Banking & Finance News

China’s Insurers Try Novel Approach To Elderly Care ~ Building Retirement Homes:

The Wall Street Journal | By: Chuin-Wei Yap | February 14, 2018: Industry has spent more than $10 billion building retirement communities to address aging population’s needs. About an hour’s drive from downtown Shanghai sits a resort-like community housing hundreds ...
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In The BVI, There’s Confidentiality ~ But Not Secrecy:

The FCPA Blog | By: Martin Kenney | February 14, 2018: My adopted home of the British Virgin Islands (BVI) has implemented what is known as the BOSS Act (or to give it its full title, the Beneficial Ownership Secure ...
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Researchers Team Up With Cities To Make Resilience A Reality:

Reuters | By: Michael Taylor | GPE – February 14, 2018: A multi-million dollar project launched on Sunday aims to connect urban officials with researchers to drive forward projects that will help cities adapt to growing pressures – from climate ...
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White House To Propose $1.5 Trillion Infrastructure Plan:

The Hill | By: Mallory Shelbourne | February 11, 2018: The White House on Monday will propose its long-awaited $1.5 trillion infrastructure package aimed at overhauling U.S. public works. The plan is structured around four goals: to generate $1.5 trillion ...
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Book Review ~ Building ‘The Source’ Of America’s Cash Flows And Liquid Assets:

The Wall Street Journal | By: Gerard Helferich | February 09, 2018: Canals, dams and river projects — given the capital they require — have altered the course of public debt. “Why is it,” asks author Martin Doyle, “that sewers ...
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Tech Wealth Turns Attention To Affordable Housing In Seattle:

The Wall Street Journal | By: Nour Malas | February 07, 2018: Nonprofit Forterra builds $10.25 million fund with help from high-profile investors in tech world. Rising wealth from Seattle’s technology boom changed the face of a neighborhood that used ...
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Identity Fraud Hits Record Number Of People:

The Wall Street Journal | By: AnnaMaria Andriotis | February 06, 2018: Equifax breach, more-sophisticated schemes drive 8% rise in victims. Some 16.7 million U.S. consumers had their identities compromised in 2017, resulting in $16.8 billion in losses, according to ...
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Business Interest In Blockchain Picks Up While Cryptocurrency Causes Conniptions:

The Wall Street Journal | By: Kim S. Nash | February 06, 2018: Companies that move products and people through complex supply chains see promise in the technology. During Walmart’s test of blockchain traceability, a Walmart associate could check mangoes ...
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Capital Needs To Connect Off-Grid Households In Sub-Saharan Africa:

Shell Foundation | By: Sam Parker (Director) | GPE – February 05, 2018: Taking stock after 15 years working on off-grid solutions to energy access, we are hugely encouraged by the progress that has been made. We are seeing scalable ...
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Ethiopia ~ The Energy Revolution Starts At The Bazaar:

Clean Technica | By: The Beam | February 04, 2018: “Ninety thousand solar lanterns sold last quarter,” said Mr. Li. He was sharing sales numbers for his solar appliance business in Ethiopia and I couldn’t believe it. To put this ...
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Swiss Regulator Censures Gazprombank After Panama Papers:

The Financial Times | February 01, 2018: Bank banned from taking new private clients over failings on money laundering checks. Swiss authorities have reprimanded Gazprombank, Russia’s third-largest bank, over “serious shortcomings in anti-money laundering processes” related to the Panama Papers ...
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China Builds Bridges And Highways While The U.S. Mouths Slogans:

The Wall Street Journal | By: Andrew Browne | January 30, 2018: The Marshall Plan birthed a U.S.-led global order ~ now China is building a new world. The U.S. once had a grand strategy. Its post-World War II rescue ...
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How The Tax Law Will Affect U.S. Firms Bringing Overseas Money Home:

The Wall Street Journal | By: Theo Francis & Yaryna Serkez | GPE – January 17, 2018: Companies have long sheltered foreign profits offshore. Now the tax bill is coming due. How much will they pay? December’s federal tax overhaul ...
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Interview With John Kostyack & David Gardiner ~ A New Wind Energy Foundation Report:

Clean Technica | By: Carolyn Fortuna | January 16, 2018: The Wind Energy Foundation has just released a new report. In it, they talk about the need for US transmission planners to modify their calculations based on the number of ...
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Water-Related Risks Strand $Billions In Energy, Mining, Power Projects:

Circle Of Blue | By: Keith Schneider | GPE – January 16, 2018: Droughts, floods, and civic opposition cause huge losses. Originally published April 28, 2016: In early November 2002, six years before Lehman Brothers melted down and the American ...
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Why Are So Many Americans Crowdfunding Their Healthcare?

