DOCSLIB.ORG

The Next Terrorist Financiers: Stopping Them Before They Start

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Next Terrorist Financiers: Stopping Them Before They Start THE NEXT TERRORIST FINANCIERS: STOPPING THEM BEFORE THEY START HEARING BEFORE THE TASK FORCE TO INVESTIGATE TERRORISM FINANCING OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION JUNE 23, 2016 Printed for the use of the Committee on Financial Services Serial No. 114–94 ( U.S. GOVERNMENT PUBLISHING OFFICE 25–849 PDF WASHINGTON : 2017 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\25849.TXT TERI HOUSE COMMITTEE ON FINANCIAL SERVICES JEB HENSARLING, Texas, Chairman PATRICK T. MCHENRY, North Carolina, MAXINE WATERS, California, Ranking Vice Chairman Member PETER T. KING, New York CAROLYN B. MALONEY, New York EDWARD R. ROYCE, California NYDIA M. VELA´ ZQUEZ, New York FRANK D. LUCAS, Oklahoma BRAD SHERMAN, California SCOTT GARRETT, New Jersey GREGORY W. MEEKS, New York RANDY NEUGEBAUER, Texas MICHAEL E. CAPUANO, Massachusetts STEVAN PEARCE, New Mexico RUBE´ N HINOJOSA, Texas BILL POSEY, Florida WM. LACY CLAY, Missouri MICHAEL G. FITZPATRICK, Pennsylvania STEPHEN F. LYNCH, Massachusetts LYNN A. WESTMORELAND, Georgia DAVID SCOTT, Georgia BLAINE LUETKEMEYER, Missouri AL GREEN, Texas BILL HUIZENGA, Michigan EMANUEL CLEAVER, Missouri SEAN P. DUFFY, Wisconsin GWEN MOORE, Wisconsin ROBERT HURT, Virginia KEITH ELLISON, Minnesota STEVE STIVERS, Ohio ED PERLMUTTER, Colorado STEPHEN LEE FINCHER, Tennessee JAMES A. HIMES, Connecticut MARLIN A. STUTZMAN, Indiana JOHN C. CARNEY, JR., Delaware MICK MULVANEY, South Carolina TERRI A. SEWELL, Alabama RANDY HULTGREN, Illinois BILL FOSTER, Illinois DENNIS A. ROSS, Florida DANIEL T. KILDEE, Michigan ROBERT PITTENGER, North Carolina PATRICK MURPHY, Florida ANN WAGNER, Missouri JOHN K. DELANEY, Maryland ANDY BARR, Kentucky KYRSTEN SINEMA, Arizona KEITH J. ROTHFUS, Pennsylvania JOYCE BEATTY, Ohio LUKE MESSER, Indiana DENNY HECK, Washington DAVID SCHWEIKERT, Arizona JUAN VARGAS, California FRANK GUINTA, New Hampshire SCOTT TIPTON, Colorado ROGER WILLIAMS, Texas BRUCE POLIQUIN, Maine MIA LOVE, Utah FRENCH HILL, Arkansas TOM EMMER, Minnesota SHANNON MCGAHN, Staff Director JAMES H. CLINGER, Chief Counsel (II) VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 K:\DOCS\25849.TXT TERI TASK FORCE TO INVESTIGATE TERRORISM FINANCING MICHAEL G. FITZPATRICK, Pennsylvania, Chairman ROBERT PITTENGER, North Carolina, Vice STEPHEN F. LYNCH, Massachusetts, Chairman Ranking Member PETER T. KING, New York BRAD SHERMAN, California STEVE STIVERS, Ohio GREGORY W. MEEKS, New York DENNIS A. ROSS, Florida AL GREEN, Texas ANN WAGNER, Missouri KEITH ELLISON, Minnesota ANDY BARR, Kentucky JAMES A. HIMES, Connecticut KEITH J. ROTHFUS, Pennsylvania BILL FOSTER, Illinois DAVID SCHWEIKERT, Arizona DANIEL T. KILDEE, Michigan ROGER WILLIAMS, Texas KYRSTEN SINEMA, Arizona BRUCE POLIQUIN, Maine FRENCH HILL, Arkansas (III) VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 K:\DOCS\25849.TXT TERI VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 K:\DOCS\25849.TXT TERI C O N T E N T S Page Hearing held on: June 23, 2016 .................................................................................................... 1 Appendix: June 23, 2016 .................................................................................................... 41 WITNESSES THURSDAY, JUNE 23, 2016 Cassara, John A., former U.S. Intelligence Officer and Treasury Special Agent ..................................................................................................................... 9 Farah, Douglas, President, IBI Consultants LLC; and Senior Non-Resident Associate, Americas Program, Center for Strategic and International Stud- ies .......................................................................................................................... 13 Gurule, Hon. Jimmy, Law Professor, University of Notre Dame Law School .... 7 Realuyo, Celina B., Professor of Practice, William J. Perry Center for Hemi- spheric Defense Studies, National Defense University ..................................... 11 Zarate, Juan C., Chairman and Co-Founder, Financial Integrity Network; and Chairman and Senior Counselor, Center on Sanctions and Illicit Fi- nance, Foundation for Defense of Democracies ................................................. 