Financial Times’ Private Wealth Management Magazine Shines Spotlight on Due Diligence in Citizenship by Investment Countries: CS Global Partners

LONDON, April 11, 2022 (GLOBE NEWSWIRE) — The Financial Times’ Private Wealth Management (PWM) magazine recently hosted a virtual panel discussion on the impact of global risks on countries with Citizenship by Investment (CBI) programmes.

As part of its PWM Perspectives series, the four-part panel discussion shares the views and insights of notable experts from major due diligence investigation agencies including Karen Kelly, director of strategy and development at Exiger; Eddy Leviton, chief operating officer at Fact WorldWide and Heyrick Bond Gunning, chief operating officer at S-RM.

The panel, moderated by Yuri Bender, editor in chief Professional Wealth Management magazine, shone a spotlight on due diligence processes amid rising geopolitical risks.

More and more savvy investors, entrepreneurs and families are looking for legitimate ways to protect and grow their wealth and investments amid rising uncertainty throughout the world. These people are looking for safe and trusted plan B routes that will ensure that their longevity should the environment change for the worst in their home countries.

Obtaining an alternative citizenship by contributing financially to another country’s economic or social needs is one way to do this. There is growing attention being given to countries who offer citizenship by investment and how they verify credentials of families and entrepreneurs looking to secure a new citizenship.

Speaking on the verification process, Karen Kelly, director of strategy and development at Exiger says “When a country is considering bestowing citizenship to an investor it requires a very in depth look at that investor – who they are, what their background is and where their funds are coming from. A third piece of that is engaging a third-party expert to ensure the veracity of all the information supplied.”

Due diligence mainly involves a number of processes with the main ones being document verification, checking if an applicant has criminal convictions and hits on sanctions lists or watch lists around the world, checking whether the applicant is subject to litigation or judgements, verifying the applicant’s source of wealth and the applicant’s reputation – a process that spans more than a 10 year period. The due diligence process does not only make use of available online resources and cross-referencing different databases but also makes use of on the ground intelligence who are able to ask face-to-face questions.

All this information is then submitted in report format by the intelligence agency to the client, which is the host country.

Heyrick Bond Gunning, chief operating officer at S-RM emphasised that continuous monitoring is key to a robust due diligence programme. “People’s circumstances change and what we as intelligence agencies do is provide countries evidence of a snapshot in time. Lifetime monitoring is something CBI Units are now doing to stay on top of any potential challenges and issues that may arise.”

This new layer of ongoing monitoring has become a key pillar of CBI Units in Caribbean jurisdictions, which are setting global best practices when it comes to advancements in due diligence processes.

This is especially true now, proactive countries in the Caribbean are now looking at past approved applicants to see who may cause issues in the future ahead of potential sanctions.

With growing negative attention on CBI countries, many CBI units are acutely aware of the work they need to do maintain the reputation and integrity of their CBI offerings.

Funds from CBI programmes often provide a vital source of income for some countries, especially in times of crisis – as is often the case for Caribbean countries devastated by hurricanes – these countries value the investment that goes into their economies, and the benefits to their people.

To that end, Caribbean nations offer some of the most rigorous due diligence checks when compared to some countries in Europe. The due diligence standards in the Caribbean region are some of the most effective in minimising perceived and actual security risks.

Host countries who are transparent and follow proper due diligence processes also positively impact their own brand and reputation in the international market.

Caribbean nations have been known to take a risk-based approach and are actively involved throughout the whole process.

Countries are particularly proactive in engaging their regional and international law enforcement and intelligence partners for information sharing agreements and are increasingly mandating that immigration and marketing agents who bring on applicants carry out certain minimum Know Your Customer due diligence processes.

Chief operating officer at Fact WorldWide, Eddy Leviton adds by saying countries who offer citizenship by investment are offering “high levels of due diligence, with some using two diligence agencies to cross check information.”

They know that the reputational risk to their brand and their programmes is so high, that they are making sure that due diligence is of the highest standards.

“As custodians of the citizenship by investment industry, we have made a concerted effort to support and guide governments to put extra attention on due diligence processes as this is the cornerstone of success for the programmes and a prerequisite to gaining trust of the international community,” says Paul Singh, Director at CS Global Partners – a leading citizenship planning firm.

