THE vast majority of countries cannot effectively confiscate criminal assets, the head of the Financial Action Task Force (FATF) has warned.
Elisa de Anda Madrazo, the FATF President, said this situation has let many criminal activities flourish, as they are not being properly policed.
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Today, Thursday 6th August, the UK Government has designated the following individual and 12 entities, and specified the following 6 ships, under the Russia (Sanctions) (EU Exit) Regulations.
Designated Individual:
The survey forms part of AMLA's preparatory work on upcoming Regulatory Technical Standard on Art. 41 (2) AMLD. It aims to gather practical insights into how the existing framework has been implemented across the EU. The feedback will help AMLA understand how CCP arrangements work in practice, how effective they have been, and where institutions may have encountered operational challenges.
In parallel, AMLA is conducting a separate survey for national competent authorities to gather supervisory perspectives.
Crypto-asset service providers are not included in this exercise, as the previous CCP framework did not apply to them.
SFC obtains 13-year disqualification orders against former top executives of China Candy Holdings Limited for corporate malfeasance
Securities and Futures Commission
The Securities and Futures Commission (SFC) has obtained 13-year disqualification orders in the Court of First Instance against three former top executives of China Candy Holdings Limited (China Candy) for their involvement in fiendish schemes that substantially overstated the company’s cash and bank balances by falsifying accounting records, misleading the auditors and concealing the company’s true financial position.
The three former top executives are: Mr Xu Jinpei, former chairman and executive director; Ms Hong Yinzhi, former executive director, chief executive officer and compliance officer; and Mr Wang Zhihong, former chief financial controller and compliance officer .