Women in Nanotechnology: Breaking All Barriers Science, Technology, Engineering, and Mathematics (STEM) fields are catalysts for the achievement of the 2030 Agenda for Sustainable Development. Yet, for social, cultural, and psychological reasons, women’s engagement and participation are still considered lower than men’s. As women take on more leadership roles advancing social and political change, women’s contributions to the industrial transformation occurring specifically within the energy sector should be highly considered. While women engineers may still be the minority, many women have become very successful and were able to prove themselves in the industry. These women are breaking stereotypes by being role models to others showing that engineers and scientists can succeed in the field, regardless of gender. Nanotechnology – one of the most promising technologies – touches nearly every aspect of our lives and has the potential to significantly impact our society in different areas such as medicine, agriculture, water, energy, construction, transportation, and consumer electronics. Working at the nanoscale has the potential to address some of the toughest challenges facing the world, specifically climate change. In 1959, Caltech physicist, Richard Feynman gave a lecture called There’s Plenty of Room at the Bottom”, in which he envisioned a world where scientists could manipulate atoms and molecules, reflecting that we can arrange atoms the way we want! Growing numbers of exciting nanoscience and nanotechnology projects are led nowadays by women scientists who are making strides in crucial areas such as sustainable energy production, clean water treatment, and cancer treatment. One of the most important challenges of the 21st century is harnessing the sunlight incident on earth with inexpensive and efficient solar cells. Solar cells made using nanostructured materials (nanoparticles and nanowires) are being investigated around the world to address this challenge. This new field of nanotechnology has opened up new and promising possibilities to improve environmental quality and economic prosperity and was investigated by many scientists – who happen to be women – who were able to contribute to the scientific community and serve to energize and inspire the barrier breakers of the future. They employed nanostructures in solar cells to improve the performance of conventional solar cells and to obtain conversion efficiency higher than the theoretical limit from inexpensive materials with low production cost and low energy consumption. These women demonstrated that nanoparticles and nanowires have unique advantages that make them useful in Photovoltaic designs – having very large surface areas per unit volume or per unit mass – in addition to Quantum confinement effects encountered in nanometer-size materials that convey the unique optical and physical properties. Some examples of Women in Nanotechnology: Mildred Dresselhaus, USA, – Known as the ‘queen of carbon science” – is a professor of physics and electrical engineering (emerita) at MIT. Her work led to a fundamental understanding of the electronic structure of semi-metals, especially graphite. Michelle Simmons, Australia, brought quantum computing—computers built on the principles of quantum physics instead of “classical physics”—to the people. The result could revolutionize the future, from space exploration to medicine. Hadiyah-Nicole Green, USA, is the pioneer of a particular technology that uses laser-activated nanoparticles to treat cancer. She is also a recent winner of a $1.1 million grant to continue developing and refining the technology. She has over ten years of research experience in the application of nanotechnology. Qilin Li, China, works to develop new methods of water treatment and to understand the environmental fate and transport of nanomaterials. Mia Siochi, the Philippines, has developed some amazing materials, including lightweight nanotech coatings, bug-repellent coatings, and self-repairing materials. Mary Ann Meador, USA, is a senior scientist in the Materials and Structures Division at NASA Glenn Research Center. She synthesizes new types of low-density solids with nano-sized pores, called aerogels, which can be used for aerospace applications. Michelle Bradbury, USA, is the Director of Intraoperative Imaging and Professor of Radiology at Memorial Sloan Kettering Cancer Center. In her lab, she develops, characterizes, and evaluates silica nanoparticles that can target tumors and act as probes for diagnostics, drug delivery, and sensing. Many other women scientists from all over the world have made a huge contribution to solving real-world problems and made a big difference in the science field. Nanotechnology-enabled products that lead to even greater advances in the future are highly needed today. This widespread use of nanotechnology continues to drive the development of new eco-green products and devices that have a great impact on the environment and countries’ economic development. Engineering is not just a man’s world, and it is crucial for everyone to take part in the movement to empower women engineers and scientists and create opportunities in terms of nanotechnology education and profession – without any restrictions and limitations – and recognize role models to inspire and encourage girls to pursue their careers and make a big difference by contributing effectively to their community. Women scientists bring new perspectives to science as well as to the workplace itself. Being 50% of the population, women in science can only mean more benefits to the world. By, Basma El Zein, Research Scientist, Nanotechnology for Energy Conversion and Energy Storage To know more about the author, visit this link. Click here for an in-depth read of Basma’s latest paper on “Nanometer-sized Structures Grown by Pulsed Laser Deposition“.