Caribbean countries offer some of the most robust due diligence processes in the industry as some of their citizenship by investment programmes have been around for decades, as is the case with St Kitts and Nevis’ Programme which was established in 1984 and that of Dominica which was established in 1993.

These countries realise the importance of protecting and enhancing not only their reputation in the international community but also ensuring that their citizens and applicants know that they are investing in reputable and trusted brands for their businesses and families.

Professional Wealth Management, from the FT Group, is the premier resource for private banking and mutual fund coverage in Europe, Asia and beyond.

Watch the series here: https://video.pwmnet.com/

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Laos-China Railway unveils a regular train

The Laos-China Railway Company has unveiled a regular passenger train to be operated on the Lao section of the Laos-China railway.

The train will launch its first trip on Apr 13. Coded K12/11, the 732-seat train will serve passenger travel between Vientiane and Boten, Luang Namtha at a top speed of 120 km/h.

On Apr 14, the Laos-China Railway will also open two more freight stations with one in Kasi of Vientiane Province and another one in Meuang Nga of Oudomxay Province.

Source: Lao News Agency

With COVID Mission over, Pentagon Plans for Next Pandemic

WASHINGTON — A COVID-19 patient was in respiratory distress. The Army nurse knew she had to act quickly.

It was the peak of this year’s omicron surge and an Army medical team was helping in a Michigan hospital. Regular patient beds were full. So was the intensive care. But the nurse heard of an open spot in an overflow treatment area, so she and another team member raced the gurney across the hospital to claim the space first, denting a wall in their rush.

When she saw the dent, Lt. Col. Suzanne Cobleigh, the leader of the Army team, knew the nurse had done her job. “She’s going to damage the wall on the way there because he’s going to get that bed,” Cobleigh said. “He’s going to get the treatment he needs. That was the mission.”

That nurse’s mission was to get urgent care for her patient. Now, the U.S. military mission is to use the experiences of Cobleigh’s team and other units pressed into service against the pandemic to prepare for the next crisis threatening a large population, whatever its nature.

Their experiences, said Gen. Glen VanHerck, will help shape the size and staffing of the military’s medical response so the Pentagon can provide the right types and numbers of forces needed for another pandemic, global crisis or conflict.

One of the key lessons learned was the value of small military teams over mass movements of personnel and facilities in a crisis like the one wrought by COVID-19.

In the early days of the pandemic, the Pentagon steamed hospital ships to New York City and Los Angeles, and set up massive hospital facilities in convention centers and parking lots, in response to pleas from state government leaders. The idea was to use them to treat non-COVID-19 patients, allowing hospitals to focus on the more acute pandemic cases. But while images of the military ships were powerful, too often many beds went unused. Fewer patients needed non-coronavirus care than expected, and hospitals were still overwhelmed by the pandemic.

A more agile approach emerged: having military medical personnel step in for exhausted hospital staff members or work alongside them or in additional treatment areas in unused spaces.

“It morphed over time,” VanHerck, who heads U.S. Northern Command and is responsible for homeland defense, said of the response.

Overall, about 24,000 U.S. troops were deployed for the pandemic, including nearly 6,000 medical personnel to hospitals and 5,000 to help administer vaccines. Many did multiple tours. That mission is over, at least for now.

Cobleigh and her team members were deployed to two hospitals in Grand Rapids from December to February, as part of the U.S. military’s effort to relieve civilian medical workers. And just last week the last military medical team that had been deployed for the pandemic finished its stint at the University of Utah Hospital and headed home.

VanHerck told The Associated Press his command is rewriting pandemic and infectious disease plans, and planning wargames and other exercises to determine if the U.S. has the right balance of military medical staff in the active duty and reserves.

During the pandemic, he said, the teams’ make-up and equipment needs evolved. Now, he’s put about 10 teams of physicians, nurses and other staff — or about 200 troops — on prepare-to-deploy orders through the end of May in case infections shoot up again. The size of the teams ranges from small to medium.

Dr. Kencee Graves, inpatient chief medical officer at the University of Utah Hospital, said the facility finally decided to seek help this year because it was postponing surgeries to care for all the COVID-19 patients and closing off beds because of staff shortages.

