The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and passport sales becoming increasingly the island's largest source of income. Banana production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994.
An offshore bank is a bank that is operated and regulated under international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Compliance has traditionally been explained by reference to the deterrence theory, according to which punishing a behavior will decrease the violations both by the wrongdoer and by others. This view has been supported by economic theory, which has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium. However, psychological research on motivation provides an alternative view: granting rewards or imposing fines for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, each containing numerous sections. Title III: International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is actually an act of Congress in its own right as well as being a title of the USA PATRIOT Act, and is intended to facilitate the prevention, detection and prosecution of international money laundering and the financing of terrorism. The title's sections primarily amend portions of the Money Laundering Control Act of 1986 and the Bank Secrecy Act of 1970.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11 attacks in 2001. It has ten titles, with the third title written to prevent, detect, and prosecute international money laundering and the financing of terrorism.
Financial Supervisory Authority is the Swedish government agency responsible for financial regulation in Sweden. It is responsible for the oversight, regulation and authorisation of financial markets and their participants. The agency falls under the Swedish Ministry of Finance and regulates all organisations that provide financial services in Sweden.
The Federal Financial Supervisory Authority, better known by its abbreviation BaFin, is the financial regulatory authority for Germany. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance. BaFin supervises about 2,700 banks, 800 financial services institutions, and over 700 insurance undertakings.
Anti-Money Laundering is software used in the finance and legal industries to help companies comply with the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. AML software can facilitate faster and more accurate compliance and investigations.
The Guernsey Financial Services Commission is the regulatory body for the finance sector in the Bailiwick of Guernsey. It supervises and regulates over 2,000 licensees from within the banking, fiduciary, investment and insurance sectors in accordance with standards set by international bodies such as the Basel Committee for Banking Supervisors, the International Association of Insurance Supervisors, the International Organisation of Securities Commissions and the Financial Action Task Force on Money Laundering.
The Swiss Financial Market Supervisory Authority is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland. FINMA's name and acronym are usually expressed in English so as to avoid the semblance of favouring any one of Switzerland's linguistic regions.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom which operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
The Telecommunications Regulatory Authority of Lebanon is an independent public institution established by Law 431/2002 and legally mandated to liberalize, regulate, and develop telecommunications in Lebanon. The TRA effectively started operations upon the nomination of its board members in February 2007.
Financial regulation in Australia is extensive and detailed.
The Financial Monitoring Unit is the Financial Intelligence Unit (FIU) of Pakistan established under the provisions of Anti-Money Laundering Act, 2010. It is an independent intelligence service department of the Government of Pakistan and primarily responsible for analyzing transactions, money laundering cases, building efforts against the terrorist financing, and all sorts of financial crimes within the jurisdiction of financial laws of Pakistan.
The Qatar Financial Information Unit (QFIU) is a Qatari government regulatory agency responsible for financial intelligence efforts to combat money laundering and financing of terrorism. Like other national Financial Intelligence Units (FIU) around the world, it requires banks, investment companies, insurers and other financial institutions to report suspicious financial transactions. QFIU then analyzes the information and disseminates the relevant data to law enforcement authorities for further investigation and action.
Vanuatu Financial Services Commission (VFSC) is the financial regulatory authority of Vanuatu. It was created by the Vanuatu Financial Services Commission Act No. 35 of 1993 when it assumed a part of the responsibilities of the Ministry of Finance and Economic Management. The VFSC regulates non-banking financial services in the country.
The Malta Gaming Authority (MGA) (LGA) is the gaming control board of Malta. It regulates most forms of gambling in its territory, including both land-based and online gambling services including B2C and B2B services.
The Financial Services Commission (FSC) is the Jamaican unified financial regulatory authority. It was founded in the year 2001 under the Financial Services Commission Act of 2001. The FSC has the responsibility of regulating and supervising any of the country's institutions that engage in non-deposit-taking financial services in relation to insurance, acquisition or disposal of securities and units under a registered unit trust.
Financial regulation in India is governed by a number of regulatory bodies. Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.
