There are limits to boldly easing bank rules in coronavirus pandemic: BIS
17th April 2020
There are limits to boldly easing bank rules in coronavirus pandemic: BIS
Easing bank rules is among the “bold and extraordinary” steps needed to beat the coronavirus, but it must be temporary and limited to avoid undermining financial stability after the epidemic has passed, central bankers said on Wednesday. Regulators are allowing banks to tap capital reserves and take a softer line… Read More
Remote work stymies ASIC’s bank spies
17th April 2020
Remote work stymies ASIC’s bank spies
Spies from the The Australian Securities and Investments Commission have been hobbled by the coronavirus, as remote working has made observing bankers at close quarters impossible. The corporate cop announced earlier this week it had put its flagship program of embedding agents inside the banks on ice as the COVID-19… Read More
Reforming the Response to Financial Crime: Making the Most of a Crisis
16th April 2020
Reforming the Response to Financial Crime: Making the Most of a Crisis
In mid-March, the US Financial Intelligence Unit (FinCEN) posted a short news release encouraging financial institutions to remain alert to COVID-19-related illicit financial activity, listing a series of potential scams and the steps FinCEN expects banks to take in response. In the UK, law enforcement agencies have likewise… Read More
G20 sets ground rules ahead of Facebook’s Libra stablecoin
15th April 2020
G20 sets ground rules ahead of Facebook’s Libra stablecoin
The world’s leading economies need to plug gaps in their rulebooks to avoid digital currencies like Facebook’s planned Libra stablecoin from undermining financial stability, the Group of 20 Economies’ (G20) regulatory watchdog said on Tuesday. Stablecoins are tied to a traditional currency or basket of assets, and used for payments… Read More
Malta seeks US help as money laundering reforms deadline looms
14th April 2020
Malta seeks US help as money laundering reforms deadline looms
Malta has requested the help of the US to avoid the possibility of being put on a list of countries that are not doing enough to fight money launderers. Sources said talks with the US government were held in recent months with a view to exploring a “partnership on financial… Read More
Failure to fight money-laundering could threaten Malta’s ‘financial stability’: IMF
13th April 2020
Failure to fight money-laundering could threaten Malta’s ‘financial stability’: IMF
Failure to tackle “significant” deficiencies in Malta’s anti-money laundering regime could potentially threaten financial stability, the International Monetary Fund (IMF) has warned. In its annual assessment of Malta’s economic wellbeing, the IMF charted how a failure to make a dent on shortcomings identified by Moneyval, the Council of Europe’s… Read More
How Venezuela Bought Military Loyalty
13th April 2020
How Venezuela Bought Military Loyalty
OCCRP — Extreme shortages of food and medicine, hyperinflation, violent political repression, and outrageous corruption — many governments might have buckled under the weight of such a compounded crisis. Not in Venezuela, where top military officers have been richly rewarded for maintaining the status quo, even as the country has spiralled… Read More
EU Mulls More Syria Sanctions After Chemical Ruling
10th April 2020
EU Mulls More Syria Sanctions After Chemical Ruling
The EU on Thursday welcomed a report by the global chemical weapons watchdog blaming the Syrian government for toxic attacks, and said it was ready to consider further sanctions on Damascus. The Organisation for the Prohibition of Chemical Weapons on Wednesday for the first time explicitly blamed the regime of… Read More
Fraudsters likely to target furlough scheme, says HMRC chief
9th April 2020
Fraudsters likely to target furlough scheme, says HMRC chief
A senior civil servant has said he expects organised crime will target the government’s multibillion-pound employee furlough scheme. The job retention scheme, which pays 80% of an employee’s salary up to £2,500 a month for up to three months, is due to come online for employers to make claims… Read More
Can’t Get a Rescue Loan? U.S. Banks Say Onerous Rules Are to Blame, Not Them
9th April 2020
Can’t Get a Rescue Loan? U.S. Banks Say Onerous Rules Are to Blame, Not Them
U.S. banks, facing criticism for prioritizing existing customers over new ones who are seeking coronavirus rescue loans, put the blame on federal rules meant to catch terrorists and money launderers. The lenders, who have been getting beaten up by small businesses and lawmakers alike, have urged a little-known agency charged… Read More
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