5 APPENDIX Prepared statements: Cassara, John A. ............................................................................................... 42 Farah, Douglas ................................................................................................. 52 Gurule, Hon. Jimmy ......................................................................................... 62 Realuyo, Celina B. ............................................................................................ 71 Zarate, Juan C. ................................................................................................. 87 (V) VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00005 Fmt 5904 Sfmt 5904 K:\DOCS\25849.TXT TERI VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00006 Fmt 5904 Sfmt 5904 K:\DOCS\25849.TXT TERI THE NEXT TERRORIST FINANCIERS: STOPPING THEM BEFORE THEY START Thursday, June 23, 2016 U.S. HOUSE OF REPRESENTATIVES, TASK FORCE TO INVESTIGATE TERRORISM FINANCING, COMMITTEE ON FINANCIAL SERVICES, Washington, D.C. The task force met, pursuant to notice, at 10:13 a.m., in room 2128, Rayburn House Office Building, Hon. Michael Fitzpatrick [chairman of the task force] presiding. Members present: Representatives Fitzpatrick, Pittenger, Ross, Barr, Rothfus, Poliquin, Hill; Lynch, Foster, and Sinema. Also present: Representatives Garrett and Carney. Chairman FITZPATRICK. The Task Force to Investigate Terrorism Financing will come to order. Without objection, the Chair is authorized to declare a recess of the task force at any time. Also, without objection, members of the full Financial Services Committee who are not members of the task force may participate in today’s hearing for the purpose of ques- tioning the witnesses. The Chair now recognizes himself for 4 minutes for an opening statement. Thank you, everyone, for joining us today for the eleventh and final hearing of the House Financial Services Committee’s Task Force to Investigate Terrorism Financing. Today’s hearing is enti- tled, ‘‘The Next Terrorist Financiers: Stopping Them Before They Start.’’ I would like to again thank Chairman Hensarling and Ranking Member Waters, as well as my colleagues here, for their unwaver- ing support as we have investigated the threat of terror finance. I would also like to take a moment to thank Liana Rosen and Martin Weiss of the Congressional Research Service for the invaluable as- sistance that they have provided to this body. On June 12, 2016, we watched in horror as a lone terrorist pledg- ing allegiance to ISIS carried out the Nation’s worst terror attack since 9/11. As we continue to grieve and pray for those devastated by this attack, we must redouble our efforts to be clear in our re- solve to protect our Nation and her citizens from radical Islamic terrorism that continues to target us. Our efforts to combat this radicalism must be carried out on multiple fronts through diplo- matic action, military force, and countering the finances used to carry out these attacks. (1) VerDate Nov 24 2008 16:41 Aug 16, 2017 Jkt 025849 PO 00000 Frm 00007 Fmt 6633 Sfmt 6633 K:\DOCS\25849.TXT TERI 2 As chairman of this Task Force to Investigate Terrorism Financ- ing, I have joined with Ranking Member Lynch, Vice Chair Pittenger, and this dedicated bipartisan body to investigate and evaluate the efforts made by the United States to counter and dis- mantle the financial networks funding these terrorist organiza- tions. Our investigation has covered a range of topics, including the vulnerabilities of the global financial system, trade-based money laundering, the importance of assisting the developing world, and the sale and trafficking of illicit goods. During this time, it has be- come evident the United States must be able to work freely with its international partners and seamlessly adapt to evolving money laundering and terror financing tactics. For this reason, the task force will be proposing a series of bills which aim to improve communication and coordination amongst various government agencies, allow for increased information shar- ing, and ensure the Treasury is properly supported and recognized for its role in our Nation’s national security strategy. These