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Nigeria: Government Reconstitutes the Investment and Securities Tribunal

(Oct. 12, 2017) On September 19, 2017, the Nigerian Minister of Finance announced the reconstitution of the Investment and Securities Tribunal (IST) in order “to sanitise the capital market, restore investors’ confidence and reposition the country’s economy.”  (Bassey Udo, Nigerian Govt. Moves to Sanitise Capital Market; Reconstitutes Investment & Securities Tribunal, PREMIUM TIMES (Sept. 20, 2017).)  […]

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 […]

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 […]

Italy: Amendments to the National Budget Law

(Oct. 6, 2016) On September 9, 2016, new legislation amending the national budget entered into effect in Italy. (Law No. 163 of August 4, 2016, Amending Law No. 196 of December 31, 2009, Concerning the Content of the Budget Law, Implementing Article 15 of Law No. 243 of December 24, 2012 (Law No. 163), GAZETTA […]

International: Second Anti-Terrorist Financing Statement

(Aug. 17, 2016) Delegates from 26 countries issued a joint document on the need for greater collaboration to counter the financing of terrorism. The Nusa Dua Statement, named for the location in Bali, Indonesia, in which the second Counter-Terrorism Financing Summit was held from August 8-11, 2016, was released at the end of the meeting. […]

Italy: Legislation Addressing Difficult Financial Situation of Territorial Entities

(July 19, 2016) On June 25, 2016, new legislation establishing urgent financial measures for territorial entities within the country entered into effect in Italy. (Decree Law No. 113 of June 24, 2016, Urgent Financial Measures for Territorial Entities and the Territory (D.L. No. 113), GAZETTA UFFICIALE, No. 146 (June 24, 2016), NORMATTIVA (in Italian).) This […]

Greece: New Bill to Abolish Tax Breaks for Members of Parliament, Introduce Salary Cuts for Ministers

(Aug. 14, 2015) On August 11, 2015, the Greek government discussed legislation that would abolish tax breaks for Members of Parliament and institute salary cuts for Ministers, heads of public administrations, and heads of independent administrative authorities. (The Draft Bill on Abolishing Tax Breaks for Lawmakers, INTELLIGENT-NEWS.COM (Aug. 11, 2015).) The legislation is part of […]

European Union; Greece: New Agreement on Financial Assistance

(Feb. 26, 2015) On February 20, 2015, the Eurozone members and the newly elected leftist Government of Greece, after tense negotiations, reached a new accord to extend the existing bailout agreement, formally known as the Master Financial Assistance Facility Agreement (MFAFA), for an additional four months. The extension had been requested by the Greek government […]

European Union; Lithuania: Euro Zone Membership on January 1, 2015

(Dec. 18, 2014) Lithuania, after a long and arduous process, has been found by the European Commission and the European Central Bank to meet the required criteria and will join the euro zone on January 1, 2015; as of that date it will also adopt the euro as its currency. With the addition of Lithuania, […]

Sweden: Enforcement Authority to Collect Bitcoins

(Oct. 23, 2014) On October 6, 2014, the Swedish Enforcement Authority staff announced, to Swedish media outlets, that it will start to investigate and seize Bitcoin holdings when collecting funds from indebted individuals. (Kronofogden ska leta Bitcoins hos skuldsatta [Swedish Enforcement Authority to Look for Bitcoins from Indebted Individuals], SVERIGES RADIO (Oct. 6, 2014).) The […]