26th March 2021
The United Arab Emirates, one of the world’s largest gold hubs, is strengthening its defences against financial crime, including new restrictions on the movement of cash and precious metals, the Gulf state said on Thursday. The steps follow a 2018 tightening of financial regulations that sought to dispel a view… Read More
25th March 2021
The South Korean arm of the cryptocurrency exchange OKEx has decided to shut up shop rather than attempt to navigate revised regulatory hurdles that come into effect on Thursday. According to a report by CoinDesk Korea on Tuesday, the cryptocurrency exchange has earmarked April 7 as the last… Read More
25th March 2021
South Korea’s tax agency said Wednesday that it has launched probes into 54 offshore tax evaders who enjoyed social benefits from the country without paying taxes here. The National Tax Service discovered 14 individuals with dual nationality who enjoyed health and welfare benefits but concealed their properties and earnings overseas… Read More
24th March 2021
Mark Branson, the head of Switzerland’s financial markets regulator, is to become president of Germany’s finance watchdog BaFin, the finance ministry said on Monday, as part of a shake-up at the regulator after the Wirecard fraud. Current BaFin president Felix Hufeld is leaving at the end of the month after… Read More
22nd March 2021
Domestic banks and other financial institutions have a medium risk exposure to money laundering, terrorist and proliferation financing, according to the result of the Third Sectoral Risk Assessment (SRA) conducted by the Bangko Sentral ng Pilipinas (BSP), Anti-Money Laundering Council (AMLC) and other relevant institutions. BSP Governor Benjamin Diokno said… Read More
22nd March 2021
London’s galleries have been given an “amber alert” by the National Crime Agency warning they must do more to stop art work being used to launder illicit funds. The law enforcement agency fears tens and potentially hundreds of millions of pounds are being laundered through art sales… Read More
19th March 2021
Financial crime authorities are upping efforts to tackle trade-based money laundering (TBML), urging lenders to watch for complex corporate structures or trade flows, circular payment arrangements and inconsistencies in documentation. The warnings feature in new guidance from the Financial Action Task Force (FATF), an influential global standards-setting body. The document… Read More
18th March 2021
The European Union agreed on Wednesday to blacklist Chinese officials for human rights abuses, two diplomats said, the first sanctions against Beijing since an EU arms embargo in 1989 following the Tiananmen Square crackdown. EU ambassadors approved the travel bans and asset freezes on four Chinese individuals and one entity,… Read More
18th March 2021
Spain will take Gibraltar off its list of tax havens after an agreement with the United Kingdom on tax cooperation entered into force earlier this month. While the British Overseas Territory was no longer on the European Union or the Organisation for Economic Cooperation and Development (OECD)’s lists of… Read More
18th March 2021
Buyers and sellers of cryptocurrencies including bitcoin will no longer be able to trade assets anonymously in Ireland under an expanded anti-money laundering regime. Cryptocurrency service providers in Ireland will have to comply with money laundering rules and other basic regulations for the first time starting next month. The Central… Read More