bills, coupled with the report containing the task force’s findings, will provide a clear blueprint for the United States so it may continue to evolve and improve in its fight to ensure terror groups are un- able to financially support their operations. Today, for the eleventh and final hearing of this task force, we will recap what we have learned with these five expert witnesses who have previously lent their voices to this discussion in past hearings. Together, we will discuss the necessary changes Congress must consider to better enable U.S. agencies in our fight. At this time, I would like to recognize a member of the bipartisan task force, Ms. Sinema of Arizona, our colleague, who has been a valuable asset and trusted
Load more

Recommended publications
  • 2011 Lincoln MKS Brochure
    LINCOLN MKS 2011 INSTANT STAR QUALITY. Captivating in every sense, the 2011 Lincoln MKS mixes athletic poise with sweeping lines and uncompromising purity of design. Instantly admired in the full blaze of day, this starship is equally coveted in its mystery by night – as adaptive HID headlamps dazzle in their automated luminosity. Settle inside and bask in the cool glow of signature Lincoln “ white” lighting. With a touch of the push-button start, you engage. Silver Diamond Premium Coat Metallic. As awarded by the Insurance Institute for Highway Safety (IIHS). Lincoln MKS earned a 2010 “ Top Safety Pick.” LINCOLN MKS 2011 lincoln.com POWER BOOSTER. Backed by 274 hp and 270 lb.-ft. of torque, the standard 355 lively horsepower.2 350 lb.-ft. of torque.2 Power to 3.7L 24-valve Duratec® V6 engine of Lincoln MKS reach for the stars is yours. The available 3.5L EcoBoostTM fuels your ambitions. It also delivers up to 24 mpg V6 tw in-turbocharged, direct-injection engine features hw y.1 The standard 6-speed SelectShift AutomaticTM tremendous low -end torque and smooth power on demand. transmission supplies the freedom of a “ manual As well as an EPA-estimated 25 mpg hw y.3 It’s V8 power mode” – if you prefer shifting for yourself – with with V6 fuel economy. To harness all that energy, MKS the convenience of an automatic. Steering wheel- with EcoBoost is equipped with intelligent all-wheel mounted paddle shifters feature concise actuation drive (AWD). In varying weather conditions, AWD reacts for exceptional control. To enhance traction, choose instantly, seamlessly distributing torque to the wheel or available intelligent all-wheel drive (AWD).
    [Show full text]
  • Physical Gold Custody Meets the Bitcoin Blockchain
    PHYSICAL GOLD CUSTODY MEETS THE BITCOIN BLOCKCHAIN Investment Grade Gold, Allocated in Swiss Vaults, & Secured Using Bitcoin. Introduction 3 Gold in the 21st Century 5 DGLD Key Characteristics 6 The Technology Stack 7 Creations & Redemptions 9 Storage and Verification 9 Fees 10 Disclaimer: This whitepaper provides an overview on the commercial scope and the underlying technology of the DGLD Project. The information shared in this whitepaper is not all- encompassing or comprehensive and the whitepaper does not in any way intend to create or put into implicit effect any elements of a contractual relationship. All rights and duties of all involved parties are exclusively defined by the General Terms and Conditions (T&Cs) available here: https://dgld.ch/assets/190911-dgld-general-terms- conditions-1.0.pdf. 2. Introduction Techniques for investing in gold have become increasingly digital. As a result, gold investment is now more dependent on institutions and intermediaries than ever before. This is problematic as gold is often seen to derive its value as a hedge against systemic failure. Gold is an inefficient asset, stuck somewhere between an unusable store of value and a heavily intermediated investment. Therefore, gold, the ultimate physical bearer asset, requires a digitally disintermediated format to rekindle its role as an independent store of wealth and to be useful in today’s digital society. Bitcoin, the ultimate digital bearer asset, and blockchain technology can provide the network rails and the technology for gold to maintain the independence of physical gold, while benefiting from the value and benefits of digitization. In this paper we introduce DGLD, a digital bearer asset that is 100% backed by physical gold.
