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Canadian authorities have fined the world's largest cryptocurrency exchange 6.6 million Canadian dollars (4.4 million US dollars) for violating money laundering and terrorist financing laws. According to an analysis by the Financial Transactions and Reporting Center of Canada, Binance failed to report thousands of large virtual currency deals worth more than 10,000 Canadian dollars (~$7,310) per transaction thousands of times. In addition, the company was not registered as a foreign enterprise in the country. Also, Binance founder Changpeng Zhao was recently sentenced to 4 months in prison after pleading guilty to violating anti-money laundering...

The Estonian bank considers the decision to impose a fine of 300,000 euros unfair. This decision was made by the Estonian Financial Intelligence Unit after conducting an investigation into 3 episodes with settlements in 2022 and 2023. In two cases, the bank failed to implement strict due diligence measures, and in the third, it late notified a transaction that violated financial sanctions. The financial intelligence team is confident that these incidents were caused by bank negligence. Representatives of the bank, in turn, assure that they take compliance with the requirements during the audit very seriously and do not agree with the...

The Lithuanian government is actively discussing the possibility of increasing taxes for citizens in order to increase funding for the defense sector. Thus, corporate tax could increase from 15% to 16%. VAT rates may rise from 21% to 22%. Progressive income tax rates may be revised and some benefits removed. In addition, the rate for small companies may increase from 5% to 10% in order to place all businesses in fairer conditions. At the moment, all proposals are at the discussion stage and require detailed...

Philadelphia-based Republic First, which refused to negotiate financing with a group of investors, was seized by the Pennsylvania Department of Banking and Securities. Source:https://www.reuters.com/business/finance/us-regulators-set-seize-republic-first-bancorp-wsj-reports-2024-04-26/ To protect depositors, the Federal Deposit Insurance Corporation (FDIC) instructed Fulton Bank to take over substantially all of the deposits and acquire most of the assets of the failed Republic First Bank. As of January 31, 2024, Republic Bank had approximately $6 billion in total assets and $4 billion in total deposits. The FDIC estimates that the cost of his fund's failure would be $667 million. Republic Bank depositors will become Fulton Bank...

Remote workers from 38 countries can get special visas. Applicants must be between the ages of 21 and 55 with a college degree. Monthly income requirements are $3,000. To obtain a visa, you need to provide a diploma, an international passport, a contract or an employment contract with the company where the employee is employed (these cannot be Turkish companies), a photo and a document confirming a monthly income of $3,000 or an annual income of $36,000. The first stage of application is carried out using a special online service. After fulfilling all the requirements and receiving the "Digital Nomad Identification Certificate", the applicant can apply for a visa at the consulate or visa center. Nomads can stay in Turkey for one year with the possibility of...

The corresponding bill is already in the Verkhovna Rada, its ratification is expected. Prior to this, on February 19, 2024, during the Japanese-Ukrainian Conference on Economic Growth and Reconstruction, the Minister of Finance of Ukraine Sergei Marchenko signed the Convention between the Governments of the countries. This Convention is designed to improve partnerships between countries, as well as facilitate the process of economic cooperation. The convention regulates the rules of taxation, royalties, interest and dividends between countries. Tax rates on some income may be 5 or 10 percent, which may be beneficial for developing investment relationships. In addition, the Convention establishes rules for the exchange of tax information between...

This is officially indicated on the State Tax Service of Ukraine website. Source:https://tax.gov.ua/media-tsentr/novini/779389.html Poland – 25%, Great Britain – 13%, United States of America – 11%, Cyprus – 9%, Estonia – 7%, other countries – 35% were the main countries of registration of сontrolled foreign companies. According to data from the DPS, 11,391 controllers submitted 30,057 reports on 14,116 сontrolled foreign companies. Of which 9,988 Reports are in abbreviated form and 20,069 Reports are in full form. 11,143 individuals submitted 29,355 Reports on 13,755 сontrolled foreign compaies and 248 legal entities submitted 702 Reports on 361 сontrolled foreign companies. The amount of tax to be paid is 1,776 million...

The National Securities and Stock Market Commission (NCSC) and the German Federal Financial Supervisory Authority (BaFin) have entered into a partnership. Source:https://www.nssmc.gov.ua/posylennia-mizhnarodnoi-spivpratsi-nktspfr-ta-bafin-pidpysaly-memorandum/ Among the priority areas of cooperation were: prevention of fraud, supervision of virtual assets, financing of construction and investment funds in the construction sector, as well as requirements for financial reporting, alternative funds and non-state pension funds. The Chairman of the Commission, Ruslan Magomedov, is sure that the signing of the Memorandum is another step towards development for the Ukrainian capital market and its...

The BVI continues to change legislation regulating virtual assets. According to the provisions of the relevant law, a company that wants to work with cryptocurrency must apply for a license within 6 months. The BVIs are trying to create a favorable environment for working with digital assets on their territory. The authorities believe that a strong legal framework should be developed to work in this area. At the end of March, out of 80 applications received, the Financial Services Commission approved only 2. Two companies received long-awaited licenses: Portofino Technologies Globa and ONEiO International Limited. Virtual asset service providers operating in the BVI are required to comply with strict AML and CFT...