The European Union (EU) has issued a new plan to establish common criminal standards for the violation of “restrictive measures” including sanctions. In its proposal, the Commission notes that, while most Member States categorize the violation of such measures as […]
On April 28 2022, the House of Commons Treasury Committee issued responses from the government, Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) to its report on fraud, scams and economic crime. The original report, published in February 2022, […]
Laurentian Bank of Canada has been sanctioned by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in light of its breach of Part 1.7 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Imposing a […]
Due to price flexibility and purchase anonymity, the art and antiquities market can provide an attractive environment for racketeers to launder money. According to a 2023 report, the global art market grew from $441 billion in 2022 to $579 billion […]
India’s Finance Minister has highlighted the importance of technology in the regulation of cryptoassets during a panel discussion hosted by the International Monetary Fund (IMF). Nirmala Sitharaman told the panel that there were concerns about digital assets in her country […]
The EU has issued new guidance on the risks associated with foreign direct investments (FDI), targeting Russia and Belarus in light of military aggression against Ukraine. With five packages of sanctions already imposed on Russia, the EU emphasizes that FDI […]
Singapore’s significant Financial Services and Markets (FSM) Bill has been approved by the country’s parliament. The bill is set to expand the powers of the Monetary Authority of Singapore (MAS) and address regulatory weaknesses in the cryptoasset space. It marks […]
The UK government has announced plans for stablecoins to become a recognized form of payment in the country, as part of a wider plan to boost the UK’s reputation as a hub for digital payment companies. In a statement Chancellor […]
An extensive report into the adequacy of Australia’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures has condemned a delay in expanding the scope of the country’s regulations. The Senate committee report focuses on the failure to expand […]
The European financial sector is still not wholly effective in its anti-money laundering and countering the financing of terrorism (AML/CFT) measures, the European Banking Authority (EBA) has warned in its latest review. In the second of its annual assessments of […]
New legislation to build a regulatory framework covering crypto custody, market licensing, taxation, and decentralized autonomous organizations (DAO), has been proposed by the Australian government. A consultation paper has been released on a planned Digital Services Act (DSA), seeking input […]
For payment service providers (PSPs) to connect merchants to the wider financial system, they must comply with relevant jurisdictional payment service regulations. Regulated payment services generally include provisions relating to payment accounts, executing payment transactions, issuing payment instruments, acquiring services, […]
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