Latest news with #CTF
Calgary Herald
a day ago
- Entertainment
- Calgary Herald
Civic partner criticized for spending $65,000 on phone line to listen to Bow River
A fiscal watchdog is taking the city's public art authority to task for spending tens of thousands of dollars on a phone line that allowed people to listen to recorded sounds of the Bow River. Article content The Canadian Taxpayers Federation (CTF) issued a freedom of information request to the city in 2024, revealing that the Reconnecting to the Bow public art project cost taxpayers $65,194. Article content Article content Article content 'If someone wants to listen to a river, they can go sit next to one, but the City of Calgary should not force taxpayers to pay for this,' the federation's Alberta director, Kris Sims, said in a news release on Thursday. Article content Article content The project was led by Calgary Arts Development, which has run the city's public art program since 2021. Article content A web page devoted to the audio art project states Reconnecting to the Bow invited Calgarians to 'connect to the Bow River' by calling a hotline to listen to recordings of the river water as it gurgled and babbled. Article content The toll-free phone number — (1-855-269-5786) — was active from August to December 2024. Article content Calling that number now returns an automated message stating the project has concluded. Article content The public art project, a relaunch of a 2014 initiative called Varying Proximities, also included several promotions for the hotline throughout the city on billboards, at transit stations and on social media platforms. Article content Article content Emails the federation obtained from the city revealed the project cost just over $65,000. The budget included approximately $32,000 in installation costs, $15,000 in artist fees, $14,000 in consulting fees and technical support, and $3,500 for communication and research. The project also included the costs to activate the phone number. Article content The arts group collaborated with Broken City Lab, a Windsor, Ont.-based interdisciplinary artist collective.
Finextra
4 days ago
- Business
- Finextra
OFX connects with Know Your Cusotmer for enhanced business verification
OFX, a leading financial operations company, announced a collaboration with Know Your Customer Limited, the global leader in business verification solutions. 0 This collaboration will enable Know Your Customer's advanced verification technology to be used by OFX, enhancing security and streamlining compliance for OFX users. Through this collaboration, OFX will leverage Know Your Customer's capabilities to simplify and automate its business Know Your Customer (KYC) processes. This will provide OFX with real-time access to comprehensive business verification data, including seamless corporate structure verification, instant access to official company documents, and automatic identification of complex beneficial ownership structures across over 140 jurisdictions. This process automates key business KYC processes, significantly reducing manual effort and improving efficiency for OFX users, further strengthening OFX's ability to manage risk and maintain the integrity of its platform. 'OFX is committed to providing our customers with a secure and efficient global payment experience. By using Know Your Customer's technology, we're enhancing our ability to mitigate risks and maintain a high standard of compliance. The real-time access to global registry data, automated documentary evidence, and streamlined processes will strengthen our KYC procedures, reinforcing our commitment to a secure and reliable platform. Jason SullivanHead of Operations, EMEA at OFX 'We are excited to partner with OFX and equip them with a strategic advantage in the global payments landscape. Our advanced business verification technology will empower OFX to elevate its security posture, streamline and automate compliance workflows, and deliver an unparalleled payment experience to its customers. Jamie AndersonManaging Director EMEA, Global Head of Sales Recognising the importance of a robust and secure global payment environment, and in light of Australia's expansion of AML/CTF regulations from sectors like financial services and digital currency exchanges to designated non-financial businesses and professional sectors, OFX is proactively strengthening its security infrastructure through this collaboration. By utilising Know Your Customer's technology, OFX will enhance its due diligence capabilities, ensuring compliance with evolving regulations, providing a secure, reliable platform for global payments. This collaboration reinforces both OFX's and Know Your Customer's commitment to innovation, security, and adherence to evolving compliance regulations in the global financial landscape.
Business Insider
4 days ago
- Business
- Business Insider
Ruto initiates a new law to wipe the stain from Kenya's financial image
In response to money laundering and terrorist financial activities in Kenya, the president of the country recently signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025. Kenya's president signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025. The law aims to strengthen Kenya's financial regulatory framework and address illicit financial activities. Kenya has been under increased international scrutiny, including placement on the EU's high-risk country list. William Ruto's decision to sign the bill not only stems from the need to combat Kenya's financial crimes challenges, but also to position the country as a leader in East Africa's financial integrity and regulatory reforms. 'Kenya is keen on pursuing reforms that cement our position in the region as a leader in financial integrity and regulatory reform,' the president stated. The bill's signing reinforces this vision by sealing gaps that facilitate illicit financial flows via property transactions and the use of shell companies," he added. Since February 2024, Kenya has been on the Financial Action Task Force's grey list, officially designated as a jurisdiction 'under increased monitoring' due to strategic deficiencies in its anti-money laundering (AML) and counter-terrorist financing (CTF) framework, according to Global Financial Integrity. On June 10, 2025, the EU placed Kenya on its list of 'high‑risk third countries' for money laundering and terrorist financing due to lingering strategic deficiencies. The union added Kenya to its list alongside other African countries, including Algeria, Angola, Côte d'Ivoire, Kenya, and Namibia. Being included in the list means that these countries are now considered high-risk jurisdictions, requiring EU financial institutions to apply enhanced due diligence measures when dealing with transactions involving them. Given the contradiction between these unflattering designations and Kenya's ambition to be a leader in East Africa's financial landscape, Kenyan parliamentary members approved the anti-money laundering bill in April 2025, which amended several Acts of Parliament. The law addresses technical compliance deficiencies identified by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), according to Tuko.
Scoop
4 days ago
- Politics
- Scoop
New Zealand Warship Links Up With UK Carrier Strike Group For Combined Operation
The United Kingdom's Carrier Strike Group – spearheaded by the Royal Navy's flagship, HMS Prince of Wales – has been bolstered on the Indo-Pacific phase of Operation Highmast with the arrival of HMNZS Te Kaha. HMNZS Te Kaha, fresh from the New Zealand–led CTF 150 maritime security patrols, including counter narcotic operations, joined up with the multi-nation group in the Indian Ocean last week. Over the course of Operation Highmast, 13 nations will deploy vessels, aircraft and more than 4,500 military personnel to support the task group which formed in the English Channel in late April. The nations include NATO allies from Canada, Denmark, Italy, Norway, Portugal, Spain, Sweden and the United States, and partners from New Zealand, Australia, India, Japan, and South Korea, operating alongside each other to build combat readiness and interoperability between the participating nations' navies at sea. The Royal New Zealand Navy's Maritime Component Commander, Commodore Shane Arndell, said being part of the strike group will provide Te Kaha with further opportunities to increase its combat readiness by testing its capabilities in a significant multi-nation strike group operation. 'The ship already has runs on the board since leaving New Zealand in February and successfully completing a two-month deployment working for the Coalition Maritime Forces Task Force 150 in the Arabian Sea, so they'll be hitting the ground running. Being able to work collaboratively with our global partners and demonstrate maritime interoperability is critical for us as a nation, and Operation Highmast will deliver some key outcomes for our Navy and New Zealand Defence Force.' The UK-led strike group will spend the next part of its deployment involved in a string of major exercises, and interaction with like-minded allies and partners throughout Asia and the western Pacific rim, which includes numerous high-profile port visits. "It's fantastic to have our New Zealand friends with us as we look to develop our combined operational capabilities,' said Commodore James Blackmore, Commander UK Carrier Strike Group. 'It was a privilege to visit HMNZS Te Kaha when she joined the Strike Group. Having such a professional crew integrating with us as we reinforced the rules based international order in the Indo-Pacific will certainly enhance our outputs.'
Egypt Today
6 days ago
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
