Treasury

Three Cyprus-registered companies sanctioned by US for al-Shabaab links

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Three Cyprus-registered companies sanctioned by US for al-Shabaab links

The U.S. Department of the Treasury imposed sanctions on an international fundraising and money-laundering network for the al Shabaab militant group, targeting 16 entities and individuals across the Horn of Africa region, the United Arab Emirates, and Cyprus. The sanctions list includes three Cyprus-based companies: HALEEL FINANCE LTD, HALEEL HOLDINGS LTD, and HALEEL LTD, with registrations in Nicosia and Limassol. These companies were registered within eight months in 2017. This action follows previous U.S. sanctions against a network linked to al Shabaab in October 2022, aiming to freeze any U.S. assets of those targeted and prevent dealings with them by Americans. Al Shabaab, considered a terrorist group by Washington, generates over 0 million a year and has been fighting the Somali government since 2006 to establish rule based on Islamic Sharia law. The State Department highlighted that al Shabaab’s revenues support al-Qa’ida-linked groups globally, funding terrorism and undermining governance.

Gold extends rally above $2,160 ahead of US NFP

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Gold extends rally above $2,160 ahead of US NFP

The price of gold reached a new all-time high above ,160, influenced by a weaker US Dollar, a decline in US Treasury bond yields, and expectations for a rate cut by the Federal Reserve in June. Dovish commentary from central bank policymakers, including Fed Chair Jerome Powell and European Central Bank chief Christine Lagarde, also supported gold prices. Powell indicated the Fed is close to being confident enough to cut rates, while Lagarde suggested the ECB might ease policy in June. Additionally, geopolitical tensions and safe haven buying, particularly following a Houthi attack in the Red Sea, contributed to the demand for gold. Despite investors pulling metal out of Gold-backed ETFs, central banks remain strong buyers of gold.

Ethics committee to investigate , €200,000 Olympic Committee sponsorship

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Ethics committee to investigate , €200,000 Olympic Committee sponsorship

The House ethics committee has decided to contact the Treasury regarding a €200,000 sponsorship from OPAP to the Cyprus Olympic Committee (KOE). The committee’s chair, Demetris Demetriou, reported this decision following discussions about KOE’s role and operations. During a meeting, it was revealed that a committee created within KOE after receiving the donation from OPAP was never convened. Furthermore, the €200,000 sum was not included in KOE’s budgets for 2021 and 2022 because it was not directly received by KOE but was used for other purposes such as athlete payments and promotion. The ethics committee seeks further explanations for these funds, including issues related to tax exemption and payment confirmation.

Pensions and state salaries paid together , ‘illegal’

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Pensions and state salaries paid together , ‘illegal’

The auditor-general’s office has called on the Treasury to immediately stop the practice of paying pensions to currently serving state officials, as it violates relevant laws. This issue was highlighted in the Audit Office’s special report on the Treasury for the year 2022. The report also mentioned that about 160 state officials, both retired and currently serving, are receiving multiple pensions, including high-ranking officials like the president and four ministers. Additionally, the report criticized the Treasury for not applying public-sector wage cuts, as stipulated in the 2013 bailout deal, to judges hired after the legislation was passed, a practice that continued until August 2021. Furthermore, the Treasury was found to have inadequately checked adherence to schemes for subsidized loans for businesses and new home loans during the coronavirus pandemic, with some cases lacking necessary supporting documentation.