Addressing the adverse systemic economic impact of the COVID-19 pandemic, the European Banking Authority has supported the measures taken by national governments and EU bodies. Even as most economies face a downturn, it is essential to preserve the effectiveness and...
The Monetary Authority of Singapore (MAS) has imposed a composition penalty of $400,000 on TMF Trustees Singapore Limited (TTSL) for failure to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. Trusts are...
Dutch Financial Regulators have supported plans by Netherlands to tackle complex international money-laundering schemes together. This follows a seven-month investigation to assess the Dutch financial sector’s exposure to the scandal that engulfed Danske Bank Estonia....
The European Union has added Cayman Islands to its tax havens blacklist along with Oman, Fiji and Vanuvatu accusing it of failing to crack down adequately on tax abuse. Other countries to be added to the blacklist are Panama, Palau and the Seychelles. The EU has...
After a period of industry consultation, the Cayman Islands Government issued the Private Funds Bill 2020 and the Mutual Funds (Amendment) Bill. The goal of these Bills is to bring closed-ended and private funds within the scope of regulation and to modernise the...
The EU anti-money laundering law has been reformed and will take effect from 10 January 2020. The reform introduces new requirements for banks handling transactions linked to high-risk nations. EU member states are required to write the 5th Anti-Money...
