Financial crime is a truly global issue. As readers of this blog would know, it often involves cross-border issues, and the laws of multiple jurisdictions can apply. In this context, it perhaps unsurprising that the first alleged crime in outer space is connected to...
The United States (“US”) government has continued its drive to regulate virtual currencies through the first half of 2019. Its chief tools have been: the introduction of new FinCEN guidance; and sanctions and enforcement action targeting foreign financial institutions...
Virtual asset adoption within traditional finance can only occur with clear regulation. A major piece of this puzzle is anti-money laundering and counter-terrorist financing (“AML/CTF”) obligations. Without clear rules, many banks struggle to open accounts for...
On 24 January 2019, the Monetary Authority of Singapore (“MAS”) announced that it had issued a warning in connection with a proposed token sale that contravened the Securities and Futures Act (Cap. 298 of the Laws of Singapore) (“SFA”). The case highlights the narrow...
A recent statement from the Insurance Authority’s (“IA”) CEO Mr Clement Cheung indicated that the IA is set to approve its first authorised insurer licence under the “fast track” system. Approval is expected by the end of the year. In this post, we recap what the...