Biden Administration to Review Possible Sanctions Relief in Response to Covid-19
25th January 2021
Biden Administration to Review Possible Sanctions Relief in Response to Covid-19
The Biden administration is expected to review existing economic sanctions for possible relief to help with the global response in combating the coronavirus pandemic. The secretaries of the State, Treasury and Commerce departments, in consultation with the Health and Human Services secretary and U.S. Agency for International Development administrator, will… Read More
U.S. Shell Company Disclosure Exemptions Prompt Calls for Changes
25th January 2021
U.S. Shell Company Disclosure Exemptions Prompt Calls for Changes
A recently crafted law to force anonymous shell companies to reveal their true owners has rankled small business advocates, who plan to push for tweaks. Large companies are mostly exempted from the Corporate Transparency Act, which became law this month. Only those with 20 or fewer employees and $5 million… Read More
U.N. aid coordinator halts Venezuela cash transfer programs
22nd January 2021
U.N. aid coordinator halts Venezuela cash transfer programs
The United Nations Office for Coordination for Humanitarian Affairs said on Wednesday it has halted programs in Venezuela that provide cash transfers to the poor via local nonprofit organizations. The U.N. office known as OCHA is asking the government of President Nicolas Maduro to establish clear rules regarding cash transfers. Read More
Biden Is Expected to Tap Michael Barr as Comptroller of the Currency
22nd January 2021
Biden Is Expected to Tap Michael Barr as Comptroller of the Currency
President Biden is expected to nominate Michael Barr, a former Treasury Department official, to a top post overseeing national banks such as JPMorgan Chase & Co. and Wells Fargo & Co., according to people familiar with the decision. Mr. Barr, who would… Read More
Biden’s regulation freeze slows FinCEN’s proposed crypto wallet rules
22nd January 2021
Biden’s regulation freeze slows FinCEN’s proposed crypto wallet rules
One of the first actions President Joe Biden has taken on his first day in office is to freeze Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin. The announcement came in a White House memorandum for the… Read More
Cyprus: MPs give government two weeks to adapt anti-corruption bill
22nd January 2021
Cyprus: MPs give government two weeks to adapt anti-corruption bill
The House legal affairs committee on Wednesday finished discussion of a bill providing for the creation of an authority against corruption and gave the government two weeks to incorporate the changes into the bill so that it could be put to the vote soon. “Through discussion … views were exchanged,… Read More
Philippines: Bill strengthening AMLA gets final Senate nod
19th January 2021
Philippines: Bill strengthening AMLA gets final Senate nod
The Senate has approved on third and final reading a bill seeking to strengthen the Anti-Money Laundering Act (AMLA). Senate Bill No. 1945 garnered 21 affirmative votes and no negative votes during Monday’s session. “There are cracks in our financial institutions that some people have used to their advantage. With… Read More
Fines for UK firms buying goods linked to Chinese slave labour camps
15th January 2021
Fines for UK firms buying goods linked to Chinese slave labour camps
Companies trading in Britain will face hefty fines and be barred from public sector procurement unless they can prove their supply chains are free from forced labour under new measures intended to pressure Beijing over human rights abuses in Xinjiang. Dominic Raab, the foreign secretary, laid out measures to prevent… Read More
FinCEN Extends Comment Period for Controversial Crypto Wallet Rule
15th January 2021
FinCEN Extends Comment Period for Controversial Crypto Wallet Rule
The Financial Crimes Enforcement Network (FinCEN) said Thursday it would reopen its proposed rulemaking period for an additional 15 days for its reporting requirements, and another 45 days for a requirement on recordkeeping and counterparty reporting requirements. First submitted Dec. 18, the proposals would require exchanges to store name… Read More
El Salvador Protects Accounts of Suspected Money Launderers
15th January 2021
El Salvador Protects Accounts of Suspected Money Launderers
By Shane Sullivan, InSight Crime, 13 January 2021 InSight Crime – The head of El Salvador’s financial regulatory agency has instructed banks not to close the accounts of suspected or formally accused money launderers, the latest in a long line of incidents that expose the country’s hollow fight… Read More
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