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	<title>UK Watchdog Archives - Sweet Melodies FM</title>
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	<title>UK Watchdog Archives - Sweet Melodies FM</title>
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		<title>Watchdog claims the UK military is lacking $22 billion in equipment.</title>
		<link>https://www.sweetmelodiesfm.com/watchdog-claims-the-uk-military-is-lacking-22-billion-in-equipment/</link>
		
		<dc:creator><![CDATA[Editor]]></dc:creator>
		<pubDate>Mon, 04 Dec 2023 15:00:30 +0000</pubDate>
				<category><![CDATA[World]]></category>
		<category><![CDATA[Features]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[UK Watchdog]]></category>
		<guid isPermaLink="false">https://www.sweetmelodiesfm.com/?p=87559</guid>

					<description><![CDATA[<p>A public spending watchdog warned on Monday that Britain&#8217;s armed forces would not have enough money for equipment over the next ten years, a concern that will undoubtedly worry defense chiefs at a time when geopolitical risks are at an all-time high. The National Audit Office (NAO) estimated that the budget for new weapons and [&#8230;]</p>
<p>The post <a href="https://www.sweetmelodiesfm.com/watchdog-claims-the-uk-military-is-lacking-22-billion-in-equipment/">Watchdog claims the UK military is lacking $22 billion in equipment.</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p>
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<p class="">A public spending watchdog warned on Monday that Britain&#8217;s armed forces would not have enough money for equipment over the next ten years, a concern that will undoubtedly worry defense chiefs at a time when geopolitical risks are at an all-time high. </p>



<p class="">The National Audit Office (NAO) estimated that the budget for new weapons and equipment would be 305.5 billion pounds for 2023–2033—a 16.9 billion pounds over budget—the largest deficit since the organization&#8217;s initial report in 2012. It attributed the deficit to rising costs in nuclear and naval programs, as well as high inflation.</p>



<p class="">This had resulted in a &#8220;marked deterioration&#8221; in the Ministry of Defence&#8217;s (MOD) financial position.</p>



<p class="">Russia&#8217;s war in Ukraine has highlighted the need for extra military spending across Europe, with Britain an important ally and provider of military equipment to Kyiv. It has also been investing in improving its own equipment readiness and expanding munitions facilities.</p>



<p class="">Defence Minister Grant Shapps said in response to the watchdog&#8217;s report that while the government was forecasting budgetary pressure, &#8220;the department is confident it can live within its equipment budget&#8221;.</p>



<p class="">There were also scenarios in which the MOD would have a surplus over 10 years, he said.</p>



<p class="">The government raised spending on defence by an extra 5 billion pounds earlier this year, increasing it to about 2.25% of gross domestic product this year and next. It had been about 2%.</p>



<p class="">Shapps said that the NAO&#8217;s report did not take into account the government&#8217;s aspiration to raise defence spending to 2.5% of GDP when economic conditions allowed.</p>



<p class="">&#8220;The Ministry of Defence acknowledges that its Equipment Plan for 2023–2033 is unaffordable,&#8221; NAO head Gareth Davies said in a statement.</p>



<p class="">NAO said decisions over scrapping or scaling back projects likely to be deemed &#8220;unaffordable&#8221; should not be deferred as this would risk &#8220;poor value for money&#8221;.</p>



<p class="">The budget deficit could be even higher, the NAO said, because the equipment plan it studied does not include things such as the cost of developing new capabilities or extending the life of some equipment including combat vehicles such as the Warrior and Challenger 2.</p>
<p>The post <a href="https://www.sweetmelodiesfm.com/watchdog-claims-the-uk-military-is-lacking-22-billion-in-equipment/">Watchdog claims the UK military is lacking $22 billion in equipment.</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p>
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		<title>UK watchdog penalties a lack of effective anti-money laundering measures by Ghana International Bank</title>
		<link>https://www.sweetmelodiesfm.com/uk-watchdog-penalties-a-lack-of-effective-anti-money-laundering-measures-by-ghana-international-bank/</link>
		
		<dc:creator><![CDATA[Editor]]></dc:creator>
		<pubDate>Thu, 23 Jun 2022 14:54:34 +0000</pubDate>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[World]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Ghana]]></category>
		<category><![CDATA[News]]></category>
		<category><![CDATA[UK Watchdog]]></category>
		<guid isPermaLink="false">https://www.sweetmelodiesfm.com/?p=78311</guid>

					<description><![CDATA[<p>Due to deficiencies in its anti-money laundering systems, Ghana International Bank (GHIB) was fined 5.8 million pounds ($7.1 million) by Britain&#8217;s Financial Conduct Authority (FCA). The FCA claimed the bank gave other lenders correspondent banking services, enabling them to offer goods and payment services they otherwise couldn&#8217;t. The bank did not sufficiently carry out the [&#8230;]</p>
<p>The post <a href="https://www.sweetmelodiesfm.com/uk-watchdog-penalties-a-lack-of-effective-anti-money-laundering-measures-by-ghana-international-bank/">UK watchdog penalties a lack of effective anti-money laundering measures by Ghana International Bank</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Due to deficiencies in its anti-money laundering systems, Ghana International Bank (GHIB) was fined 5.8 million pounds ($7.1 million) by Britain&#8217;s Financial Conduct Authority (FCA).</p>
<p>The FCA claimed the bank gave other lenders correspondent banking services, enabling them to offer goods and payment services they otherwise couldn&#8217;t.</p>
<p>The bank did not sufficiently carry out the additional anti-money laundering tests required between January 2012 and December 2016, according to the FCA.</p>
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<p>According to the FCA statement, &#8220;No evidence of actual money laundering was detected, though the risk of money laundering, as a result of these deficient systems, was significant.&#8221; It added that the bank has not disputed the findings and has agreed to settle early.</p>
<p>GHIB said that since the period of investigation, it has appointed a completely new board and new management, with its anti-money laundering systems significantly strengthened.</p>
<p>“Under new leadership, GHIB is a fundamentally different bank today, with a healthy balance sheet and the support of its major shareholders,” Chief Executive Dean Adansi said in a statement.</p>
<p>The FCA said that GHIB was unable to identify and assess the risks posed by its correspondent bank customers and properly scrutinise transactions worth 9.5 billion pounds processed on their behalf.</p>
<p>The watchdog visited GHIB in December 2016 to review its financial crime controls and, as a result of concerns identified during this visit, the bank voluntarily agreed not to take on new customers.</p>
<p>“This restriction remains in place. GIB continues to work with the FCA and an independent expert to improve its financial crime controls,” the FCA said.</p>
<p>&nbsp;</p>
<p>The post <a href="https://www.sweetmelodiesfm.com/uk-watchdog-penalties-a-lack-of-effective-anti-money-laundering-measures-by-ghana-international-bank/">UK watchdog penalties a lack of effective anti-money laundering measures by Ghana International Bank</a> appeared first on <a href="https://www.sweetmelodiesfm.com">Sweet Melodies FM</a>.</p>
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