Latest news with #FEMA
Economic Times
2 hours ago
- Business
- Economic Times
UAE rule, wary I-T to deter dodgy crypto deals
Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new 'Payment Token Services Regulation' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar)."This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.
Time of India
3 hours ago
- Business
- Time of India
UAE rule, wary I-T to deter dodgy crypto deals
Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto Legal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unlock full 2025 solar power in Bangladesh — install, maintain, upgrade Solar Panels | Search Ads Learn More Undo After raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. Live Events According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new ' Payment Token Services Regulation ' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar). "This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates LLP. Crypto dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.
Chicago Tribune
4 hours ago
- Politics
- Chicago Tribune
Letters to the Editor: Vote-by-mail's not the reason Republicans are losing elections; chromosomes not a simple solution for trans sports issue
I find it amusing that Kevin Coyne, chair of the DuPage County GOP, has concluded the only reason DuPage Republicans are losing elections is because they don't vote by mail. Like most of the Republicans left in his party, he refuses to admit that his is now a party of insanity. Many Republicans have jumped ship to the Democratic Party, wandered off as independents or become non-voters out of disgust. Some did so during President Trump's first term; still more in his latter. No, it must be that all-powerful vote by mail and not because Trump rejected the outcome of the 2020 elections, incited a violent insurrection on Jan. 6 and then pardoned the participants, hobbled emergency and health agencies like FEMA and the National Weather Service, and gutted the EPA so polluters are fully free to poison our air and water for greater profits. It can't possibly be because the president rolled back decades of progress for civil and human rights, shut down the heinous 'Sesame Street' or diverted money from seniors' Meals on Wheels so millionaires can be a given a greater tax break. He's made it so it's now OK to threaten universities and oppose law firms you don't like, to accept foreign gifts for personal favor and to sell U.S. citizenship, for which many veterans gave their lives, for the bargain price of $5 million. No, Republicans losing elections must be the result of something else. So, yes, Kevin, please sign your entire party up for vote-by-mail. It's a great plan — for the rest of us, who live in the world of the sane.I am writing in response to the letter, 'Chromosomes should dictate who competes against who,' which ran in the June 15 edition of the Naperville Sun. The idea that 'chromosomes should dictate who competes against who' in sports competitions is overly simplistic and does not reflect the reality of genetic diversity in human beings. Chromosomally, sex is not easily defined. There are many chromosomal variations other than XX or XY, including XXX, XYY and XXX, and many more. What about women who have Turner syndrome or only have one X chromosome or men with Klinefelter syndrome with an XXY karyotype? Should we bar them from sports too? The vast majority of people have not had their own genome sequenced. The original letter writer herself may even have a chromosomal variation other than XX and may never know it. There is no one way for women's bodies, and genes, to be. Trans people belong in sports and denying them the right to participate based on their chromosomes is up in Naperville deeply influenced my path. The opportunities I had at Naperville School District 203 ignited my passions for science and service. Later, federal research experiences shaped my future. When I approached graduation from Lake Forest College, I felt lost. How could I blend my passions into a career? I found the answer during a research internship at Rush University on a project funded by the National Institute of Diabetes and Digestive and Kidney Disease. Today, at the University of Wisconsin-Madison, I am a doctoral candidate in epidemiology, the field that works to understand and reduce disease. My research and training are largely supported by the National Cancer Institute. Epidemiologists help fight cancer by collecting and analyzing data on cancer cases and deaths. For example, epidemiology research supports the 2022-27 Illinois Cancer Control Plan to reduce cancer, promote prevention and improve care. My research explores why people get colorectal cancer at different rates. While overall rates have decreased since the 2010s, cases in people under 50 have increased by 44% in Illinois over the past two decades. At all ages, Black Illinoisans face the highest rates. Despite great strides, we have a long way to go in the fight to end cancer. But I fear for the future of this fight. This year, federally mandated cuts to the National Institutes of Health's budget will eliminate essential resources like staff, buildings and utilities. Public universities in Illinois are facing a $71.5 million loss in funding, devastating science infrastructure and destroying jobs. Additionally, Illinois universities have had millions in already-awarded grants canceled (including more than $1 million at Rush). These cuts pause essential research, threaten economic growth and undermine the training of the next generation of scientists. Dwindling research funds are not the only threat. In March, the Centers for Disease Control blocked $449 million awarded to the Illinois Department of Public Health. With these cuts, we lose support to fight chronic diseases, like cancer, and infectious disease, like the flu and COVID-19. This is not an issue of political affiliation. Sweeping cuts threaten the research and resources needed to fight disease, leaving everyone's health at stake. Please contact your local, state and federal elected officials and tell them you oppose cuts to science and public health funding. You can also express support by signing the Citizens for Science Policy pledge at was the recent U.S. Army's 250th anniversary overlooked? There was lots of coverage and criticism of the June 14 parade but not much in the way of gratitude for the U.S. Army. Although there's a lot of political turmoil right now, let us never, ever forget that freedom is not free. I'm not going to talk about political views but just be sure to thank all of our military folks and especially the U.S. Army, whose soldiers have protected our freedoms for 250 years! Maybe what was overlooked is that our military are the ones who really guard the gates of freedom around the world for all of us. They are the ones who enable the rights we all enjoy, especially the right to free speech, and have been doing so from 1775 to 2025. Whatever our political views may be, I think we should be both mindful of and thankful for the Army's faithful service to our country. They did a great job in the parade and made us proud. May God continue to bless our country and all of our military.
