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Legal Alert: Relevant procedures for virtual asset service providers have been approved
In October 2019, Mongolia was placed on the list (by the International Organization for Financial Action Task Force (FATF)) of countries having strategic deficiencies in their regimes to combat money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. 1 year later in October 2020, it was successfully removed from the list.
US sanctions in the context of Russia's invasion of Ukraine
As a result of Russia's invasion of Ukraine, the U.S., E.U., U.K. and their allies have implemented a broad array of sanctions and other economic measures intended to impose on Russia and its allies. The sanctions are intended to further increase the costs to Russia of prosecuting the war in Ukraine by cutting Russian acres to foreign revenue, services that could be used to evade sanctions, and finished goods and inputs used by Russian industry for military purposes.
The six packages of sanctions imposed by EU on Russian Federation
One of the instruments the EU is using to bring about changes and expert pressure on Russia to stop its military attack on Ukraine are sanctions. Sanctions are instruments of foreign policy and are based on Article 29 of the Treaty of the European Union.
Recent updates on the Stock Corporation Act in Switzerland
From January 1, 2023, more flexible formation and capital regulations will apply to stock corporations. At its meeting on February 2, 2022, the Swiss Federal Council enacted the corresponding amendments to the Code of Obligations (CO) and the Commercial Registry Ordinance (HRegV).
Amendments to the law of Mongolia on investment
On the plenary session of the State Great Khural (the Parliament) dated October 7, 2021, the draft law on amending the Investment Law submitted by MP Kh.Gankhuyag was discussed and 51.9 percent of the members who participated at the plenary session voted in favor and transferred to the Standing Committee on Economic Affairs to prepare for the first discussion.
Kazakhstan Data Breach
Data protection in Kazakhstan is mainly regulated by the Law of 21 May 2013 No. 94-V ZRK on Personal Data and its Protection ('the Personal Data Law'), Law of 24 November 2015 No. 418-V on Informatisation ('the Informatisation Law') and relevant subsidiary laws.
Regulation of «anti-money laundering» legislation in Belarus: compliance with FATF requirements
Belarus aims to comply with the FATF recommendations in the regulation of anti-money laundering issues, despite the fact that Belarus is not a member of the FATF.
The Banking Regulation Review: Kazakhstan
Kazakhstan chapter of the twelfth edition of The Banking Regulation Review which considers high-level insight across the legal and regulatory requirements applicable to banks.
Regulation for regulatory sandbox
The whole process of introduction of financial services based on technological innovation to the financial market is called Fintech. Upon the introduction of new products and services to the market with the help of Fintech, financial institutes become able to conduct a wider range of activities at a lower expense.
Cross-border Islamic financing in focus for Kazakhstan
In 2009, Kazakhstan was the first county of the Commonwealth of Independent States (CIS) to introduce Islamic banking and Islamic securities. Still, however, little progress has been made in terms of the development of the Islamic finance industry, apparently because of inherent deficiencies in the Kazakh law which has civil law jurisdiction and does not recognize many international legal concepts.
Overview of the current energy mix, and the place in the market of different energy sources
Kazakhstan is the largest economy in Central Asia and home to more than 18 million people. As a country rich in coal, oil, natural gas and uranium, Kazakhstan’s economic focus remains firmly on its industrial sector and the extraction and processing of its natural resources.