Asia-Pacific

The 'Financial Institutions Strategic Transfer Act' allows the creation of asset management companies to buy up non-performing assets from financial institutions.

Exacerbated by a seven-week stock market shut down, foreign investors sold large quantities of Sri Lankan bank stocks following a ban on bank dividends this month.

The raft of government measures designed to stave off corporate raiders is unlikely to abate soon, compliance practitioners say.

The YSX is asked to strengthen internal controls and establish an audit committee; six securities firms are asked to address document collection and record-keeping deficiencies.

Thailand's National Economic and Social Development Council expects economic performance this year to be the worst since the Asian financial crisis.

The BSP may require higher capital requirements for VASPs based on their scope, scale of operations and complexity of operations.

Bangladesh Bank has signed participation agreements with 44 banks and 23 NBFIs to disburse $1.8bn in loans as part of the government's stimulus package.

Korea will join Japan, Thailand, Australia and New Zealand in implementing ARFP on 27 May, paving the way for cross-border sales of eligible publicly offered local funds.

The draft bills were reportedly motivated by Cambodia's placement on the FATF's 'grey-list' last year, which impacts foreign investment and the economy.

The new facility will allow lenders to access central bank liquidity for up to 360 days, compared to a maximum 28-day term allowed under existing facilities.