The Financial Times | By: Barney Jopson | January 11, 2018: Online donation sites are booming as patients with little or no health insurance turn to strangers to help pay medical costs. Isabella Masucci strode into hospital after a sleepless ...
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Denver Has A Plan For Its Many Luxury Apartments ~ Housing Subsidies:

Wall Street Journal | By: Laura Kusisto | January 08, 2018: The Lower Income Voucher Equity Program will help lower-income tenants pay the difference between what they can afford and the market rent. Denver has a plan for its glut ...
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Tax Overhaul Could Jolt Dollar As U.S. Companies Bring Home Cash:

The Wall Street Journal | By: Ira Iosebashvili | GPE – December 28, 2017: Corporations could repatriate as much as $400 billion in earnings and cash from abroad. Originally published on december 25, 2017: A provision of the tax overhaul ...
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What Gallup Learned About Higher Education in 2017:

Gallup News | By: Zac Auter | December 27, 2017: Throughout 2017, Gallup investigated the current state of higher education in the U.S. We listened to the perspectives of critical audiences ranging from chief business and academic officers at colleges ...
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FinCEN Notice 2017-1 ~ FBAR Filing Requirement For Certain Financial Professionals:

FinCEN | GPE – December 23, 2017: The Financial Crimes Enforcement Network (FinCEN) is announcing a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking (NPRM) ...
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DOJ Gives Compliance Chiefs Powerful New Ally:

The FCPA Blog | By: Richard L. Cassin | December 22, 2017: The DOJ’s FCPA Pilot Program — giving companies declinations or reduced penalties if they self disclose, cooperate, and disgorge profits — has now been enshrined in the U.S ...
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9-47.000 ~ Foreign Corrupt Practices Act Of 1977:

Offices Of The United States Attorneys | GPE – December 22, 2017: This chapter contains the Department’s policy regarding investigations and prosecutions of violations of the Foreign Corrupt Practices Act (FCPA). The FCPA prohibits both United States and foreign corporations ...
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The Morning Risk Report ~ Cost Of Compliance — And Noncompliance — Rising:

The Wall Street Journal | By: Ben DiPietro | GPE – December 20, 2017: The cost of compliance for organizations rose 43% between 2011 and 2017, while the cost for not being in compliance rose 45% in that time, according ...
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Restoration ~ One Of The Most Overlooked Opportunities For Economic Growth:

World Resources Institute | By: Helen Ding, Sofia Faruqi, Caroline Gagné & Andrés Anchondo Ortega | December 19, 2017: Trees are obviously good for the planet. What’s not so clear to most people — governments, NGOs, investors, the public — ...
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Dismal Employee Engagement Is A Sign Of Global Mismanagement:

Gallup | By: Jim Harter | December 20, 2017: According to our recent State of the Global Workplace report, 85% of employees are not engaged or actively disengaged at work. The economic consequences of this global “norm” are approximately $7 ...
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Here Come The New EU Rules On Data Privacy:

The Wall Street Journal | GPE – December 20, 2017: Many U.S. companies may think they don’t have to worry about them. But, as Justin Antonipillai and Ajay Arora explain, they do. ‘There are thousands of companies that have no ...
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31 CFR § 1020.230 ~ Certification Regarding Beneficial Owners Of Legal Entity Customers:

FinCEN | GPE – December 20, 2017: The US Department Of The Treasury, Financial Crimes Enforcement Network (FinCEN) have produced a  form to facilitate conforming with the compliance requirements relating to Beneficial Owners. This is an optional form provided for ...
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This One Weird Tax Trick Could Raise GDP, Shrink The Trade Deficit:

