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United Kingdom: Reopening for Business Essential Checklists for UK In-House Counsel

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Businesses have to be adaptable when navigating the business and legal impact of the COVID-19 pandemic. Our Resilience, Recovery & Renewal model supports organizations...

Singapore: MAS proposes new regulation for Singapore persons performing digital token services outside Singapore

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The Monetary Authority of Singapore (MAS) proposes a new Omnibus Act1 (New Act), which will contain a new regulatory framework for Singapore digital token service providers performing digital token services outside Singapore. The new regulatory framework entails two key aspects: (a) licensing requirements; and (b) anti money laundering (AML) and countering the financing of terrorism (CFT) regulations

Hong Kong: Monetary Authority releases Consultation Paper on Enhancing the Regulation and Supervision of...

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The Hong Kong Monetary Authority (HKMA) has released a Consultation Paper on Enhancing the Regulation and Supervision of Trust Business (Consultation Paper). The HKMA plans to introduce a Code of Practice for Trust Business (Code) to be incorporated into a new Supervisory Policy Manual (SPM) applicable to all authorized institutions (AIs) and local subsidiaries of locally incorporated AIs (AI subsidiaries) conducting trust business in Hong Kong. The aim of the Code is to enhance protection of client assets held on trust and better align with international standards and practices to promote the fair treatment of customers and a customer-centric culture in the trust business. We discuss some of the HKMA's proposals and their potential application.

US and GCC Target ISIS Financial Network

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On 15 July 2020, the U.S. and Gulf Cooperation Council (“GCC”)-led Terrorist Financing Targeting Center (“TFTC”) designated six targets affiliated with the Islamic State...

South Africa: Cybercrime post COVID-19 – Authorized push payment fraud in the world of...

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COVID-19 has led to an increase in online business dealings and transactions, which has resulted in a steady rise in cybercrime. Criminals are using techniques such as authorized push payment fraud to steal large sums of money from unsuspecting individuals and entities. Wian Steyn, Senior Associate, and Rui Lopes, Associate, in the Dispute Resolution Practice Group in Johannesburg, discuss how this fraud takes place, and the legal obligations and duties imposed on investment managers, investors and banks, to protect against it.

United States: This Week in Government Enforcement

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Please join us for a new weekly video series, hosted by Baker McKenzie's North America Government Enforcement partners Tom Firestone and Jerome Tomas.This weekly briefing is available on demand and will cover hot topics and current enforcement actions related to white collar crime and criminal investigations in the US and abroad to arm you with the information you need to start your business week.As one of the largest global law firms, we will call upon our exceptionally deep and broad bench of white collar experts throughout the world and particularly in the commercial hubs of Europe, Asia, Africa and Latin America to join our weekly discussion series.

France: French ordinance passed to strengthen law combating money laundering and the financing of...

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The Government of France issued an ordinance (n° 2020-115), which transposes the EU Directive (2018/843) of 30 May 2018 of the European Parliament and of the Council, known as the "5th Anti-Money Laundering Directive", on 12 February 2020 to aid in the efforts to combat money laundering and the financing of terrorism in France. This ordinance has been supplemented by two decrees (n° 2020-118, n° 1010-119) adopted on the same day.Covered institutions with a presence in France should carefully analyze the ordinance and its supporting decrees and, where necessary, review and adapt their processes to ensure compliance with the new regulatory framework. In particular, client identity checks need to be adapted.

Global: Regulations and Responsibilities Affecting Directors and Senior Managers of Asset Managers – Global...

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A convergence of factors has brought about the perfect storm of disruption and change, presenting a myriad of challenges and opportunities to Asset Managers...

A Strengthening Partnership – European Union’s New Africa Strategy Amidst COVID-19 Uncertainty

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In early March 2020, after COVID-19 had already begun its journey of destruction around the world, the European Commission (Commission) published its Comprehensive Strategy...

Europe: LIBOR – Redefining the transition timeline

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Progress on the reform of LIBOR has not stopped during the COVID-19 pandemic.While the overall timing for LIBOR transition has remained unchanged, the Working Group on Sterling Risk-Free Reference Rates (RFRWG) has recognized the need to introduce some flexibility in relation to the interim transition deadlines to ensure that lenders are able to continue to supply credit to the real economy and assist with economic recovery.
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