Some patients had surgery postponed more than once, Graves said, because of critically ill patients or critical needs by others. “So before the military came, we were looking at a surgical backlog of hundreds of cases and we were low on staff. We had fatigued staff.”

Her mantra became, “All I can do is show up and hope it’s helpful.” She added, “And I just did that day after day after day for two years.”

Then in came a 25-member Navy medical team.

“A number of staff were overwhelmed,” said Cdr. Arriel Atienza, chief medical officer for the Navy team. “They were burnt out. They couldn’t call in sick. We’re able to fill some gaps and needed shifts that would otherwise have remained unmanned, and the patient load would have been very demanding for the existing staff to match.”

Atienza, a family physician who’s been in the military for 21 years, spent the Christmas holiday deployed to a hospital in New Mexico, then went to Salt Lake City in March. Over time, he said, the military “has evolved from things like pop-up hospitals” and now knows how to integrate seamlessly into local health facilities in just a couple days.

That integration helped the hospital staff recover and catch up.

“We have gotten through about a quarter of our surgical backlog,” Graves said. ”We did not call a backup physician this month for the hospital team … that’s the first time that’s happened in several months. And then we haven’t called a patient and asked them to reschedule their surgery for the majority of the last few weeks.”

VanHerck said the pandemic also underscored the need to review the nation’s supply chain to ensure that the right equipment and medications were being stockpiled, or to see if they were coming from foreign distributors.

“If we’re relying on getting those from a foreign manufacturer and supplier, then that may be something that is a national security vulnerability that we have to address,” he said.

VanHerck said the U.S. is also working to better analyze trends in order to predict the needs for personnel, equipment and protective gear. Military and other government experts watched the progress of COVID-19 infections moving across the country and used that data to predict where the next outbreak might be so that staff could be prepared to go there.

The need for mental health care for the military personnel also became apparent. Team members coming off difficult shifts often needed someone to talk to.

Cobleigh said military medical personnel were not accustomed to caring for so many people with multiple health problems, as are more apt to be found in a civilian population than in military ranks. “The level of sickness and death in the civilian sector was scores more than what anyone had experienced back in the Army,” said Cobleigh, who is stationed now at Fort Riley, Kansas, but will soon move to Aberdeen Proving Ground in Maryland.

She said she found that her staff needed her and wanted to “talk through their stresses and strains before they’d go back on shift.”

For the civilian hospitals, the lesson was knowing when to call for help.

“It was the bridge to help us get out of omicron and in a position where we can take good care of our patients,” Graves said. “I am not sure how we would have done that without them.”

Source: Voice of America

WHO Says It Is Analyzing Two New Omicron COVID Sub-variants

The World Health Organization said on Monday it is tracking a few dozen cases of two new sub-variants of the highly transmissible omicron strain of the coronavirus to assess whether they are more infectious or dangerous.

It has added BA.4 and BA.5, sister variants of the original BA.1 omicron variant, to its list for monitoring. It is already tracking BA.1 and BA.2 — now globally dominant — as well as BA.1.1 and BA.3.

The WHO said it had begun tracking them because of their “additional mutations that need to be further studied to understand their impact on immune escape potential.”

Viruses mutate all the time but only some mutations affect their ability to spread or evade prior immunity from vaccination or infection, or the severity of disease they cause.

For instance, BA.2 now represents nearly 94% of all sequenced cases and is more transmissible than its siblings, but the evidence so far suggests it is no more likely to cause severe disease.

Only a few dozen cases of BA.4 and BA.5 have been reported to the global GISAID database, according to WHO.

The UK’s Health Security Agency said last week BA.4 had been found in South Africa, Denmark, Botswana, Scotland and England from Jan. 10 to March 30.

All the BA.5 cases were in South Africa as of last week, but on Monday Botswana’s health ministry said it had identified four cases of BA.4 and BA.5, all among people aged 30 to 50 who were fully vaccinated and experiencing mild symptoms.

Source: Voice of America

New EMU train of Laos-China Railway to serve Lao festival travel rush

The third Lane Xang EMU train for the Laos- China Railway has arrived in Vientiane in order to serve the upcoming travel rush during the Lao New Year festival to be celebrated in mid-April.

