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11 January
2009 FSA
Investigation Finds Aon Payments To
Burma In its report
into Aon's £5.25m fine over "failing to take
reasonable care to organise and control its affairs
responsibly and effectively, with adequate risk
management systems", some payments pay have been
made to third party in Burma, the regulator
said. "As a result of
this weak control environment, a number of payments
were made by Aon Ltd to Overseas Third Parties in
Bahrain, Bangladesh, Bulgaria, Burma, Indonesia and
Vietnam," said the FSA, noting that time was
between mid-January 2005 and end-September
2007. For dealing in
business in Burma (also known as Myanmar), which is
under US sanctions, the US Treasury Department's
Office of Foreign Assets Control guidelines say:
"Generally speaking, the exportation of financial
services to Burma is prohibited. The term
exportation or re-exportation of financial services
to Burma is defined broadly to mean (1) the
transfer of funds, directly or indirectly, from the
US or by a US person, wherever located, to Burma,
and (2) the provision, directly or indirectly, to
persons in Burma of Insurance
Services,
investment or brokerage services, banking services,
money remittance services; loans, guarantees,
letters of credit or other extensions of credit; or
the service of selling or redeeming traveller's
checks, money orders and stored value. This defined
term is unique to the Burma sanctions
program. Source:
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