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The lighter side of the past month in the world of financial law

In the middle of the most ambitious infrastructure programme in history of Colombia (4G) emerged the deepest ever corruption scandal in the region. The Odebrecht crisis forced all stakeholders to revisit their internal policies and work out together a solution to mitigate the risks that have subsequently materialised in certain projects across Latin America.

In 2016, the Philippine banking system was at the centre of an unprecedented cyberheist where $81 million supposedly stolen from the Bangladesh Bank, the central bank of the country, ended up in the Philippine financial system and was eventually lost in the blossoming casino industry. The natural question would be whether the people who allowed the entry and movement of the funds had any liability under the Anti-Money Laundering Act.

The single supervisory mechanism has impressed, but filing requirements and JSTs should be addressed

The EU legislation is keeping market participants from New York to New Delhi up at night

Following up on an article published last year in IFLR by Consortium Legal – Honduras regarding anti-money laundering (AML) legislation, on June 6 2017 the National Banking and Insurance Commission (CNBS) issued the Regulation on the Registration of Non-Financial Professions and Activities (Regulation). Beginning June 15 2017, attorneys, accountants, and various non-financial businesses, including but not limited to car dealerships, casinos, jewellery retail shops, real estate companies, and companies that grant loans without performing financial intermediation, will have to register with the AML registry for non-financial professions and activities of the CNBS.

Following up on the issuance of a peer-to-peer lending regulation by Indonesia's Financial Service Authority (OJK) late last year (which was the subject of the Indonesia briefing back in February 2017), the OJK has released a circular letter setting up further guidelines on the governance and risk management aspects of peer-to-peer lending operators in Indonesia.

The ripple effects of the UK’s decision to leave the EU are being felt globally, including in the Channel Islands and the Isle of Man, which are seeing renewed demand for their alternative stock market option

First published by the Council of Experts on the Stewardship Code in February 2014, the Principles for Responsible Institutional Investors – Japan's Stewardship Code experienced its first amendment on May 29 2017.

For regulatory lawyers, 'extraterritorial' is becoming a bit of a buzzword. Seemingly not content with overseeing their own banks, asset managers or insurance firms, the world's regulators have over time, some more slowly than others, introduced far-reaching new provisions that give them the power to regulate others, too.