$2,350 set as minimum for banks to seek more client info in Seychelles
23rd February 2021
$2,350 set as minimum for banks to seek more client info in Seychelles
A sum of SCR50,000 ($2,350) has been set as the threshold for commercial banks in Seychelles to acquire information on purposes of transactions while dealing with their clients, said a top official of the Financial Intelligence Unit (FIU). The director of FIU, Richard Rampal, told reporters that the threshold has… Read More
Crown’s Crisis Deepens as Regulator Recommends Perth Probe
17th February 2021
Crown’s Crisis Deepens as Regulator Recommends Perth Probe
The crisis enveloping Crown Resorts Ltd. deepened after a state regulator recommended an inquiry into the company’s fitness to run its Perth casino. Hours after Crown was formally found unsuitable to operate a Sydney casino, Western Australia’s gaming watchdog proposed an independent investigation into the company’s Perth operations. A… Read More
India’s RBI tightens investment rules for shadow banks from FATF non-compliant jurisdictions
15th February 2021
India’s RBI tightens investment rules for shadow banks from FATF non-compliant jurisdictions
India’s central bank said on Friday new investors who operate from jurisdictions not in compliance with the Financial Action Task Force (FATF) must hold less than 20% of the voting power in non-banking finance companies (NBFCs). In a bid to stop money laundering, the Reserve Bank of India (RBI) said… Read More
Hong Kong Plans Money Flow Scrutiny of Chinese Officials
15th February 2021
Hong Kong Plans Money Flow Scrutiny of Chinese Officials
Hong Kong plans to expand scrutiny on capital flows and transactions by Chinese officials, according to a recent consultation paper on anti-money laundering. The Financial Services and the Treasury Bureau is proposing to implement enhanced due diligence on “politically exposed persons” from anywhere outside Hong Kong instead of outside… Read More
Crown Resorts Isn’t Fit to Run Sydney Casino, Inquiry Finds
10th February 2021
Crown Resorts Isn’t Fit to Run Sydney Casino, Inquiry Finds
Billionaire James Packer’s dream of opening a landmark casino in his home city of Sydney hangs in the balance after a damning report into money laundering and organized crime links found Crown Resorts Ltd. isn’t fit to hold a gaming license. In an excoriating report released… Read More
The Pandemic May Change Remittances—for the Better
9th February 2021
The Pandemic May Change Remittances—for the Better
What Shakespeare said about greatness—some are born great, some achieve greatness, and others have greatness thrust upon them—turns out to also be true about innovation. One need look no further than various responses to the pandemic. Sectors from education to food service, filmmaking to event planning have all scrambled, with… Read More
Free ports – or sleaze ports? Rishi Sunak’s dream of tax-free zones about to become reality
9th February 2021
Free ports – or sleaze ports? Rishi Sunak’s dream of tax-free zones about to become reality
Five years ago a young, unknown MP wrote a pamphlet for a Thatcherite thinktank extolling the benefits of free ports. Now that Rishi Sunak is chancellor, his dream for Britain is – for good or ill – fast becoming reality. This week, alliances of port owners,… Read More
Biden Weighs Easing Iran’s Pain Without Lifting Key Sanctions
8th February 2021
Biden Weighs Easing Iran’s Pain Without Lifting Key Sanctions
The Biden administration is weighing ways to ease Iran’s financial pain without lifting crushing economic sanctions — including on oil sales — as a step toward reviving the 2015 nuclear deal abandoned by former President Donald Trump. Some options U.S. officials are debating include providing backing for International Monetary Fund… Read More
‘Serious blow’: Judges rule Serious Fraud Office powers to investigate foreign companies are limited
8th February 2021
‘Serious blow’: Judges rule Serious Fraud Office powers to investigate foreign companies are limited
Britain’s efforts to combat international fraud have been dealt a “serious blow” after top judges ruled powers to investigate foreign companies are limited. Supreme Court judges on Friday decided the Serious Fraud Office cannot unilaterally demand documents and… Read More
Hedge Funds Risk Biden-Era End to Money-Laundering Loophole
8th February 2021
Hedge Funds Risk Biden-Era End to Money-Laundering Loophole
Private-equity and hedge funds face an increased risk that the U.S. will close a longstanding money-laundering loophole for assets they manage. All it would take is the Biden administration to quickly revive a rule that was developed during Barack Obama’s term but left unused by Donald Trump. The U.S. has… Read More
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