Find Your Voice With “De Bouche à Oreille”
When was « De Bouche à Oreille » founded? What inspired you to start the business? De Bouche à Oreille was founded in 2018 by fellow Speech Therapist Stéphanie Younes. As a Speech and Language Therapist, opening our first practice would be considered a remarkable accomplishment as the experience gained from a clinical setting is keenly rich and strongly valuable. A clinical practice challenges you to combine your sense of analysis with the given research to be able to independently exercise your profession to your utmost standards, principles, and foundation. What does « De Bouche à Oreille » stand for? The famous French expression “De Bouche à Oreille”, translated to English as “From Mouth to Ear”, symbolizes an essential form of communication between human beings. And as therapists whose main mission is to promote communication and ensure social inclusion of all individuals, the name “De Bouche à Oreille” was borrowed to explicitly express our center’s main focus and goal. What is the mission & vision of « De Bouche à Oreille »? In therapy, we aim to: Provide children, adolescents, and adults with effective evidence-based practices that can help them reach their potential and improve their skills; Spread awareness about the different speech, motor, psychological, cognitive-related disabilities to promote inclusion in our society and get rid of discrimination and stigmatization; Mobilize the family unit, the community, and society on the importance of instilling appropriate accommodations that ensure a fully supportive and proactive environment. In Vocal Coaching, we aim to: Create a soothing environment for professional and amateur singers to discover their vocal potential and develop their talents; Offer voice lessons with healthy and effective techniques that are based on evidence and research to allow singers to enhance their vocal range and resonance without experiencing any vocal fatigue. What are the shared core values and objectives that brought you two together? In what ways do you complement one another on a professional level? Sandy: Stephanie is a true blessing, to say the least. I am uncertain if my memory will serve me right so as for me to recall all the things that I should say about our friendship-then-partnership, yet there are a few considerable traits that are impossible to miss. Dedication, earnestness, knowledge, motivation, and perseverance are what define Stephanie’s professionalism. Through the ups and downs of work development, it is a blessing to have a partner that stands firm with you in the face of any unpredictability and that pushes you to grow stronger. Get you a partner like that. Stephanie: When I founded De Bouche à Oreille, I was hoping to find a partner who would be passionate, knowledgeable, and trustworthy. And then Sandy came into my life most unpredictably! And today I can confidently say that I was blessed with the most devoted, wise, caring, and supportive partner I could ever ask for. I admire her love for Speech Therapy, always seeking the best and investing in her knowledge to offer the best to her patients. Get you a partner like that. What is your work methodology at « De Bouche à Oreille »? What is the added value that distinguishes your business module and services within the industry? “Assess. Plan. Treat” is the motto of our workmanship. As healthcare professionals, we realize that any client that turns to us for consultation/intervention should be rightfully heard and assessed so that his/her needs may be fully understood and cared for. We rely on both a qualitative and quantitative evaluation of our clients’ complaints and we are determined to create an individualized intervention plan that will be conveyed through a successful and effective therapy program. We consider that our priority as professionals is to go in our evaluations and interventions with a critical thinking mindset and a systematic self-evaluation approach in which we are constantly asking ourselves the right questions that will help shape our assessments and qualify them as comprehensive and exhaustive. Another crucial aspect of our methodology is holding a holistic view of the individual in front of us. We do not limit ourselves to scores indicated on paper but we seek to understand the client’s full skills, potential, struggles, challenges, and character in and outside the clinical setting. Can you share with us one of the success stories that you had contributed to? To us, a success story is defined by the possibility of growth, by the client’s satisfaction with the therapy services, and the change in their quality of life. Whether it is a patient that comes into therapy because of surgical