28th March 2018
Firms and funds will continue to benefit from passporting between the United Kingdom and EEA during the implementation period that will apply following the UK’s withdrawal from the European Union, according to the Financial Conduct Authority. The implementation period is intended to operate from 29 March 2019 until the end… Read More
26th March 2018
The Indian government’s controversial programme aimed at cracking down on black money has created hardship for some communities, a Singaporean government minister said. Singaporean education minister Ong Ye Kung made reference to the demonitisation programmenin a speech on India’s changing financial landscape. “A major and rather unorthodox step taken by… Read More
26th March 2018
The Securities and Exchange Commission said it paid out more than $33 million to a single whistleblower in its Dodd-Frank whistleblower awards, surpassing the previous high of $30 million in 2014. Two whistleblowers also shared a $50 million award, it added. Since it began issuing its first award in… Read More
18th March 2018
Latvia launched just 85 money-laundering investigations in 2017 even though its banks flagged 17,900 suspect transactions, data seen by Reuters shows, highlighting the challenge the Baltic state faces in repairing its tarnished reputation. Prime Minister Maris Kucinskis has vowed to invest more in monitoring banks after the United States triggered… Read More
15th March 2018
AP — The Senate passed bipartisan legislation Wednesday designed to ease bank rules that were enacted to prevent a relapse of the 2008 financial crisis that caused millions of Americans to lose their jobs and homes. The Senate voted 67-31 for a bill from Republican Senator Mike Crapo of… Read More
15th March 2018
Mossack Fonseca, the Panamanian law firm at the center of the “Panama Papers” scandal, said on Wednesday it was shutting down due to the economic and reputational damage inflicted by its role in the global tax evasion debacle. The so-called Panama Papers, which consist of millions of documents stolen from… Read More
12th March 2018
Ratings agency Standard and Poor’s weakened its risk assessment criteria to win business and turn out high ratings on opaque debt products that started to unwind during the global financial crisis, an Australian court heard on Monday. The U.S.-based ratings agency is being sued for at least A$190 million ($150… Read More
11th March 2018
The Bank of Israel said on Thursday it signed an agreement to strengthen cooperation with the New York State Department of Financial Services that includes the exchange of information and assistance on supervisory matters. They will also cooperate and share information in the event of suspicions of money laundering or… Read More
8th March 2018
Virtual currencies like bitcoin can be regulated as commodities by the U.S. Commodity Futures Trading Commission, a federal judge ruled Tuesday. U.S. District Judge Jack Weinstein in Brooklyn ruled that the CFTC had standing to bring a fraud lawsuit against New York resident Patrick McDonnell and his company Coin Drop… Read More
7th March 2018
Some Latvian banks serving foreign clients may have to merge or be liquidated if their business model proves unworkable, the head of the country’s financial regulator told Reuters. Modelled as a financial bridge between Russia and the west, Latvia hosts more than ten banks taking deposits from customers in Russia,… Read More