Australia: Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill overhauls anti-money laundering/counter-terrorism financing
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) will come into force in March 2026 and is designed to enhance compliance, reduce the risk of financial crime and adhere to global compliance standards in short Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) 10 December 2024 ("Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill") received Royal Assent. The legislation substantially amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) ("Anti-Money Laundering/Counter-Terrorist Financing Law”) and bring significant reforms to Australia’s anti-money laundering and counter-terrorism financing (“Anti-Money Laundering/CTF")regime. The amendments aim to close key legislative gaps and better align Australia’s AML/CFT regime with international standards set by the Financial Action Task Force (financial action task force). Brendan Thomas, Australian Transaction Reports and Analysis Center (Australian Transaction Reports Analysis Center) CEO said the Anti-Money Laundering/Counter-Terrorism Financing Amendment Bill would "close these gaps and minimize the regulatory burden on currently regulated businesses". Most of these amendments will not come into effect until March…
Argentina: Amendment to Regulatory Decree No. 206/2017
in short Adopted Decree No. 780/2024 published in the Official Gazette on September 2, 2024 (“decree"), Regulatory Decree No. 206/2017 and its subsequent amendments ("Regulatory ActAccess to Public Information Act No. 27275 ("law") has been modified. Among other things, the Act makes the following amendments to the Regulation Act: The Decree defines the scope of (i) public information, which does not include private data or data not in the public interest; (ii) documents, which is limited to any records generated, controlled or held within the framework of state activities, excluding Preparatory deliberations and working papers. The Act sets out the formal requirements for information requests. As for the exception to the provision of requested information within the framework of a request, the Decree clearly stipulates that the nature of confidentiality must be determined in advance by a proven act of the competent authority and shall be retained for 10 years from the date of its creation. The Act regulates the…
Singapore: Amendment to the Patent Declarations Regulations
brief The Health Products (Therapeutic Products) Regulations (“Regulation”) was recently amended through the Health Products (Therapeutic Products) (Amendment) Regulations 2024. The amendments came into effect on August 1, 2024. These changes are intended to provide clarity to stakeholders about which patents need to be considered when applying to register a therapeutic product and which patents fall under the patent claims regulations. In addition, they seek to reduce the potential for abuse of the patent claims process. The revised patent declaration requirements are intended to reduce the number ofHuman serum albuminTo achieve this, the HSA will notify patent owners of the registration of products covered by them during the patent's validity period without requiring their consent or approval. In particular, it is now clear that process patents do not fall within the scope of Article 23 of the Regulation. Any person who makes a false patent claim in an application for registration of a therapeutic product, such as: (a) making any…
South Africa: Companies Amendment Bill signed into law
Effective date to be announced soon brief President Cyril Ramaphosa signed the Companies Amendment Bill and the Second Amendment Bill (collectively the “bill”) will come into force on 26 July 2024. As of 29 July 2024, the Bill has not been published in the Gazette and the expected date of its entry into force is unclear. Once it comes into force, the Bill is expected to have an immediate impact on doing business in South Africa. On Friday, July 26, 2024, after a long wait, a Palace media statement announced that the President had signed the bill into law. The bill has not yet been gazetted (as of July 29, 2024), and it is unclear when it will come into effect, or whether companies will have a transition period to comply with the amendments. The enactment of the Bill will make a number of changes to the existing Companies Act; for a more detailed analysis of some of the amendments,…
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
