4th January 2021
New rules intended to combat money laundering and the financing of terrorism—including measures to make company ownership more transparent—will go into effect now that the National Defense Authorization Act has been approved, advancing a yearslong effort by anticorruption advocates. Provisions in the annual defense-policy legislation would require many U.S. Read More
4th January 2021
The U.S. State Department on Friday added a Cuban commercial bank to its restricted list, saying it will prevent the Cuban military from benefiting from financial transactions. The State Department placed Banco Financiero International S.A. in the Cuba Restricted List starting in early January, calling it “a Cuban military-controlled commercial… Read More
1st January 2021
Dealers of precious metals and stones will henceforth have to maintain records of cash transactions worth Rs 10 lakh or more cumulatively with a single customer. The finance ministry has notified such dealers in precious metals and stones and also real estate agents with over Rs 20 lakh turnover under… Read More
1st January 2021
Mexico is home to the world’s most powerful drug cartels, who have terrorized the country for years. But the country is poised to try something different in tackling the gangs by legalizing at least one of their products: marijuana. Mexico is set to become the world’s largest legal cannabis market… Read More
31st December 2020
China’s central bank said on Wednesday it will put non-bank payment institutions, internet micro-lenders and consumer finance companies under the scope of anti-money laundering and anti-terrorism financing supervision. The move is in part a response to shortcomings pointed out in 2019 by the Financial Action Task Force, an intergovernmental body… Read More
31st December 2020
A key legislative change to the nation’s anti-money-laundering framework still hangs in the balance as Congress remains at an impasse over the size of stimulus checks. Congress voted with a veto-proof majority earlier this month to pass the National Defense Authorization Act, which includes an amendment requiring businesses to report their… Read More
30th December 2020
Mexico will likely approve a bill making the central bank the nation’s dollar buyer of last resort following changes that will ease concerns it could force the institution to take illicit funds, a top senator said. Lawmakers will hammer out details with central bank and finance ministry officials in January,… Read More
29th December 2020
The Treasury Department alerted financial institutions to fraud related to Covid-19 vaccines, warning of ransomware attacks that target vaccine delivery operations and supply chains. The Treasury’s Financial Crimes Enforcement Network cautioned on Monday of an array of vaccine-related crimes, including the sale of unapproved, counterfeit or illegally marketed vaccines. In… Read More
28th December 2020
Turkey’s parliament on Sunday approved a controversial law approving the oversight of associations and foundations, which critics say will stifle NGOs and damage civil society. It gives the state the power to replace the boards of NGOs with trustees, as well as suspending their operations and having civil servants carry… Read More
25th December 2020
The U.K. government and the European Union have agreed a trade deal to replace current arrangements which end on New Year’s Eve when the Brexit process is completed. Britain left the European Union on Jan. 31 but kept EU legislation during a transition period this year. EU law… Read More