Tag: Fintechs
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Regulatory Watch News
Synthetic drug market disrupted in Syria after regime change
UNODC
Past geopolitical tensions related to the synthetic drug “captagon” are now being mitigated with the Syrian authorities’ commitment to dismantle illicit manufacturing, says the United Nations Office on Drugs and Crime (UNODC). Captagon, a highly addictive stimulant, has been circulating illegally from the Middle East to Africa and back with 80 per cent of seizures since 2019 indicating Syria as the country of origin, according to the Office. But one year post-regime change in the country, the large-scale manufacturing of the synthetic drug has been disrupted, according to a new research brief by UNODC. “While the drug market expanded in recent years it divided the region, but the need for action is now bringing it together,” said Bo Mathiasen, UNODC Director for Operations, adding that countries are now sharing intelligence and running joint operations, leading to “record” seizures this year alone.
FCA fines former finance directors of Carillion plc (in liquidation)
Financial Conduct Authority
The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc.Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight. Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision. As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.
Scam alert related to banks
HKMA
The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA. Hyperlinks to the press releases are available on the HKMA website.
Bank Type of Scam The Bank of East Asia, Limited Fraudulent websites and internet banking login screens Shanghai Commercial Bank Limited Fraudulent websites and internet banking login screens Chong Hing Bank Limited Fraudulent website and internet banking login screen
