Facebook’s Libra gets stark warning from G-7 finance chiefs
19th July 2019
Facebook’s Libra gets stark warning from G-7 finance chiefs
AP — Finance chiefs from the Group of Seven rich democracies issued a stark warning on Thursday that cryptocurrencies like the Libra digital money recently unveiled by Facebook should not be allowed before “serious regulatory and systemic concerns” are addressed. France, which this year chairs the G-7 gatherings on topics… Read More
U.S. sanctions network selling materials for Iran nuclear programme
19th July 2019
U.S. sanctions network selling materials for Iran nuclear programme
The United States on Thursday imposed sanctions on an international network of companies and their agents it said were involved in the procurement of materials for Iran’s nuclear programme. They are the first punitive steps by Washington since Tehran announced earlier this month it would increase its levels of enriched… Read More
Police need intercept tools as mobile networks develop: Europol
19th July 2019
Police need intercept tools as mobile networks develop: Europol
European law enforcement agencies set to lose the ability to tap criminals’ mobile devices with the launch of 5G technology must be brought into discussions earlier when communications networks are modernised, the new head of Europol told Reuters. Appealing to EU leaders for greater powers to fight tech-savvy criminals, Catherine… Read More
Japan to lead development of SWIFT network for cryptocurrency: source
18th July 2019
Japan to lead development of SWIFT network for cryptocurrency: source
Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering, a person familiar with the plan said on Thursday. Tokyo aims to have the network in place in the… Read More
G7 finance chiefs pour cold water on Facebook’s digital coin plans
18th July 2019
G7 finance chiefs pour cold water on Facebook’s digital coin plans
Group of Seven finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first. The massive social media company’s plan to launch a digital coin has met with a chorus from regulators, central bankers and governments… Read More
Latvia Is a Small Country Eager to Fix a Big Money-Laundering Problem
18th July 2019
Latvia Is a Small Country Eager to Fix a Big Money-Laundering Problem
One was a dodgy investment adviser who used a pyramid scheme to bilk unsuspecting Russians out of $10 million. Another was a Taiwanese businessman who was secretly helping North Korea buy precision tools for its nuclear weapons program. Yet another was a corrupt Ukrainian politician spiriting millions of… Read More
U.S. imposes sanctions on Myanmar military commander over Rohingya abuses
17th July 2019
U.S. imposes sanctions on Myanmar military commander over Rohingya abuses
The United States on Tuesday announced sanctions on the Myanmar military’s Commander-in-Chief Min Aung Hlaing and other military leaders over extrajudicial killings of Rohingya Muslims, barring them from entry to the United States. The steps, which also covered Min Aung Hlaing’s deputy, Soe Win, and two other senior commanders and… Read More
Treasury chief: Facebook currency plan ripe for illicit use
16th July 2019
Treasury chief: Facebook currency plan ripe for illicit use
AP — The Trump administration came out strongly Monday against Facebook’s ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin expressed “very serious concerns” about the… Read More
IMF warns banks to evolve or be ‘left behind’ amid competition from big tech firms
16th July 2019
IMF warns banks to evolve or be ‘left behind’ amid competition from big tech firms
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More
U.S. proposes barring big tech companies from offering financial services, digital currencies
15th July 2019
U.S. proposes barring big tech companies from offering financial services, digital currencies
A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. In a sign of widening scrutiny after… Read More
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