7th April 2017
Bank of England governor Mark Carney has warned the global financial system is at a “fork in the road” going into the Brexit talks. In a major speech on the impact of Brexit on the City of London, Mr Carney said the negotiations would influence how banks are regulated. Read More
7th April 2017
The Treasury’s Office of Financial Sanctions Implementation (OFSI) can now impose penalties for serious financial sanctions breaches. From 3rd April 2017 the Treasury’s Office of Financial Sanctions Implementation (OFSI) will start to use powers to impose penalties for serious financial sanctions breaches. These can be up to £1 million or… Read More
6th April 2017
1MDB, Petrobras, FIFA, Odebrecht – are Swiss banks getting better at combating money-laundering? The statistics tell another story. One year ago, Mark Branson of Switzerland’s financial regulator said 15 banks were in a money-laundering danger zone. Statistics have borne this out: Swiss regulator Finma said it dealt with 22 cases of money-laundering… Read More
5th April 2017
President Donald Trump on Tuesday repeated his campaign pledge to undertake a major overhaul of bank regulations, arguing that lending restrictions are hampering job growth. Tighter lending conditions often throw cold water on job growth. A closer look at the data, however, shows that neither of those things is happening… Read More
5th April 2017
The Vatican City is (officially) no longer a tax haven. The Holy See has in fact entered Italy’s “white list for tax purposes,” that introduces a financial income tax exemption for the residents of the countries concerned. The new rule came into effect following the official promulgation on March 23… Read More
4th April 2017
The UK Government has published draft Money Laundering Regulations 2017 alongside a consultative document. Publication of the draft Regulations follows a consultation launched by HM Treasury on September 15, 2016, entitled “Transposition of the Fourth Money Laundering Directive,” where it outlined how the UK Government intended to transpose the 4MLD… Read More
3rd April 2017
The House of Representatives wants persons convicted of economic and financial crimes to be jailed for 20 years. This is part of the details of the new amendments to the Economic and Financial Crimes Commission Act, 2004. The Act currently prescribes a penalty of “not less than two years” for… Read More
3rd April 2017
President Donald Trump’s plans to to ease banking regulation is raising eyebrows in Europe. Trump has asked the U.S. Treasury Department to submit a report on possible changes to Dodd-Frank – the set of rules established in the wake of the 2008 financial crisis to clamp down on banks risk-taking. Read More
3rd April 2017
The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds Rs 5 crore, shall be cognizable and non-bailable.  … Read More
3rd April 2017
Effective immediately, [HSBC] retail customers must disclose how their accounts are used, in addition to providing their address, contact details, employment and income history, to qualify for an HSBC account… Global banks … have been stepping up their financial control systems to comply with US and European regulations… Read More