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BNM to launch Risk Management Policy to tackle Cybercrime

KUALA LUMPUR, Feb 19 (Bernama) - Bank Negara Malaysia (BNM) will be launching its Risk Management in Technology policy in June this year to provide guidelines, especially for financial institutions, to combat the rise in cybercrime. CyberSecurity Malaysia chief executive officer Datuk Amirudin Abdul Wahab said more than 10,000 cases of cybercrime were reported in 2018.

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Bankers seek Clarity over Foreign Equity in Myanmar Banks

The latest regulation by the Central Bank of Myanmar (CBM) permitting foreign institutions to invest up to 35 percent in local banks has been well-received by the banking and financial industry. However, experts have flagged the need for further clarity in its provisions.
Date: 12 February 2019; Type: Legal News; Source: Myanmar Times

Parliament: Law to tackle Money Laundering passed

The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill, which is part of efforts to boost Singapore's standards of anti-money laundering and countering the finance of terrorism have been passed by the parliament.
Date: 12 February 2019; Type: Legal News; Source: Singapore Law Watch

House ratifies 2019 National Budget

MANILA, Feb 8 (PNA) - The House of Representatives on Friday ratified the bicameral conference committee report on the proposed PHP3.757 trillion national budget for 2019.
Date: 08 February 2019; Type: Legal News; Source: Philippines News Agency

Consultation Paper on Outsourcing by Banks and Merchant Banks

The Monetary Authority of Singapore (MAS) seeks comments from banks, merchant banks, and other interested parties on the proposed revisions to the regime governing banks' and merchant banks' outsourcing arrangements, including proposed amendments to the Banking Act. MAS proposes to issue an Outsourcing Notice for Banks and an Outsourcing Notic ...
Date: 07 February 2019; Type: Consultation Paper; Source: Monetary Authority of Singapore

CBM to publish Market-Based Reference Exchange Rate

The Central Bank of Myanmar (CBM) will publish a market-based reference exchange rate, or the aggregate of actual market rates for the day, from today onwards, according to a CBM press release.
Date: 05 February 2019; Type: Legal News; Source: Myanmar Times

House proposes Abandonment of the One Year Cash-Based Budgeting System

Rep. Rolando Andaya, Jr. (1st District, Camarines Sur), Chairman of the House Committee on Appropriations, proposed the abandonment of the one year cash-based budgeting system as proposed in the National Expenditure Program (NEP).
Date: 31 January 2019; Type: Legal News; Source: House of Representatives

SC amends Guidelines to require Digital Asset Platform Operators to register

KUALA LUMPUR, Jan 31 (Bernama) - The Securities Commission (SC) has added a new chapter in the Guidelines on Recognised Markets to require digital asset platform operators to be registered as a recognised market operator. In a technical briefing to the media today, the SC said the new framework is part of its efforts to promote innovation whil ...
Date: 31 January 2019; Type: Legal News; Source: Bernama

SC reprimands, fines Deloitte RM2.2 Million on Sukuk Issuance linked to 1MDB

KUALA LUMPUR, Jan 30 (Bernama) - The Securities Commission Malaysia (SC) has reprimanded and imposed penalties on Deloitte PLT (Deloitte) for four breaches related to the RM2.4 billion sukuk murabahah programme issued by Bandar Malaysia Sdn Bhd (BMSB) in 2014.
Date: 30 January 2019; Type: Legal News; Source: Bernama

SC reprimands Three Auditors for Failure to meet Standards

KUALA LUMPUR, Jan 29 (Bernama) - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has reprimanded three auditors for failure to comply with the International Standards on Auditing when auditing their respective public-listed company clients.
Date: 29 January 2019; Type: Legal News; Source: Bernama

Singapore to tighten Audit, Valuation Rules

Auditors are to come under greater scrutiny in one of the biggest overhauls of accountancy oversight in Singapore, which could see the Singapore Exchange Regulation (SGX RegCo) ordering second audit on listed companies with clean audits if something does not smell right.
Date: 28 January 2019; Type: Legal News; Source: Singapore Law Watch

MAS revises Takeover Rules for Dual-Class Shares

The Monetary Authority of Singapore (MAS) has revised Singapore's Code on Take-overs and Mergers to clarify that independent shareholders of dual-class companies will not be required to make a general offer if their share of voting rights is pushed past regulatory thresholds under certain circumstances.
Date: 25 January 2019; Type: Legal News; Source: Singapore Law Watch

Order to regulate Digital Currencies, Tokens Seen as Positive

KUALA LUMPUR, Jan 27 (Bernama) - The new order to regulate digital currencies and tokens as securities, which came into force on Jan 15 this year, is a shift in regulatory regime from both the Securities Commission (SC) and Bank Negara Malaysia, says an expert.
Date: 27 January 2019; Type: Legal News; Source: Bernama

Senate approves 2019 National Budget

MANILA, Jan 21 (PNA) - The Senate approved on third and final reading the proposed PHP3.757-trillion 2019 national budget or the General Appropriations Bill (GAB) on Monday.
Date: 21 January 2019; Type: Legal News; Source: Philippines News Agency

BSP, IMF host First Regional Dialogue on Financial Stability

MANILA, Jan 21 (PNA) - The Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) are co-hosting the Inaugural Regional Dialogue on Financial Stability (FS) for ASEAN Central Banks on Jan. 21-22 at the Philippine International Convention Center, with the theme, “Ensuring Financial Stability in the Region: Some Policy and ...
Date: 21 January 2019; Type: Legal News; Source: Philippine News Agency

National Bank to embrace Industry 4.0

The National Bank of Cambodia (NBC) will continue to promote the development of the Fourth Industrial Revolution in the Kingdom’s financial sector, according to its Macro-economic and Banking Sector Development in ...