The Wall Street Journal | By: Greg Ip | December 18, 2017: GOP tax plan could lead companies to curb shifting of profits abroad—and could satisfy Trump’s protectionist instincts. Dublin has been a welcome port for U.S. companies engaging in ...
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North Korean Hackers Behind Attacks On Cryptocurrency Exchanges, South Korean Newspaper Reports:

Reuters | By: by Joyce Lee & Heekyong Yang | December 16, 2017: South Korea’s spy agency said North Korean hackers were behind attacks on cryptocurrency exchanges this year in which some 7.6 billion won ($6.99 million) worth of cryptocurrencies ...
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UK Regulator ~ Smart Machines Alone Can’t Defeat Money Laundering:

The FCPA Blog | By: Richard L. Cassin | December 11, 2017: Artificial intelligence will always be a “work in progress” in fighting money laundering and won’t entirely replace humans and their intuition, a top UK regulator said. “Any bank ...
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France Allows Use Of Blockchain To Trade Some Traditional Securities:

The Wall Street Journal | By: Sam Schechner & Patricia Kowsmann |December 08, 2017: New rule is latest mainstream effort to adopt record-keeping developed for virtual currencies. France said Friday that it will allow wider use of the record-keeping technology ...
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China’s Smog-Plagued Hebei Draws Up Environmental Tax Plan:

Reuters | By: David Stanway | December 06, 2017: The smog-prone northern Chinese province of Hebei has drawn up plans to launch a comprehensive environmental protection tax starting in the new year that will give more incentives for local polluters ...
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EU Releases Tax Haven Blacklist:

The FCPA Blog | By: Richard L. Cassin | December 07, 2017: The European Union Tuesday named 17 countries and territories to its first-ever blacklist of tax havens. Forty-seven other countries were grey-listed but have committed to meeting EU standards ...
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Digital-Currency Fever May Spread To Federal Reserve:

The Wall Street Journal | By: Michael S. Derby | December 03, 2017: As electronic-payment methods rise in popularity, central bankers ponder whether they might need to get in the game. For years central bankers have seen digital currencies as ...
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Report Release ~ State Of The Market 2017: Corporate Renewable Procurement In China:

Rocky Mountain Institute (RMI) | By: Katherine Chrisman & Mark Porter | November 28, 2017: Over the past decade, China has become the world’s leader in wind and solar capacity. Traditionally, China’s electricity structure has been closed off to most ...
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More Enforcement Risk For China Joint Ventures:

The FCPA Blog | By: Gwen Manseau and Jialin (Jackie) Zeng | November 29, 2017: Having recently toughened up its anti-bribery laws, China is now aiming to expand its oversight of corruption in the public sector, possibly leading to increased ...
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FINRA Fines J.P. Morgan For Thousands Of HR Due Diligence Failures:

The FCPA Blog | By: Richard L. Cassin | November 27, 2017: The Financial Industry Regulatory Authority fined J.P. Morgan Securities, LLC $1.25 million for failing to conduct proper background checks on 8,600 new employees. FINRA – Wall Street’s independent ...
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Volkswagen & JAC Put $12 Billion Into Chinese EV Boom:

Clean Technica | By: Tim Dixon | November 25, 2017: Bloomberg recently reported that Volkswagen has outlined its electric vehicle investments in China with an announcement of investment of $12 billion over the next 7 years with its Chinese joint ...
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Stop Using Excel, Finance Chiefs Tell Their Staffs:

The Wall Street Journal | By: Tatyana Shumsky | November 22, 2017: Ubiquitous spreadsheet software that revolutionized accounting hasn’t kept up, CFOs say. P.F. Chang’s finance chief said he switched the company to Adaptive Insights from Excel because it fosters ...
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SEC Statements On Cybersecurity; An EDGAR Hacking – Part 1

Legal & Compliance | By: Laura Anthony, Esq. | November 21, 2017: On September 20, 2017, SEC Chair Jay Clayton issued a statement on cybersecurity that included the astonishing revelation that the SEC Edgar system had been hacked in 2016 ...
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