USA: SEC Charges Investment Adviser and Its Owner for Misappropriation of Fund Assets

The Securities and Exchange Commission today announced settled charges against registered investment adviser Monsoon Capital, LLC and its founder and owner, Gautam Prakash, of Maryland, for misusing over $1 million of private fund assets managed by Monsoon.

According to the SEC's order, from 2015 through early 2019, Prakash intentionally submitted false travel expenses for reimbursement, which Monsoon improperly expensed to a private fund it advised, Monsoon Infrastructure & Realty Co-Invest, L.P. (MIRC). As a result of this fraudulent practice, Prakash received more than $44,000 in excessive travel reimbursements that Monsoon charged to MIRC. In addition, the SEC's order finds that, in June 2017, Prakash breached his fiduciary duty when he borrowed $1 million in cash from MIRC to settle a personal trade.

The SEC's order finds that Monsoon and Prakash violated the antifraud provisions of Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940, as well as Rule 206(4)-8 thereunder. Without admitting or denying the findings in the SEC's order, Monsoon and Prakash agreed to cease and desist orders and to a joint and several penalty of $100,000. Monsoon also agreed to be censured, and Prakash agreed to a collateral associational bar and investment company prohibition.

The SEC's investigation was conducted by Janene M. Smith and supervised by Ranah L. Esmaili of the SEC's Asset Management Unit. The SEC appreciates the assistance of the National Futures Association.

Raconteur: Procurement & Supply Chain Innovation 2020

How has panic buying altered supermarket supply chains forever? Our Procurement & Supply Chain Innovation special report explores the upheaval of global supply chains, how procurement tech can help procurement professionals, and the cyber vulnerabilities for hackers during the crisis. It examines why emotional intelligence matters in supply chain management for building better relationships with customers and suppliers. The featured infographic looks at the benefits of supply chain automation, highlighting that the majority of companies are still behind the curve in adoption.

OECD Tax Policy Reviews: Seychelles 2020

This report is part of the OECD Tax Policy Reviews publication series. The Reviews are intended to provide independent, comprehensive and comparative assessments of OECD member and non-member countries’ tax systems as well as concrete recommendations for tax policy reform. By identifying tailored tax policy reform options, the objective of the Reviews is to enhance the design of existing tax policies and to support the adoption of new reforms. This report provides an assessment of Seychelles' tax system and recommendations for tax reform, with a focus on the business tax. Chapter 1 gives an overview of Seychelles' key economic and tax challenges. Chapter 2 provides a comprehensive assessment of Seychelles' business tax system and simulates the impact of different business tax reform scenarios, based on business taxpayer microdata. Chapter 3 focuses on improving the design of non-business taxes.

WikiFX: CG TRADE

WikiFX is a third-party service provider for clients to inquire whether a Forex broker is formal, legal and real. WikiFX provides all round service including inquiry of Forex broker's information, regulation, license, risk exposure, credit and valuation, platform verification and monitoring, complaints solving and investor rights protection, credit report download and related platform inquiry.

Mauritius: FSC issues Investor Alert against CG TRADE

It has come to the attention of the Financial Services Commission, Mauritius (‘FSC ’) that an entity in the name of CG TRADE is falsely claiming to hold a Retail Forex Licence, bearing licence number C118023669, purportedly issued by the FSC on 23 July 2019.

Nespresso® Professional Launches Its First Organic Coffee, Peru Organic, Part Of The Revamped Professional Origins Range

Today, Nespresso Professional announced the launch of Peru Organic, the first certified organic Nespresso coffee. The addition of Peru Organic is part of a revamp of the brand's Professional Origins coffee range, which includes three other distinctive, single-origin coffees sourced from Brazil, Guatemala and India. All four are designed for Nespresso Professional coffee machines—including the recently launched Nespresso Momento machine range which combines smart technology with intuitive features to deliver extraordinary coffee moments to any business.

All four Professional Origins coffees are sourced from carefully-selected regions within their respective countries, and they are cultivated, harvested, and processed using methods endorsed by local farmers. The result? A unique range of coffees that reflects the terroir, flavors, and traditions of their regions.

"Whether running a restaurant, serving coffee to hotel guests or ensuring office employees feel valued, we know having the highest quality, sustainably-sourced coffee matters," said Kika Buhrmann, Vice President of Nespresso Professional USA. "That's why we're always looking for new offerings for our partners, and we're immensely proud of our revamped Nespresso Professional Origins range; it blends together distinctive flavor, sustainability, and an authentic connection to these four coffee producing countries."

