Home' Trinidad and Tobago Guardian : March 29th 2018 Contents BG16 international
Thursday, March 29, 2018
Can Facebook restore public
trust after privacy scandal?
BY SHARON COHEN AND MATT SEDENSKY
AP National Writers
CHICAGO— It’s a scandal of privacy, politics and
an essential ingredient of business success—public
Facebook is confronting a costly, embarrassing
public relations debacle after revelations that Cam-
bridge Analytica may have misused data from some
50 million users to try to influence elections. Among
its marquee clients: President Donald Trump’s gen-
eral election campaign.
Now a company known as much for reminders of
a long-lost friend’s birthday and documentation of
acquaintances’ every whim is grappling with out-
rage—and the possible loss of confidence—from users
around the globe that have made the social media
site a part of their daily routine.
“I trust somebody until they give me a reason not
to trust them,” said Joseph Holt, who teaches busi-
ness ethics at the University of Notre Dame. “And
Facebook has increasingly given me reasons not to
Losing that would be a disaster, not just for Face-
book, but for any Silicon Valley company that relies
on users to open up their private lives.
The amount of trust placed in technology has
soared. Cars sync with cell phones. Refrigerators
know when there’s no more milk and reorder it.
Virtual assistants field answers to nearly any inane
question. And with each turn of the steering wheel,
sip of milk or request for dinner reservations, a trail
of digital crumbs is left for companies to collect, an-
alyse and profit off.
The public has largely been willing to accept the
trade-off, knowing in exchange for giving up some
data, Netflix will offer spot-on show suggestions,
Amazon will prompt a diaper order and Google will
figure out what to search before a user finishes typ-
Not everyone understands the darker side of data
brokers in an always-connected society.
Every time a person shops online or at a store,
loyalty cards linked to phone numbers or email ad-
dresses can be linked to other databases that may
have location data, home addresses and more. Vot-
ing records, job history, credit scores (remember
the Equifax hack?) are constantly mixed, matched
and traded by companies in ways regulators haven’t
caught up with.
While Facebook let slip data profiles on millions
of people, “it’s much more than that,” says James
Grimmelmann, a professor at Cornell Law School.
“Trying to pin down any one breach as being the
source of all the privacy harms out there is futile.”
For Facebook, whose power and value are built on
being so ever-present in people’s lives, the impact
has been immediate—its share price is down nearly
14 per cent since the scandal broke March 16.
Investors fear that Facebook users will start to
think twice before posting the latest snapshots of
their puppy, or clicking “like” on a news story or
“It’s something that’s going to remain in people’s
memory,” says Mike Chapple, a University of Notre
Dame professor with expertise in cybersecurity. “I
think it’s changed people’s perceptions.”
After the scandal broke, Facebook CEO Mark Zuck-
erberg apologised, admitted his company’s mistakes
and said security needs to be enhanced to protect
users’ data. He noted that this is a major trust issue
for the public.
It follows closely on the heels of the company ac-
knowledging it helped spread fake news and propa-
ganda from Russian-linked trolls disrupting the 2016
While some disenchanted Facebook users have
deactivated their accounts, others point out that
breaking up can be hard to do. If a credit card
company or an airline’s data is breached, it’s easy
enough to switch allegiances. But for most of Face-
book’s two billion users there’s no real substitute,
says Aaron Gordon, a partner at Schwartz Media
Strategies, a Miami-based public relations and crisis
“It’s a lot harder to just up and leave,” he says. “So
you go to Twitter or Instagram? It’s not the same.”
(Besides, Instagram is owned by Facebook.)
Facebook is not the only company to deal with
misuse of private information that has weakened
public confidence. Equifax, the credit reporting
agency, and Target, the retail giant, both suffered
massive data breaches affecting tens of millions of
people. Wells Fargo faced stiff government fines for
a fake accounts scandal. (AP)
NOTICE IS GIVEN that pursuant to Section 17(1)(a) of the Financial Intelligence Unit Act of
Trinidad and Tobago Chap. 72:01, the Financial Intelligence Unit of Trinidad and Tobago is required
to publish a list of countries identified by the Financial Action Task Force (FATF) as Non-Compliant
or not Sufficiently Compliant with its recommendations.
AND NOTICE IS GIVEN that, the FATF’s public statement dated February 23, 2018 identified the
following high risk and non-co-operative jurisdictions which were non- compliant or listed below
as having strategic anti-money laundering/counter financing of terrorism (AML/CFT) deficiencies.
FINANCIAL INTELLIGENCE UNIT
MINISTRY OF FINANCE
FATF’s LIST OF HIGH-RISK AND NON-CO-OPERATIVE JURISDICTIONS
FATF PUBLIC STATEMENT ISSUED February 23, 2018
1. NON-COMPLIANT COUNTRIES AND TERRITORIES
• DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA (DPRK)
The FATF calls on its members and urges all jurisdictions to advise their financial institutions to give special attention to business relationships and
transactions with the DPRK, including DPRK companies, financial institutions, and those acting on their behalf. In addition to enhanced scrutiny, the
FATF further calls on its members and urges all jurisdictions to apply effective counter-measures, and targeted financial sanctions in accordance with
applicable United Nations Security Council Resolutions, to protect their financial sectors from money laundering, financing of terrorism and weapons
of mass destruction (WMD) proliferation financing (ML/FT/PF) risks emanating from the DPRK.
The FATF remains concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system. The
FATF, therefore, calls on its members and urges all jurisdictions to continue to advise their financial institutions to apply enhanced due diligence to
business relationships and transactions with natural and legal persons from Iran, consistent with FATF Recommendation 19.
2. NOT SUFFICIENTLY COMPLIANT COUNTRIES AND TERRITORIES
Jurisdictions with strategic AML/CFT deficiencies:
• ETHIOPIA • SRI LANKA
• TRINIDAD & TOBAGO
The FATF and the FATF-style regional bodies (FSRBs) will continue to work with the jurisdictions noted at (2) above and to report on the progress
made in addressing the identified deficiencies. The FATF calls on these jurisdictions to complete the implementation of action plans expeditiously
and within the proposed timeframes. FATF will closely monitor the implementation of these action plans and encourages its members to consider the
information presented above at (2).
Further information can be sourced at www.fatf-gafi.org
Dated this 9th March, 2018
Susan S. François
Financial Intelligence Unit
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