Development banks are an essential contributor to economic health and in some instances to social well-being. Dr. Rolf Wenzel, Governor of the Council of Europe Development Bank, describes CEB’s unique mandate to strengthen the social cohesion of its 41 member states, a mission that began in response to the Second World War but seems as critical today as Europe grapples with issues such as the migrant crisis.
The UK’s new Criminal Finances Act covers a broad range of issues relevant to UK financial institutions; but one area, failure to prevent the facilitation of tax evasion, is of particular concern. The fines for offenses, both domestic and foreign, are steep, with the potential for additional punishing ancillary orders; implementing effective preventive procedures is crucial.
Financial institutions in the UK are waking up to the inevitability of Brexit, and thus they are beginning to budget for contingency plans, especially after the Bank of England requested that banks submit their plans for a hard exit. Planning ahead now is certainly prudent, as not doing so is guaranteed to leave banks struggling to cope with new regulations and changing market conditions.
“Openness brings progress for ourselves, seclusion leaves one behind. China will not close its doors to the world; we will only become more and more open.”
One of the most significant recent developments in the cryptocurrency sphere has been the rise of the Initial Coin Offering (ICO), or “token sale” to raise funds for development projects, or even to launch new companies.
Catalonia’s drive for independence from Spain is nothing new, but it crystallized in the Catalan parliament’s recent vote for independence. On the surface, it may appear that this relatively prosperous northeastern region would be better off if free from its mother country, but the long-term repercussions may not be rosy; the most likely outcome is that the political row will settle on middle-ground.
Uruguayan pharmacies began sales of legal marijuana to much fanfare. With lines stretching around the block, the pharmacies soon found their supplies were unable to meet booming demand for the newly available drug.
Getting regulatory compliance right is a necessity for financial institutions today, because getting it wrong is a punishingly expensive mistake. Just as fintech has been rapidly embraced by the industry due to its many proven benefits, the new kid on the technology block, regtech, is set to blaze its own innovation trail, disrupting the old ways of doing things in a bid to cut costs.
Millions of people work, shop and play online every day, leaving behind volumes of data that can include sensitive information. A study by IDC estimates that by 2020 there will be 5,200GB of data for every consumer on earth. In total, that works out at 40 zettabytes, or 57 times more than every grain of sand on every beach.
Qatar is easily the richest country in the world on a per capita basis. According to a study released in March by Global Finance Magazine that used data from the International Monetary Fund (IMF)