the national average — accounting for 72.3 percent of total corporate sales.

    Meanwhile, growth in manufacturing and high-tech sectors involving private firms outpaced the overall industry by 1.3 and 0.7 percentage points, respectively, in May. 

    MIL OSI China News –