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Britain sets out ‘dirty money’ crackdown, wants to hobble Russia’s Putin

Britain set out ways it would crack down on “dirty money” on Monday, introducing new legislation to “hobble” Russian President Vladimir Putin by making it more difficult for those close to him to use London as their playground.

The much-delayed Economic Crime Bill comes as lawmakers from across the political spectrum call on the government to do more to stop the flow of Russian cash into London, dubbed by some as “Londongrad”, in response to Putin's invasion of Ukraine.

But while anti-corruption campaigners said some of the measures to try to force property owners to reveal their identities and strengthen unexplained wealth orders, they said without new funding, law enforcement agencies would struggle.

The new law shows the government is “determined to root out the dirty money in our economy, and importantly, to hobble Putin and his cronies,” interior minister Priti Patel told parliament.

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Duncan Hames, Transparency International UK's Director of Policy, said the most significant step was a new register requiring anonymous foreign owners of British property to reveal their identities to stop some from hiding behind shell firms.

“It is a seismic change it will bring into the open ownership of companies that are registered elsewhere in the world, and in that respect, it is really ambitious and ground-breaking, but as with all these things it is not enough to write good rules, you have to commit to enforcing them,” he said.

London has long been a top destination for Russian money and Prime Minister Boris Johnson has vowed to crack down on those using the capital as a luxury playground, enjoying upmarket hotels and educating their children at fee-paying schools.

But Johnson has come under fire for being slow to impose sanctions and asset freezes on Russia oligarchs and those close to Putin's administration after the invasion of Ukraine.

The government denies there is any delay in imposing sanctions but says it needs to make sure it has solid legal cases to support any against individuals. But critics point to the European Union and United States for moving more quickly.

Italian police have seized villas in its most prestigious locations such as Lake Como and yachts worth 143 million euros from five high-profile Russians, while France has seized a yacht belonging to Rosneft boss Igor Sechin.

Transparency International said 1.5 billion pounds-worth of property had been bought by Russians accused of corruption or links to the Kremlin. Some 830 million pounds-worth of this total is owned via offshore companies.

The new law will introduce the Register of Overseas Entities but will give anonymous foreign owners of property six months to reveal their real identities – a measure the opposition Labour Party gave them too much time to move assets elsewhere.

Some lawmakers called on the government to go further, asking ministers to allow the seizure of British assets from those oligarchs suspected of having links to Putin even before the authorities had imposed sanctions. It was unlikely the government would go so far.

The main opposition Labour Party says the governing Conservative Party has received around 1.9 million pounds from Russian donors since Johnson took power. Conservative officials say the party does due diligence on all donations and only accepts those from British citizens.

Read more:

Canada announces new sanctions after Ukraine invasion

US prepared to move alone in banning Russian oil imports: Reuters

EU leaders to seek cautious ‘phase out’ from Russian energy: Draft

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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