In a recent decision, the U.S. Court of Appeals for the D.C. Circuit unanimously affirmed a district court order compelling three Chinese banks (not currently identified) to produce financial records in response to subpoenas issued by U.S. federal prosecutors, including records that were unrelated to the banks' U.S. operations or U.S. correspondent accounts. ... - Continue reading
The Bahamian financial services industry “will do all we can” to ensure this nation does not appear on a threatened European Union (EU) ‘blacklist’, Tribune Business was told yesterday. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said this nation’s implementation of the Common Reporting Standard (CRS) for… – Continue reading
Bank Leumi was found to have failed to fulfill reporting requirements. The Banking Corporations Sanctions Committee that oversees the prohibition on money laundering and terror financing yesterday imposed a NIS 4.2 million fine on Bank Leumi (TASE: LUMI) for violations of regulations under the Prohibition on Money Laundering Law. Bank… – Continue reading
Russia is set to enact an amnesty on offshore assets next month, but disagreement and lack of clarity over the terms of the pardon threaten not only to render the measure impotent, but undermine the government’s very drive to lure overseas money back home. The capital amnesty, part of a… – Continue reading
Though North Korean labor more expensive than previously thought – RFA The DPRK government made agreements promoting mutual investment and preventing double taxation for foreign investors, particularly highlighting cooperation with Russia, according to an article from the Korean Central News Agency (KCNA) published this week. Governments often form tax treaties… – Continue reading