With the addition of Peru Organic, the Nespresso Professional coffee range is comprised of 15 unique coffees.

NESPRESSO PROFESSIONAL PERU ORGANIC

The latest Nespresso Professional Origins coffee is certified organic by both the European Union and the United States Department of Agriculture, so consumers can be sure it meets the highest standards. With an increasing number of consumers seeking organic options, Peru Organic will satisfy the US consumer with a floral, fruity, certified-organic coffee choice.

"Nespresso is excited to announce its first organic blend, Peru Organic, which is produced in collaboration with local farming communities," said Daniel Weston, Head of Sustainability at Nespresso. "Drinking organic coffee is a burgeoning lifestyle choice, which is why we've taken the time and care to craft Peru Organic. Produced in accordance with strict practices and controls across the whole supply chain, we hope our customers will enjoy the unique taste of this beautiful new organic coffee." 

To create Peru Organic, Nespresso Professional chose 450 smallholder farmers in the Cajamarca region, in northwestern Peru, nestled about 5,250 to 6,890 feet above sea level in the Andes Mountains. The independent farmers in this region hand-harvest the coffee cherries and dry them in their own backyards. They also use fertilizers made from organic materials, like banana skins, and utilize native plants like guava and lucuma to naturally shade the coffee trees and protect the local flora and fauna. The floral and fruity coffee flavor is reminiscent of the landscape in these unique, subtropical highlands.

ENJOYING THE NESPRESSO PROFESSIONAL ORIGINS RANGE

"Just as the four countries differ in geography, culture, and climate, the four unique coffees in our Nespresso Professional Origins range each deliver a different aroma and flavor," Buhrmann says, "and we guide customers to the perfect cup size and milk pairing, whichever single-origin coffee best meets their clients' tastes."   

• India boasts woody notes and a punch of clove, nutmeg, and pepper, reflecting the spices growing amongst south Indian coffee trees. Recommended cup size: Espresso or ristretto
• Brazil is a delicate blend of sweet cereal notes and toasted grain. Recommended cup size: Espresso, lungo or Americano
• Guatemala is an intense, dry coffee with malty cereal notes tempered by a silky-smooth texture and botanical notes that build complexity. Recommended cup size: Espresso or lungo
• Peru Organic offers fruity acidity balanced by aromas of toasted sweet cereals. Recommended cup size: Espresso, lungo or Americano

This wide range of flavor options provides diverse coffee experiences for any Nespresso Professional customer, meaning they can better serve their clients and employees no matter their taste preferences. All four blends mix well with milk: Nespresso recommends enjoying India and Peru Organic as a latte macchiato, Guatemala as a latte, and Brazil as a cappuccino.

Nespresso BARISTA CREATIONS 2020

Cocoa Truffle

Dark and bitter cocoa flavour meets the malted cereal note of the base espresso in BARISTA CREATIONS Cocoa Truffle. It’s rich and reminiscent of dark chocolate truffles. The base espresso is a blend of the finest South American Arabicas – sweet Bourbon beans from Brazil in harmony with the washed Colombian beans. A split roast brings out the best in each to create an incredibly smooth and rounded espresso – a great match for that dark cocoa flavour. A distinct cocoa note with a touch of almond sweetness and a hint of vanilla – that’s how you’ll recognize a BARISTA CREATIONS Cocoa Truffle.

ORIGIN

The base espresso for the BARISTA CREATIONS flavored coffees is known for being incredibly round and smooth. In this Arabica coffee blend, you’re in the good company of the finest South American coffees – really rounded and smooth Brazilian Bourbon Arabica beans in harmony with washed Colombian Arabica. The cocoa flavour rounds out this blend even more – you get that familiar rich, velvety taste warming those roasted coffee aromas.

ROASTING

Split roast, the Brazilian coffee is lightly roasted to keep it smooth and with all its malted cereal notes intact, while the majority of the Colombian coffee beans get a short roast to release all their finer aromatics. A fine grind adds a glimmer of intensity to this harmonious coffee.

AROMATIC PROFILE

Vibrant dark cocoa on a base of malted cereal – that’s Nespresso BARISTA CREATIONS Cocoa Truffle. This flavoured coffee capsule is round and smooth with a richness as luxurious as dark chocolate truffles.