Yahoo
9 hours ago
- Yahoo
Ex-Siesta Key resort manager accused of stealing $110K from hotel
SIESTA KEY, Fla. (WFLA) — A former Siesta Key resort manager was arrested last month after deputies said he stole $110,000 from a top-rated resort. Billy Prater was arrested on May 21 after the Sarasota County Sheriff's Office said he used his status as Siesta Key Palms Resort manager to give free rooms or cancel rooms in the system and pocketed the money. The resort's owner met with deputies on Nov. 26 to file a fraud report after he discovered that his former officer manager was stealing from his business following a financial audit, an arrest affidavit said. Investigators said another part of Prater's scheme was to hire a handyman to complete jobs around the property. The report showed that Prater paid the handyman through CashApp, PayPal and company payroll. Deputies said it was unclear what work the handyman did and if the amount he was paid was inflated. 'You done messed up': Wanted man who challenged Polk deputies on Facebook to catch him arrested by Lakeland police An audit showed that Prater stole about $110,470.19 from the end of 2023 through 2024, the report said. Prater is also accused of committing FEMA fraud by adding extra stays to FEMA-approved accounts, even though the guests didn't stay those nights. The information was forwarded to FEMA, and the owner was forced to pay FEMA $7,003, the report showed. According to court records, Prater bonded out of jail on May 22 for $50,000. He has a criminal arraignment hearing scheduled for June 20. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CBS News
2 days ago
- Politics
- CBS News
President Trump's plan to "wean off" FEMA doesn't resonate with some N.J. residents still recovering from hurricanes
President Trump said recently he wants to move toward getting rid of the Federal Emergency Management Agency, better known as FEMA, and get states to take on responsibilities. But some disaster survivors in New Jersey and an organization that helps them are not in favor of the idea. "The FEMA thing hasn't been a very successful experiment" Mr. Trump said June 10 the plan is to "wean off of FEMA, and we want to bring it down to the state level, a little bit like education. We're moving it back to the states." The president said he wants that to start after hurricane season and for governors to lead the way. "Now, if they can't handle it, they shouldn't be governor. But these governors can handle it," Mr. Trump said. "The FEMA thing hasn't been a very successful experiment. [It's] very, very expensive and it doesn't get the job done." The president said once this all comes together, it will be good for the country. CBS News New York reached out to the local FEMA office, but it said it could not comment. We also tried to get comment from the national office, but have not heard back. Some N.J. residents sound off on Trump's FEMA stance Nearly four years after Hurricane Ida damaged her Milford home, Leanna Jones is still waiting for state help. "I still haven't gotten my money from the state to do the long-term recovery," Jones said. Jones said despite FEMA's imperfections, the agency was there for her right after disaster struck. "They did put $4,000 in my pocket right away, even before my insurance company came to do the first inspections," Jones said. That's why she says she's worried about what the president is saying about FEMA. "If everything is handed to the states, then people will be waiting for four years to get any money. That is just not okay," Jones said. Organizations helping Superstorm Sandy and Ida survivors also don't think it's a good idea. In recent recommendations to the FEMA Review Council, both the New Jersey Resource Project and New Jersey Organizing Project suggested more FEMA aid and less denial rates, adding, "None of our recommendations included dismantling FEMA. Rather, we have specific suggestions on how FEMA can be improved and provide continued benefit to impacted communities."
