Ahead of FATF review, Pakistan asks jewellers to keep record of cash transactions
5th February 2021
Ahead of FATF review, Pakistan asks jewellers to keep record of cash transactions
Jewellery traders now have to keep a record of cash transactions which go over Rs2 million, says Federal Board of Revenue. It is part of the government’s plans to speed up efforts to document the economy as Pakistan nears its FATF review, sources were quoted as saying by… Read More
FinCEN Warns on COVID-19 Insurance, Healthcare Fraud
3rd February 2021
FinCEN Warns on COVID-19 Insurance, Healthcare Fraud
The U.S. Treasury Department on Tuesday issued an advisory alerting financial institutions to coronavirus-linked insurance and healthcare frauds targeting public and private providers. The advisory by the department’s Financial Crimes Enforcement Network (FinCEN) warned that criminals are adapting fraud schemes to exploit the pandemic, including by ordering or submitting claims… Read More
German Markets Watchdog Chief Dismissed Over Wirecard Scandal
2nd February 2021
German Markets Watchdog Chief Dismissed Over Wirecard Scandal
The German government on Friday dismissed the head of the country’s markets regulator after months of intensifying criticism over the agency’s handling of the Wirecard AG WDI 1.53% scandal. Finance Minister Olaf Scholz said he and BaFin President Felix Hufeld agreed that the agency… Read More
Malta: Limit of €10,000 to be put on cash transactions
1st February 2021
Malta: Limit of €10,000 to be put on cash transactions
A long-shelved plan to ban cash transactions in excess of €10,000 will be introduced in the coming days in a bid to avoid the country being labelled a money laundering risk. Government sources told Times of Malta that legal amendments dating back some six years had been redrafted and would… Read More
Hong Kong proposes mandatory registration of mobile phone numbers to tackle organised crime
1st February 2021
Hong Kong proposes mandatory registration of mobile phone numbers to tackle organised crime
All Hong Kong mobile phone users will have to provide their real name and personal details under proposals for compulsory SIM-card registration in the city, with officials blaming criminals for exploiting the current system. Mandatory registration could be extended to users of prepaid SIM cards, requiring them to provide their… Read More
Bahrain Central Bank Issues License to Shariah-Compliant Crypto Exchange
28th January 2021
Bahrain Central Bank Issues License to Shariah-Compliant Crypto Exchange
Middle Eastern crypto exchange Coinmena said this week that it had obtained a crypto assets services company license from the Central Bank of Bahrain (CBB) ahead of its planned launch. In receiving the license, the exchange, which has been certified by the Shariyah Review Bureau, said it had met several… Read More
Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering
27th January 2021
Philippines Issues Crypto Industry Guidelines to Guard Against Money Laundering
The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has released new guidelines for virtual asset service providers (VASPs) in a bid to prevent money laundering. The BSP said in a document issued Jan. 25, that under the framework, VASPs will need to apply for a license, a “certificate of… Read More
China’s top anti-corruption body vows to zero in on key state-backed projects
27th January 2021
China’s top anti-corruption body vows to zero in on key state-backed projects
The Communist Party’s top anti-corruption body has vowed to keep a close watch on state-backed technology and infrastructure projects and crack down further on graft at the grass-roots level. In a communique issued on Sunday after a three-day conference in Beijing, the Central Commission for Discipline… Read More
Mexico Working on Alternative to Bill That Would Force Central Bank to Buy Dollars
26th January 2021
Mexico Working on Alternative to Bill That Would Force Central Bank to Buy Dollars
The Mexican government is preparing a banking product to help migrant workers change their dollars as an alternative to a bill in Congress that would put the responsibility for excess foreign cash on the central bank, Mexico’s top finance official said. The bill passed last month by the Senate would… Read More
Trump Administration Quietly Eased Sanctions on Israeli Billionaire
25th January 2021
Trump Administration Quietly Eased Sanctions on Israeli Billionaire
The Trump administration quietly moved in its final days to ease sanctions imposed in late 2017 on an Israeli billionaire who had been punished by the Treasury Department for corrupt and abusive mining practices in the Democratic Republic of Congo. The reversal by the Treasury came after an appeal by… Read More
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