Latest news with #financialwatchdog
Arab News
a day ago
- Business
- Arab News
Pakistan says FATF ignored India's attempts to place Islamabad on ‘grey list'
ISLAMABAD: The Financial Action Task Force (FATF) has ignored India's attempts to have Islamabad placed on the anti-money laundering watchdog's 'grey list,' Pakistani state media reported this week as tensions simmer between the nuclear-armed neighbors. Various media outlets had reported that India was likely to push the FATF, a global financial crime watchdog, to add Pakistan back to its grey list during the watchdog's plenary meeting in June. These reports came following India and Pakistan's days-long military confrontation in May before both agreed to a ceasefire brokered by Washington. The FATF's grey list places a country under increased monitoring until it has rectified identified flaws in its financial system. Pakistan was taken off the FATF grey list in 2022, boosting its reputation among lenders which was essential for the country's fragile economy. 'The Financial Action Task Force has decided not to place Pakistan in the grey list at its meeting held on Saturday,' state broadcaster Radio Pakistan reported on Saturday. 'After the FATF decision, India has completely failed to achieve its objectives as the Indian diplomatic delegation made a strong effort to get Pakistan included in the grey list once again in the FATF meeting.' Neither the FATF nor the Indian government have so far commented on the development. The FATF's plenary year begins in July and ends in June. The watchdog holds its plenary meetings usually in October, February and June of each year. Radio Pakistan reported that China took 'a clear stance' in Islamabad's favor at the FATF meeting while Turkiye and Japan also 'fully supported' Pakistan in not having it placed on the grey list. 'India was trying hard to use FATF against Pakistan with the help of Israel,' the state broadcaster said, describing it as a victory for Pakistan's diplomatic mission. Tensions spiked between the two countries after India blamed Pakistan for an April 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan denied involvement and called for an independent probe. The two countries pounded each other with artillery fire, fighter jets, drones and missiles before the ceasefire on May 10. While the ceasefire between the two countries continues to persist, tensions between the neighbors remain high as India says it is holding in abeyance a decades-old water-sharing treaty with Pakistan. Islamabad had said after India suspended the Indus Waters Treaty that it considered any attempt to stop or divert the flow of water belonging to Pakistan to be an 'act of war.'
Bloomberg
3 days ago
- Business
- Bloomberg
British Virgin Islands, Bolivia Placed on Watchdog's ‘Gray List'
By and Sergio Mendoza Save The British Virgin Islands and Bolivia were added to a global financial watchdog's 'gray list' for shortcomings in combating illicit flows, a move that may hamper investor confidence and heighten bank scrutiny. Tanzania, Mali and Croatia were removed from the same list, the Paris-based Financial Action Task Force said in a statement at the end of its joint plenary with the Council of Europe 's anti-money-laundering body Moneyval. Bloomberg News reported on the anticipated moves late last month.
Bloomberg
06-06-2025
- Business
- Bloomberg
Swiss Regulator to Get Power to Fine Banks Under Law Proposal
By and Bastian Benrath-Wright Save Switzerland wants to give its financial watchdog the ability to fine banks, potentially boosting Finma's enforcement powers after it failed to prevent Credit Suisse's collapse. The proposed changes, published by the government on Friday, would enable Finma to fine legal entities, and the decisions could be made public. The reform would stop short of giving the agency the power to fine individuals.
Reuters
05-06-2025
- Business
- Reuters
UK targets rogue 'finfluencers' in joint action with foreign regulators
June 6 (Reuters) - Britain's financial watchdog has joined forces with foreign regulators to crack down on people who promote financial products on social media without authorisation, and will make 650 requests for platforms to remove content, it said on Friday. The Financial Conduct Authority said it had teamed up with regulators from Australia, Canada, Hong Kong, Italy and the United Arab Emirates for a coordinated week of action against the illegal financial promotions. It provided no further details on other regulators' actions or the extent of their cooperation with their British counterparts. Financial regulators around the world have become increasingly concerned about the rise of "finfluencers", who use their social media accounts to promote financial products or give financial advice. The FCA last year warned influencers that promoting a financial product without regulatory approval could be a criminal offence. In the UK's latest crackdown, police have arrested three people, and the FCA has sent seven cease-and-desist letters. It has also issued 50 warning alerts, which will lead to 650 takedown requests for social media platforms and 50 takedown requests for websites operated by unauthorised financial influencers, the watchdog said. "Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences," said Steve Smart, joint executive director of enforcement and market oversight at the FCA. The FCA last year charged nine people over a foreign exchange trading scheme promoted on social media. Their trials are due to take place in 2027. Separately on Friday, parliament's treasury committee of lawmakers said it had written to Facebook and Instagram owner Meta (META.O), opens new tab asking for information on its approach to financial influencers. The committee said it was reviewing evidence from the FCA that Meta is slower to remove harmful content than other social media platforms.