    [Show full text]
  • Leading Precious Metals Players Bridge Digital and Physical Gold
    Leading precious metals players bridge digital and physical gold 14th October, Geneva GOLD AVENUE, the official online retailer of the MKS PAMP GROUP now allows DGLD token holders to pay for their physical bars and coins with digital gold. The collaboration between DGLD and GOLD AVENUE is setting an exciting milestone in the relationship between the crypto space and the physical gold community sector. With customers at the core of their business, DGLD and GOLD AVENUE offer precious metals buyers a bridge between digital and physical investments via a user-friendly payment gateway. Since its launch in October 2018, GOLD AVENUE has seen its team grow tenfold and is already reaching nine-figure revenues, “Over the last two years, we have established ourselves as pioneers of online precious metals commerce, by continuously driving innovation in response to our customer’s evolving needs. Today, our customers will be able to use their DGLD tokens to purchase physical gold such as small bars and coins in just a few clicks - that’s rewarding”, states Alessandro Soldati, CEO of GOLD AVENUE. Launched in October 2019, DGLD offers a solid, regulatory compliant, transparent solution supported by highly reputable precious metals and digital assets professional, to promote digital gold as a modern means of holding physical gold without forfeiting conversion. DGLD is a token which provides digital proof of ownership of 'allocated gold' physically held in a Swiss vault. It is backed by industry-leading partners and secured with the bitcoin blockchain. Combining gold with the world’s largest public blockchain allows for significant improvements to the status quo, and doubles-down on the characteristics that have made it so attractive to investors for thousands of years.
    [Show full text]
  • United States Bankruptcy Court Southern District of New York
    18-10509-shl Doc 1051 Filed 09/03/19 Entered 09/03/19 17:38:32 Main Document Pg 1 of 92 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------------- x : In re: : Chapter 11 : FIRESTAR DIAMOND, INC. et al. : Case No. 18-10509 (SHL) : Debtors. 1 : (Jointly Administered) : -------------------------------------------------------------- x AFFIDAVIT OF SERVICE STATE OF CALIFORNIA } } ss.: COUNTY OF LOS ANGELES} Colin Linebaugh, being duly sworn, deposes and says: 1. I am employed by Omni Management Group, located at 5955 DeSoto Avenue, Suite 100, Woodland Hills, CA 91367. I am over the age of eighteen years and am not a party to the above- captioned action. 2. On August 29, 2019, I caused to be served the: • Disclosure Statement for Trustee's Joint Chapter 11 Plan [Docket No. 1045] • Chapter 11 Trustee's Motion for an Order (I) Approving the Disclosure Statement, Form of Ballots, and Solicitation Procedures and (II) Establishing Confirmation Procedures [Docket No. 1046] • Notice of Chapter 11 Trustee's Motion for an Order (I) Approving the Disclosure Statement, Form of Ballots, and Solicitation Procedures, and (II) Establishing Confirmation Procedures [Docket No. 1049] • Trustee's Joint Chapter 11 Plan [Docket No. 1050] By causing true and correct copies to be served as follows: I. Docket Nos. 1045, 1046, and 1050 (i) via e-mail to those parties listed on the annexed Exhibit A and (ii) via first-class mail, postage pre-paid to the names and addresses of those parties on the annexed Exhibit B, /// 1 The Debtors in these jointly administered chapter 11 cases, along with each Debtor’s respective chapter 11 case number and the last four digits of each Debtor’s federal tax identification number are: (i) Firestar Diamond, Inc.
