Category: Banking

Regulatory Watch News

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  29 arrested and 26 tonnes of illegal plant protection products seized in France and Spain

  Europol

  April 7, 2025

  Law enforcement from France and Spain, supported by Europol, have arrested 29 members of a criminal organisation for selling illegal plant protection products. The investigation revealed that the gang had sold 25 tonnes of these products, mainly in France. Investigators estimate that the suspects earned more than EUR 5 million from their illicit activities.

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  SFC sets out staking guidance for licensed virtual asset trading platforms and authorised virtual asset funds

  Securities and Futures Commission

  April 7, 2025

  The Securities and Futures Commission (SFC) today provided regulatory guidance respectively to licensed virtual asset trading platforms (VATPs) on their provision of staking services, and to SFC-authorised funds with exposure to virtual assets (VA Funds) on their engagement in staking . In setting out its regulatory approach, the SFC recognises the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields on virtual assets within a regulated market environment. The latest guidance allows VATPs to expand product and service offerings, one of the five pillars set out in the SFC’s “ASPIRe” roadmap to develop Hong Kong’s virtual asset ecosystem

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  Final person sentenced over multi-jurisdictional money laundering syndicate

  Australia Federal Police

  April 7, 2025

  A Chatswood woman who washed $3.8 million for a Vietnamese money laundering syndicate has become the seventh and final person sentenced under Operation Avarus-Galetta. The woman, 26, was sentenced on 28 March, 2025, by the Downing Centre District Court to 21 months’ imprisonment, to be released after seven months on a Recognisance Release Order. AFP-led Taskforce Avarus launched an investigation in 2022 following a report received from the Commonwealth Bank Financial Crimes Intelligence Unit.