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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 […]

Turkey: Parliament Passes Law to Suppress Financing of Weapons of Mass Destruction Proliferation

(Jan. 27, 2021) On December 27, 2020, Turkey’s Parliament passed Law No. 7262 on the Suppression of the Financing of Weapons of Mass Destruction Proliferation. The explanatory memorandum of the draft bill that became Law No. 7262 states that the bill was created in response to the Financial Action Task Force’s (FATF’s) 2019 Turkey Mutual […]

Egypt: New Crimes Added to Penal Code

(Jan. 11, 2021) On December 16, 2020, the Egyptian cabinet approved a proposed addition to the penal code concerning the criminalization of video and audio recordings of criminal trial hearings. Additionally, the Egyptian Parliament in September 2020 passed two laws introducing the new crimes of (1) bullying and (2) conducting foreign currency exchanges outside credited […]

Qatar: Minister of Justice Issues Regulation on Lawyers’ Legal Obligations Regarding Anti-money Laundering and Terrorist Financing Requirements

(Dec. 3, 2020) On July 9, 2020, Qatar’s minister of justice issued a regulation laying out lawyers’ legal obligations when developing an anti-money laundering and counterterrorist financing program and policies for the lawyers’ organization. Minister of Justice Regulation No. 24 of 2020 was published in Qatar’s Official Gazette following the ratification of the draft by […]

Australia: Agreement on Record Penalty for Breaches of Anti-Money Laundering Law

(Oct. 5, 2020) On September 24, 2020, the Australian Transaction Reports and Analysis Centre (AUSTRAC), “the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime,” announced that it had reached an agreement with the Westpac Banking Corporation (Westpac) for Westpac […]

Jordan: Cabinet Approves New Amendments to Anti-corruption Law

(Sept. 24, 2020) On June 14, 2020, Jordan’s minister of state for media affairs, Amjad Al-Adaileh, announced that a draft law amending Law No. 13 of 2016, the Integrity and Anti-corruption Law had been approved by the cabinet. The new amendments will be introduced to Parliament in accordance with constitutional principles. Background The Integrity and […]

Australia: Law Commission Report Recommends Reforming Law on Corporate Criminal Responsibility

(Sept. 22, 2020) On August 31, 2020, a report by the Australian Law Reform Commission (ALRC) titled Corporate Criminal Responsibility (Report) was submitted for consideration in the Australian Parliament. The Report contains a series of 20 recommendations aimed at improving Australia’s law regarding corporate criminal responsibility, including with respect to the types of offenses in the law, corporate […]

United States: Appeals Court Rules Shareholders Not Eligible to Bring Claim under Alien Tort Act When Claim Involves Breach of Fiduciary Duty

(Sept. 14, 2020) The U.S. Court of Appeals for the Second Circuit recently reversed a lower court’s decision to allow an amended complaint in a derivative lawsuit (one allowing shareholders to sue the managers of their company) brought by plaintiff shareholders of Lebanese Canadian Bank (LCB) to support a cause of action (giving a party […]

Côte d’Ivoire: Former Prime Minister Sentenced to 20 Years in Prison for Corruption

(May 15, 2020) On April 28, 2020, the Tribunal Correctionnel (Criminal Trial Court) of Abidjan, Côte d’Ivoire, convicted former Prime Minister Guillaume Soro in absentia of embezzlement and money laundering. The trial lasted only a few hours and was boycotted by Soro’s lawyers in protest of what they claimed were politically motivated, trumped-up charges. Soro, […]

Singapore: New Payment Services Act Takes Effect

(Apr. 17, 2020) On January 28, 2020, Singapore’s new Payment Services Act went into effect. The Act unifies and streamlines the regulatory requirements for various payment services provided in Singapore, including electronic payments and cryptocurrency dealing and exchange services. The Act was passed by Parliament on January 14, 2019. The Act regulates seven types of […]