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Published Oct 09, 21
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Well, thanks very a lot. I want to give you all a break for a moment and also resort to Mr. Swartz. You have actually been very patient, the three of you. I appreciate that quite. Typically, we would have had two panels, however we didn't know how the Us senate would be operating today, so in an initiative to make certain we made it through all the treaties today, we did this as one panel.

Swartz, you explain in your statement as well as your declarations that the treaty with Bermuda likewise pierces financial institution privacy as well as supplies a mechanism for us obtaining the details we need. There have been some common lawful assistance treaties that consist of provisions related straight to sharing financial institution documents or other economic information.

Swartz. Thank you, Mr. Chairman. With respect to that specific concern, the committee may be describing the reasonably brand-new arrangement that appears, as an example, in our E.U.-U.S. Mutual Legal Assistance Treaty, the recognition of financial institution documents arrangement. That was an arrangement that was prepared and also embraced in the context of the E.U.

Under that stipulation, it's possible for the asking for celebration to seek details as to whether an account exists in the asked for nation, or when it comes to the E.U., among the requested member states. After that, the request, if there is a recognition of an account, need to be adhered to up with a basic shared legal assistance treaty.

As well as with respect to Bermuda, our record of cooperation has actually been very excellent. Our company believe that the record we carry the production of records, including bank records, is such that we are positive that the stipulations consisted of in this common lawful help treaty, which do need collaboration on the manufacturing of documents, will certainly suffice to ensure that we get the documents we require for our financial investigations and various other examinations.

Some various other MLATs likewise enable immediate, non-written kind demands to be made. It's my understanding that in Bermuda, it needs to be in written kind. Any reason why that provision was not consisted of in this agreement? Mr. Swartz. Mr. Chairman, while it holds true that the Shared Lawful Aid Treaty does need requests in written kind, it was the judgment of the arbitrators that it was enough that, in this situation, when it come to Bermuda, we would be able to acquire prompt feedbacks to our demands and likewise supply such feedbacks to Bermuda's demands, especially because we have a practice already established that will certainly proceed, our company believe, under the treaty of being able to share those demands through e-mail or with fax.

Legislator Cardin. Mr. Johnson. Mr. Johnson.

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Bermuda resisted that because they desired to make certain that the demands were clear as well as in an extra formal method. In the negotiations, it likewise came to be clear that they accepted that such request could be made by fax or by email. So the real concern they were worried about was not locating a quick methods to make a demand, but actually just taking dental demands off the table.

We're certain that we've obtained the ways in location that we can make urgent demands of them in a way that will certainly be effective. Mr. Swartz. Mr. Chairman, if I might add, as a matter of fact, while it is an advantage to be able to make oral requests, in technique, it's really rare that we do so.

Legislator Cardin. Mr. Johnson, do have any type of comments on the financial institution records issue? Mr. Johnson.

The distinction between having the ability to do a dental request or having the ability to utilize one of these other extremely fast ways, we think, is not consequential. Senator Cardin. There've been some problems increased about the adequacy of Bermuda legislation with regard to loss of proceeds and instrumentalities of criminal offenses.

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Swartz. Mr. Chairman, we are. Obviously, the advancement of forfeiture legislation is a crucial and progressive matter. We have actually seen a variety of adjustments over the program of the years, including right here in the United States. Yet the Mutual Lawful Aid Treaty in Post 17 does obligate Bermuda to provide help to the United States in procedures associating with forfeiture of profits and agencies of crime, to the degree allowed by the law of Bermuda.

We've had two instances of successful ask for restraint and forfeit of possessions. Both instances were a success and also we had the ability to get the funds. As a basic matter, assistance is readily available under the legislations of Bermuda, and also I do assume that is essential to tension, when it come to cold, seizing, and also limiting assets, including for issues associating with terrorism as well as terrorism financing.

However it should be noted that loss assistance is not limited to what is allowed under Bermuda's domestic legislation. When it come to an U.S. order, Bermuda can not forfeit a particular instrumentality of nondrug offenses, because that power does not exist domestically. However once more, that's restricted to agencies in nondrug infraction cases.

Senator Cardin. Thank you. Allow me just ask the general question, and any kind of among you can react to it. In the Bermuda arrangement, there's a stipulation that is not strange to us, where Bermuda can reject cooperation in resources cases. We understand, I comprehend that, so I'm not being crucial of that stipulation being included in there.

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Are we hindered as an outcome of that or is there a way in which we are able to coordinate under this treaty, even in those cases? Mr. Chairman, we think and we wish we still would certainly be able to comply.

As a matter of fact, we have that experience with other nations that have put comparable interpretations on the mutual lawful help duties, as well as we have actually had the ability to function out arrangements in a variety of instances that permit us to obtain proof or discuss whether the proof is significant enough to move forward with some sort of further steps being taken.

Mr. Johnson. Mr. Johnson. Yes, Legislator, if I can just add to that, one of the reasons this treaty took as long it did to bargain and end is due to the fact that it was crucial to us to make certain that there wasn't an express restriction on aid in resources situations in the treaty itself.