removal of the larynx and comes out of therapy having learned how to talk again without their vocal box, whether it is a person with stuttering that has finished therapy with better control of their speech fluency and higher self-esteem or even a child with dyslexia who could discover and love the world of books that he/she has always fled from. Words are not enough to describe the numerous smiles that we had the chance to draw on each person’s face. In what ways are your practices crucial for individuals looking to grow, especially in this ever-evolving digital era? After proceeding with a simple observation of the current generation, we consider that social interactions have exponentially increased and have even become more accessible, especially because of social and digital media. Communication is an essence of the human race, and humans have an innate capacity to put themselves out there and establish relationships and interact with their peers. And they will always find a way to do so whether it’s face to face or via online platforms. The biggest proof is the impact that social networking apps have had on the whole World. They have united people that are hundreds of thousands of kilometers away from each other. And so, our answer to this question would be that people will always seek opportunities to grow in their interactions and engagements with others, and they will always seek the right practices to properly employ their verbal
Dina Saoudi – Co-founder of Seven Circles, Seven’s World, and Empowering through™
Dina Saoudi – Co-Founder of Seven Circles, Seven’s World, and Empowering through™ Dina Saoudi is the mother of Hashem and Hamzah, who defines her purpose to help better the world for all children as much as her own. She co-founded Seven Circles, an investment and consulting agency focused on establishing strategic partnerships, creating new revenue streams, and building sustainable, impactful solutions. She is also the co-founder of its philanthropic arm, Seven’s World. Dina co-founded and heads Empowering through™ (Et™), a new breed of social enterprise to empower ecosystems to enable individuals economically and socially. Et™’s publications, platforms, and events are based on a measurable and scalable model that identifies and connects stakeholders — aid agencies, private & public sectors, academia, impact funds, and civil society — to work together to enable and celebrate individuals. Since 2017, Et™ has been creating impact in more than 10 countries with a portion of the proceeds committed to giving back. Dina proudly serves two of Her Majesty Queen Rania’s initiatives as a member of the board of directors of The Children’s Museum and the board of trustees of the Royal Health Awareness Society. To know more about Dina and her work, visit: Dina on LinkedIn. Dina’s TEDx Talk on Empowering through. Dina shares her story in Forbes and The Global Interview. Dina’s participation in the Narrative PR Summit 2018, Global Summit, Rise Up Summit Impact Event, and Aspen Ideas Festival.
Ghida Anani – Founder & Director of ABAAD
Ghida Anani is the Founder & Director of ABAAD – Resource Centre for Gender Equality, a leading CSO in the region advocating for gender equality, women’s rights, and the political participation of women in Lebanon. Ghida is putting in place the infrastructure for a sustainable system of protection against gender-based violence. She engages stakeholders that others avoid or fight, such as men, parliamentarians, ministries, and religious leaders. She has led a number of public opinion campaigns, notably the #Undress522 which resulted in a historical parliamentary vote, repealing Article 522 – the infamous ‘’rape-marriage’’ law – from the Lebanese Penal Code. In 2019, the campaign received the first prize “UN SDG Action Award” for the most impactful campaign globally. As an expert in GBV and Child Protection, Ghida has published several studies, articles, training kits, and community educational materials on GBV & Child Sexual Abuse in Lebanon and the MENA region. She is part of a global roster of senior Gender and GBV Experts contributing to the GBV Area of Responsibility (AoR) Helpdesk. Ghida has also dedicated some of her time teaching at the Faculty of Public Health at the Lebanese University. In 2018, Ghida was listed by the World Bank as one of 10 Inspiring Women Entrepreneurs Making a Difference across MENA, and in 2019 she was selected by the UN Solutions Summit as one of the 10 extraordinary solution makers across the globe advancing the SDGs. In 2020, Ghida was elected as an Ashoka Fellow and announced ‘’Heroine of Peace’’ by Peace One Day. To know more about Ghida, visit this link. Click here for more information about ABAAD.