Draft Law on monitoring Transactions passed more

Parliament passes into Law RAPBN 2019 in Plenary Session

Jakarta, Oct 31 (ANTARA News) - The House of Representatives (DPR) has passed into law the draft state budget (RAPBN) 2019 in a plenary session here on Wednesday. Finance Minister Sri Mulyani Indrawati said the draf ...

Government to set aside Special Allocation funds for National Museums House Commission approves Additional Budget for Industry 4.0 Bank Indonesia to prioritize Monetary Policy more

Government approves Special Budget for Flood Recovery

The government has approved a special budget of 500 billion kip (US$58 million) to repair public infrastructure that was damaged in last year’s floods, indicating that the remaining recovery work could soon begin.

Central Bank Governor gets New Legal Backing NA debates Draft Law on Central Bank Beware of Illegal Transactions by Fake Banks, Public warned more

BNM to launch Risk Management Policy to tackle Cybercrime

KUALA LUMPUR, Feb 19 (Bernama) - Bank Negara Malaysia (BNM) will be launching its Risk Management in Technology policy in June this year to provide guidelines, especially for financial institutions, to combat the rise in ...

SC amends Guidelines to require Digital Asset Platform Operators to register SC reprimands, fines Deloitte RM2.2 Million on Sukuk Issuance linked to 1MDB SC reprimands Three Auditors for Failure to meet Standards more

Bankers seek Clarity over Foreign Equity in Myanmar Banks

The latest regulation by the Central Bank of Myanmar (CBM) permitting foreign institutions to invest up to 35 percent in local banks has been well-received by the banking and financial industry. However, experts have fla ...

CBM to publish Market-Based Reference Exchange Rate Local Banks permitted to extend More Mortgages Central Bank permits Loans without Collateral at 16pc Interest Rate more

House ratifies 2019 National Budget

MANILA, Feb 8 (PNA) - The House of Representatives on Friday ratified the bicameral conference committee report on the proposed PHP3.757 trillion national budget for 2019.

House proposes Abandonment of the One Year Cash-Based Budgeting System Senate approves 2019 National Budget BSP, IMF host First Regional Dialogue on Financial Stability more

Parliament: Law to tackle Money Laundering passed

The Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Bill, which is part of efforts to boost Singapore's standards of anti-money laundering and countering the finance ...

Consultation Paper on Outsourcing by Banks and Merchant Banks Singapore to tighten Audit, Valuation Rules MAS revises Takeover Rules for Dual-Class Shares more

DPM and Industry Minister outline SME Bank Policy

BANGKOK, Dec 7 (NNT) - Deputy Prime Minister Somkid Jatusripitak and Minister of Industry Utama Saowanayon have handed down policies to the SME Development Bank (SME Bank) focused on aiding business operators in 2019 and ...

BoT relaxes Regulations to allow for Easier Loan Approvals Cabinet approves Special Budget to help Sugar Cane Growers Cabinet approves New Debt Moratorium Program for Eligible Farmers more

INDUSTRY UPDATES

Justice Ministry: US Claims ‘baseless’

The Ministry of Justice on Tuesday reacted to recent “baseless” claims by the US Embassy in Phnom Penh regarding the case of former opposition leader Kem Sokha, urging the embassy to stop spreading misinformation regarding the implementation of the law in Cambodia.

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INDUSTRY UPDATES

Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

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INDUSTRY UPDATES

DOJ urged to Act on Murder Raps vs PNP Men in Lawyer's Death

MANILA, Feb 19 (PNA) - A former Cebu City councilor asked the Department of Justice (DOJ) Monday to charge policemen implicated in the killing of his brother, lawyer Noel Archival, five years ago.

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INDUSTRY UPDATES

Laos, Japan celebrate 20 Years of Legal, Judicial Cooperation

The Lao and Japanese governments have highlighted 20 years of achievement in cooperation to strengthen the legal and judicial sectors in Laos, especially with regard to human resource development.

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INDUSTRY UPDATES

Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

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INDUSTRY UPDATES

MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

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INDUSTRY UPDATES

CBM headed in Right Direction, Bank Development expected: Experts

The Central Bank of Myanmar (CBM) has begun taking the initial steps to stand as an independent body, local financial experts and economists say.

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INDUSTRY UPDATES

Retired SC Justice Azcuna 'Selfless Government Worker': Palace

MANILA, Feb 15 (PNA) - Malacañang wished retired Supreme Court (SC) Associate Justice Adolfo Azcuna the best as he celebrates his 80th birthday on Saturday.

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INDUSTRY UPDATES

Rule of Law followed in Ressa Arrest

MANILA, Feb 15 (PNA) - Malacañang on Friday said the rule of law was followed in the arrest of Rappler chief executive officer Maria Ressa for cyberlibel amid criticisms of suppressing press freedom.

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INDUSTRY UPDATES

Rebuilding ASEAN’s Financial Safety Net

Singapore and Indonesia signed a US$10 billion (K15.23 trillion) bilateral swap agreement last October, allowing the two countries to assist each other during times of financial stress through US dollar loans. The move signalled a willingness by ASEAN countries to play a bigger and more direct role in strengthening the region’s financial stability, but there is still much more to do.

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INDUSTRY UPDATES

Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

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INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

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INDUSTRY UPDATES

Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

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INDUSTRY UPDATES

Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

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INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

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INDUSTRY UPDATES

DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

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INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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