Latest news with #BankingAct
The Citizen
5 days ago
- Politics
- The Citizen
Leaked Bushiri case affidavit puts witness at risk, warns NPA
Shepherd Bushiri and his wife, Mary, are facing extradition to South Africa to stand trial on multiple serious charges, including fraud and rape Self-proclaimed prophet Shepherd Bushiri and his wife, Mary, in the Pretoria Magistrate's Court during their bail application on 4 November 2020. Picture: Jacques Nelles The National Prosecuting Authority (NPA) has expressed serious concern over the leak of a confidential affidavit belonging to a key state witness in the fraud and money laundering case involving self-proclaimed prophet Shepherd Bushiri and his co-accused. The NPA said the affidavit forms part of the documents in the case docket that was disclosed to the defence for the accused to prepare for their trial. Witness endangering NPA regional spokesperson Lumka Mahanjana slammed the leaking of the document which contains the witness's full personal details and even her photograph published by a media outlet 'It is very concerning as this leaked affidavit has the potential to compromise the state's case. It also endangers the life of the state witness because her full details, including a photo of her, were published in the media,' she said. Mahanjana said the case was set down for trial to commence on 14 October 2024, almost a year ago. 'However, the case has been met with numerous interlocutory applications by some of the accused attempting to delay the trial. None of these interlocutory applications were successful. Despite all these applications, the state has always maintained its readiness to start with the trial,' Mahanjana said. ALSO READ: Bushiris file application to set aside ruling ordering extradition to SA Media houses She urged media houses to exercise restraint and act in the public interest without compromising legal processes or endangering individuals involved in the case. 'We therefore urge the media to be responsible when exercising their mandate to produce news to keep the public informed to do so without jeopardising the rights of the witnesses who will be called to testify.' Mahanjana did not disclose whether an investigation into the source of the leak is underway. Bushiri's Bushiri and his co-accused face at least six charges, including rape, violating bail conditions and contraventions of the Financial Advisory and Intermediary Services Act, Banking Act, Civil Aviation Act and Immigration Act. Bushiri and his wife, Mary Bushiri, fled to Malawi in November 2020, after being granted bail of R200 000 each under strict conditions by the Pretoria Central Magistrate's Court. The case is set down for trial on 4 August 2025. ALSO READ: Bushiri celebrates reduced charges, but can they be reinstated? Malawi's attorney general explains
Miami Herald
06-06-2025
- Business
- Miami Herald
Swiss government proposes requiring banks to hold more capital
June 6 (UPI) -- Switzerland's Federal Council Friday submitted new capital requirements for mega-banks like UBS in the wake of the Credit Suisse crisis. It requires UBS to hold $26 billion more in core capital. The Swiss Federal Council said in a statement that a review of the Credit Suisse crisis showed reforms are needed to reduce risks for the state, taxpayers and the economy. "These include stricter capital requirements for systemically important banks with foreign subsidiaries, additional requirements on the recovery and resolution of systemically important banks, the introduction of a senior managers regime for banks and additional powers for the Swiss Financial Market Supervisory Authority (FINMA)," the Federal Council statement said. The council is proposing amendments to the Banking Act in the wake of the Credit Suisse crisis that led to the UBS/CS merger. The Swiss National Bank supported the proposed amendments. "The Swiss National Bank supports the amendments at legislative and ordinance level planned by the Federal Council in the areas of capital and liquidity requirements for systemically important banks, early intervention, and recovery and resolution planning. The measures planned are key to strengthening banks' resilience and their resolvability in a crisis, and thus the stability of the financial system." "The crisis at Credit Suisse highlighted weaknesses in the regulatory framework. The regulatory adjustments now planned constitute a package of measures drawing the right lessons from this crisis." One major concern about UBS is its ability to