    [Show full text]
  • MKS PAMP GROUP Precious Metals Forecast 2020
    MKS PAMP GROUP Precious Metals Forecast 2020 Outlook Precious Metals Key Drivers Geopolitics: The ongoing geopolitical instability on various fronts in the Middle East will remain a key concern throughout 2020. The trade war between the US and China has somewhat eased but shall remain a major concern in the coming months, rhetorical ups and downs to add sporadic volatility to the market. Politics: The US elections will add some volatility and uncertainties to the market. Economics: Global real growth is set to remain under pressure, at least the first half of the year. A gentle recovery is possible toward the very end of the year into 2021. Interest rates to remain low and negative in some parts of the world. A weaker USD would add support to the precious metals compound. Precious Metals Highlights: Gold to remain the asset of choice against geopolitical and political triggered volatility and uncertainties. More upside is expected. Palladium to continue its unstoppable race to the sky as the supply deficit persists. Silver to build a base around 18.00 USD/Ounce and to move marginally higher. We expect more volatility and more volumes in precious metals trading throughout 2020. 1 MKS PAMP GROUP - Gold Forecast 2020 Low 2020 High 2020 Average 2020 1520.00 USD/ Ounce 1780.00 USD/ Ounce 1636.00 USD/ Ounce Gold ended the year 18.4% higher and is expected to remain on track in 2020. Global real growth is set to remain under pressure. Interest rates are not expected to change significantly and will likely remain negative in some parts of the world.
    [Show full text]
  • Alliances and Partnerships in American National Security
    FOURTH ANNUAL TEXAS NATIONAL SECURITY FORUM ALLIANCES AND PARTNERSHIPS IN AMERICAN NATIONAL SECURITY ETTER-HARBIN ALUMNI CENTER THE UNIVERSITY OF TEXAS AT AUSTIN OCTOBER 12, 2017 8:30 AM - 8:45 AM Welcome by William Inboden, Executive Director of the Clements Center for National Security, and Robert Chesney, Director of the Robert Strauss Center for International Security and Law 8:45 AM - 10:00 AM • Panel One: Defense Perspectives Moderator: Aaron O’Connell, Clements Center and Department of History Aaron O'Connell is an Associate Professor of History at the University of Texas at Austin and Faculty Fellow at the Clements Center. Previously, he served as Director for Defense Policy & Strategy on the National Security Council at the White House, where he worked on a range of national security matters including security cooperation and assistance, defense matters in Africa, significant military exercises, landmine and cluster munitions policy, and high-technology matters affecting the national defense, such as autonomy in weapon systems. Dr. O’Connell is also the author of Underdogs: The Making of the Modern Marine Corps, which explores how the Marine Corps rose from relative unpopularity to become the most prestigious armed service in the United States. He is also the editor of Our Latest Longest War: Losing Hearts and Minds in Afghanistan, which is a critical account of U.S. efforts in Afghanistan since 2001. He has also authored a number of articles and book chapters on military affairs and the representations of the military in U.S. popular culture in the 20th century. His commentary has appeared in The New York Times, The Washington Post, Foreign Affairs, and The Chronicle of Higher Education.
    [Show full text]
  • 2020 Leaflet PROVENANCE 2019
    A GLOBAL REPUTATION FOR QUALITY EXCELLENCE PROVENANCE is supported by the strength of years of expertise and unrivaled accreditation and compliance within the global precious metals industry. We invite you to visit pamp.com where you can review our history and accreditations, continually updated, in detail. However, the following regulatory standards, in which PAMP maintains a leadership role, are particularly integral to the PROVENANCE guarantee: OECD Due Diligence and Gold Supplement The MKS PAMP GROUP took a leadership role as part of the steering and implementation committee to develop the Due Diligence and Gold Supplement of The Organisation for Economic Co-operation and Development (OECD). Conflict-free engagement and business practices as well as compliance with extensive human rights conditions are primary requirements. LBMA Responsible Gold Guidance As the World’s Authority for Precious Metals, the London Bullion Market Association (LBMA), relied on the MKS PAMP GROUP as primary developers of Responsible Gold Guidance requirements. Mandatory for all members, these standards combine current OECD regulations with additional criteria concerning Anti-Money Laundering and Anti-Terrorism Financing. The first refinery to comply, PAMP is also one of only three refineries worldwide designated as ‘Referee’ by both the LBMA and the London Platinum and Palladium Market (LPPM). Responsible Jewelry Council PAMP played an essential role assisting the RJC in the development of its own mandatory practices for its members. Together with the OECD standards, the RJC requires compliance with specific Anti-Money Laundering, Anti-Terrorism Financing, Worker Safety, and Social and Environmental codes of conduct. Social Accountability International MKS PAMP GROUP refineries are the world’s only refiners to hold the SA8000 accreditation, which ensures compliance with ethical workplace standards within the company and throughout the supply chain.
