Regulatory Update
5th August 2021
Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical. The bipartisan duo’s more-targeted language would replace what’s in the bill the Senate is now debating… Read More
3rd August 2021
Cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years. The EU legislation is being considered in an attempt to clamp down on cross-border money laundering on a wider European basis. The… Read More
29th July 2021
The U.S. departments of State, Treasury and Homeland Security recently issued a joint advisory warning U.S. companies in Hong Kong of escalating financial, legal and reputational risks associated with doing business in the territory. The advisory attributes “many” of these risks to implementation of the National Security Law (NSL) and… Read More
28th July 2021
Nigeria plans to launch its own crypto currency, called the “e-naira”, in October, its central bank governor said on Tuesday. Nigeria barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February. By Chijioke Ohuocha, Reuters, 27 July 2021 Read more at… Read More
28th July 2021
China’s top legislative body is set to endorse as early as next month the imposition of a new anti-sanctions law on Hong Kong by inserting the provisions into the city’s mini-constitution, the Post has learned. Analysts suggested the move provided the legal underpinning for Hong Kong’s adoption of the… Read More
28th July 2021
Approved changes to the Malta Football Association’s statute hope to address issues of money laundering and corruption in football, president Bjorn Vassallo said on Tuesday. The changes were approved in an Extraordinary General Meeting on Monday evening. Statutory changes are the first step in a three-part reform being carried out… Read More
27th July 2021
The Central Bank of the UAE has issued new guidelines governing the implementation of sanctions related to anti-money laundering and combatting the financing of terrorism (AML/CFT). The guidance, which came into effect on July 8, instructs licensed financial institutions to “develop, implement and regularly update an appropriate sanctions compliance programme… Read More
27th July 2021
Over the past 10 years, Ottawa-area banks flagged more than 10,000 suspicious transactions to Canada’s financial intelligence agency, but during that same period only 20 people faced money laundering-related charges in the city. The disparity between those numbers reflects the challenges of cracking down on money laundering and the flow… Read More
26th July 2021
Crypto broker CoinBurp is not fully authorised before Monday’s planned launch of its $BURP token and initial exchange offering, Britain’s Financial Conduct Authority (FCA) said on Sunday, in its latest crack down on crypto trading. But the FCA said CoinBurp could start business under its temporary registration, provided it had… Read More
23rd July 2021
The US government has signalled extra scrutiny banks over supply chains that include forced labour in the Chinese province of Xinjiang. An updated business advisory published by several US government departments on July 13 dedicates much greater attention to the role of banks and other financial institutions compared to the… Read More