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Hong Kong tycoons start moving assets offshore as fears rise over new extradition law

Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions. One tycoon, who considers himself potentially politically… Read More

Bipartisan Senate Group Backs Wide-Ranging AML Bill

It is one of the most ambitious anti-money laundering (AML) bills presented to the US Congress in years, though its greater distinction may be that it arrives with something harder to come by than ambition on Capitol Hill: bipartisan support from well-placed lawmakers. Four members of the Senate Banking Committee—Sens. Read More

UBS switches stance with plan to offer $113 million tax settlement in Italy

UBS looks set to agree a 100 million euro ($113 million) settlement of a money laundering and tax case in Italy within the next few weeks, according to people familiar with the matter, in contrast to a similar case in France. Switzerland’s biggest bank is battling a number of court… Read More
7th June 2019
Tens of thousands of people are expected to take to the streets of Hong Kong on Sunday in a bid to block changes to the Chinese-ruled city’s extradition laws, which could pave the way for fugitives wanted by mainland China to be sent across the border for trial for the… Read More
5th June 2019
The U.S. Securities and Exchange Commission sued social media company Kik Interactive Inc on Tuesday, alleging it conducted an illegal $100 million securities offering of digital tokens in 2017. The move sets up what could be a high-profile legal fight over the U.S. government’s treatment of cryptocurrencies. Kik, which provides… Read More
4th June 2019
The future of central banking is inextricably bound to innovation. The technological sea change that is transforming the financial sector and the wider economy is affecting all aspects of our work, from payments to monetary policy to financial regulation. Our mandate to preserve monetary and financial stability, now and in… Read More
4th June 2019
Hong Kong will make concessions to a controversial extradition bill, Security Secretary John Lee said on Thursday, but opposition lawmakers called for the legislation, which they fear will extend Beijing’s reach into the city, to be scrapped. Various groups in Hong Kong, including democracy activists, have objected to the proposals,… Read More
4th June 2019
Global financial regulators should consider how the risks of cryptocurrencies and other blockchain-related assets could evolve when assessing their exposure to the technology, a financial stability watchdog said Friday. Governments should publicly state, as much as they can, what their current vulnerabilities to crypto-assets are, including both bank and non-bank… Read More
17th May 2019
By Reza Tajaddini, Swinburne University of Technology and Hassan F. Gholipour, Swinburne University of Technology There is disquiet about the French owners of the luxury brands Luis Vuitton, Christian Dior, Givenchy and Gucci giving a whopping €300 million to the rebuilding of Notre Dame Cathedral. Such… Read More
15th May 2019
Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More
14th May 2019
The UK National Crime Agency (NCA) has seized approximately £6 million in assets from a British lotto winner, a property developer and a barrister believed to be members of an international money laundering ring. The seizure orders mark the culmination of an 8-year civil recovery case against businessman Jonathan Nuttall… Read More
10th May 2019
Hackers who stole bitcoin worth over $40 million from the major Binance cryptocurrency exchange have moved the tainted coins to a number of digital wallets, researchers said on Thursday, potentially throwing up clues to those behind the heist. Binance, one of the world’s biggest exchanges, said on Wednesday that hackers… Read More
9th May 2019
Danske Bank has hired Morgan Stanley’s Satnam Lehal to lead its financial crime unit amid allegations that the institution played a prominent role in one of the largest money laundering scandals in recent years. Lehal, 41, has served as a managing director and international head of financial crime at Morgan… Read More