BUSINESS
GEORGIA TODAY JANUARY 21 - 27, 2022
9
Hebashi Holding and A New Alliance to Launch a New Currency that Fights Money Laundering
H
ebashi Holding Group and Innovation Company has launched the Futira crypto currency, one that will radically change the balance of digital currencies and an invention of Egyptian scientist Dr. Hatem Zaghloul. A person well-known in High Technology, Dr. Hatim Zaghloul, the CEO and founder of Futira Ltd LLC, Futira S.r.o. and Innovation, is recognized as a visionary leader in the international hi-tech community. In 1992 and 1995, he invented, together with Dr. Michel Fattouche WOFDM and MCDSSS, the basis for many wireless communications standards, including the WiMAX and LTE standards, the IEEE802.11a, g, n, ac standards, and the speed in 3G. Dr. Zaghloul has co-founded many companies, including Wi-LAN Inc., Cell-Loc Inc. Wi-LAN and Cell-Loc were the top two performers on the Toronto Stock Exchange (TSE) in 2000. Futira Ltd LLC of Georgia and Futira s.r.o. were incorporated in November 2021 to issue a token and a coin. The smart contract for the token was deployed on the Tron chain on January 1, 2022. “We chose the Tron platform because of its speed and low cost compared to a platform such as Ethereum, for example, which thus lowers the cost of transferring for investors in Futira,” Dr. Zaghloul noted. “We plan to issue the Futira Coin within the first six months of 2022.” The Futira Coin will be on the Futira Chain, a private and permissioned blockchain that will not be anonymous. On February 25, it will launch its digital currency “Futira”. What distinguishes the Futira coin is that it serves a vital and humanitarian project managed by well-known businessmen and investors, the proceeds from which will be invested in building fourth generation communication networks with the aim of providing Internet service in poor countries in Africa, where more than 900 million people do not have the opportunity to connect to the Internet because of the high cost of the
necessary infrastructure. “We aim to support this infrastructure through the Futira coin, which will allow it to be built through our previous technologies at a cost not exceeding 1/10 of the cost of traditional networks,” Dr. Zaghloul added. This will be achieved as follows: 1) Using higher 4G towers to reach close to the maximum range of the 4G standard (around 30km). 2) Using mesh Wi-Fi to cover the gaps resulting from the high towers as well as for the denser population areas. 3) Using blockchain to control the authentication and authorization of users. Inovatian Inc, which was also founded by Dr. Zaghloul, will manage the network with funding from the Futira coin. Once the network is built, it will be the only means of having credit on the network. This ensures continuous demand for the coin. The average user will be buying credit on the network at a rate he understands in his local Fiat currency, but the credit will be converted to Futira Coin in the system. Futira coin will be a means of trading on the telecommunications network, as users in the targeted countries will be able to purchase Futira coin through distributors there and put it in the company's digital wallet for use in obtaining various communication services. The user will not be able to get his money back, but he will be able to transfer Futira coin to other users. It will become a nation known for its mechanical advance in mobile innovations within the future. Nowadays, Georgia is known as an innovative advanced nation, as well as for the ease of doing commerce with moo tax collection expenses compared with other nations. These companies contribute in innovations and high tech and have already begun their business operations in the country. Today, Georgia is within the consideration outline once again: Wi-Fi speed communication innovator Dr. Hatim Zaghloul came to Georgia in order to form an IT venture – which will become a long term example of portable administrators worldwide.
Warsaw Convention Report: States Should Effectively Apply Corporate Liability to Money Laundering Offences
T
he Conference of the Parties of the Council of Europe’s Warsaw Convention has called on its states parties to apply corporate liability to money laundering offences effectively. In a report released on January 20, the Conference of the Parties of Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, also known as the “Warsaw Convention“, evaluates the extent to which 36 states have legislative or other measures in place to ensure that legal persons can be held liable for money laundering offences when they are committed on their behalf and for their benefit. The liability of legal persons can be particularly valuable for the effective fight against money laundering since criminals often use corporations, charities and businesses to launder their illicit gains. Through sophisticated money laundering schemes, they are frequently able to avoid any liability by disguising
Image Source: coe.int
their involvement in crime and relying on the weakness of the systems of sanctioning legal persons and confiscating their illicit gains. The report specifically assesses how states parties to the treaty implement the provisions of Article 10 of the treaty, which requires them to establish corporate legal liability in their domestic legislation, including when a natural person is involved as an accessory or instigator.
The report concludes that seventeen countries have fully transposed all the provisions of Article 10: Azerbaijan, Cyprus, Croatia, Georgia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Republic of Moldova, Romania, Portugal, San Marino, Serbia, Slovak Republic and Sweden. 35 of 36 states parties have introduced liability of legal person of money laundering offences in their legislation, as
required by paragraph 1 of Article 10, mostly through general provisions of their criminal codes. However, the transposition into domestic legislation differs considerably among states. Eight out of the 36 state parties have not yet established the liability of legal persons for an offence committed by a natural person acting as an accessory or instigator. Twenty-two countries have complied with the provisions of Article 10 (2), which requires states parties to transpose the liability of the legal person for a money laundering offence committed due to the lack of supervision or control by a natural person who holds a leading position, such as a manager. Seven states have transposed this requirement partially, and eight states have not implemented it yet or have to a very limited extent. The Conference of the Parties issues several general recommendations to the states parties aimed at enhancing their compliance with Article 10 of the treaty as well as country-specific recommendations. It encourages them to ensure
that there are corporate liability mechanisms in place that judicial and law enforcement authorities can use in money laundering cases. *** The Council of Europe´s Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS no. 198), opened for signature in Warsaw in 2005, is the first international treaty covering both the prevention and the control of money laundering and the financing of terrorism. It is the only international treaty that gives national authorities the power to halt suspicious transactions at the earliest stage to prevent their movement through the financial system. In addition, specialised financial intelligence units of member states must stop such transactions whenever requested by a financial intelligence unit of another state party. The Conference of the Parties monitors States Parties’ compliance with the convention.
