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Enforcement
Former German Tax Inspector Jailed Over Cum-Ex Tax Fraud
By Mark Johnston | 20/12/2022
Hanno Berger, considered a Cum-Ex mastermind, was sentenced to eight years in jail and ordered to repay EUR 13.7 million.
Market Infrastructure
EU Council Agrees to Implement Global Minimum Tax
By Editors | 19/12/2022
The 15% corporate minimum tax rate is expected to be transposed into EU wide rules by end-2023 and prompt other countries to speed up efforts to implement the measure.
Sanctions
US, EU Announce Additional Sanctions Against Russia
By Editors | 19/12/2022
The US imposed new sanctions against Russian FIs and the country’s richest businessmen. The European Council adopted a ninth sanctions package against Russia.
AML / KYC
Weak Environmental Crimes Law a Risk to Investors
By ESG Investor | 19/12/2022
European Council’s position on the revised Environmental Crime Directive will damage portfolios as well as the environment, says WWF.
Fintech / Regtech
Singapore, EU to Expand Partnership to ‘Digital Realm’
By Editors | 18/12/2022
The partnership includes efforts to advance new and emerging areas such as 5G/6G, artificial intelligence, and digital identities.
Sanctions
New Russia, Iran Sanctions Imposed Over Drone Use in Ukraine
By Mark Johnston | 16/12/2022
The UK, EU and New Zealand has announced new sanctions against Iranian individuals and entities over the supply of drones to Russia.
AML / KYC
Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes
By Sanday Chongo Kabange | 15/12/2022
Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.
AML / KYC
GLEIF Confirms Utility of Embedding LEI in eSeals
By Editors | 14/12/2022
In a PoC, GLEIF demonstrated that embedding LEIs in eSeals allowed Japanese and European entities to transact digitally with greater trust.
Enforcement
UK FCA Fines Metro Bank for Incorrect RWA Disclosure
By Sanday Chongo Kabange | 14/12/2022
The bank published incorrect information concerning its risk-weighted assets and did not disclose the error to investors despite knowing it was wrong.
Capital / Liquidity
ECB to Raise UniCredit Capital Requirement Due to Russia Risks
By Editors | 14/12/2022
UniCredit still has some cross-border exposure to Russia and operates in some markets that are reliant on disrupted supplies of natural gas.
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