cope with losses in its foreign units, and that's one of the reasons the Swiss government is increasing capital requirements. FINMA said it also backs the proposed changes ot the Banking Act. "FINMA welcomes the planned introduction of several preventive and disciplinary instruments that will set the right incentives for supervised institutions and thus make a decisive contribution to reducing the likelihood of crises and resolution occurring in the Swiss banking centre." FINMA said in particular, it supports, "the planned new statutory powers for FINMA in the areas of corporate governance, early intervention, recovery and resolution, as well as the introduction of higher capital requirements for systemically important banks with subsidiaries abroad." Morningstar senior equity analyst Johann Scholtz said in a note, "While winding down Credit Suisse's legacy businesses should free up capital and reduce costs for UBS, much of these gains could be absorbed by stricter regulatory demands." The new capital rules would require UBS to fully capitalize its foreign branches and do fewer stock buybacks. UBS took over Credit Suisse in 2023, with the government underwriting $10 billion in UBS losses created by the takeover. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
06-06-2025
- Business
- UPI
Swiss government proposes requiring banks to hold more capital
Switzerland's Federal Council Friday submitted new capital requirements for mega-banks like UBS in the wake of the Credit Suisse crisis. It requires UBS to hold $26 billion more in core capital. The Swiss National Bank and financial regulator FINMA both backed the proposed capital requirement changes. Photo by Hugo Philpott/UPI | License Photo June 6 (UPI) -- Switzerland's Federal Council Friday submitted new capital requirements for mega-banks like UBS in the wake of the Credit Suisse crisis. It requires UBS to hold $26 billion more in core capital. The Swiss Federal Council said in a statement that a review of the Credit Suisse crisis showed reforms are needed to reduce risks for the state, taxpayers and the economy. "These include stricter capital requirements for systemically important banks with foreign subsidiaries, additional requirements on the recovery and resolution of systemically important banks, the introduction of a senior managers regime for banks and additional powers for the Swiss Financial Market Supervisory Authority (FINMA)," the Federal Council statement said. The council is proposing amendments to the Banking Act in the wake of the Credit Suisse crisis that led to the UBS/CS merger. The Swiss National Bank supported the proposed amendments. "The Swiss National Bank supports the amendments at legislative and ordinance level planned by the Federal Council in the areas of capital and liquidity requirements for systemically important banks, early intervention, and recovery and resolution planning. The measures planned are key to strengthening banks' resilience and their resolvability in a crisis, and thus the stability of the financial system." "The crisis at Credit Suisse highlighted weaknesses in the regulatory framework. The regulatory adjustments now planned constitute a package of measures drawing the right lessons from this crisis." One major concern about UBS is its ability to cope with losses in its foreign units, and that's one of the reasons the Swiss government is increasing capital requirements. FINMA said it also backs the proposed changes ot the Banking Act. "FINMA welcomes the planned introduction of several preventive and disciplinary instruments that will set the right incentives for supervised institutions and thus make a decisive contribution to reducing the likelihood of crises and resolution occurring in the Swiss banking centre." FINMA said in particular, it supports, "the planned new statutory powers for FINMA in the areas of corporate governance, early intervention, recovery and resolution, as well as the introduction of higher capital requirements for systemically important banks with subsidiaries abroad." Morningstar senior equity analyst Johann Scholtz said in a note, "While winding down Credit Suisse's legacy businesses should free up capital and reduce costs for UBS, much of these gains could be absorbed by stricter regulatory demands." The new capital rules would require UBS to fully capitalize its foreign branches and do fewer stock buybacks. UBS took over Credit Suisse in 2023, with the government underwriting $10 billion in UBS losses created by the takeover.
