22nd May 2018
AP — The British Parliament’s foreign affairs committee slammed the government Monday for “turning a blind eye” to the role London’s financial center plays in laundering the proceeds of Russian corruption, saying it helps the Kremlin finance its aggressive foreign policy. Despite the government’s tough rhetoric after the… Read More
10th May 2018
AP — A New York hedge fund founder was arrested Wednesday on charges that he exaggerated his company’s performance by over $200 million to impress and preserve investors. Anilesh Ahuja, 49, of Manhattan, was charged with conspiracy, securities fraud and wire fraud. Federal officials said that the founder, chief… Read More
2nd May 2018
Germany’s financial watchdog BaFin has published a statement outlining the way cryptocurrencies such as bitcoin and related investments should be classified. “For some time now, BaFin has been receiving an increasing number of queries enquiring whether tokens and virtual currencies (referred to as ”tokens“) marketed to investors in initial coin… Read More
23rd April 2018
The Financial Conduct Authority (FCA) has published a set of new rules for the asset management industry, outlining its stance on accountability rules for top executives. The FCA had previously stated that it would consult on a new specific Prescribed Responsibility (PR) for authorised fund managers (AFMs) as part of… Read More
23rd April 2018
Arab countries have finalised plans to create an independent, regional cross-border payments system after current arrangements were hit by a rise in compliance costs and downsizing by some international banks. At present, many cross-border payments and settlements among Arab countries are carried out by correspondent banks, which act as agents… Read More
23rd April 2018
The Financial Conduct Authority is to forge ahead with an initiative exploring the use of machines in financial crime programmes, according to its 2018/19 business plan. The watchdog is looking to host an international event focusing on the machine-led approach in the fight against money laundering, part of its broader… Read More
19th April 2018
Iran will start reporting foreign currency amounts in euros rather than U.S. dollars, state media said on Wednesday as part of the country’s effort to reduce its reliance on the U.S. currency due to political tension with Washington. The new policy could encourage government bodies and firms linked to the… Read More
11th April 2018
Britain’s National Crime Agency (NCA) is working on securing more unexplained wealth orders (UWOs) in line with its ambitions to seize criminal assets and crack down on money laundering. UWOs, which require require individuals to explain various issues about an asset, including how it was obtained, have been recently introduced… Read More
8th April 2018
Regulated activities in relation to derivatives that reference either cryptocurrencies or tokens issued through an initial coin offering (ICO), will likely require authorisation by the Financial Conduct Authority (FCA), the regulator announced on Friday. Although cryptocurrencies are not currently regulated by the FCA – provided they are not part of… Read More
29th March 2018
Malaysian financier Low Taek Jho, accused of links to a plot to siphon billions of dollars from a Malaysian state fund, is trying to stop the United States government from seizing a $250 million yacht in Indonesia, court filings showed. The Cayman Islands-flagged Equanimity, a 300-foot superyacht allegedly bought by… Read More