Sally Hurst-Chef And Food Writer
Sally Hurst is an American chef and food writer who has recently moved to Johannesburg, South Africa. She received my MFA in Creative Non-Fiction Writing at Columbia University’s School of the Arts in New York but decided her heart was really in the kitchen and so worked to receive her Grand Diplome in Culinary Arts at the French Culinary Institute (also in New York City). She ended up gaining experience in some of America’s most prestigious kitchens before moving to London where she worked as a private chef and contributed to NBC’s Today Show and Travel & Leisure Magazine. It has been through years of living around the world and working for her catering and private clients in London, Paris, San Francisco, and even a luxury sailboat on the Mediterranean, that Sally’s style has evolved. Her recipes, writing, and food philosophy all celebrate the Mediterranean climate and its fantastic local ingredients resulting in a healthy, innovative, and – most importantly – delicious, farm-to-table approach to cooking and eating. During her five-year stay in Beirut, Sally had a small kitchen atelier, The Pantry Beirut, out of which she taught classes, hosted supper clubs, catered, and hosted all manner of culinary events. She was also the consultant chef for Green Junkie which features healthy-ish, from-scratch food, and Super Vega, an all-day cafe showcasing farm-to-table, Mediterranean comfort food. If you’re in Amman, Jordan you can try Sally’s twist on traditional Middle Eastern Food on the menu that she created for Her Majesty Queen Rania’s Jordan River Foundation’s restaurant Daimeh. She’s also been a Middle Eastern Food Ambassador aboard the MSS Amsterdam cruise ship and was a guest judge in the 2019 quarter-finals of MBC’s Top Chef Middle East. Most recently, Sally was Project Manager of Empowering Women through Cooking Lebanon, a cookbook that includes the recipes and stories of 52 wonderfully accomplished women from all walks of life around the country. It’s an initiative founded by Seven Circles in Amman with a portion of the proceeds going to the World Food Program, Lebanon. The plan is to replicate that success here in South Africa with a version of the book to come soon. To follow Sally’s journey, visit this link.
Dr. Zeina Ghossoub, An Empowerment Icon
Dr. Zeina Ghossoub – Founder & Director of Vie Saine, Founder of Vital Signs Vital Skills, Wellness & Executive Coach Dr. Zeina Ghossoub, An Empowerment Icon Dr. Zeina, what inspired you to embark on your journey in coaching? And what are the main traits one must possess to become a coach? Being a dietitian for 10 years and feeling that I was failing in helping my patients change their behavior towards their relationship with food, started my coaching journey. The moment I discovered the coaching world and what it does and what it means, I fell in love with it, and I still do by the day. The main traits are the readiness to face one’s demons & weaknesses and to develop the needed self-awareness and confidence to just walk the talk. What are the difficulties & challenges one must prepare to face when entering the coaching field? How did you overcome these challenges? If you think you can become a coach in 60 hours, you can forget about it. This is a journey that doesn’t stop, and it needs a lot of ripening before it comes to fruition. This is a vocation that requires a lot of self-work, practice, and dedicated time to develop yourself. The main challenges are time management between family and work and, sometimes, finances. What does it take for someone to acquire an ICF Accreditation? Can you explain the importance of accreditation in this field specifically? Since coaching is not formally or centrally regulated, the ICF Credential provides coaches with immediate recognition as coaching professionals who have undergone a combination of accredited training, coaching hours, assessment & compliance with standards of practice. Credential holders are part of a self-regulating group of elite coaches who provide accountability to clients and the coaching profession as a whole. They pursue and complete rigorous education