    [Show full text]
  • The Japan-U.S. Counterterrorism Alliance in an Age of Global Terrorism
    The Japan-U.S. Counterterrorism Alliance In an Age of Global Terrorism by Juan C. Zarate MARCH 2016 CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES 1 Acknowledgements In 2013, the Sasakawa Peace Foundation, Sasakawa USA, and the Center for Strategic and International Studies (CSIS) established a bilateral commission of distinguished policymakers and scholars to develop a strategic vision for the U.S.-Japan alliance. This report is intended to inform the commissioners’ findings, as well as the general public. The author and CSIS thank the Sasakawa Peace Foundation in Japan and Sasakawa USA for their generous support. The author thanks Claire McGillem for her vital research support as well as Andrew Chapman and Tetsuro Sone for assisting with production of this report. 2 About the Author Juan Zarate is a senior adviser at the Center for Strategic and International Studies (CSIS), Chairman and Co-Founder of the Financial Integrity Network, the Senior National Security Analyst for CBS News, and a Visiting Lecturer of Law at the Harvard Law School. Mr. Zarate also serves as the Chairman and Senior Counselor for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance (CSIF) and a Senior Fellow to the Combating Terrorism Center at West Point. Mr. Zarate served as the Deputy Assistant to the President and Deputy National Security Advisor for Combating Terrorism from 2005 to 2009, and was responsible for developing and implementing the U.S. Government’s counterterrorism strategy and policies related to transnational security threats. Mr. Zarate was the first ever Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes where he led domestic and international efforts to attack terrorist financing, the innovative use of Treasury’s national security-related powers, and the global hunt for Saddam Hussein’s assets.
    [Show full text]
  • Dealings in Illegal Gold: Swiss, US and Italian Refineries Under Suspicion 2> SUMMARY
    STP REPORT > SUMMARY IN ENGLISH Dealings in illegal gold: Swiss, US and Italian refineries under suspicion 2> SUMMARY Peru is rich in mineral resources. Exploitation thereof is very important for the country’s development. However, unregulated mining of raw materials without consultation of the affected populace entails huge risks. Peru serves as a very clear example of this. While industrial production repeatedly triggered social conflicts and protests about issues such as environmental damage and human rights violations, the regions affected by the gold rush in the southeast of the country became a lawless Eldorado with major social problems, violence, crimina- lity and hardship. The many small-scale prospectors in the regions Madre de Dios, Puno and Cusco extract gold from the ground, gram by gram, under unspeakable conditions and without any alternative. This manner of production releases large amounts of mercury and other toxic substances that are not only extremely hazar- dous to people’s health, but also destructive to the rainforest and the ecosystem. The situation in these areas became so out of hand that Peru’s government had to act. This is why the authorities launched a package of measures to tackle ille- gal gold mining in 2008. From 2010 onwards, security forces took severe action against illegal gold panners, destroying excavators and other heavy construction machinery. After protests by gold panners, the authorities issued regulations to formalise the artisanal miners. Among other things, these regulations specified the conditions for registration and for the granting of prospecting rights. In 2011, the Ministry of the Environment published a study on the consequences of gold panning in Madre de Dios.
