FinCEN Files: Investigation into Dirty Money Transfers from Major Global Banks

At least $ 2 trillion in suspicious transactions were carried out between 2000 and 2017 by several major global banks. This is what an investigation by the International Consortium of Investigative Journalists, made up of 400 journalists from the media in 88 countries, including the investigation units of Radio France and the newspaper Le Monde, reveals.
For their investigation, ICIJ journalists were able to obtain "suspicious activity reports". These are top-secret documents that US bank internal compliance officials send to US financial intelligence agencies when they detect questionable money transfers.

According to these documents, 2,000 billion dollars in suspicious transactions may have been carried out. It is dirty money linked to drugs, corruption, organized crime and terrorism.

Large banks are singled out like JP Morgan, Deutsche Bank, Bank of New York Mellon or HSBC. They ensure, however, that they make significant efforts to combat financial crime an…

Mining and industrial transport: the Moroccan concessionaire Fenie Brossette dismissed his appeal in cassation against Cotradis

The Abidjan Court of Cassation in a recent decision confirmed the conviction of the Iveco concessionaire in Morocco and Côte d'Ivoire in the dispute between it and the Burkinabè specialist in mining and industrial transport Cotradis, indicates a delivery of our colleagues from Jeune Afrique Business +.
 
Mining and industrial transport: the Moroccan concessionaire Fenie Brossette dismissed his appeal in cassation against Cotradis

This is a new twist in favor of the mining and industrial transporter in the legal confrontation against a background of expertise and counter-expertise which opposes it to its ex-partner, the companies Fenie Brossette Maroc and Côte d ' Ivory. Indeed, Iveco's concessionaire in Morocco and Ivory Coast, Fenie Brossette, in open conflict with the Burkinabè group Cotradis, who accuses him of having falsified chassis equipment on an order for 20 trucks, has considering his appeal in cassation rejected by the Ivorian justice.

In a recent decision, the Court of Cassation dismissed the appeal brought by the companies concerned against the judgment rendered on 12 July by the Abidjan court of appeal for commerce. “We must make an exequatur of the decision in Morocco. Fenie Brossette had already observed provisions on the previous convictions, "told Jeune Afrique Business + Abdoul Kader Yada, head of Cotradis.




The same source stresses that, when contacted, Fenie's executives did not follow up on the request.

At the time, Cotradis had already won against Fenie Brossette and its Ivorian subsidiary. The latter had been condemned on appeal to pay 1.725 billion CFA francs (2.6 million euros) to Continental Transport and Distribution (Cotradis) for having modified the chassis of Iveco trucks. At the same time, criminal proceedings are underway in Burkina Faso, accidents causing death and serious injury due to modifications to the chassis.

The Abidjan commercial court had in fact already in February 2018 already condemned Fenie Brossette, led since 2019 by Abdelmjid Tazlaoui, for the payment of 1.5 billion CFA francs. This verdict also obliged the company to pay approximately 800 million CFA francs in provisional execution. What she was reluctant to do when the court of the chamber of commerce had, in its decision, approved the mechanical and financial reports requested by the Burkinabè company, without however accessing its financial claims, estimated at nearly 8 billion from F CFA.




Affirming that this litigation thwarted its expansion plan in the region, Cotradis (CA 7 billion) indicates that it was able to get back on track thanks to a contribution of 2.345 billion CFA francs provided by the African Solidarity Fund (FSA) for refinance its activities. "The support from the FSA and Banque Atlantique gives us hope with the start-up of the new Cimaf unit in Bobo-Dioulasso. We expect a resumption of projects put on standby during 2021 ", assures the Burkinabè entrepreneur.

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