Monday 31st August 2015
NEWS: Friday, August 28TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

Latest Video

Moneyval Committee pushes anti-money laundering agenda

Wednesday, 26 June 2013
Moneyval Committee pushes anti-money laundering agenda The Council of Europe’s anti-money laundering body  (MONEYVAL) has called on European governments to improve the implementation of measures for fighting money laundering and terrorist financing in the legal, financial and law enforcement fields. http://www.ftseglobalmarkets.com/

The Council of Europe’s anti-money laundering body  (MONEYVAL) has called on European governments to improve the implementation of measures for fighting money laundering and terrorist financing in the legal, financial and law enforcement fields.

In its anual report, published today, MONEYVAL reports that the countries it evaluates have broadly improved their technical compliance with international standards by enacting and reforming laws and regulations, in particular in the prevention of money laundering and terrorist financing offences.

However, MONEYVAL concludes that law enforcement and prosecutors need to do more in achieving serious money laundering convictions and in producing confiscation orders that have a deterrent effect in offences generating major proceeds. The Committee also stresses that there are still very few convictions of those third parties who launder proceeds on behalf of organised crime.



“Last week, the G8 leaders publicly committed to 8 principles for fighting money laundering and tax evasion, and to report on the action they take. All European states should follow these principles. In a Europe emerging from a global financial crisis, it is more important than ever that financial institutions do not accept clients or transactions unless they know who they are dealing with and the source of the funds that they are handling”, said the Chair of MONEYVAL, Anton Bartolo.

“If our financial institutions are tainted by funds which are proceeds of crime, then they pose risks to their own reputations, the reputations of their countries, and to the global financial system, which relies so much on confidence in our financial institutions”, he stressed.

MONEYVAL's latest report evaluates measures taken by Poland to combat money laundering and terrorist financing. The report sets out an analysis of the implementation of international and European standards. Poland identified money laundering and terrorist financing as one of the strategic priorities of its two National Programs for counteracting and combating organised crime and for combating terrorism, for the years 2012–16.

Technical deficiencies identified in the third round report on criminalisation of money laundering have not yet been addressed. The number of investigations and prosecutions for money laundering offences appears low, compared to the level of funds-generating crime. The evaluators considered there still remains an insufficiently proactive approach to money laundering investigation by law enforcement. The confiscation regime remains incomplete and the level of final confiscations also appears low.

Following the MONEYVAL recommendation in its third round evaluation, Poland introduced into its Penal Code an independent, autonomous offence of terrorist financing. Nevertheless, the offence is still not fully in line with international standards.  While Poland has a broadly sound legal structure for preventive standards, the legislative provisions dealing with customer due diligence requirements are still not entirely in line with international standards. In particular, there is no clear requirement to identify beneficial owners and to verify the customers’ identities from reliable and independent sources. Additionally, Polish law still does not require adequate transparency of legal persons.

 

 

***

Related News

Related Articles

Related Videos

Current Issue

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP