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NEWS: UK Treasury sets out draft rules to regulate cryptoassets, including licence, minimum capital and liquidity requirements

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REVIEW: Britain's financial services minister Andrew Griffth (pictured) said that he had asked the FCA to consider creating a domestic PEP regime to reflect the lower category of risk from those that have no international role.

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NEWS: UAE, Gibraltar remain on EU’s watchlist as MEPs turn down Commission proposal to align with FATF ‘grey list’; effects felt by other third countries

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NEWS: OLAF-EPPO operational conference: strengthening partnership to ensure fraud with EU money does not pay

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NEWS: MEPs want to enhance fraud protection and access to cash in payment services

THE UK TREASURY is to set out draft rules to regulate cryptoassets this week (Wednesday), saying ongoing turbulence in the sector and the collapse of exchange FTX highlighted risks that need addressing.

Cryptoassets, such as bitcoin, have little direct regulation globally, but regulators are taking a closer look after the downfall of FTX last year, which left millions of investors nursing losses totalling billions of dollars, some of them in Britain.

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NEWS: UAE, Gibraltar remain on EU’s watchlist as MEPs turn down Commission proposal to align with FATF ‘grey list’; effects felt by other third countries

European Commission Premium

NEWS: OLAF-EPPO operational conference: strengthening partnership to ensure fraud with EU money does not pay

 Premium

NEWS: MEPs want to enhance fraud protection and access to cash in payment services

Regulatory Watch News

  • Consolidated Nuclear Security Agrees to Pay $18.4 Million to Settle False Claims Act Allegations of Timecard Fraud

    US Department of Justice

    Consolidated Nuclear Security LLC (CNS) has agreed to pay the United States $18.4 million to settle allegations that, between July 1, 2014, and June 30, 2020, CNS knowingly submitted false claims to the National Nuclear Security Administration (NNSA) for time not worked at NNSA’s Pantex Site near Amarillo, Texas. The NNSA’s Pantex Site is the nation's primary facility for the assembly, disassembly and retrofitting of nuclear weapons. CNS, a Delaware company with its principal place of business in Tennessee, held a contract to manage and operate the site.

  • G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector

    US Department of the Treasury

    WASHINGTON — The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The primary objective of the exercise was to strengthen the ability of G7 financial authorities in effectively communicating and coordinating their respective responses to facilitate crisis management in the event of a significant cross-border cyber incident affecting the financial sector. The exercise built on previous simulations and workshops, which focused on cyber incident response, recovery management, and crisis communication.

  • OLAF-EPPO operational conference: strengthening partnership to ensure fraud with EU money does not pay

    OLAF

    (Luxembourg, 23 April 2024) - An Operational Partnership Conference of the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office (EPPO) took place on 22 and 23 April. Prosecutors and financial investigators from the EPPO and investigators, forensic experts and analysts from OLAF gathered in Brussels to discuss their respective experiences and possible improvements almost three years after the start of EPPO operations.

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