    [Show full text]
  • Metals Strategy | Seasonal Report: Outlook for 2H 2021 June 30, 2021
    Metals Strategy | Seasonal Report: Outlook for 2H 2021 June 30, 2021 Seasonal Trends into 2H CONTACTS: Nicky Shiels Seasonal trends* alone don’t form the foundation ofany trade idea (given the Group Head of Metals Strategy shortcomings around this typical data analysis), but they’re usually a useful tool MKS (Switzerland) SA | www.mks.ch to supplement existing ideas, & help explain out/underperformances. Given [email protected] | +1 917-207-8593 we’ve entered the homestretch for 2021, its perhaps worthwhile to provide a review of how 1H 2021 performances stacked up against historical seasonal An MKS PAMP GROUP Company trends, and provide an overview of the outlook for metals performances and how they “should perform” into 2H and over the summer lull (July 4th week- end—Labor Day). Seasonal 2H metals performances since 2010 • 1H’21: Gold & Silver defied seasonal historical norms on both price (down) 10.0% & flows (outflows). Platinum adhered to seasonal influences. Palladium & Q3 Seasonal Performance 8.8% Copper outperformed tremendously due to idiosyncratic factors 8.0% Q4 Seasonal Performance 6.3% 6.0% • Peak Summer (now until Labor Day): All precious metals & JPY are tradi- 4.1% tionally winners; EM Equities, Oil & EMFX are losers. DM Equities & SPX 4.0% 2.1% 1.9% put in neutral performances. 2.0% • 2H’21 Outlook (if historical seasonal trends are any indication): Palladium 0.0% -0.4% -0.7% -0.8% should fly (+16%), Copper to post solid gains (+4%), Platinum is usually -2.0% pressured and Gold & Silver are mixed (strong August gains of ~4%, but -1.8% -2.0% -4.0% investor purges in Q4 usually dampen prices) Gold Silver Copper Platinum *aggregate monthly performances for years 2010-2020 Palladium Page 2-Macro asset performances from July 4th to Labor Day Source: Bloomberg, MKS PAMP Group Page 3—Gold: Price and Flows (COT + ETF) seasonal performances Page 4—Silver: Price and Flows (COT + ETF) seasonal performances Page 5—PGMS & Copper: Price seasonal performances *monthly and quarterly performances for the 10 years since 2009 (2010-2020).
    [Show full text]
  • Responsible Sourcing Protocol 2019
    Responsible Sourcing Protocol 2019 Au Gold Sn, W, Ta Tin, Tungsten, Tantalum Pt C Platinum Diamonds Colored Ag Gemstones Silver Last Updated - August 2019 Table of Contents 1: Signet’s Commitment to Responsible Sourcing ............................................................. 2 2: Signet and Responsible Sourcing .................................................................................. 3 3: Supply Chain Due Diligence .......................................................................................... 5 4: SRSP Core References ................................................................................................. 6 5: Compliance with the Signet Responsible Sourcing Protocol (SRSP) ............................. 9 6: Warranty Statement Requirements .............................................................................. 12 7: Reporting Requirements .............................................................................................. 13 8: Auditing Requirements ................................................................................................ 13 9: Signet Support and Training ........................................................................................ 14 SRSP GOLD APPENDIX:................................................................................................ 15 SRSP 3Ts APPENDIX: .................................................................................................... 19 SRSP DIAMOND APPENDIX: ........................................................................................
    [Show full text]
  • I. Explanation and Purpose
    October 18, 2005 Office of the Secretariat Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, NW Washington, DC 20581 BY E-MAIL AND FASCIMILE SUBJECT: Request for Commission Rule Approval: Proposed Amendment to Supplement No. 2, “Licensed Depositories and Weighmasters for Gold” of the Gold Futures Contract and Supplement No. 1, “Official List of Approved Depositories” of the Platinum and Palladium Futures Contracts. Submission No. 05-188. Dear Ms. Webb: Pursuant to Section 5c(c)(2) of the Commodity Exchange Act (the “Act”) and CFTC Rule 40.5 (“Voluntary Submission of Rules for Commission Review and Approval”), the New York Mercantile Exchange Inc. (“NYMEX” or the “Exchange”) hereby requests on a voluntary basis CFTC approval for a proposed amendment to Supplement No. 2, “Licensed Depositories and Weighmasters for Gold” of the Gold Futures Contract and Supplement No. 1, “Official List of Approved Depositories” of the Platinum and Palladium Futures Contracts. The proposed amendment and a complete explanation of its operation, purpose and effect are attached hereto. If you have any questions concerning this submission, please contact the undersigned at 212- 299-2930 or Albert J. Getz at 212-299-2608. Sincerely, Robert A. Levin Senior Vice President cc: Richard Shilts, Division of Market Oversight Allen Cooper, Eastern Region I. EXPLANATION AND PURPOSE The Exchange proposes to amend Supplement No. 2, “Licensed Depositories and Weighmasters for Gold” of the Gold Futures Contract and Supplement No. 1, “Official List of Approved Depositories” of the Platinum and Palladium Futures Contracts. The proposed amendments add the Manfra, Tordella & Brookes, Inc. (“MTB”) vault facility located at 90 Broad Street, New York City, New York as a Licensed Depository for the storage of gold, platinum and palladium deliverable against the Exchange’s Gold, Platinum and Palladium Futures Contracts.
    [Show full text]