9th August 2016
The UK’s gambling regulator has clarified its rules for digital currencies. In an update to its codes of practice issued this July, the UK Gambling Commission (UKGC) outlined how licensees can implement appropriate policies for so-called cash equivalents, a definition under which digital currencies are captured. The policy change appears to… Read More
9th August 2016
Suspected criminal proceeds or undeclared money seized from Chinese travelers has more than doubled in Canada since 2013, as the rate of capital flight from China continues its unprecedented pace. According to recent numbers from the Canada Border Services Agency, airport officials confiscated $11.5 million CAD in non-reported currency and… Read More
9th August 2016
A high-level delegation from Bangladesh will arrive next month seeking to recover the $81 million laundered in the Philippines. Read More
9th August 2016
Panama Papers cast doubt on island’s ability to push through EU anti-graft laws. Read More
8th August 2016
The South African Reserve Bank (SARB) has imposed fines on five banks relating to weaknesses in control measures to combat money laundering. The penalties were imposed after the Reserve Bank conducted routine inspections in terms of the Financial Intelligence Centre Act (FIC Act) and found weaknesses in each of the… Read More
8th August 2016
President Rodrigo Duterte of the Philippines launched a purge of the ranks of politicians, judiciary and the armed forces Sunday by publicly announcing names of over 150 people he accused of being involved in illegal drug-related corruption. Duterte gave the people he named 24 hours to turn themselves in to… Read More
8th August 2016
THE IMPOSITION of a P1-billion penalty on Rizal Commercial Banking Corp. (RCBC)―the largest fine ever imposed by a regulator in local banking history―bolsters the argument the transfer of $81 million in funds stolen from the Bangladeshi central bank was facilitated at the RCBC head office and not at the branch… Read More
8th August 2016
Australia is moving to become one of the first countries to regulate e-currencies such as bitcoin under its anti-money laundering and counter-terrorism financing laws. Bitcoin – the most prominent digital currency to emerge globally – is backed by a computer code rather than a physical substance such as gold or… Read More
5th August 2016
Banking regulators on Friday imposed the single biggest monetary penalty on an erring financial institution in the country’s history, slapping the Yuchengco family-controlled Rizal Commercial Banking Corp. (RCBC) with a P1-billion fine in the wake of the Bangladesh Bank cyberheist. In a statement issued late Friday, the Bangko Sentral ng Pilipinas… Read More
5th August 2016
Free National Movement Leader Dr Hubert Minnis yesterday released the details of his much talked about anti-corruption plan, saying it aims to restore transparency and accountability to the country. However the plan was not detailed and revealed no new initiatives. Instead it only repeated much of… Read More