Tag: Financial Regulation
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Malaysia Targets US$7 Billion in 1MDB Asset Recovery From Global Firms
Overview: A renewed push to recover assets tied to 1MDB The Malaysian government has intensified its fight to recover funds linked to the sprawling 1MDB scandal, with officials signaling a targeted recovery of about US$7 billion. The focus has shifted toward international financial institutions and law firms believed to have facilitated or concealed flows connected…
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Ghana Unveils Stricter Rules for International Money Transfer Operators
Overview: A New Framework for IMTOs in Ghana In a move aimed at strengthening financial integrity and supervision, the Bank of Ghana has published comprehensive guidelines governing the registration and ongoing operations of International Money Transfer Operators (IMTOs). The new framework seeks to streamline how money moves into Ghana, bolstering transparency, consumer protection, and regulatory…
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Ghana Sets New Rules for International Money Transfer Operators (IMTOs)
Overview of the new IMTO guidelines The Bank of Ghana has unveiled comprehensive regulatory guidelines aimed at International Money Transfer Operators (IMTOs) operating within and into the country. The new framework seeks to formalize registration, strengthen compliance, and improve supervision of international money transfers flowing into Ghana. By establishing clear standards, the central bank intends…
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Otedola Applauds Tinubu, as First Bank Meets N500bn Capital Target — Calls for Stricter Banking Oversight
Overview: Otedola’s Endorsement and the Capital Milestone In a striking development for Nigeria’s financial landscape, Femi Otedola, chairman of First HoldCo, publicly commended President Tinubu for his deep economic understanding as First Bank of Nigeria meets the Central Bank of Nigeria’s (CBN) N500 billion capital requirement. The milestone underscores the evolving capital adequacy landscape for…
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Singapore Seizes More Assets Tied to Cambodian Tycoon Chen Zhi
Singapore expands asset seizure tied to Prince Group Singapore authorities are expanding asset seizure actions connected to Cambodian businessman Chen Zhi and his Prince Group, following disclosures in a recent court hearing. Officials from the Commercial Affairs Department (CAD) disclosed that the investigation has uncovered additional assets linked to the tycoon’s network, prompting prosecutors to…
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Prohibition Order on PetroSaudi Director Prolonged by Malaysian Court for Three Months
Background: Prohibition Order Extended A Malaysian court has granted a three-month extension to a prohibition order affecting a director linked to PetroSaudi, after authorities indicated the order had lapsed. Justice Noor Ruwena Md Nurdin approved the extension today, following a submission from Deputy Public Prosecutor Mahadi Abdul Jumaat. The original order, issued last year, was…
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Investors Urged to Exercise Caution About Christchurch-Based Investment Firm Tied to Bernard Whimp
Overview: A cautionary tale for investors Investors in Christchurch and beyond are being urged to exercise heightened scrutiny before committing funds to ventures associated with Bernard Whimp or anyone connected to the investment firm Chance Voight. The warning comes amid renewed scrutiny of the local investment scene and a reminder that due diligence remains essential…
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Investors urged to verify dealings with Christchurch investment figure and Chance Voight associates
Introduction: A Warning Signals Rising in Christchurch Investors in New Zealand are being urged to take extra precautions when engaging with Christchurch-based investment activities linked to Bernard Whimp and the investment firm associated with Chance Voight. The caution follows ongoing concerns raised by financial watchdogs and media coverage that highlight the risks of complex schemes…
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Ato Essien Emerges in Public: First Appearance Since Jail Release Raises Questions About Capital Bank’s Fallout
First Public Appearance Sparks Questions About Capital Bank’s Collapse William Ato Essien, the founder of the now-defunct Capital Bank, has appeared in public for the first time since reports of his jail release began circulating. The event, described by multiple sources as his initial post-incarceration appearance, Reuters-style coverage, and local Ghanaian media, comes after a…
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Court Rejects Urgent Bid by Entrépo Finance Over Payroll Deductions System
Overview of the Ruling A district court has rejected an urgent bid from microfinance lender Entrépo Finance seeking a court order compelling the minister of finance, Ericah Shafudah, to testify under oath about how the government plans to implement a fully functional payroll deductions management system. The decision narrows the scope of the dispute to…