Foreign bank reporting requirements

- A + A LONDON/JOHANNESBURG (May 18): A digital rand in South Africa could cut the high cost of cross-border payments for banks but its introduction is still a few years away, a senior central bank official said. However, regulation of crypto assets is in the offing and might come into force within nine to 15 months, South African Reserve Bank (SARB) Deputy Governor Kuben Naidoo told Reuters in an interview. It costs 13% of a transaction to remit money from South Africa to another country, more than double the average of the Group of 20 (G20) leading global economies, according to a 2021 World Bank report. Sending money to South Africa costs 6.2%. Some countries are planning to introduce e-versions of traditional currency, known as central bank digital currencies (CBDCs) and are studying how the underlying technology could be used. China's digital yuan project is the most advanced among large economies, though central banks from the euro zone to the United … [Read more...] about S.African central bank eyes digital rand to cut cross-border payment costs

SHAH ALAM: Murdered Mongolian woman Altantuya Shaariibuu lodged a police report the same day she went missing almost 16 years ago stating that 'if something were to happen to her, they should look for Razak Baginda', the High Court here was told on Wednesday (May 18). Supt Tonny Anak Lunggan, 42, the investigating officer in the murder of the woman said on Nov 3, 2016, DSP Gan Tack Guan had contacted him by phone to inform him that a police report had been lodged by Altantuya at the Tun H.S. Lee Police Station at 1.08pm on Oct 19, 2006. "I checked on the police report through the Police Reporting System (PRS) and printed it out. I found it to be true that the police report was made by Altantuya and informed DSP Gan and Supt Zainol Samah about the report. ALSO READ: Appeals Court allows Altantuya's family to get copies of police statements in murder case "I remember one thing very clearly. Altantuya stated in the report that if something were to happen to her, to look for … [Read more...] about Altantuya lodged police report stating to look for Razak Baginda if something happened to her, says witness

The Department of Justice is suing the former finance chairman of the Republican National Committee for failing to register as a foreign agent of China, the agency announced Tuesday. The Department of Justice (DOJ) filed a civil enforcement action seeking to compel Stephen A. Wynn , a billionaire hotel magnate and Trump confidant , to register under the Foreign Agents Registration Act (FARA) as an “agent of the People’s Republic of China (PRC) and a senior official of the PRC’s Ministry of Public Security (MPS),” Assistant Attorney General Matthew Olsen announced . The MPS is an agency which reports directly to the State Council of the Chinese Communist Party, according to the agency’s website . The DOJ’s decision comes in response to Wynn’s refusal to register as an agent of the PRC after the department advised Wynn to register in May 2021, according to The Wall Street Journal . “The filing of this suit — the first affirmative civil lawsuit under FARA in more than … [Read more...] about DOJ Sues Trump Confidant For Not Registering As A Foreign Agent Of China

- A + A (May 18): A former senior official from the Chinese Central Bank is under investigation for “suspected serious violation of laws and discipline,” the Communist Party’s anti-graft watchdog said. Sun Guofeng, who was removed from his post as head of the monetary policy department in May, is under disciplinary investigation, the Central Commission for Discipline Inspection said in a statement Wednesday. At least 40 financial sector officials have been probed or penalized since the latest corruption crackdown on the sector was launched in October. The top disciplinary watchdog sharply criticized the People’s Bank of China among more than two dozen financial regulators, state banks, insurers and bad debt managers in February, saying the agencies had gaps in their work to implement the Party’s major strategy. Born in 1972, Sun joined the PBOC in 1996 and has spent most of his career in the monetary policy department. He’s been at the forefront of the PBOC’s … [Read more...] about China says senior Central Bank official under investigation

Share to Twitter Share to Linkedin Topline A federal grand jury has assembled and issued at least one subpoena in the Justice Department’s probe into former President Donald Trump’s transfer of classified White House records to his Mar-a-Lago resort, suggesting the investigation into the former president is gaining steam, according to the New York Times . Key Facts Prosecutors in recent days subpoenaed the National Archives and Records Administration for boxes of documents shipped from the White House to Mar-a-Lago, according to the Times , citing two sources with knowledge of the matter. Investigators have interviewed some former Trump Administration aides about the boxes, the Washington Post reported Thursday, citing unnamed sources. Neither the Justice Department nor a Trump spokeswoman immediately responded to requests for comment from Forbes . Key Background In April, the Washington Post reported the Justice … [Read more...] about Grand Jury Investigating Trump’s Transfer Of White House Records To Mar-A-Lago, Report Says

