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The Measures for the Supervision and Administration of Anti-Money Laundering and Counter-Terrorist Financing of Financial Institutions recently promulgated by the People’s Bank of China came into effect on 1 August 2021. Among other things, the Measures expand the scope of applicable entities, provide specific details of internal control and risk management requirements and increase PBOC’s supervision and administration powers. The new Measures are a significant development, demonstrating China’s efforts to improve and enhance its anti-money laundering and counter-terrorist financing regime.

On 2 July 2021, the Decree of the Ministry of Economy and Finance No. 100 of 30 April 2021 (“MEF Implementing Decree”) was published on the Official Journal of the Republic of Italy (Gazzetta Ufficiale). The MEF Implementing Decree (i) regulates the tasks attributed to the newly-established FinTech Committee, its functioning and composition, and (ii) provides a comprehensive framework for the FinTech experimentation, including setting out the requirements for participating to the Sandbox, the operational perimeter during the participation, and the regime for the termination of the experimentation.

On 20 July 2021, the UK Government announced that the National Security and Investment Act will enter into full force on 4 January 2022. To help businesses prepare for commencement of the regime, the Government also published alongside this announcement a series of further guidance notes and materials.

Starting from 13 July 2021, Russian credit institutions and other payment service providers are prohibited from interacting with illegal gambling and lotteries operators and foreign payment service providers who accept and transfer payments to illegal gambling and lottery operators. The restrictions are adopted by the Amendments to the Gambling Law (“Law”).

“Ramp and dump” or “pump and dump” schemes continue to attract significant press coverage and are an enforcement priority for the Securities and Futures Commission (SFC) in Hong Kong. These schemes do not only have penalties for the fraudsters, but could also have significant implications for SFC-licensed corporations (LCs) who are the gatekeepers for the financial system. Recent statements by the SFC and The Stock Exchange of Hong Kong Limited (SEHK) suggest that the impact of these schemes is not limited to secondary trading and may extend to initial public offerings (IPOs).

On 30 June 2021, the Bank of Italy issued amendments to Circular No. 285 of 17 December 2013 on “Supervisory provisions for banks”. In particular, these amendments replace Part First, Title IV, Chapter 1, of Circular No. 285, on corporate governance requirements, and aim at aligning Circular No. 285 with the provisions of Directive (EU) 2019/878 of 20 May 2019.