Caramel Crème Brûlée

The warming flavour of caramel softens the roasted notes of our most rounded and smooth espresso. Creamy notes of caramel, coconut and vanilla dance through BARISTA CREATIONS Caramel Crème Brûlée. The base blend for this Nespresso flavored coffee consists of some of South America’s finest Arabicas. We blended Brazilian Bourbon beans with washed Colombian coffee and split roasted them to bring them into beautiful harmony.

ORIGIN

The base espresso for the BARISTA CREATIONS flavoured coffees is known for being incredibly round and smooth. In this Arabica coffee blend, you’re in the good company of the finest South American coffees – really rounded and smooth Brazilian Bourbon Arabica beans in harmony with washed Colombian Arabica. The caramel flavour rounds out this blend even more – you get that sweet, creamy taste warming those roasted coffee aromas.

ROASTING

Split roast, the Brazilian coffee is lightly roasted to keep it smooth and with all its malted cereal notes intact, while the majority of the Colombian coffee beans get a short roast to release all their finer aromatics. A fine grind adds a glimmer of intensity to this harmonious coffee.

AROMATIC PROFILE

Nespresso BARISTA CREATIONS Crème Brûlée is all delicious caramel, vanilla and coconut notes dancing through the malted cereal character of our smoothest espresso. This flavoured coffee capsule is beautifully rounded and as sweet and creamy as crème brûlée.

Vanilla Éclair

It’s in sweet harmony that BARISTA CREATIONS Vanilla Éclair flavour blends into a round, smooth Latin American Arabica espresso. The base blend of Brazilian and Colombian Arabicas is known for its smooth taste and malted cereal notes – a real classic roasted coffee aroma. BARISTA CREATIONS Vanilla Éclair plays into that full flavour with its own richness. The vanilla flavour brings a velvety layer to the taste of this Nespresso flavoured coffee. If you dare the decadence, try it as a cappuccino and taste sweet almond notes dancing through the creamy custard taste.

ORIGIN

The base espresso for the BARISTA CREATIONS flavoured coffees is known for being round and smooth. In this Arabica coffee blend, you’re in the good company of the finest South American coffees – really rounded and smooth Brazilian Bourbon Arabica beans in harmony with washed Colombian Arabica. The vanilla flavour mellows out this blend even more – you get that familiar rich, velvety taste warming those roasted coffee aromas.

ROASTING

Split roast, the Brazilian coffee is lightly roasted to keep it smooth and with all its malted cereal notes intact, while the majority of the Colombian coffee beans get a short roast to release all their finer aromatics. A fine grind adds a glimmer of intensity to this harmonious coffee.

AROMATIC PROFILE

Warming vanilla on a base of malted cereal – that’s Nespresso BARISTA CREATIONS Vanilla Éclair. This flavoured coffee capsule is round and smooth with a silky mouthfeel that may remind you of vanilla eclairs.

Cyber Risk Surveillance: A Case Study of Singapore

Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.

IMF Working Paper No. 20/28

KPMG - Brexit Transition Phase: Actions to take in 2020

For corporate groups which may have an Irish registered company, either forming part of, or heading up the group, there are several Irish company law considerations to be borne in mind and which may require action as part of an overall Brexit strategy.

GECKO – Guide de l’Eco-Konception dans l’océan Indien

GECKO est un guide conçu par le Programme ENERGIES mis en oeuvre par la COI et financé par l’Union européenne.

Objectif de ce guide : réduire la consommation énergétique des bâtiments dans l’océan Indien.

Legatum Institute: The Africa Prosperity Report 2019-2020

The Legatum Institute’s Africa Prosperity Report quantifies prosperity across each African nation and tracks its evolution over the past decade.

• Prosperity in Africa is at its highest ever level, and 43 countries have improved in the last decade, though the divergence between the top and bottom ranked countries has increased.

• Each region of the continent has improved, with East Africa seeing the most improvement.
• Strong personal freedoms underpin rising prosperity, as seen in countries such as Togo.
• Social wellbeing has improved consistently over the last 10 years, with health and education standards rising, poverty rates falling, and living conditions improving.

• The most important underlying driver of improvements in prosperity over the last decade has been a strengthening of institutions.
• Microeconomic factors and social wellbeing have improved across the continent, even among countries that have declined in their overall prosperity.
• If all African countries were to replicate the high performance of the most prosperous countries on the continent, they would rank 38th in the world.