The third Lane Xang high-speed EMU (electric multiple unit) train, which arrived in Vientiane on Saturday night, was manufactured in Qingdao in eastern China, according to the Laos-China Railway Company (LCRC), a joint venture running the railway’s Lao section.

The new train will run between Vientiane and Meuangxay, a town in northern Laos.

Laos will celebrate Songkan or the Lao New Year from April 14 to 16.

The Lao section of the Laos-China Railway will embrace its first festival travel rush since the start of its operation in last December.

In order to meet the various travel demands, the new EMU train has one more business class carriage and one more first class carriage, with economy class carriages reduced to five. Compared with the two Lane Xang EMU trains put into service earlier, the passenger carriage setting in the new train can vary and the interior decoration is upgraded, the LCRC said.

The LCRC told Xinhua on Sunday that since the railway was opened to traffic on Dec. 3 last year, the Lao section has seen a strong market demand. As of April 7, the Lao section had operated a total of 456 EMU train trips, transporting 236,800 passengers.

The company said it will continue to strengthen the management and service of passenger transport on the railway, including increasing the train frequency and improving ticket sale services.

Source: Lao News Agency

Unity in the face of COVID-19

Nobody is safe until everyone is safe. The need for unity and cooperation is pivotal to our safety in the face of COVID-19.

Since March 2022, Shanghai has been on a phased lockdown to combat an omicron variant COVID-19 outbreak. Residents are required to stay at home except for essential activities. The city has reported more than 300 locally transmitted COVID-19 cases, and more than 19,000 local asymptomatic infections, said the Shanghai Health Commission on Thursday morning. This is the biggest outbreak in Shanghai.

Both Shanghai residents and international students studying in Shanghai are concerned about the lockdown. “Shanghai University has implemented timely control and prevention measures to cope with the highly contagious and elusive Omicron variant to ensure the health and safety of students, faculty and staff on campus,” said Deputy Dean of the College of International Education, Prof. Chen Xiumeng.

The teachers are still conducting online classes. The staffs are working around the clock to meet the students’ daily needs. So far, Shanghai University has organized more than a dozen rounds of school-wide mass testing, said Prof. Chen.

The incident has saddened not only the hearts of Shanghai residents, but also those of international students studying in Shanghai. Samuel Aron Issak, a PhD candidate from Eritrea said that he is deeply disheartened by the incident, especially given that the outbreak has disrupted everyone’s life. But he is also impressed by Shanghai University’s staff’s resilience and dedication. When his family and friends call to check on him, he assures them that he is in good hands and that they should not be concerned.

Samuel further said that, “the abnormal situation that he is going through seems less significant when compared to the great sacrifices the people of Shanghai are making, particularly the sacrifices of medical workers who are at the forefront of the fight”.

Yaluk Elly, a PhD student from Kenya and one of the University’s volunteer students, said that he considers the current situation as a battle. “This seems like a war. During war times we sometimes have to put our lives on the line for the sake of our fellow students and for the benefit and safety of everyone”.

Every day, Elly takes this challenge with a lot of joy and gladness of heart. Elly stated that whatever has a beginning also has an end, and he believes that the current situation is temporary and it will come to an end soon.

Elly urges his colleagues to continue to fight and also have positive thoughts and mindset in all things at all time.

Another PhD student from Myanmar Su Mon said that “she went to hospital during school lockdown, but she needs to follow the rules of the pandemic prevention”.

She needs to stay at the hotel which is arranged by university as temporary residence for quarantine and need to do the nucleic acid test two times within 48 hrs then she can apply for back to school.

While she was in quarantine at the hotel, healthcare works, teacher and Chinese volunteers were very nice to her, and took care of her very well. And she felt like she was not lonely during her quarantine.

Further, Su Mon said that at the hospital, doctors were very kind and they helped her a lot. She is thankful to local volunteers, teachers, and doctors who have helped her during this time of difficulty.

The pandemic has presented us with a real challenge, forcing us to unite and work together. In Shanghai University, over 7,000 prevention and control activities have been conducted by volunteers, with teachers, staffs, and students all actively participating in the fight against the outbreak. With all of these efforts, it is expected that the virus will be eradicated and the campus will return to normalcy soon.

Source: Lao News Agency