Europe

Sanctions

EU Ambassadors Agree On 11th Russia Sanctions Package

By Manesh Samtani | 23/06/2023

The package includes a new mechanism that will allow the EU to target third countries that are helping Russia to circumvent existing sanctions.

Big Picture

French Regulator Calls for Global Approach to DeFi Regulation

By Editors | 21/06/2023

The AMF seeks a “balanced regulatory framework that will help support the sound development of decentralised finance in the long run”.

AML / KYC

EBA Calls Out Ineffective AML Risk Management in Payments Sector

By Sanday Chongo Kabange | 21/06/2023

The EBA says money laundering and terrorist financing risks are “not managed effectively” at EU payment institutions.

Capital / Liquidity

BOE to Include Hedge Funds, Pension Funds in Scenario Exercises

By Editors | 20/06/2023

The system-wide exploratory scenario will encompasses hedge funds and pension funds alongside large banks, insurers, and CCPs for the first time.

Sanctions

US, UK Prepare to Use Frozen Russian Assets to Help Ukraine

By Manesh Samtani | 19/06/2023

New US law would allow frozen Russian assets to be confiscated and used to finance Ukraine’s reconstruction.

Enforcement

UK FCA Imposes Restrictions on Odey Asset Management

By Mark Johnston | 19/06/2023

The restrictions are intended to facilitate an orderly breakup of Odey Asset Management, after its founder was accused of sexual misconduct.

Market Infrastructure

EU Proposes New Rules to Address Cum-Ex Tax Dodge Schemes

By Mark Johnston | 19/06/2023

The proposals aim to make withholding tax procedures more efficient and secure for investors, banks and tax authorities.

Crypto / Digital Assets

Global Consortium Executes First “Quantum-Secure” Trade Transaction

By Sanday Chongo Kabange | 19/06/2023

The trade parties utilised IMDA’s ‘TradeTrust framework’ and placed a quantum-secure ‘seal’ on the electronic trade documents.

Enforcement

UK MPs Demand Re-examination of LIBOR Rigging Convictions

By Mark Johnston | 18/06/2023

UK MPs say crucial evidence was withheld from the LIBOR manipulation inquiry and that the UK is now alone in treating the actions of the traders involved as criminal.