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The Federal Act on Money Laundering which came into force in 1998 places several obligations of due diligence (that is, identification of the contracting party, verification of beneficial owner, clarification of suspicious transactions and so on) on financial intermediaries. It applies to all financial intermediaries whether those already supervised by special legislation (such as the banking sector) or those in the non-banking sector, which were in 1998 not yet subject to any special supervision. In the non-banking sector the Act applies to all persons who, on a professional basis, accept, hold in deposit or assist in the investment or transfer of assets belonging to third parties.

Without a forum for working out a country's financing difficulties, its lenders can find themselves in as much trouble as the creditor when trouble strikes. Mark Cymrot of Baker & Hostetler explains why bankers and borrowers alike should back insolvency rules for sovereigns

With terrorist funding on the agenda, should Switzerland abandon its commitment to financial privacy? Michael Evans reports

Ending months of speculation about a possible patent rights securitization in Japan, a private placement is in the pipeline to raise money from patents held on equipment used in voice synthesizing.

The restructuring of Marconi is troubling the derivatives market. Those who have bought protection against the company are unsure whether its agreement with lenders counts as a credit event. Could banks find their credit swaps against other companies are similarly vague?

Capital gains tax on the disposition of shares by individuals is undergoing major reform. Various special measures are being introduced with a view to revitalizing Japanese stock markets by giving special incentives to individual investors in their stock investments.

Cleary Gottlieb Steen & Hamilton and Clifford Chance have advised on one of the largest project financings to close in Germany.

Japan has set the course for laws governing asset-backed finance. Taiwan and Korea aim to follow. By Tim Lester and Mohammed Asaria, of Lovells, and Udo van der Linden of ING

Marun Jazbik and Frederico Buosi of Allen & Overy report on how banks are using new structured deals to defy the jitters of Latin American markets and raise money

UK barrister Iain Sheridan explains how new online trading rules in Europe will affect the financial services industry