Representative image The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets. At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell. Crude oil prices also surged by over 1 percent, which weighed on the rupee. The local unit finally ended at its all-time low of 77.60, showing a loss of 16 paise over its previous close of 77.44. "The dollar index took support near 103.50 and the capital market witnessed profit booking from higher levels, sending rupee into weakness," said Jateen Trivedi, VP Research Analyst at LKP Securities. The US Fed chief asserted that the central bank would increase interest rates as high as needed to contain a spike in inflation which threatens the … [Read more...] about Rupee falls 16 paise to record low of 77.60 against USD

By The Associated Press WASHINGTON — A senior defense official says U.S. Pentagon officials are having discussions with Sweden and Finland on their security needs to deter Russia as both move toward NATO membership. The official said Defense Secretary Lloyd Austin met with Swedish Defense Minister Peter Hultqvist on Wednesday and spoke about the interim period between when the NATO application is formally made and when it is approved. There have been concerns about threats from Russia during that period, in which Sweden and Finland would not formally be covered by NATO’s Article 5 which says that an attack against one member is an attack against all and calls for collective defense. The defense official spoke on condition of anonymity to discuss private Pentagon discussions. – AP writer Lolita Baldor in Washington contributed to this report. __ KEY DEVELOPMENTS IN THE RUSSIA-UKRAINE WAR: — Interrogation, uncertainty for surrendering Mariupol troops — NATO … [Read more...] about Live updates | Official: US in talks with Sweden, Finland

- A + A (May 18): The Russian unit of Alphabet Inc’s Google intends to file for bankruptcy after mounting fines led to its local bank account being frozen, in the latest sign of the Kremlin’s crackdown on foreign internet companies. Google’s local unit said it intends to apply to an arbitration court to declare it bankrupt in a notice posted Wednesday on the website of a Russian federal registry. The company has been “anticipating its own bankruptcy and impossibility to service monetary obligations” since March 22, the notice said. Google will continue to offer services for free inside Russia, including Google Search, YouTube, Gmail and Google Play, Interfax news service reported, citing a company representative. Its Russian office is unable to operate currently because of the frozen bank account, the representative said. Russia has been cracking down on foreign social media and internet companies in what the government calls a campaign to uphold its digital … [Read more...] about Google declares bankruptcy of Russian unit after mounting fines

Reuters filepix for illustration purpose only - A + A NEW YORK (May 18): The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp. The Securities and Exchange Commission has been sending firms lists of key positions — in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks — that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can be examined by lawyers. The aim is to gauge how pervasively Wall Street professionals use unauthorized messaging platforms to chat with each other or clients as regulators decide which firms to punish, and how hard, for failing to preserve business-related messages sent via unapproved platforms. … [Read more...] about US pries into over 100 trader and banker phones in texting probe

- A + A HONG KONG (May 18): Smarting from HSBC Holdings Plc’s move to scrap its dividend during the height of the pandemic, the bank’s largely silent mass of retail shareholders in Hong Kong is warming up to the idea of a breakup. Splitting up Europe’s biggest bank to separate out its Asian operations is being pushed by its largest investor, Ping An Insurance Group Co, based just across the border in Shenzhen. The call is winning support in Hong Kong’s retail base, which owns about a third of the bank, with some seeing it as a surefire way of preventing the steady stream of payouts from being cut off again. Their loyalty has been tested as numerous pivots in strategy fail to impress the market, leaving dividends at half of what they were in 2018 and the stock down more than 40%. The former British colony is the beating heart of the bank’s global operations, accounting for about 30% of the group’s 2021 adjusted profits. Yet decisions such as the halting of dividends … [Read more...] about HSBC’s mass of Hong Kong retail investors warms to breakup