FROM: THE STATE DEPARTMENT
U.S. Welcomes International Anticorruption Day
Press Statement
John Kerry
Secretary of State
Washington, DC
December 9, 2014
On this day, International Anticorruption Day, the United States reiterates its commitment to working with its partners to combat the scourge of corruption. The moral and practical costs of corruption are no longer debatable. Corruption drives instability, popular protests, and revolutions. In some cases, these popular movements produce democratic reform, but in other cases they produce a power vacuum or an authoritarian backlash. Frustration with corruption can also drive insurgency movements and be exploited by terrorist groups to gain popular support. And the proceeds of corruption – which are often sheltered in banks or shell corporations in Western Europe and the United States – enable terrorist financing and sustain unaccountable regimes. Put simply, corruption endangers U.S. national security.
That is why the United States is using a variety of tools, including bilateral diplomacy, multilateral engagement, enforcement, and capacity building assistance, to advance our anticorruption agenda. Through initiatives such as the Ukraine and Arab Forums on Asset Recovery, we help build capacity to ensure motivated governments have the ability, and in some cases, the resources to effectively combat corruption.
Beyond providing technical assistance, we also work to generate the political will to respond to corruption by creating trade incentives for reform, celebrating good performers in venues like the Open Government Partnership, and supporting citizen organizations, journalists, and prosecutors holding public officials accountable. We will also continue to lead by example, including through U.S. enforcement of the Foreign Corrupt Practices Act, cooperation on asset recovery, use of our visa authorities, and our work to enhance open government domestically.
The broad subscription to the United Nations Convention against Corruption (UNCAC) by 174 governments, as well as wide adherence to the Convention on Combating Bribery of Foreign Public Officials, create a shared road map for reform and reflect the firmly established principle that corruption is no longer permissible.
Today, we call on partners in government, civil society, and the private sector, to join us in fighting corruption. We also call on countries undergoing democratic transition to redouble their efforts to build governments that are accountable to citizens and respect the rule of law. Advanced economies, like the United States, should continue to guard against our financial systems becoming havens for the proceeds of corruption, and to ensure that our companies do not pay bribes overseas. And today, we renew our notice to kleptocrats around the world: continued theft from your communities will not be tolerated and the international community is committed to denying safe haven to you and your illicit assets.
Showing posts with label BANKS. Show all posts
Showing posts with label BANKS. Show all posts
Tuesday, December 9, 2014
Friday, February 21, 2014
WHITE HOUSE ON LIBYA IDLs AND NOTICE
FROM: THE WHITE HOUSE
Letter --Continuation of the National Emergency With Respect to Libya IDLs and Notice
Dear Mr. Speaker: (Dear Mr. President:)
Section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)) provides for the automatic termination of a national emergency unless, within 90 days prior to the anniversary date of its declaration, the President publishes in the Federal Register and transmits to the Congress a notice stating that the emergency is to continue in effect beyond the anniversary date. In accordance with this provision, I have sent to the Federal Register for publication the enclosed notice stating that the national emergency declared in Executive Order 13566 of February 25, 2011, is to continue in effect beyond February 25, 2014.
Colonel Muammar Qadhafi, his government, and close associates took extreme measures against the people of Libya, including by using weapons of war, mercenaries, and wanton violence against unarmed civilians. In addition, there was a serious risk that Libyan state assets would be misappropriated by Qadhafi, members of his government, members of his family, or his close associates if those assets were not protected. The foregoing circumstances, the prolonged attacks, and the increased numbers of Libyans seeking refuge in other countries caused a deterioration in the security of Libya, posed a serious risk to its stability, and led me to declare a national emergency to deal with this threat to the national security and foreign policy of the United States.
We are in the process of winding down the sanctions in response to developments in Libya, including the fall of Qadhafi and his government and the establishment of a democratically elected government. We are working closely with the new Libyan government and with the international community to effectively and appropriately ease restrictions on sanctioned entities, including by taking actions consistent with the U.N. Security Council's decision to lift sanctions against the Central Bank of Libya and two other entities on December 16, 2011. The
situation in Libya, however, continues to pose an unusual and extraordinary threat to the national security and foreign policy of the United States and we need to protect against this threat and the diversion of assets or other abuse by certain members of Qadhafi's family and other former regime officials. Therefore, I have determined that it is necessary to continue the national emergency with respect to Libya.
Sincerely,
BARACK OBAMA
Letter --Continuation of the National Emergency With Respect to Libya IDLs and Notice
Dear Mr. Speaker: (Dear Mr. President:)
Section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)) provides for the automatic termination of a national emergency unless, within 90 days prior to the anniversary date of its declaration, the President publishes in the Federal Register and transmits to the Congress a notice stating that the emergency is to continue in effect beyond the anniversary date. In accordance with this provision, I have sent to the Federal Register for publication the enclosed notice stating that the national emergency declared in Executive Order 13566 of February 25, 2011, is to continue in effect beyond February 25, 2014.
Colonel Muammar Qadhafi, his government, and close associates took extreme measures against the people of Libya, including by using weapons of war, mercenaries, and wanton violence against unarmed civilians. In addition, there was a serious risk that Libyan state assets would be misappropriated by Qadhafi, members of his government, members of his family, or his close associates if those assets were not protected. The foregoing circumstances, the prolonged attacks, and the increased numbers of Libyans seeking refuge in other countries caused a deterioration in the security of Libya, posed a serious risk to its stability, and led me to declare a national emergency to deal with this threat to the national security and foreign policy of the United States.