Nespresso Ispirazione Italiana

Transport yourself to iconic Italian cities with coffees inspired by the richness of Italian roasting tradition with the Nespresso Ispirazione Italiana coffee range.

ISPIRAZIONE NAPOLI

The darkest roast in this range pays tribute to this Italian capital of coffee by creating a creamy coffee that intensifies with every mouthful.

ISPIRAZIONE PALERMO KAZAAR

A long and dark roast inspired by the south that enhances the wildness and spiciness of this blend.

ISPIRAZIONE RISTRETTO ITALIANO

A medium dark roast that reveals its intensity with elegant fruity notes and a hint of acidity that dances through the blend.

ISPIRAZIONE FIRENZE ARPEGGIO

This short and dark roast combines cocoa notes with sweeter blends to create a velvety masterpiece.

ISPIRAZIONE ROMA

This short roast with elegant aromatics achieves woody and cereal notes with hints of acidity.

ISPIRAZIONE VENEZIA

A long roast harmonizing a hint of fruity and floral aromas, the distinct cereal fragrance, and luxurious notes of sweet caramel.

ISPIRAZIONE GENOVA LIVANTO

This sweet medium roast delivers a beautiful balanced and aromatic complexity of cereal and caramel notes.

ISPIRAZIONE RISTRETTO ITALIANO DECAFEINATTO

A medium dark roast that reveals its intensity with elegant fruity notes and a hint of acidity that dances through the blend.

ISPIRAZIONE FIRENZE ARPEGGIO DECAFFEINATO

This short and dark roast combines cocoa notes with sweeter blends to create a velvety masterpiece.

Nespresso Professional : Origins - A Balance Of Land & Bean

From seed to sip, each coffee echoes the land it grows on and the care it receives. Specially selected for you and your customers, meet Origins: four characters as individual as the terroirs themselves.

PERU ORGANIC

Welcome to the remote Peruvian highlands where perfect natural conditions and farmer’s meticulous care bring you our first organic coffee.

It’s time to meet our pure organic coffee. The heady Peruvian altitude, remote geography and specific microclimate pair with extensive natural practices and care by smallholder farmers to bring you a finely balanced coffee with elegant fruit and smooth, toasted cereal notes.

ORIGIN GUATEMALA

From mineral-rich volcanic soil, the strength and explosive flavour of this Guatemalan Robusta coffee comes as no surprise, but its smoothness will.

From rich, bold volcanic soils comes a strong coffee to match. Meet Guatemala, a dynamic blend of Arabica and fine Robusta variety. A surprising washed process for the Robusta brings you a silky-smooth texture with an intense dry, malty cereal note while keeping the aromatic complexity as alive as the lands where it was grown.

ORIGIN INDIA

Born of exotic fields, among the spices and fruit trees, meet this blend of Arabica and Robusta that serves you a real taste of India.

Grown in the shade of exotic trees and spices in the historic lands where coffee first flourished in India, meet the spirited legacy to those beans - India. Intriguingly subtle and yet stimulatingly powerful, it’s testament to the incredible biodiversity of where it thrives. Expect an aromatic intensity that hits your palate with a noble punch worthy of its history.

ORIGIN BRAZIL

Get a taste of the rolling hills and savannahs of Brazil and meet this sweet, smooth coffee blend, enriched with fragile and renowned yellow bourbon Arabicas.

Bringing you an impossibly silky combination of mild Brazilian Arabicas from the arid savannahs of the Cerrado region and the highly regarded sweet Red and Yellow Bourbon Arabicas from the hilltop plantations of southern Brazil. Both elegant and delicate, this coffee’s soft honeyed and toasted cereal notes are neither bitter or acidic, just smooth beyond compare.

Nespresso Professional: Peru Organic

It’s time to meet our first pure organic coffee. The heady Peruvian altitude, remote geography and specific microclimate pair with extensive natural practices and care by smallholder farmers to bring you a finely balanced coffee with elegant fruit and smooth, toasted cereal notes.

FRUITY AND ELEGANT

We travelled across remote Peruvian regions in search of the finest organic certified Arabica coffee beans. High up above 1000 meters - even up to 2100 meters - tucked into the slopes of the Andes, we found them. Made with organic processes passed down from generation to generation, this coffee is blessed with the meticulous care of smallholder farmers. Peru Organic is split-roast to reveal both the bright, juicy acidity and the elegant fruity notes accented by a smooth, toasted cereal note.