Swartz pertaining to you. Which method we assume that aids keep the concept that's important to us, that such participation needs to be readily available, irrespective of the type of case. And we think this has also birthed out with some other countries, where even with comparable problems concerning cooperation in capital situations, they have, as an example, had the ability to supply help to the nonpenalty phase of a trial or another event examination.

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They do hold the right under this treaty to reject participation where the United States criminal justice system is looking for capital punishment? Senator, they hold the right under the treaty to not offer aid in instances that are contrary to public plan or their essential passions, and also they have informed us that they interpret that to enable them, in fatality penalty instances, to exercise that.

Legislator Cardin. I comprehend that. I simply wished to make it clear that they would certainly not be an infraction of the treaty. We recognize their interpretation, that if there was a situation pending below that we required their assistance, where, plainly, the prosecutors were seeking the death sentence, Bermuda might choose not to work together under this treaty (foreign tax credit).

Swartz. If I could claim, Mr. Chairman, notably, the treaty would certainly call for, since this would be a rejection under Post 3 of the treaty, that initially there had to be examinations with the United States, prior to that rejection might move forward. And also I think that's a crucial aspect of the negotiation that Mr.

As opposed to having a specific arrangement, this is just one of a set of problems under which aid may be refuted after consultation, and, to name a few points, that there should be factor to consider regarding whether help can be offered, based on such conditions as the asked for nation regards essential. As well as our experience because regard has actually been that we frequently can find appropriate guarantees to permit evidence to be produced, a minimum of for first evaluation of the importance of evidence in case on the whole.

And I assume that would be useful for us to have that details in this committee. Mr. Swartz. Thank you. foreign tax credit. We 'd rejoice to provide that. Legislator Cardin. Ms. Mc, Carthy, you have the simplest work here, considering that this arrangement was previously accepted by this board. As I claimed in my opening, we authorized it as well late in the 111th Congress for action.

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Have there been any kind of substantial modifications in our financial investment connection with Rwanda since last November when you gave testament on this treaty? Ms. Mc, Carthy. Thank you, Mr. Chairman. What we have seen considering that last November is an increase in United States financial investment in Rwanda, as well as I can provide you a few instances.

Also, in February of this year, we have Hilton Hotels; it's is mosting likely to open up a significant resort in Kigali. And, also, Marriott Hotels is going in to promote the country's expanding hospitality industry. So I would say that, offered this pattern of boosted financial investment, that it is necessary that the defenses be managed for them.

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You additionally discussed the fact that the United States is discovering other bilateral investment treaties in Africa. I believe we have 5 existing reciprocal investment treaties in Africa. Can you just share with us various other nations that the United States has revealed interest in negotiating treaties?

I assume that completes the questioning. I do value your patience with the committee and also thank you very much for your testimony today.

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As set out below, we would certainly such as to provide upgraded information on reported UNITED STATE financial investment activity in Rwanda. In 2009, the supply of U.S. foreign straight financial investment in Rwanda was $1 million (according to the Bureau of Economic Evaluation).

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And I think that would certainly be valuable for us to have that information in this board. Mr. Swartz. Thank you. We 'd be grateful to supply that. Senator Cardin. Ms. Mc, Carthy, you have the easiest task below, considering that this agreement was previously accepted by this committee. As I stated in my opening, we approved it too late in the 111th Congress for activity.

Have there been any kind of significant adjustments in our investment partnership with Rwanda considering that last November when you provided statement on this treaty? Ms. Mc, Carthy. Thank you, Mr. Chairman. What we have actually seen given that last November is a boost in United States financial investment in Rwanda, and I can give you a couple of instances.

Additionally, in February of this year, we have Hilton Hotels; it's is mosting likely to open up a significant resort in Kigali. And also, likewise, Marriott Hotels is entering to facilitate the country's growing hospitality market. I would say that, given this pattern of increased financial investment, that it is crucial that the securities be afforded for them.

financiers. Legislator Cardin (foreign tax credit). I thanks for that. You also mentioned the truth that the United States is checking out various other reciprocal investment treaties in Africa. I believe you discussed another country. I think we have 5 present bilateral financial investment treaties in Africa. Can you just share with us other nations that the United States has shown interest in bargaining treaties? Ms.

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Legislator Cardin. Thanks. I've been informed by the staff that I ought to ask the inquiry of whether the management still supports the Us senate approval of the Rwanda treaty, given that it was held over from the last Congress. So, for the record? Ms. Mc, Carthy. We absolutely do. Legislator Cardin.

I assume that completes the questioning. I do appreciate your patience with the board and thank you really much for your statement today.

Solution. As set out listed below, we would love to offer updated information on reported UNITED STATE investment task in Rwanda. Various other than these updates, the answers given by the Division's witness in the 111th Congress remain exact. In 2009, the stock of U.S. foreign direct financial investment in Rwanda was $1 million (according to the Bureau of Economic Analysis).

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