Fox News
29-05-2025
- Business
- Fox News
Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
With Elon Musk's departure from the agency, there's debate roiling over how effective the Department of Government Efficiency's (DOGE), has been in its mission. In a report released just two days prior to Musk stepping down, financial watchdog Open The Books published a report finding it is likely impossible for the average American taxpayer to track the savings associated with the contracts and grants that were terminated by the DOGE team. According to Open The Books' analysis, which mined all the data published on DOGE's official website, the average American taxpayer would likely only be able to confirm 42% of contracts and 27% of grants through an independent review of public federal spending databases. "This doesn't mean these targets aren't real, it simply means it's very hard for taxpayers who want to see additional savings to find proof and evidence of savings," Open The Books points out in its analysis, shared in a report the group released Tuesday. "Because taxpayers don't have access to real-time transparency and a real-time look at the Treasury Payment System, it's still too difficult for even a highly motivated Joe Taxpayer to confirm the savings claims DOGE is making," the analysis, released ahead of Elon Musk stepping down from running the agency, continued. "It's also far too easy for critics to sew [sic] doubt and confusion." DOGE says on its website that the group's work up to this point has provided the American taxpayer with $175 billion in "estimated" savings from the elimination of contracts, grants and leases, as well as through renegotiations, fraud and improper payment deletion and other mechanisms. However, DOGE's estimated savings have been contested by watchdog groups and budget experts. Such critics have posited that the inclusion of already canceled contracts, double-counting or misrepresentation of contract values, and the unaccounted cost burden that could be imposed on the government when it has to re-hire folks down the line, or revamp its productivity, due to DOGE cuts, have led to inflated savings estimates. Nate Malkus, a senior fellow at the conservative-leaning American Enterprise Institute, has accused DOGE of "overestimating contracts by a factor of two," according to CBS News. But White House spokesperson Harrison Fields told Fox News Digital that DOGE has produced "historic savings" for the American people. "DOGE is working at record speed to cut waste, fraud, and abuse, producing historic savings for the American people," Fields said. "The DOGE Wall of Receipts provides the latest and most accurate information following a thorough assessment, which takes time. Updates to the DOGE savings page will continue to be made promptly, and departments and agencies will keep highlighting the massive savings DOGE is achieving." "DOGE and Elon Musk have done the country an incredible service by identifying savings targets," added Open The Books CEO John Hart. "Having worked on the last major deficit commission with the late Senator Tom Coburn, we would have been elated to have had Musk in our corner. Now it's up to Congress to not only turn DOGE's recommendations into durable savings but to go beyond DOGE's scope and truly tackle our long-term debt and deficit crisis." Open The Books highlighted two "common sense" standards to help establish an "intellectually honest" approach to understanding the true impact of government cuts, such as those being recommended by DOGE. The first is the "durable standard," which asks whether a proposed cut can be easily reversed. "Describing something as 'durable' does not mean it is permanent or irreversible; it simply means it is hard to reverse," the Open The Books' analysis stated. "The most durable budget cut in our constitutional system would be passed by Congress, signed into law by the president and be clearly constitutional, or unassailable in a court challenge. Budget cuts become less durable when they lack any of these three elements." The second is called a "duty standard," which illuminates the power behind certain cuts based on who is trying to impose them. "In our constitutional system, the founders gave the job of budget savings to three branches but primarily to Congress," Open The Books points out. "DOGE's job is to identify, not enact, savings targets. It's up to Congress to do the heavy lifting. And We the People have a responsibility to be informed and hold our elected officials accountable." Open The Books ultimately concluded that due to various limitations associated with publicly available data on government spending and revenue, in particular a lack of real-time access to the government's Treasury Payment System, it is still too difficult for even the most motivated average American citizen to either confirm, or deny, the savings claimed by DOGE. Elon Musk officially stepped down from his role as DOGE chief Thursday evening, as his position of "special government employee" in the Trump administration was limited by law to a few months. Amid the transition, Musk criticized Republicans' spending bill that was passed ahead of Memorial Day in the House, indicating he was "disappointed" it would increase the federal deficit. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing," Musk told CBS News in an interview that will air in full on June 1.