The Citizen
05-06-2025
- Politics
- The Citizen
Bushiris file application to set aside ruling ordering extradition to SA
The couple fled to Malawi in November 2020. Self-proclaimed prophet Shepherd Bushiri and his wife Mary in the Pretoria Magistrate's Court during their bail application on 4 November 2020. Picture: Jacques Nelles Self-proclaimed prophet Shepherd Bushiri and his wife, Mary Bushiri, have filed a review application to set aside the judgment ordering their extradition to South Africa. The Bushiris filed their application before the High Court of Malawi in Lilongwe on Wednesday. They claim they weren't given a chance to be heard, violating natural justice principles. Hearing In papers before the high court in Malawi, the controversial couple claim they weren't given a chance to be heard, violating natural justice principles They argued the chief magistrate erred in law by breaching the fundamental principles of natural justice. 'The applicants humbly but firmly pray for the quashing of the findings that the requesting State made out a case for extradition… setting aside of the order of committal.' In March, Malawi's Chief Resident Magistrate's Court ordered that the Bushiris be extradited following a request by South Africa. ALSO READ: Bushiri celebrates reduced charges, but can they be reinstated? Malawi's attorney general explains Charges They face at least six charges including rape, violating bail conditions, contraventions of the Financial Advisory and Intermediary Services Act, Banking Act, Civil Aviation Act and Immigration Act. The couple fled to Malawi in November 2020, after being granted bail of R200 000 each under strict conditions in the Pretoria Central Magistrate's Court. ALSO READ: Cops detained Bushiri's lawyers for corruption, intimidation say Hawks 'Safety and security' At the time, Bushiri cited 'safety and security issues' for their actions. 'There have been clear and evident attempts to have myself, my wife and my family killed. Despite our several attempts to report to authorities, there has never been state protection,' he said. 'We have come to a painful conclusion that what my wife and I have faced in the Republic of South Africa since 2015 is purely persecution, not prosecution. 'What is shocking is that it was me who, in 2018, opened cases of extortion and intimidation against the officers who are, today, investigating, arresting and prosecuting me and my wife of these several allegations. Obviously, there can never be independence and impartiality. It's purely acts of open vengeance,' Bushiri said. The Malawian couple run a church known as Enlightened Christian Gathering with branches in various African countries. ALSO READ: Malawi court grants South Africa's request to extradite Shepherd Bushiri and wife
Korea Herald
03-06-2025
- Business
- Korea Herald
Korean banks press for crypto reforms
South Korea's commercial banks are urging the incoming administration to overhaul financial regulations, aiming to expand their presence in the virtual asset space and gain access to a wider range of nonbanking business opportunities. The Korea Federation of Banks said Tuesday that it recently convened a meeting of senior strategy managers from major lenders to collect views on increasing banking participation in cryptocurrency markets. Following the discussion, the group drafted a proposal arguing that virtual assets remain outside the scope of traditional banking, despite lenders' growing role in the digital asset ecosystem — including the issuance of real-name accounts used for crypto trading. 'Regulatory revisions are necessary to enable banks, backed by their credibility, accessibility and strong consumer protection standards, to enter the virtual asset business,' the group of banks said in the report. The appeal comes as a new government prepares to take office following Tuesday's presidential election. Despite being home to the world's third-largest crypto market by trading volume, and with roughly a third of its population involved in digital assets, South Korea has yet to build a comprehensive regulatory framework to support the industry's growth. Crypto-related policy proposals were central to the campaigns of leading presidential candidates, including promises to approve spot crypto exchange-traded funds and to incorporate stablecoins into formal oversight mechanisms. Against this backdrop, banks are stepping up efforts to position themselves in the sector, exploring services such as digital asset trusts and stablecoin issuance. The report also reiterated the banking industry's longstanding call to lift restrictions on entering non-financial sectors. Banks argue they face stricter oversight than big tech firms, which are free to offer integrated services blending financial and nonfinancial functions — creating what they describe as an 'uneven playing field.' To address this, banks called for a broader range of noncore businesses — including retail, logistics, travel and information and communication technology — to be permitted as ancillary operations, while also urging a shift toward principle-based regulation for both ancillary activities and subsidiary ownership, in response to accelerating industry convergence. Banks also used the report to voice frustration over current enforcement practices, criticizing the Banking Act for vague provisions that make regulatory actions hard to anticipate. They called for clearer definitions tied to statutory obligations and the introduction of a formal statute of limitations on penalties.
