13th November 2019
China wants to balance functionality with concerns about anonymity as it works toward launching a digital version of the yuan, according to an official from the People’s Bank of China. “The demand from the general public is to keep anonymity by using paper money or coins,” according to Mu Changchun,… Read More
12th November 2019
European Union foreign ministers agreed on Monday economic sanctions over Turkey’s drilling off the coast of Cyprus, setting up the legal framework for travel bans and asset freezes but leaving names until a later date. The decision, reflecting a broader deterioration in EU ties with Turkey, aims to punish Ankara… Read More
12th November 2019
Australia is set to receive another black mark for its lax anti-money laundering laws, putting renewed pressure on the federal government to force real estate agents to report suspicious sales. The Financial Action Taskforce, which sits under the G7 major world economies, is due to release its latest report… Read More
11th November 2019
The European Union’s largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc’s banks. In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia… Read More
8th November 2019
Malaysia is planning to impose a cash transaction limit (CTL) of RM25,000 starting next year to further strengthen the country’s financial integrity and curb illicit activities. “This is to address the abuse of physical cash used for illicit activities,” Bank Negara Malaysia (BNM) deputy governor and chairman of the National… Read More
8th November 2019
New York state tax officials are restoring a measure of secrecy for condo owners who buy units without disclosing their names publicly through limited-liability companies, in a reversal of a policy that drew fire from the real-estate industry. In September, the tax department stunned the real-estate industry by requiring that… Read More
7th November 2019
Malta’s financial services sector is exposed to flows of funds from higher risk jurisdictions and customers, the Malta Financial Services Authority (MFSA) has indicated in a report. This is mainly due to the exposure to flows of funds from higher-risk jurisdictions and customers, Malta’s economic policy, as well as the… Read More
5th November 2019
The United States on Monday imposed sanctions on nine people close to Iran’s Supreme Leader Ayatollah Ali Khamenei, including his chief of staff, one of his sons and the head of the judiciary. Coinciding with the 40th anniversary of Iran’s seizure of the U.S. embassy in Tehran, the U.S. Treasury… Read More
1st November 2019
A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday. Parliament’s Treasury Select Committee said fraudsters stole over 600 million pounds from consumers in the first half of 2019 and regulators must… Read More
1st November 2019
New rules to hold individual bankers who do wrong to account will not result in jail but will still help to change culture, the finance minister has said. Paschal Donohoe said yesterday that he is working on legislation to bring in a senior accountability regime (Sear) for prominent figures in… Read More