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Poland: Criminal Background Check for Financial Sector Job Applicants Introduced

(Jan. 9, 2018) On January 1, 2018, amendments to the Polish Labor Code and other laws regulating employment in the financial sector entered into force. (Law of October 24, 2017 on Amending Financial Sector Legislation (DZIENNIK USTAW [OFFICIAL GAZETTE] 2017, No. 2491).)  The new provisions, which were drawn up by Poland’s Ministry of Development, extend […]

Belarus: Decree Introduces Common-Law Principles and Tax Exempts Mining of Cryptocurrencies

(Jan. 3, 2018) On December 21, 2017, the President of Belarus signed the Decree on Developing the Digital Economy, which is aimed at “creating conditions, under which world-class IT companies would come to Belarus to work on developing new products and technologies that would be in demand worldwide.”  (Decree No. 8 of Dec. 21, 2017, […]

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 […]