UK: Insolvency firms must report Covid scheme fraud
14th December 2020
UK: Insolvency firms must report Covid scheme fraud
Insolvency practitioners have been instructed to report fraudulent coronavirus loan applications to the government, ahead of an expected surge in company failures next year. The Insolvency Service has written to firms advising that “if it appears that a person has applied fraudulently” for the government-backed business interruption loan scheme and… Read More
FinCEN Clarifies How Banks Can Share Information on Suspicious Transactions
11th December 2020
FinCEN Clarifies How Banks Can Share Information on Suspicious Transactions
The U.S.’s anti-money-laundering watchdog released new guidance Thursday on how financial institutions can share personally identifiable information about their customers if they believe it is tied to a suspicious transaction. The guidance is meant to help clarify the limits to what officials have called a key tool in identifying potential… Read More
UK Launches Consultations Aimed at Improving Corporate Transparency
10th December 2020
UK Launches Consultations Aimed at Improving Corporate Transparency
The British government on Wednesday published three consultations seeking comment on proposals that would impose new reporting requirements on corporate entities and expand the powers of the UK’s registrar of company beneficial owners. Under the proposals, Companies House would be granted a “new querying power” to obtain additional data from… Read More
U.S. Defense Bill Proposes Anti-Money-Laundering Whistleblower Program
8th December 2020
U.S. Defense Bill Proposes Anti-Money-Laundering Whistleblower Program
A new whistleblower reward program incentivizing the reporting of potential violations of anti-money-laundering laws would be established as part of an annual defense-spending bill that is poised to clear Congress. The program would offer awards to tipsters who voluntarily provide original information to the Treasury Department or the Justice Department… Read More
U.S. Anti-Money-Laundering Measure Poised to Clear Congress
7th December 2020
U.S. Anti-Money-Laundering Measure Poised to Clear Congress
Congress is set to approve legislation requiring companies in the U.S. to register their true owners, plugging what many illicit-finance experts say is one of the biggest holes in U.S. anti-money-laundering rules. Lawmakers in both parties late Thursday announced an agreement to overhaul the framework for fighting money laundering. The… Read More
Top U.S. currency regulator says to expect ‘clarity’ in coming weeks on bitcoin
7th December 2020
Top U.S. currency regulator says to expect ‘clarity’ in coming weeks on bitcoin
One of the United States’ top financial regulators said Thursday that new regulations on bitcoin and other cryptocurrencies were coming soon, but he downplayed concerns that the new rules would be disruptive. Brian Brooks, the acting comptroller of the currency, told CNBC’s Melissa Lee on “Squawk Box” to… Read More
Cyprus securities watchdog issues first cryptocurrency regulations
4th December 2020
Cyprus securities watchdog issues first cryptocurrency regulations
The Cyprus Securities and Exchange Commission (CySEC) last week issued its first regulations regarding cryptocurrency. The new rules laid down in Circular C417 are designed to ensure that Cyprus Investment Firms (CIFs), make provision to cover investments in cryptocurrencies (the regulations do not distinguish among them), and that risks involving… Read More
EU agrees to new sanctions regime for rights abuses
3rd December 2020
EU agrees to new sanctions regime for rights abuses
EU envoys agreed on Wednesday on a new mechanism to punish human rights abuses around the world by targeting people regardless of their nationality or their location, two diplomats said. Pushed by the Netherlands, as well as the United States, the European Union will now be able to freeze assets… Read More
Australia’s plan for $10,000 cash ban ‘dead, dead and dead’
3rd December 2020
Australia’s plan for $10,000 cash ban ‘dead, dead and dead’
A plan to ban cash payments of $10,000 or more that threatened to split the Liberal Party has been dumped, with the move now “dead, dead and dead”. In a motion moved by One Nation, the Senate on Thursday officially dumped debate on the proposal that emerged from the government’s… Read More
What 6AMLD Doesn’t Say About Legal Liabilities
2nd December 2020
What 6AMLD Doesn’t Say About Legal Liabilities
With only a day to go before the deadline for EU member-states to transpose the bloc’s Sixth Anti-Money Laundering Directive (6AMLD), significant questions remain unanswered about how it will be enforced on a national-level. In an apparent response to recent banking scandals, the directive will make the “aiding and… Read More
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