The UK government announces plans to regulate the ‘turbulent’ crypto industry, after a year of assets collapsing in value by an estimated 75%; The U.S. Treasury Secretary sets up a joint task force with South Africa to combat the financing of wildlife trafficking; and in other news, new data finds that ownership of UK properties by thousands of offshore companies remains opaque, with the government intent on imposing penalties for continued secrecy. Read more on these stories below:
UK government unveils new regulations for crypto industry
New regulations to mitigate the most significant crypto technology risks while maintaining innovation and ensuring safety have been announced by the UK government. They include strengthening rules for crypto trading platforms, a world-first regime for crypto lending, and enhanced data reporting requirements.
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U.S./South Africa task force to tackle financing of wildlife trafficking
The U.S. Department of the Treasury and South Africa's National Treasury have set up a joint initiative to combat the financing of wildlife trafficking. Set to prioritise the sharing of financial red flags related to wildlife trafficking cases, increase information sharing between financial intelligence units, and bring together government authorities, regulators, law enforcement, and the private sector, the task force aims to shut down the money flowing to the traffickers.
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Thousands of offshore companies with UK properties face penalties for failing to declare ownership
Offshore companies with UK properties are still not publicly declaring their ownership because they are controlled by secretive trusts. Eighteen thousand companies have registered with the government’s new Register of Overseas Entities, but at least 2,400 do not reveal their owners. These now face penalties.
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