United Nations warns Russia-Ukraine war could boost illegal drug production
June 27, 2022, 12:12 pm

United Nations warns Russia-Ukraine war could boost illegal drug production

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The United Nations warned Monday (June 27), the war in Ukraine could allow illegal drug production to flourish, while the opium market's future hinges on the fate of crisis-wracked Afghanistan.

The United Nations Office on Drugs and Crime (UNODC) said in its annual report, previous experience from the Middle East and Southeast Asia suggests conflict zones can act as a "magnet" for making synthetic drugs, which can be manufactured anywhere.

"This effect may be greater when the conflict area is near large consumer markets."

The UNODC said the number of dismantled amphetamine laboratories in Ukraine rose from 17 in 2019 to 79 in 2020, the highest number of seized laboratories reported in any country in 2020.

The opium poppy is a hardy plant; it will grow in varying climates but cannot endure extreme cold - Pixabay

It added that Ukraine's capacity to produce synthetic drugs could grow as the war continues.

UNODC expert Angela Me told AFP: "You don't have police going around and stopping laboratories" in conflict zones.

The report also noted that conflict could shift and disrupt drug trafficking routes, with suggestions that trafficking in Ukraine has fallen since early 2022.

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The UN report added, the situation in Afghanistan -- which produced 86 percent of the world's opium in 2021 -- will shape the development of the opiate market.

It said the country's humanitarian crisis could incentivise illegal opium poppy cultivation, even after the Taliban authorities banned the practice in April.

The UN said: "Changes in opium production in Afghanistan will have implications for opiate markets in virtually all regions of the world.”

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The report found that an estimated 284 million people used a drug in 2021, or one in every 18 people worldwide aged between 15 and 64.

The figure was 26 percent higher than in 2010, with population growth only partially accounting for the change.

Cocaine production climbed to a new record in 2020 at 1,982 tons.

Although most drug consumers were men, Me said women heavily used amphetamine type stimulants and were under-represented in treatment.

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She told AFP: "For them, it's a double stigma. Going there is also to expose themselves.”

"We have put a recommendation on safety and how to ensure that the centres have the possibility to welcome children."

The UNODC report was based on information gathered from member states, its own sources, and analysing institutional reports, the media and open-source material.

Source: anews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.