Qatar Puts Up ‘For Sale’ Sign With New Property Visas
11th November 2020
Qatar Puts Up ‘For Sale’ Sign With New Property Visas
Gas-rich Qatar has flung open its property market to foreigners, with a scheme giving those purchasing homes or stores the right to call the Gulf nation home. The scheme, announced in September, is the latest in a series of measures designed to diversify Qatar’s economy away from fossil fuel dependency… Read More
Singapore Proposes to Strengthen FIs’ Identity Verification Process
11th November 2020
Singapore Proposes to Strengthen FIs’ Identity Verification Process
MAS (Monetary Authority of Singapore) has issued a consultation paper on the types of information required for non-face-to-face verification of an individual’s identity. The proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal… Read More
EU ministers agree to set up EU anti money laundering body
5th November 2020
EU ministers agree to set up EU anti money laundering body
European Union finance ministers agreed on Tuesday to set up an EU body that would fight money laundering across the 27-nation bloc, supporting a European Commission proposal from May. The council of finance ministers also gave their backing for the Commission to harmonise EU anti-money laundering rules and provide coordination… Read More
Hong Kong cracks down on crypto trading in a bid to tackle fraud
4th November 2020
Hong Kong cracks down on crypto trading in a bid to tackle fraud
The Hong Kong government is aiming to ban retail investors from trading in cryptocurrencies and force exchange operators to obtain licences, in a move that promises to end an era of largely unregulated trading of digital assets, according to officials. The government planned to release a consultation paper on… Read More
Cayman Islands introduce regulations for virtual asset service providers
4th November 2020
Cayman Islands introduce regulations for virtual asset service providers
The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs. In an Oct. 31 press release, the ministry claimed that the move had strengthened the country’s “ability to regulate and attract persons and entities… Read More
Kenya: Government issues notice for firms to provide details of key shareholders by January
2nd November 2020
Kenya: Government issues notice for firms to provide details of key shareholders by January
All companies have until January next year to submit to the government names of their key owners or controlling entities. This is a move to enforce the law and create transparency in shareholding of firms as the State cracks down on illicit cash flows such as money laundering and terrorism… Read More
China bolsters oversight to bring financial sector in line
30th October 2020
China bolsters oversight to bring financial sector in line
China’s central bank has rolled out new restrictions that would bolster governance at companies with banking, brokerage and insurance operations in a bid to prevent fraud and curb risks in the country’s financial sector. The move comes partly as a response to companies like the Tomorrow Group and Anbang Insurance Group funneling assets… Read More
Ukraine’s Top Court Deals Critical Blow To Anti-Corruption Agency
29th October 2020
Ukraine’s Top Court Deals Critical Blow To Anti-Corruption Agency
Ukraine’s Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it unconstitutional to hold officials criminally liable for intentionally providing false information on asset declarations. It also struck down several powers of the National Agency for… Read More
Global Banks in Hong Kong Breathe Easier Over U.S. Sanctions
28th October 2020
Global Banks in Hong Kong Breathe Easier Over U.S. Sanctions
U.S. sanctions over Hong Kong are likely to pose fewer headaches for international banks operating in the financial hub than first feared, lawyers say. Banks have been on notice since July, when President Trump signed a law targeting people the U.S. sees as undermining Hong Kong’s autonomy, and those… Read More
Philippines: Senate to tackle proposals to amend AMLA
28th October 2020
Philippines: Senate to tackle proposals to amend AMLA
The Senate will start hearing the proposals to amend the Anti-Money Laundering Act (AMLA) to help boost the government’s efforts against the entry and flow of illegal money in the Philippines. “We expect to have an all-hands-on-deck involvement of top officials of concerned agencies in tackling this vital anti-corruption and… Read More
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