Recent News

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...

EU lawmakers voted on April 24 to create a promised EU anti-money laundering agency as part of a package that would also ban large cash payments across Europe. 482 participants voted “for”, 47 “against”. Source:https://www.euronews.com/my-europe/2024/04/24/meps-approve-new-anti-money-laundering-rules-but-what-do-they-cover The move, taken by MEPs in the last voting session before June elections, means new rules apply to football deals and cryptocurrency transactions as the bloc seeks to restore its reputation after a series of scandals in the financial sector. The new restrictions prohibit professional traders from accepting or paying more than €10,000 in cash. Some lawmakers argue it's an attack on financial freedom. One of the most thorny issues in the complex package is geographical: the question of where to locate the EU's new anti-money laundering agency. At this stage, the German financial center Frankfurt won. More than 400 of its employees will oversee dirty money in the bloc's 40 largest financial...

The so-called “silver” and “gold” licenses give the right to conduct commercial activities in the UAE for five or ten years. In this way, it is planned to increase the profitability of the state and provide additional opportunities for the economic development of the state. A corresponding meeting has already been held. The initiative is closely related to the “We the UAE 2031” strategy. The Minister of Economy believes that the UAE authorities are successfully working towards creating a favorable environment for doing business and investing in the country. By the end of 2023, about 788 thousand companies were already operating in the UAE. The government is confident that as opportunities for companies increase, reporting requirements should also...

Thailand's SEC is working to provide the agency with information about unauthorized crypto platforms. After this they can be blocked. This is how technology-related crimes are fought and law enforcement agencies fight money laundering. The SEC recommends that all users withdraw assets from unauthorized crypto platforms. India and the Philippines have already taken such...

On 12 April, the EU Council adopted a Directive on the confiscation of unconfirmed wealth that may be linked to crime. This is how the EU fights proceeds of crime. The Directive obliges all EU member states to introduce rules and develop a mechanism under which property can be confiscated if it cannot be confirmed by official income. Thus, if there is an indictment, the unexplained income of individuals must be confiscated or frozen. Even if property is transferred to a third party (to avoid confiscation), such property can still be confiscated if the third party knew about the real purpose of the transfer. In addition, asset management offices will be strengthened. The Directive comes into force at the beginning of May, after which EU countries will have 30 months to implement its provisions and organize all...

The Reserve Bank of New Zealand has launched a consultation on the possible launch of a central bank digital currency (CBDC). Source:https://www.rbnz.govt.nz/hub/news/2024/04/consultation-opens-on-a-digital-currency-for-new-zealand "This will be the first digital form of New Zealand currency supported by the government and available to the public. Physical cash in the form of notes and coins will still be available, so people will have the option of using either digital or physical cash," the central bank said. Access to digital currency does not require a commercial bank account, but a digital wallet, payment card or phone application. Digital cash is promised to be private, safe and secure - the Reserve Bank won't monitor or see how customers spend money. The Reserve Bank's director of monetary affairs, Ian Wolford, believes that the launch of the CBDC will support competition and innovation, creating the conditions for the development of a strong fintech...

The Royal United Services Institute (RUSI) is the world's oldest and leading UK defense and security think tank. The organization's mission is to inform, influence and expand public debate to help build a safer and more sustainable world. Source:https://static.rusi.org/data-sharing-and-sanctions-against-russia-web-final.pdf The British RUSI has been leading the European Sanctions and Illicit Finance Monitoring and Analysis Network (SIFMANet) initiative for the second year. After the summit in Riga, RUSI published an analysis of what needs to be done within the framework of cooperation. One of the main ones is the transition from Red flags to actionable evidence. To do this, it is necessary to improve interaction and exchange of information between regulators, crypto exchangers, payment systems and banks. And to track export restrictions, it is proposed to enter HS Codes into...

Three Swiss banks have to pay a total of more than $130 million to the US. The Justice Department wants to avoid possible prosecution for helping Americans evade taxes. The Zurich-headquartered Crédit Agricole unit will pay $99.2 million, the largest portion of the total fine. $24.2 million is to be paid by Dreyfus Sons & Co Ltd and $7.7 million by Baumann & Cie, Banquiers, both of Basel, Switzerland. The banks were able to settle the situation under a voluntary program launched by the Ministry of Justice in 2013. Swiss banks can thus avoid potential criminal charges by disclosing information about cross-border activities that helped US account holders hide assets. As part of the program, banks are also required to provide detailed information about the accounts of American taxpayers under investigation. According to the Justice Department, Crédit Agricole managed about 954 US-linked accounts worth more than $1.8 billion as of August 2008. Some US taxpayers have been able to completely deplete assets from accounts they hid from the IRS by making multiple cash withdrawals or reloading prepaid money...