Strengthening Defences Against Proliferation Financing: Insights and Best Practices
In an increasingly interconnected financial world, combatting the proliferation of weapons of mass destruction (WMD) and its financing remains a top priority. Proliferation financing (PF) involves the provision of funds or financial services that support the development or acquisition of nuclear, chemical, or biological weapons, undermining global security and financial stability. To address these risks, […]
The EU Identifies Six High-Risk Sectors in New Anti-Corruption Report
On 4 November 2024, the European Commission released a report highlighting six high-risk sectors for corruption across EU Member States. The report identifies healthcare, finance, public procurement, defence and security, construction and infrastructure, and sports as sectors most vulnerable to corruption. These areas influence critical aspects of daily life across the EU, from access to healthcare […]
Register of Beneficial Owners: €14 Million in Fines Set for Cancellation – A Flat Penalty of €250 Under Consideration
During a recent session of the Parliamentary Committee on Trade, a proposal was discussed to cancel fines totalling €14 million that were imposed for delays in submitting Ultimate Beneficial Owner (UBO) information. The solution under consideration involves replacing these fines with a one-off penalty of €250. The government has expressed support for this approach, which […]
Global Terrorism Index 2024 Unveils Rising Threats and Financial Challenges
The Global Terrorism Index (GTI) 2024, released by the Institute for Economics and Peace, highlights key trends in global terrorism. In 2023, terrorism-related deaths increased by 22% to 8,352 fatalities. Despite this increase, the total number of attacks decreased by 23% to 3,350, indicating fewer but more deadly incidents. A key event in 2023 was […]
Lebanon at Risk of FATF Grey-Listing
Lebanon’s financial system is on the brink of being placed on the Financial Action Task Force (FATF) grey list. Acting governor of Banque du Liban (BDL), Wissam Mansouri recently stated that Lebanon is “working hard” to prevent this outcome, highlighting the nation’s efforts at a Union of Arab Banks meeting in Beirut. Being added to […]
Turkey’s Rapid Crypto Growth: Why Cyprus Offers a More Stable and Predictable Environment for Crypto Businesses
Turkey has rapidly emerged as a significant hub for cryptocurrency companies, driven by a combination of economic factors and recent regulatory changes. With the introduction of new crypto legislation in July 2024, Turkey is solidifying its position as a central player in the global cryptocurrency market, attracting numerous industry giants such as Binance, Coinbase, KuCoin, […]
UAE Strengthens AML and CFT Framework with New Federal Decree-Law
The UAE has issued a Federal Decree-Law amending some provisions of the Federal Decree-Law on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) and Financing of Illegal Organisations. The new Decree is part of the UAE’s efforts to enhance the regulatory and legal framework against Money Laundering (ML) and the Financing of Terrorism […]
Register of Beneficial Owners: Legal Controversies Surrounding Corporate Fines in Cyprus
Recent legal disputes in Cyprus highlight growing concerns among companies penalised by the Registrar of Companies for failing to update their beneficial ownership details. The fines, some reaching millions of euros, have sparked significant backlash, with legal experts arguing that the imposition of these penalties may be flawed due to procedural issues. The first court […]
EU adopts 14th package of sanctions against Russia
On 24/06/2024, the EU has adopted the 14th package of sanctions against Russian. The 14th package includes the following elements: ENERGY-RELATED MEASURES ANTI-CIRCUMVENTION MEASURES ADDITIONAL LISTINGS FINANCIAL SECTOR MEASURES TRADE-RELATED MEASURES EXPORTS IMPORTS TRANSPORT MEASURES PROTECTION OF EU OPERATORS MEASURES PROTECTING INTELLECTUAL PROPERTY RIGHTS (IPR) MEASURES COMBATTING RUSSIAN INTERFERENCE ADDITIONAL MEASURES For guidance on implementation, […]