29th July 2016
A proposed amnesty will provide Turks with a final tax-free opportunity to repatriate money held overseas ahead of the culmination of a G-20 effort to shut global loopholes, according to Finance Minister Naci Agbal. “All countries are now passing regulations to bring back money held by their own nationals before… Read More
29th July 2016
The FCA is stepping up its oversight of financial crime by requiring large firms to file financial crime reports. Advisers and investment firms with revenue below £5m will be exempt from filing the return. The first returns will be due in late March 2017. In a policy statement released today,… Read More
28th July 2016
The Payment Systems Regulator (PSR) has called for an overhaul of the UK's payments infrastructure to generate more competition and meet consumers' needs. Read More
25th July 2016
A KYC (Know Your Customer) based on PAN or Aadhaar will no more be sufficient if you want to invest in mutual funds, stock and commodities markets. Apart from the KYC data already provided under Sebi rules, all investors will now have to give mother’s name and proof of permanent… Read More
25th July 2016
Singapore’s central bank said it will enhance controls against money laundering and take swift action against banks following damaging findings that financial institutions in the city-state handled money flows linked to Malaysian state fund 1MDB. “There is no doubt that the recent findings have made a dent in our reputation… Read More
19th July 2016
The loss of correspondent banking relationships in developing countries as major banks try to limit risk exposures could marginalize small economies and cause “systemic” disruptions to their financial systems, the head of the International Monetary Fund said on Monday. IMF Managing Director Christine Lagarde, speaking at the Federal Reserve Bank… Read More
18th July 2016
Guernsey States have formally committed to international agreements to clamp down on tax evasion and money laundering. The government says it is supporting an initiative by G5 countries to share information on beneficial ownership. Beneficial ownership refers to when one person benefits from assets even though the legal title belongs… Read More
15th July 2016
For months, data protection lawyers have been warning businesses in the UK to make preparations for the pending General Data Protection Regulation (the “Regulation”), due to come into force in May 2018. The Regulation provides for a ratcheting up of data protection obligations and a hefty new fining regime for… Read More
15th July 2016
In Belize, the nation’s central bank has taken over processing international business payments after most of the country’s commercial banks have been cut off by former U.S. banking partners. In Jamaica, U.S. bank account holders are receiving notice to take their money elsewhere. And in Guyana, checks in U.S. dollars… Read More
14th July 2016
In the outcome of a closely watched trial that could set precedent, convicted futures trader Michael Coscia was sentenced in federal court Wednesday to three years in prison and two years of supervised release for spoofing and commodities fraud. Coscia, 54, of Rumson, N.J., was the first defendant in the… Read More