We are in the process of winding down the sanctions in response to developments in Libya, including the fall of Qadhafi and his government and the establishment of a democratically elected government. We are working closely with the new Libyan government and with the international community to effectively and appropriately ease restrictions on sanctioned entities, including by taking actions consistent with the U.N. Security Council's decision to lift sanctions against the Central Bank of Libya and two other entities on December 16, 2011. The
situation in Libya, however, continues to pose an unusual and extraordinary threat to the national security and foreign policy of the United States and we need to protect against this threat and the diversion of assets or other abuse by certain members of Qadhafi's family and other former regime officials. Therefore, I have determined that it is necessary to continue the national emergency with respect to Libya.
Sincerely,
BARACK OBAMA
Friday, December 27, 2013
FDIC SETTLES WITH AMERICAN EXPRESS CENTURION BANK IN DECEPTIVE PRACTICES CASE
FROM: FEDERAL DEPOSIT INSURANCE CORPORATION
FDIC Announces Settlement With American Express Centurion Bank for Unfair and Deceptive Practices
Today, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with American Express Centurion Bank, Salt Lake City, Utah, (Bank) for unfair and deceptive marketing practices related to credit card "add-on products," in violation of Section 5 of the Federal Trade Commission (FTC) Act.
This action results from a review of the Bank's credit card products by the FDIC and the Consumer Financial Protection Bureau (CFPB). As part of the settlement, the Bank stipulated to the issuance of a Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty (collectively, FDIC Order). The FDIC Order requires the Bank to pay a civil money penalty (CMP) of $3.6 million. The CFPB is also taking a parallel enforcement action against the Bank for the same practices and will assess a separate CMP of $3.6 million. Together, the FDIC and CFPB will require restitution of no less than $40.9 million to harmed consumers.
The Office of the Comptroller of the Currency (OCC) and the CFPB also announced actions against other American Express affiliated institutions for the same unfair and deceptive practices identified in those institutions. Collectively, these actions will result in restitution of approximately $59.5 million to more than 335,000 consumers.
The FDIC determined that the Bank violated federal law prohibiting unfair and deceptive practices by, among other things:
Misrepresenting to consumers the benefits and costs of its "Account Protector" add-on product. Consumers were led to believe that the benefits would continue for up to 24 months in the event of a qualifying life event, when in fact the majority of events had benefit periods of one, two, or three months. Consumers were also led to believe that if they purchased the product their monthly minimum payment would be cancelled in the event of a qualifying event. However, the benefit payment was limited to 2.5% of the consumer's outstanding balance, up to $500, which could be less than the minimum monthly payment.
Misrepresenting the terms and conditions of the "Lost Wallet" add-on product through telemarketing calls conducted in Spanish to consumers in Puerto Rico. American Express did not provide uniform Spanish language scripts to its customer service representatives for enrollment calls, and all written materials provided to consumers were in English.
Consumers were not informed during telemarketing calls or during the enrollment process for identity theft products that two steps were necessary to fully utilize credit monitoring and public records monitoring benefits. The second step was not completed by 85 % of consumers. These consumers were thus unfairly billed for benefits they did not receive.
In addition, the Order requires the Bank to take affirmative steps to correct its marketing and billing practices, and to ensure that all of the add-on products offered by the Bank are marketed and administered in compliance with applicable laws.
FDIC Announces Settlement With American Express Centurion Bank for Unfair and Deceptive Practices
Today, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with American Express Centurion Bank, Salt Lake City, Utah, (Bank) for unfair and deceptive marketing practices related to credit card "add-on products," in violation of Section 5 of the Federal Trade Commission (FTC) Act.
This action results from a review of the Bank's credit card products by the FDIC and the Consumer Financial Protection Bureau (CFPB). As part of the settlement, the Bank stipulated to the issuance of a Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty (collectively, FDIC Order). The FDIC Order requires the Bank to pay a civil money penalty (CMP) of $3.6 million. The CFPB is also taking a parallel enforcement action against the Bank for the same practices and will assess a separate CMP of $3.6 million. Together, the FDIC and CFPB will require restitution of no less than $40.9 million to harmed consumers.
The Office of the Comptroller of the Currency (OCC) and the CFPB also announced actions against other American Express affiliated institutions for the same unfair and deceptive practices identified in those institutions. Collectively, these actions will result in restitution of approximately $59.5 million to more than 335,000 consumers.
The FDIC determined that the Bank violated federal law prohibiting unfair and deceptive practices by, among other things:
Misrepresenting to consumers the benefits and costs of its "Account Protector" add-on product. Consumers were led to believe that the benefits would continue for up to 24 months in the event of a qualifying life event, when in fact the majority of events had benefit periods of one, two, or three months. Consumers were also led to believe that if they purchased the product their monthly minimum payment would be cancelled in the event of a qualifying event. However, the benefit payment was limited to 2.5% of the consumer's outstanding balance, up to $500, which could be less than the minimum monthly payment.
Misrepresenting the terms and conditions of the "Lost Wallet" add-on product through telemarketing calls conducted in Spanish to consumers in Puerto Rico. American Express did not provide uniform Spanish language scripts to its customer service representatives for enrollment calls, and all written materials provided to consumers were in English.
Consumers were not informed during telemarketing calls or during the enrollment process for identity theft products that two steps were necessary to fully utilize credit monitoring and public records monitoring benefits. The second step was not completed by 85 % of consumers. These consumers were thus unfairly billed for benefits they did not receive.
In addition, the Order requires the Bank to take affirmative steps to correct its marketing and billing practices, and to ensure that all of the add-on products offered by the Bank are marketed and administered in compliance with applicable laws.
Subscribe to:
Posts (Atom)