and practice requirements that provide unquestionable legitimacy of their commitment to excellence in coaching. What is the importance of raising awareness on the impact of coaching in societies? In what ways can coaching benefit our educational systems and impact future generations? Coaches have always played an important role in our society, and they can serve as our role models and mentors. The title “coach” is one that you hear quite often, but it shouldn’t be taken lightly. Those who wear it understand the amazing – yet terrifying – responsibility that comes with it. In 2012, coaching was the second-fastest growing industry in the U.S., one of the many signs that the industry continues to expand and impact businesses and societies alike, to this day. Professional coaching brings many wonderful benefits to our educational system and future generations, such as fresh perspectives on personal challenges, enhanced decision-making skills, greater interpersonal effectiveness, and increased confidence. But the list does not end here; those who undertake to coach can also expect significant improvement in productivity, satisfaction with life & work, and the attainment of relevant goals. What milestones has ICF Lebanon reached throughout the years of your presidency? On the other hand, what milestones have you reached throughout the years of your presidency at ICF? I have been the founding member of ICF Lebanon and, before that, the Lebanese Coach Association since 2010. ICF Lebanon is now on the map internationally and has solid ties with the community of coaches globally. We are a recognized force, and we have grown from a chapter to a chartered chapter. Today, there are 80 members of us, 40 percent of which are now accredited with ACC, PCC, and MCC. What this translates to, is that our coaches are being sought out internationally & regionally, and are recognized for their authenticity and their high credentials. The milestones I have reached with being the president of ICF Lebanon are, in fact, just personal. I am very proud of the community that has grown from 20 to 80 accredited coaches, and of the infrastructure that we built, allowing us to keep shining. My heart overflows with joy knowing that I contributed to making this happen for the Lebanese Chapter. You are the founder of “Ghalletna”, a local Lebanese NGO aimed at feeding families in need. What do you aspire to achieve through your engagement in the humanitarian field? And what contributions do you believe you can provide further to the field? There is great satisfaction in giving – unconditionally – without expecting anything in return, and no one and nothing can take it away from you. My NGO started on this principle, to give back from my blessings, and I am very grateful to my friends and families who joined me in this mission. We created a network and connected to other groups of Human Resources professionals trying to provide jobs for families in need – which is a key factor in helping them lead decent lives – and another network that provides them with the needed medication. At the moment, we are creating a link between Lebanon and the USA that will open doors to students with high potential to complete their studies so they can provide for their families and achieve their goals. You are the Owner and Founder of Vie Saine, a Life & Wellness Coaching Center that is based in Beirut, Lebanon. Can you tell us about the main practices and the wellness programs that you provide? What change would you like to make in people’s lives through these programs? The main practice of Vie Saine is to approach a human being from a body-mind-soul perspective. We help our clients and patients to learn about their food intake, their body, and how it reacts to exercise and a shift in behavior. We approach all individuals through a coaching model of self-awareness and help them stay true to themselves and their growth. All the programs are geared toward bettering the individual’s health, body, and mind. Let’s talk about Mental Health and its impact on societies. In your opinion, have people become more
Women on Academic Boards: Sought after or Imposed?