ORIGIN

In Peru, the Andes extend from North to South, separating the coastal desert from the tropical rainforest. Coffee grows here – high up in the Andes – between 1000 and 2100 meters. It’s a subtropical highland climate where the high humidity levels and altitude improve the quality potential of the coffee beans.

ROASTING

After going to such great lengths to source the finest Organic Peruvian coffee, it was only natural to take the same care in roasting this coffee. Peru Organic is a single-origin coffee roasted in two parts to bring a nuanced complexity to the final cup. The two splits are lightly roasted and highlight the bright and smooth character of the blend while revealing the exotic fruity notes.

AROMATIC PROFILE

Peru Organic is a fruity coffee with distinct green vegetable notes. The coffee’s fine acidity is beautifully balanced by its contrasting aromas of toasted sweet cereals.

Singapore: MAS and ACRA Launch Variable Capital Companies Framework

The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) launched the Variable Capital Companies (VCC) framework today. The VCC is a new corporate structure that can be used for a wide range of investment funds and provides fund managers greater operational flexibility and cost savings. It will encourage more funds to be domiciled in Singapore and enhance its value as an international fund management centre.

Mauritius: FSC issues the AML-CFT Handbook

As part of the Financial Services Commission initiatives to assist the financial institutions in applying national measures to combat money laundering and terrorist financing, the Commission has developed its Anti-Money Laundering and Countering the Financing of Terrorism Handbook (the ‘AML/CFT Handbook’). The aim of the Handbook is to assist the financial institutions under the purview of the Commission in complying with the requirements of the FIAMLA and the FIAML Regulations 2018. It consolidates the Commission’s guidance on anti-money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction.

This AML/CFT Handbook is designed to provide guidance to all financial institutions. Under the FIAMLA, a financial institution is an institution, or a person, licensed or registered or required to be licensed or registered under – 

(a) section 14, 77, 77A or 79A of the Financial Services Act;

(b) the Insurance Act;

(c) the Securities Act; or

(d) the Captive Insurance Act 2015;

Raconteur: Wine & Spirits 2019

In 2019 the UK spirits market made £344 billion in revenue, but how is the wine and spirits industry preparing for shifts like climate change, Brexit, and unexpected competition? Our Wine & Spirits special report explores how the UK wine industry is reaping the benefits of extreme climate changes. It examines how investors can begin investing in wine, an area often considered inaccessible and intimidating, and thereby diversify their portfolios. It also looks at whether the cannabis industry will threaten alcohol sales and consumption in the future. Finally, the featured infographic looks at the £370 billion global wine industry, from average consumption to countries’ preferred imports and exports.

Fifty Shades of Green by Mark Carney

The world needs a new, sustainable financial system to stop runaway climate change

Raconteur: Future CEO 2019

How has the CEO role evolved, and what are the biggest management and operational challenges facing business leaders? The Future CEO special report, published in The Sunday Times, covers the changing CEO role from traditional command and control to one of inclusive and purposeful leadership. It explores how business leaders of tomorrow need to prioritise self-development and ensure they are constantly renewing their skills and capabilities to have an impact on society, beyond pursuing profits and wealth. It examines the top five traits investors look for in a leader and why female representation on UK boards is on the rise, but that doesn’t necessarily mean female CEOs are. Also featured is an infographic on how CEOs are balancing their responsibilities and what their top priorities are as their role develops.

Vivien Teu & Co - Tax in the transparent world: a review and update on automatic exchange of information

The Organisation for Economic Cooperation and Development (“OECD”) has in recent years doubled up efforts of (non-US) tax authorities globally towards chasing taxpayers who are flying under the radar of their home countries’ tax authorities and who do not declare their income or gains arising from assets or investments held overseas. As a responsible member of the international community and in keeping up its international reputation and competitiveness as an international financial centre, Hong Kong has also adopted automatic exchange of information between tax authorities, moving from its previous position of providing information only upon request. 

In this synopsis, we provide an outline of the global changes that have driven the enhancement of tax transparency – more specifically, the international standard on automatic exchange of financial account information in tax matters, which has now been implemented by many jurisdictions globally including Hong Kong and China.