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Bahrain: Crown Prince Issues Decree to Suppress Financing of Terrorism

(Mar. 5, 2021) On February 19, 2020, the crown prince and prime minister of Bahrain, Prince Salman bin Hamad Al Khalifa, issued Decree No. 12 of 2021 on the National Terrorism Lists. The decree is aimed at combating the financing of terrorism by establishing the National Terrorism List and the Sanction List, which will be […]

Switzerland: New Amending Law Adapts Several Acts to Developments in Distributed Ledger Technology

(Mar. 3, 2021) On February 1, 2021, some parts of the Act to Adapt Federal Law to Developments in Distributed Ledger Technology (DLT Act) (Bundesgesetz zur Anpassung des Bundesrechts an Entwicklungen der Technik verteilter elektronischer Register), an omnibus bill, entered into force. (DLT Act at 21.) The amendments to several civil and financial market laws […]

Brazil: Chamber of Deputies Approves Autonomy of Brazilian Central Bank

(Mar. 2, 2021) On February 10, 2021, the Brazilian Chamber of Deputies approved Draft Law No. 19/2019, which grants autonomy to the Brazilian Central Bank (Banco Central do Brasil). The law defines the period for the mandates of the president and directors of the Central Bank, which must not coincide with that of the president […]

China: Multiple Areas of Criminal Law Changing under New Amendment

(Feb. 26, 2021) On December 26, 2020, the National People’s Congress Standing Committee (NPCSC) of the People’s Republic of China (PRC) adopted the 48-article Amendment XI to the PRC Criminal Law. Taking effect on March 1, 2021, the new amendment makes changes to multiple areas under the Criminal Law, including public safety, food and drug […]

United Kingdom: Buy Now, Pay Later Transactions to Be Regulated to Protect Consumers

(Feb. 24, 2021) The United Kingdom’s Financial Conduct Authority (FCA) issued a report on February 2, 2021, about the burgeoning use of interest-free “buy now, pay later” agreements and set out 26 recommendations to the U.K. government, including an urgent call to introduce legislation to regulate the unsecured credit market. The COVID-19 pandemic resulted in […]

China: Country’s Second Specialized Financial Court to Be Established in Beijing

(Feb. 10, 2021) On January 22, 2021, China’s National People’s Congress Standing Committee (NPCSC) issued a decision approving the establishment of a new specialized financial court, the Beijing Financial Court. The establishment of China’s first financial court, the Shanghai Financial Court, was approved by the NPCSC on April 27, 2018. The Supreme People’s Court (SPC, […]

Sweden: Amendment Requiring Banks to Provide Access to Cash Services Enters into Force

(Feb. 5, 2021) On January 1, 2021, an amendment to the Swedish Act on Payment Services (Lagen (SFS 2010:751) om betaltjänster) requiring banks to provide access to cash services entered into force. The amendment stipulates as follows: 1 § Such credit institutions and branches of foreign credit institutions that supply customers with payment accounts that […]

Argentina: National Digital Payment System Implemented

(Jan. 28, 2021) On December 7, 2020, the Central Bank of Argentina (Banco Central de la República Argentina, BCRA) implemented the first stage in the rollout of a new national digital payment system. The system, named Transferencias 3.0 (Transfers 3.0), will allow any business or company in the country to charge for its services through payments made through […]