New Jersey's New Top Money Man Embraces Key Role At Pivotal Time

Organised crime is, no doubt, a major threat to international peace and security of a nation's financial system. Money laundering, which is a derivative crime, is a powerful manifestation of this threat. It is a potentially harmful activity capable of affecting the efficient functioning of the banking system, and it undermines the legitimacy of the system in extreme cases. Although the amount of illicit assets that are laundered in the international financial system remains speculative, there are hard facts suggesting that money laundering is inimical to the credibility and integrity of our financial system especially."

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iShares Funds Distributing Capital Gains:

US insurance giant AIG has boosted its stake in Bulgarian fixed line telecom BTC to 94% following its buyout offer to minority shareholders, the company said in a statement to the Bulgarian Stock Exchange, where it is listed, on Monday. AIG, which acquired 90% in the former Bulgarian state fixed-line monopoly via its subsidiary AIG Investments for EUR 1,4 B in August, was required to launch the offer under Bulgarian legislation. The conclusion of the offer now allows AIG to go ahead with its intention to delist BTC from the stock market. It was not immediately clear whether the biggest minority shareholder, New York-based asset manager Julius Baer Investment Management, which had 5,36% of the shares as of August 9, sold any of its shareholding. BTC is the dominant fixed-line telecom operator in Bulgaria with a payroll of 20,000 and 2.9 million phone lines, which accounts for 97% of the fixed line segment of the market. read more