Women on Academic Boards: Sought after or Imposed? Higher Education (HE) institutions are the main source of knowledge because of the very essence of their existence; they are expected to set the path to exemplary practices, more specifically towards the endorsement of female talent across top decisional positions. In HE leadership, gender is not only about the under-representation of women, it affects the very nature of knowledge production itself. In this scope, several higher education institutions have been severely criticized for the lack of solid actions towards the endorsement of women across their boards, especially when they are the ones to present research outcomes about the needs and positive effects of gender diversity. In this perspective, governance is extremely important to ensure that the place and role of women are authentically provided and effective, away from the tokenism theory[1], where minorities and women are placed as a symbolic representation to please certain stakeholders. Board structure & Governance During the past few years, there has been an increase in the endeavors undertaken by several international public and private entities, to promote and support the participation of women across all fields of life, especially among large corporations. With globalization changing the rules of commerce, governance principles have become a cornerstone for sustainability and for building trust with the various stakeholders. When tackling governance, board of directors’ composition and gender diversity, appear as governance mechanisms intended to ensure that the interests of shareholders and managers are aligned and to correct ineffective management practices. However, the size, composition, and structure of these boards play a major role in dictating their efficiency. The optimal board of directors’ composition and size depend on the organization’s structure. According to Investopedia, the average board size is between 8 and 12 members, and most boards range from 3 to 31 members[2]. Another element widely regarded is the level of diversity across these boards, more specifically regarding the presence and role of women. Diversity is a healthy and necessary element because it leads to better overall decision-making. Particularly, women’s presence brings a noticeable edge; the latter has a more focused approach on the human element, adds new insights into strategy development, improves corporate social responsibility, and can lead to enhanced organizational performance[3]. The Higher Education Industry The Higher education industry is making steady progress when it comes to gender equality on the board. A recent analysis found that 32% of board members in the sector are female, compared with just 23.5% of those in Financial Times Stock Exchange 100 companies[4]. Governance in Higher Education has been subject to numerous transformations since 1990 to meet societal, economic, and demographic challenges, as well as to increase the social responsibilities of universities. While more women are making their way to the highest levels of academic leadership, the numbers are still shaky and many obstacles remain[5]. In a report about women’s representation in Higher Education published in 2021, 39 out of the top 200 institutions in the world (19.5 percent) are currently led by women, a slight increase from the 34 universities (17 percent) in 2019. In Europe, and according to the 2017 European University Association (EUA) data on leadership in European universities, which covers 720 universities in 46 countries, only 12% of all rectors are female. The differences between the various countries are also vast. As an example, one-third of rectors in Sweden, Norway, and Finland are women, while several countries have less than 10%. In the US and as of 2021, women represent around 30% of college presidents and 30% as well of the college board of directors, while more than 50% of heads of departments are women. Women are still paid less than men at every faculty rank and in most positions within institutional leadership[6]. In the Middle East, Women lead fewer than 7 percent of Arab higher-education institutions[7]. Board composition and accreditation – focus on Lebanon and the Middle East Because of the realities of globalization and the growing competitive environment, many academic institutions have made it necessary to have a board of directors to increase their governance practices and to be accredited. These endeavors are expected to help these institutions rank higher in the community of quality higher learning institutions worldwide, to improve the value of their degrees along with the quality of teaching, and to advance their overall competitive position.[8] In Lebanon, many privately owned universities are taking serious actions towards the endorsement of government practices, however, not all of them are internationally accredited and several ones have just recently created their own board of directors. Lebanon has been a leader of quality education in the region and Lebanese women continue to invest in their education and in earning higher-level degrees. According to their official websites viewed on November 12, 2021, hereunder is an overview of the composition of the boards of some of the top universities in Lebanon and the Arab World[9]. Lebanese American University (LAU): 23 members of the board of trustees with 6 women; Holy Spirit University of Kaslik (USEK): 20 board members with 4 women; American University of Beirut (AUB): 37 members of the board of trustees with 12 women. In the Arab World: Dubai: American University of Dubai (AUD): 6 men part of the governing board with 3 others in the leadership team among which 1 is a woman; Egypt: American University of Cairo: 8 women are part of the 31-members board; Qatar: Qatar University: 6 women out of 21 members of the board of directors; Tunisia: Université de Carthage, that is headed by a woman president: 13 women out of the 56 members of the university council; Morocco: Mohammad V University in Rabat: 10 women out of the 57 board members. A final word Higher education institutions have an obligation to lead by example and to walk the talk; for centuries, women fought for access to higher education[10], let us hope to see more actions taken to further promote their role and involvement. In December 1993, Judith Rodin was the first woman appointed as President at the helm of an
Cryptocurrencies: An Illusion or Reality?
