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Eritrea: Law on Issuance of New Currency Notes Enacted

(Nov. 10, 2015) On November 4, 2015, the Bank of Eritrea, the country’s central bank, issued the Legal Tender Nakfa Currency Notes Regulations to provide for the replacement of the currency notes currently in circulation (the old Nakfa) and to impose limitations on the amount of money individuals may hold in cash. (Legal Notice No. 124/2015 Legal Tender Nakfa […]

Vietnam: Central Bank Currency Regulation Issued

(Nov. 3, 2015) On October 2, 2105, the State Bank of Vietnam issued Circular No. 15/2015/TT-NHNN, on foreign currency transactions at credit institutions. The goal of the Circular, which went into effect on October 5, is to limit speculation in and hoarding of U.S. dollars and other foreign currencies. (Central Bank to Tighten Management of […]

Indonesia: Central Bank Measures to Stabilize Currency

(Oct. 7, 2015) On September 30, 2015, Indonesia’s central bank, Bank Indonesia, announced new measures designed to stabilize the rupiah, the country’s currency. The Bank will issue certificates in foreign currency and also will intervene in the currency market, hoping to stem the fall of the rupiah, both in fact and in public perceptions about […]

Indonesia: Circulars Issued on Bank Accounts for Foreigners, Other Financial Services

(Sept. 18, 2015) Indonesia’s Financial Services Authority has recently issued a number of regulations and circulars, including a Regulation on Framework Provisions on the National Economic Stimulus for Banks (Regulation No. 11/POJK.03/2015) and a Regulation on Framework Provisions of the National Economic Stimulus for Islamic Banks and Sharia Businesses (Regulation No. 12/POJK.03/2015, in addition to […]

Austria: Parliament Enacts Tax Reform

(Aug. 20, 2015) On July 23, 2015, Austria’s Parliament enacted a major reform of the country’s tax system that expands the progressive income tax scale for individuals to six brackets, ranging from an initial 25% rate to a ceiling rate of 55%. Other aspects of the reform include, inter alia, doubling the tax-exempt allowance for […]

Italy: Updated Legislation on Credit Entities and on Strengthening of Bank of Italy

(July 17, 2015) On June 27, 2015, new legislation on the supervision of credit entities and on the strengthening of the country’s central bank, Decree-Law No. 72, entered into effect in Italy. (Decree-Law No. 72 of May 12, 2015, Implementation of EU Directive 2013/36, That Amends Directive 2002/87/CE and Repeals Directives 2006/48/CE and 2006/49/CE, Concerning […]

Iceland: Easing of Capital Controls and Banking Regulations

(July 16, 2015) On July 3, 2015, the Icelandic Parliament (Althingi) passed legislation (The Act on a Stability Levy) to ease capital controls and bank regulation in the country, provided certain conditions are met. The regulations were set in place following the 2008 banking crash in the country. (Press Release, Legislation on Stability Levy Adopted […]

Iceland: Update: Supreme Court Increases Jail Sentence for Kaupthing Bank Director and Shareholder

(July 2, 2015) On February 12, 2015, the Icelandic Supreme Court decided the Al-Thani Case, in which the Chief Executive of Kaupthing Bank, the CEO of its Luxembourg branch, the Chairman of the Board, and the bank’s largest shareholder were charged with market manipulation. (Iceland Jails Kaupthing Bankers for Market Manipulation, NEW YORK TIMES (Feb. […]

European Union: EU Signs Agreement with Switzerland to End Banking Secrecy

(June 2, 2015) On May 27, 2015, the European Union and Switzerland signed a new tax transparency agreement. Pierre Moscovici, the EU Commissioner for Economic and Financial Affairs, Taxation and Customs, and Janis Reirs, Latvian Minister of Finance on behalf of the Latvian Presidency of the Council for the EU, and the Swiss State Secretary […]