Implementing US sanctions is unlikely to be considered a breach of the national security law. The SFC has dropped a plan to force cloud providers to share client data.
An unprecedented amount of AML/CTF information will be provided to industry in the next 6-12 months, says AUSTRAC's David Hawkins.
The bill will seek to incorporate wildlife crimes into Hong Kong's Organised and Serious Crimes Ordinance, allowing authorities to follow the money and prosecute syndicate leaders.
Under the new rules, the ‘travel rule’ will apply to VASPs in respect of all virtual asset transactions worth more than KRW 1 million.
Large denomination notes allow individuals to carry large values of money anonymously, and can facilitate money laundering and other illicit activities, MAS says.
The government proposes to introduce a new licensing regime for VASPs that trade non-security tokens, and a registration regime for dealers in precious metals and stones.
The bill will expand the definition of a DPT service, broaden the definition of cross-border money transfer service, and allow MAS to impose measures on DPT services providers.
Guy Harrison compares the approaches to China, Iran and Russia we can expect from incumbent Donald Trump and candidate Joe Biden ahead of the US presidential election.
Those that promote lists of countries that are slow to tackle financial crime must work harder to exclude politics and prove their integrity and value, says RUSI's Tom Keatinge.
One of the main concerns for Chinese banks is that a loss of access to dollar finance could hamper their ability to lend to corporate customers that rely on USD financing.
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