|Compliance Alert Overview June 2011(click here for .ppsx file)|
But the meeting one recent morning convened deep within the Treasury Department, not the Pentagon. The weapons at hand were not drones or cruise missiles, but financial sanctions, aimed with similar precision at U.S. rivals’ economic interests.
Before discussing possible next steps against Russia over its annexation of Crimea, Adam Szubin, the slim, boyish-looking director of Treasury’s Office of Foreign Assets Control (OFAC), thanked his team for putting in a string of sleepless nights to devise sanctions against senior Russian officials and a...
Click here to download the Consultation Paper in PDF Format.
Click here to download Appendix 1 – draft amendments to the Regulatory Law 2004 (“Regulatory Law”).
Click here to download Appendix 2 – draft amendments to the Markets Law 2012 (“Markets Law”).
Click here to download Appendix 3 – draft amendments to the Collective Investment Law 2010 (“CI Law”).
Click here to download Appendix 4 – draft amendments to the Law Regulating Islamic Financial Business 2004.
Click here to download Appendix 5 – draft amendments to the Investment Trust Law 2006.
Click here to download Appendix 6 – draft amendments to the Authorised Market Institutions Module (“AMI”).
Click here to download Appendix 7 – draft amendments to the General Module (“GEN”).
Click here to download ...
The Internal Revenue Service has posted a new list of Frequently Asked Questions banks may have about the Foreign Account Tax Compliance Act
FATCA became law in 2010. The law requires foreign banks to report information about Americans who hold bank accounts abroad.
Under FATCA, foreign banks, insurers and investment funds must send the IRS information about Americans and U.S. permanent residents who hold more than $50, 000 in offshore accounts.
Foreign banks must start complying with FATCA by July 1. However, they must register with the IRS and sign a participating agreement by May 5.
The U.S. government introduced FATCA after the Swiss bank UBS AG admitted in 2009 that it helped Americans to evade taxes. UBS had to pay $780 million to settle the charges.
FATCA is intended to combat ta...Read More
NYU researchers found that currency is a medium of exchange for hundreds of different kinds of bacteria as bills pass from hand to hand. Andrew Lamberson for The Wall Street Journal
Talk about dirty money: Scientists are discovering a surprising number of microbes living on cash.
In the first comprehensive study of the DNA on dollar bills, researchers at New York University’s Dirty Money Project found that currency is a medium of exchange for hundreds of different kinds of bacteria as bank notes pass from hand to hand.
By analyzing genetic material on $1 bills, the NYU researchers identified 3,000 types of bacteria in all—many times more than in previous studies that examined samples under a microscope...Read More
The country’s first Bitcoin ATM has been activated as enthusiasts for the virtual currency rally to promote its wider use in the relatively untapped Middle East market.
Located in an office in Dubai Media City, the kiosk allows people to deposit cash into their Bitcoin wallet (the name for their virtual account).
Umbrellab, the start-up that is developing the technology, aims to integrate the technology into 300 existing electronic service kiosks it already operates in shopping malls, supermarkets, hotels and labour camps across the UAE. Another 100 kiosks stored in a warehouse will also be activated. Each individual will be limited to the equivalent of up to Dh2,000 of Bitcoin transactions per day and Dh10,000 per month.
“People are welcome to come and give the ATM a go,” said Sergey ...Read More
Working Papers No 446
This study presents evidence of the renminbi’s growing influence in the Asia-Pacific region. The CNH market – the offshore renminbi foreign exchange market in Hong Kong SAR – is found to exert an effect on Asian currencies that is distinct from that of the onshore (CNY) market. Changes in the RMB/USD rates in both markets have a statistically and economically significant impact on changes in Asian currency rates against the US dollar, even after controlling for other major currency moves and the transmission of China’s monetary policy to the region...Read More
A visitor at the Zhou family’s ancestral graves in Xiqiantou, eastern China. Intrigue surrounds the family after a spate of arrests. CreditSim Chi Yin for The New York Times
HONG KONG — His son landed contracts to sell equipment to state oil fields and thousands of filling stations across China. His son’s mother-in-law held stakes in pipelines and natural gas pumps from Sichuan Province in the west to the southern isle of Hainan. And his sister-in-law, working from one of Beijing’s most prestigious office buildings, invested in mines, property and energy projects.
In thousands of pages of corporate documents describing these ventures, the name that never appears is his own: Zhou Yongkang, the formidable Chinese Communist Party leader who served as China’s top security official an...Read More
There is clear information from China’s real estate data that after surging for much of 2013, the sales in real estate have gradually fallen over the past two months and is now in negative territory. China’s total building sales during the first two months of 2014 were valued at 709 billion renminbi down 3.67 percent from the first two months in 2013. Average sales, using the data available, have fallen from 18.1 percent to 15 percent...
A majority of investment advisers are good at fulfilling the annual requirements, but when it comes to the day-to-day effort and demonstrating compliance, meeting the responsibilities can become a bit difficult.
As a compliance consultant for advisers of various sizes and assets under management (AUM), I found myself questioning a large number of firms on what type of compliance tasks were being performed on a continuing basis, because there was no evidence. Lack of evidence indicates one thing to a third-party consultant or a Securities and Exchange Commission auditor: it didn’t happen.
However, demonstrating compliance can be done with periodic testing...Read More
Heyer spoke on a panel entitled “Wall Street and the FCPA: What Lies Ahead” at the New York City Bar Association with Chinwe Esimai, senior vice-president, global anti-bribery and corruption at Citi...