12th August 2016
In a first, a Parliamentary Committee has recommended criminalising private sector bribery by bringing in corporates and their executives in the ambit of proposed anti-corruption law and recommended a maximum jail term of seven years along with fine. Besides, it has suggested punishment for bribe givers too. At present, there… Read More
12th August 2016
The European Banking Authority (EBA) has called on the EC to postpone plans to bring virtual currency exchanges and wallet providers under the scope of a new Anti-Money Laundering Directive. Read More
9th August 2016
The UK’s gambling regulator has clarified its rules for digital currencies. In an update to its codes of practice issued this July, the UK Gambling Commission (UKGC) outlined how licensees can implement appropriate policies for so-called cash equivalents, a definition under which digital currencies are captured. The policy change appears to… Read More
8th August 2016
Australia is moving to become one of the first countries to regulate e-currencies such as bitcoin under its anti-money laundering and counter-terrorism financing laws. Bitcoin – the most prominent digital currency to emerge globally – is backed by a computer code rather than a physical substance such as gold or… Read More
4th August 2016
Government is set to introduce a new regulation to protect finances of members in Savings and credit cooperative organisations (Saccos). This was revealed on Monday by the regional manager of the Uganda Cooperative Savings and Credit Union, Mr Pascal Bwambale, while speaking in Malongo Sub-county, Mayuge District, during the commissioning… Read More
4th August 2016
Last month, the European Commission published a draft directive proposing to extend anti-money laundering (AML) regulation to both virtual currency exchange services and custodial wallet providers. The draft suggests that many Bitcoin companies operating within the European Union will need to apply know-your-customer (KYC) types of checks on their users, to… Read More
2nd August 2016
Recent developments As part of its fight against money laundering and financing terrorist acts and organizations, the Ministry of Finance (the “Ministry”) issued the Regulation on Suspension of Suspicious Transactions (the “Regulation”) on July 29, 2016. The Regulation focuses on suspending suspicious fund transfers. Who are the responsible parties? The… Read More
2nd August 2016
HSBC bank hands over information on over $10 billion in accounts; state extends amnesty for voluntary reporting Read More
1st August 2016
Casino regulators need to work together to address the challenges of a fast-changing casino sector and the wide-ranging threats to the integrity of the industry via transnational crime, says Lee Tzu Yang, chairman of the Casino Regulatory Authority (CRA) of Singapore. He made the remarks in a speech published on… Read More
1st August 2016
Banks urged to act after new international laws targeting fraud lead to accounts misery for city business groups and investigation by watchdog Read More