Library of Congress

Law Library of Congress

The Library of Congress > Law Library > News & Events > Global Legal Monitor

China: Regulators Ban Companies from Raising Money Through Virtual Currencies

(Oct. 19, 2017) On September 4, 2017, seven government administrations in China – the People’s Bank of China, the Office of the Central Leading Group for Cyberspace Affairs, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China […]

Indonesia: Anti-Money Laundering and Terror Funding Rules Tightened

(Oct. 3, 2017) On September 13, 2017, Bank Indonesia, known in Indonesian as Bank Sentral Republik Indonesia, issued a new regulation designed to further limit money laundering and financing of terrorism. (Indonesia Tightens Rules to Curb Money Laundering, Terror Funding, REUTERS (Sept. 13, 2017).)  The regulation applies to non-bank financial service providers, including institutions that […]

China: Banks Ordered to Report Overseas Transactions of Chinese Bank Cards

(Aug. 10, 2017) In June 2017, China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), ordered banks in China to collect information, on a daily basis, of overseas transactions made on Chinese bank cards. Starting September 1, 2017, any overseas cash withdrawal or single purchase made with an amount of more than RMB1,000 […]

European Union: Court Dismisses German Bank’s Challenge Against “Significant Entity” Classification

(June 22, 2017) In a decision issued on May 16, 2017, the General Court of the European Union confirmed the decision of the European Central Bank (ECB) to classify the German State bank Landeskreditbank Baden-Württemberg – Förderbank as a “significant entity.” The bank is therefore subject to direct supervision by the ECB rather than supervision […]

South Africa: Financial Intelligence Centre Act Amended

(May 25, 2017) On April 29, 2017, South African President Jacob Zuma signed into law the Financial Intelligence Centre Amendment Act, 2017, amending the Financial Intelligence Centre Act of 2001, an Act designed to “combat money laundering and the financing of terrorism.”  (Press Release, President Jacob Zuma Signs FICA Bill into Law, South African Government website […]

Iceland: Central Bank Eases Currency Restrictions, Ends Financial Crisis Capital Controls

(May 16, 2017) On March 12, 2017, the Icelandic Central Bank announced that it had adopted new currency exchange rules and entered into agreements to purchase Icelandic krónur from foreign holders. (Central Bank of Iceland Concludes Agreement with Owners of Offshore Króna Assets, ICELANDIC CENTRAL BANK (Mar. 12, 2017); New Rules on Foreign Exchange, ICELANDIC CENTRAL […]

Macau: ID Card Scan and Facial Recognition Required for Mainland Bank Card Holders Using ATMs

(May 11, 2017) On May 7, 2017, the Government of the Macau Special Administrative Region (SAR) of the People’s Republic of China announced that “know your customer” (KYC) technology will be installed in automated teller machines (ATMs) in the city, in particular those in and near casinos.  Holders of UnionPay cards issued by mainland China […]

Iran: 14.5% Minimum Wage Increase Still Not in Accord with Labor Law Protections

(Apr. 19, 2017) Iran’s Supreme Labor Council, a government body charged with proposing labor regulations to the presidential Cabinet, agreed on March 15, 2017, to raise the minimum wage for the 2017 fiscal year (which begins March 21 in Iran) by 14.5%.  (Workers’ Rights, CENTER FOR HUMAN RIGHTS IN IRAN (Jan. 3, 2006); Labor Code […]

Kenya: Anti-Money Laundering Law Amended

(Mar. 24, 2017) On March 3, 2017, the Kenyan President, Uhuru Kenyatta, signed into law the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill.  During the signing ceremony, he reportedly noted that “[t]his is a major tool in our sustained efforts to fight corruption.  It means that no proceeds of theft and corruption are beyond the […]

European Union: Court Rejects Compensation of Commercial Banks over Greek Debt

(Feb. 8, 2017) In a decision issued on January 24, 2017, the General Court of the European Union determined that the European Central Bank (ECB) is not obligated to compensate commercial banks for losses they incurred in 2012 from the restructuring of Greek debt. The Court said that the ECB had not broken the law by […]