“Cryptocurrencies are the NEW Hedge against the DYING Dollar” – Robert Kiyosaki “It is not a durable means of exchange, it’s not a store value” – Warren Buffet Since its creation, cryptocurrency has caused a lot of controversy and disagreement. Financial firms, central banks, regulators, investors, and governments are all reconsidering how cryptocurrency technologies are changing the globe. Cryptocurrencies offer users a cheaper and faster way to conduct international transactions. Yet, the crypto sector is subject to criminal activity, such as money laundering and terrorist financing, a serious problem that is continuously increasing worldwide. To begin with, what is cryptocurrency? A cryptocurrency is a form of payment used to exchange goods and services online. Companies issue their currencies called tokens, and holders of these tokens can use them in exchange for goods or services that the company provides. Cryptocurrencies function through a technology called BlockChain, which is a decentralized technology installed on many computers that control and document all the transactions. What makes cryptocurrencies so much in demand? Cryptocurrencies can be very attractive because: Advocates of cryptocurrencies believe that these tools will become the currency of the future and are racing to buy them now before their prices increase; Some speculators prefer cryptocurrencies because of the increase in their value and are not interested in crypto as a way to transfer money; Other promoters have an interest in the blockchain – the technology behind cryptocurrencies – because it is a decentralized system and can be more secure than conventional payment systems. Subsequently, Cryptocurrencies offer many advantages, such as: User Autonomy and Absence of Intermediation: Users can control the way they spend their money, or send and receive payments, without dealing with an intermediary authority like a bank or a government, and without requiring approval from any external source of authority. Discretion: Crypto transactions can be anonymous and untraceable. Absence of Banking fees and Low Transaction Fees on International Payments: Since crypto transactions occur with no intermediary institutions or government involvement, the cost of a transaction is very low and crypto users do not have to pay banking fees. Swiftness in Transacting: Cryptocurrency transfers take place very quickly, which removes the hassle of authorization requirements and delays. Mobile Payments: Crypto users can pay anywhere they have Internet access. However, contrary to online payments or cards, personal information is not necessary to complete any transaction. Yet, Cryptocurrencies present many challenges to the government authorities, mainly because it is difficult to regulate them; criminals use them, and they can help nationals evade capital controls. Similar to any new financial product or technology, cryptocurrencies can present a lot of money-laundering risks. They are subject to fraudulent activity, and the way they operate lacks clarity. These risks are mainly due to: The anonymity of transactions; The vulnerability in the cryptosystems; Malicious software (ransomware); The source of cryptocurrency funds may be related to illegal activities, and customers are not very transparent about the source of their funds. So, what are regulators doing to eliminate all these risks? To stay ahead, regulatory bodies are introducing several legislations to prevent money laundering through cryptocurrency exchanges and custodians, and detect suspicious activities in the crypto sector. For example, The European Commission announced 3 months ago that it plans to end anonymity in cryptocurrencies and establish a new anti-money laundering (AML) agency to impose stricter rules on financial criminals. All cryptocurrency service providers will be obliged to verify the identity of persons sending and receiving transactions. In addition, anonymous crypto “asset wallets” will be prohibited, and cash payments of more than €10,000 will be forbidden. Similarly, The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is setting in place some recommendations to help the virtual currency industry in mitigating crypto risks. Members of the crypto industry are now obliged to ensure that they do not engage – directly or indirectly – in transactions banned by OFAC sanctions, such as dealings with blocked individuals, entities, or properties, or getting involved in prohibited trade or investment-related transactions. In addition, Jerome Powell, The Chairman of the US Federal Reserve, announced recently that he has no intention to ban cryptocurrencies. Chinese regulators, on the other hand, united their forces a couple of months ago to eliminate crypto by considering all cryptocurrency-related transactions in China illegal and by banning all crypto mining activities. Therefore, it looks like cryptocurrency is pressuring countries and regulators to choose between banning, tolerating, or cooperating with the crypto industry and the question remains as follows: “Why do different regulators have different approaches in regulating cryptocurrency?” Knowing the real reasons behind the different regulatory approaches and the effects on both the market and the investors will enable us to know how to solve the riddle of regulating efficiently the crypto market. Time is vitally important, and regulators should take immediate synchronized actions worldwide to benefit from the advantages offered by the crypto industry, while of course handling at the same time all the deficiencies in this industry. “I’ve always believed it’ll be made illegal someplace like China made it illegal, so I think it’s a little bit of fool’s gold; it’s got no intrinsic value. And regulators are going to regulate the hell out of it.” – Jamie Dimon By Nadine Ghosn Eid, Director – Head of Compliance at areeba, Anti-Money Laundering Specialist To know more about the author visit this link. For the full one-on-one interview with Nadine, click here.
Lebanon’s Economic Crisis Takes its Toll on Diabetic Patients
Lebanon’s Economic Crisis Takes its Toll on Diabetic Patients During the 16th edition of the World Diabetes Day conference, the Lebanese Society of the Endocrinology Diabetes and Lipids – LSEDL, in collaboration with the Chronic Care Center – CCC, launched the “Diabetes Cannot Wait” campaign that sheds the light on the concept of Access to Comprehensive Care “. Panelists representing the LSEDL, CCC, and the order of Nurses discussed the various challenges diabetic patients are facing during this period. With more than 529,900 adults and 4,000 children living with diabetes in Lebanon, access to medication and medical supplies has been a struggle due to the severe economic crisis Lebanon has been going through in the last 20 months. The healthcare system was hugely impacted due to several factors, among which the import of medications and medical supplies that have been on halt for 6 months. To expound on the severity of the situation, Dr. Paola Atallah – Head of the Lebanese Society of the Endocrinology Diabetes and Lipids explained that “11% of adults aged between 20 – 79 years old live with diabetes in Lebanon” Dr. Atallah highlighted that “the dwindling supplies of essential and innovative drugs, is exposing diabetic patients to life-threatening complications if not treated in a timely manner and with uninterrupted access to their medications.” Access to insulin and medical supplies is more critical for Type 1 diabetic patients, and on this point, Mrs. Michelle Abi Saad, Administrative Director at CCC stated that “Children with Type1 diabetes are reliant on insulin for survival and daily blood glucose testing for adequate treatment. We are struggling to ensure a continuous supply of insulins and medical supplies to our children and the type 1 diabetic patients aged > 21 years registered at the center. We fear that these challenges will eventually compromise the quality of life of more than 2,700 patients that rely on the services and support of the CCC as well as the quality of care they receive at the Center, an IDF Center of Excellence in Diabetes Care“. Dr. Therese Abi Nasr added that insulin is a hormone made by the pancreas that controls the amount of glucose in the blood. Low levels of insulin prevent glucose uptake by the cells. When this happens, blood glucose levels rise, and over time, these increased levels can damage blood vessels and reduce the supply of oxygen and nutrient-rich blood to the body’s organs and nerves. The lack of accessible diabetes medications represents a dire problem for the medical society as well, and on this point, the President of the Nurses’ Order Rima Sassine Kazan focused on the challenges they are facing as front-liners with diabetic patients “Having stable blood glucose level is critical for diabetic patients. Unfortunately, Lebanese diabetic patients are fighting episodes of hyperglycemia due to the unavailability of drugs. The increase in blood glucose levels might contribute to a quick progression of the disease and will lead to micro and macrovascular complications.”. ABOUT LSEDL The Lebanese Society for Endocrinology, Diabetes, and Lipids is a scientific medical committee, part of the Lebanese Order of Physicians, dedicated to bringing Lebanese endocrinologists into a scientific community working together to advance and innovate endocrinology in Lebanon. ABOUT CCC The Chronic Care Center is a medico-social institution specializing in treating and following childhood chronic diseases: Thalassemia and Type I Diabetes. The Center is a member of the International Federation of Diabetes- IDF and recognized as an IDF Center of Excellence in Diabetes Care About Order of Nurses Headquartered in the capital Beirut, the Order of Nurses gathers all nurses with a degree and who have the right to exercise the nursing profession. Visit this link for more info.