Singapore watchdog creates expert cyber security advisory panel

Singapore watchdog creates expert cyber security advisory panel

Singapore watchdog creates expert cyber security advisory panel

The Monetary Authority of Singapore (MAS) last week announced that it has established a Cyber Security Advisory Panel (CSAP), which is made up of cybersecurity thought leaders from around the world. MAS said the CSAP will advise it on strategies to “enhance the cyber resilience” of Singapore’s financial sector. “Specifically, CSAP will provide MAS with global perspectives on evolving technologies…

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Hong Kong has become the first jurisdiction in Asia to enact apology legislation. The Hong Kong Legislative Council (LegCo) passed the Apology Bill on 13 July – a development with potentially far-reaching consequences for anyone involved in the management of risk or insurance, as well as those who may find themselves in litigation or resolving disputes in Hong Kong. The…

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies in Taiwan will be subject to new rules on anti-money laundering and cybersecurity, due to a series of measures undertaken by the Taiwanese government to improve its reputation as a jurisdiction for international business. In August 2016, state-run bank Mega Financial Holding was fined $180m by US authorities for its poor enforcement of anti-money laundering rules at its New…

Australian bank faces class action over money laundering scandal

Australian bank faces class action over money laundering scandal

Australian bank faces class action over money laundering scandal

Commonwealth Bank of Australia Bank (CBA), the country’s biggest listed company, is facing a possible class action suit from shareholders and investors after failing to disclose that it was facing money laundering charges. The legal action could be the largest ever seen in Australia, according to the parties bringing the lawsuit – lawyers Maurice Blackburn and litigation founder IMF Bentham.…

China’s multinationals prepare for internet crackdown

China’s multinationals prepare for internet crackdown

China’s multinationals prepare for internet crackdown

The many multinational companies operating in China are bracing themselves for an uncertain future in terms of access to the global internet, in anticipation of an extended crackdown from Beijing on the flow of uncensored online content. China has operated a ‘Great Firewall’ for many years to control online traffic from overseas, although it has been easy enough to bypass…

Leading politician named in Indonesia corruption case

Leading politician named in Indonesia corruption case

Leading politician named in Indonesia corruption case

Indonesia House of Representatives Speaker Setya Novanto has been named as a key suspect in one of the biggest anti-graft investigations in Indonesian history. A commissioner for the Corruption Eradication Commission said Mr Novanto is suspected of colluding with Indonesian businessman Andi Agustinus (also known as Andi Narogong) in a plan to funnel funds earmarked for a national electronic identity…

Singapore opens consultation on cybersecurity bill

Singapore opens consultation on cybersecurity bill

Singapore opens consultation on cybersecurity bill

The Cyber Security Agency of Singapore (CSA) and the Ministry of Communications and Information have released the much-anticipated Cybersecurity Bill for public consultation. The Bill, which has been almost two years in the making, is an attempt to create a single industry-wide cyber security framework for Singapore’s main businesses and to do away with the various sector-specific rules that exist…

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Three former executives at the Fukushima Daiichi nuclear power plant have pleaded not guilty to charges of professional negligence, in the only criminal trial to have resulted from the 2011 nuclear disaster. Tsunehisa Katsumata, chairman of Tokyo Electric Power Plant at the time of the incident, issued an apology to the Tokyo court at the commencement of the trial but…

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Anbang chairman reported to be under arrest as China’s corruption crackdown continues

Embattled Chinese insurer Anbang Insurance Group has been forced to deny the disappearance of its chairman, amid reports that he has been detained by Chinese authorities as part of its continuing anti-corruption drive. A statement from the Beijing-based insurer said Wu Xiaohui “was unable to perform his duties for personal reasons”, adding that “operations were normal” and that he had personally…

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