IOMGOV

Financial Sanctions: Global Human Rights

The United Kingdom has introduced a new financial sanctions regime, which came into force on 6 July, imposing sanctions to deter those who are, or have been, involved in human rights’ violations.  The Global Human Rights Sanctions Regulations 2020 are the first to come into operation under the UK’s Sanctions and Anti-Money Laundering Act 2018. These Regulations…

Funds Growth Omnibus Discussion Paper

The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. Commenting on the…

FATF Report to G20 on So-called Stablecoins

So-called stablecoins have the potential to spur financial innovation and efficiency and improve financial inclusion. While so-called stablecoins have so far only been adopted on a small-scale, new proposals have the potential to be mass-adopted on a global scale, particularly where they are sponsored by large technology, telecommunications or financial firms. In the same way…

Virtual Assets and VASPs – 12 month review

The FATF has completed a review of the implementation of its revised Standards on virtual assets and virtual asset service providers, 12 months after the FATF finalized these amendments. The June 2019 revisions to the FATF Standards clearly placed anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs).…