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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

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

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

17th July 2019

From the Netherlands to North Korea, Kim Jong Un’s Mercedes Take a Long Trip

The Mercedes-Benz limousines seen chauffeuring around North Korean leader Kim Jong Un this year have stumped outsiders over how the sanctions-hit regime obtained the luxury rides. But researchers now believe they have unearthed the Kim regime’s smuggling secret: It takes three cargo jets, about four months and five countries. A… Read More

19th June 2019

Japan Post Bank to Restrict Remittances Ahead of FATF Evaluation: Reports

Japan Post Bank Co. will soon limit cross-border remittances in an effort to bolster its anti-money laundering (AML) controls, according to reports by Japanese news outlets. The Toyko-based bank, which currently has no cap on overseas remittances, plans to restrict the payments to 5-million yen, or $46,000, ahead of a… Read More

14th June 2019

UK Gambling Regulator Fines Two Firms £2.8 Million for AML Lapses

Two online gaming companies will pay a combined £2.8 million for anti-money laundering (AML) compliance lapses related to client bets made with ill-gotten gains, the UK Gambling Commission said. The fines against Osaka-based Platinum Gaming Ltd and London-based Gamesys Ltd follow a combined £4.5 million in monetary outlays ordered… Read More

6th June 2019

Former French Justice minister Dati probed over fees paid by Renault-Nissan

Former French Justice Minister Rachida Dati is being probed over consulting fees she has received from the Renault-Nissan strategic partnership, France’s financial prosecutor office said on Tuesday. The preliminary investigation follows a complaint by an individual Renault shareholder against Dati, Ghosn and Bauer for corruption and misuse of company funds,… Read More

30th May 2019

Japan’s financial watchdog orders Nomura to improve business after leak

Japan’s financial watchdog on Tuesday ordered Nomura Holdings to improve its business practices after the country’s biggest brokerage admitted an employee had leaked market information. The Financial Services Agency said it had issued one of its “business improvement orders” against Nomura, a regulatory punishment that requires firms to submit a… Read More

24th May 2019

Las Vegas businessman gets 50 years prison in $1.5 billion Ponzi scheme

A federal judge on Thursday sentenced a former Las Vegas medical billing company operator who prosecutors called the ringleader of a $1.5 billion Ponzi scheme that bilked thousands of Japanese residents to 50 years in prison. Edwin Fujinaga, 72, the former chief executive of MRI International Inc, was sentenced by… Read More

26th April 2019

Fed Orders Sumitomo Mitsui to Improve AML at NY Branch

The US Federal Reserve on Thursday ordered the New York-branch of Sumitomo Mitsui Banking Corporation to improve its anti-money laundering (AML) controls for senior management and board directors. Under the terms of the written order, the Japanese lender must draft a plan for ensuring that its top managers are made… Read More

24th April 2019

Japan probes two cryptocurrency exchanges after management changes: sources

Japan’s financial regulator raided two cryptocurrency exchanges last week to investigate their internal oversight, including customer protection and anti-money laundering measures, two sources familiar with the matter said on Tuesday. The Financial Services Agency (FSA) is pushing to ensure the security of virtual currencies as Japan aims to leverage the… Read More

21st April 2019

Japanese father, son appear in Las Vegas in $1.5B fraud case

AP — Two former investment executives from Japan pleaded not guilty in Las Vegas on Thursday to criminal fraud charges in what prosecutors have called a $1.5 billion international Ponzi scheme. Junzo Suzuki, 70, and his son, Paul Suzuki, 40, arrived in custody in the U.S. on Wednesday, and appeared… Read More

17th April 2019

Japan to require crypto exchanges to bolster internal oversight: source

Japan’s financial regulator will require cryptocurrency exchanges to strengthen internal oversight of the so-called “cold wallets” used to store digital money, a source with direct knowledge of the matter told Reuters on Tuesday. The move by the Financial Services Agency (FSA) highlights the difficulties in ensuring security of virtual currencies,… Read More

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