US President Donald Trump recently announced the end of Temporary Protected Status (TPS) for 200,000 Salvadorans residing in the United States.
The violence stemming from Honduras’ political unrest is starting to abate. Following a much-contested national election in November 2017, the country erupted into violence as looters and protestors sacked the streets of the capital, Tegucigalpa.
Last year was one that saw Germany’s economic performance consistently exceed expectations. The start of 2017 saw the majority of economists predicting around 1.4 percent growth in gross domestic product (GDP) for the year.
Financial services firms face a range of headwinds. The last thing they need is a regulatory tornado blowing the house down due to data integrity and reporting errors.
Those who are bullish on oil prices have finally been vindicated with solid proof: prices for the black gold have risen to heights not seen in two years. Even though there is a big question mark surrounding the continued upward momentum in prices, with forecasts predicting almost matching increases in supply and demand over the coming months, the recent rally has encouraged beleaguered producers.
You would have to be living with your head buried in the sand not to realize that we are witnessing the Fourth Industrial Revolution, of which the Blockchain Revolution is an integral part. The necessity of working with digital assets is forcing the reinvention of traditional financial infrastructure, and only those banks that adapt and participate in the metamorphosis are sure to capitalize on the generous rewards.
The intensifying interconnectedness of countries around the world has its benefits but also leaves nations vulnerable to the potentially detrimental effects of not only financial meltdowns but also regulations imposed by foreign entities. The EU’s soon-to-come MiFID II is already causing consternation in the United States, especially as the new regulations relate to US investment firms.
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.