Legal
James Bullard on Fed policy, action and governance
St Louis president calls for tapering, quantifies AIT and details Congress’s role in Fed ethics
MAS consults on ‘Cosmic’ risk info-sharing platform
Digital platform for AML/CFT information sharing could be launched as soon as 2023
Summers: digital yuan unlikely to threaten US dollar
Traceability of Chinese CBDC amid “financial thunderbolts” from Beijing may limit appeal
Podcast: Fintech and the question of central bank autonomy
Central banks should ensure their fintech activities do not undermine transparency and independence
BSP calls for criminalisation of ‘extreme’ coin hoarding
Proposal comes as police seize hoard of 50 million pesos worth of pennies
Why fintech governance matters for central banks
Fintech throws up an array of challenges that may require central banks to adapt their frameworks
China outlaws all crypto transactions and bans mining
PBoC, cyber watchdog and central economic planner act in a joint crackdown on crypto
Most central banks cannot bring criminal charges against banks
But 87.5% of institutions report they can refer these charges to other public institutions
RBNZ served ‘compliance notice’ after cyber attack
Privacy commissioner concerned by possible “systemic weakness” in central bank’s cyber defences
Criteria for systemically important payment infrastructure differs
Thirty-one out of 37 central banks said they designate systemically important payment infrastructure
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments, to support a large allocation of ‘official’ IMF SDRs
Sanctioned disobedience: the challenge of protecting whistleblowers
Most central banks have policies on whistleblowing, but practice and usage vary widely
US court finds Iranian central bank liable in terrorism suit
Plaintiffs sued Iran and Syria in US court for damages in 2015 Hamas attack
Somalia’s governor on rebuilding its central bank
Governor Abdullahi discusses payments systems and reviving Somalia’s war-damaged economy
Three ways to bolster flawed AML/CFT in the EU
EU must address significant weaknesses if it wants to combat illicit money flows, write Panicos Demetriades and Radosveta Vassileva
China abandons cryptocurrencies under the PBoC (this time it’s for real)
New data centres set to be established to compensate provinces for lost crypto mining revenues
El Salvador’s bitcoin currency experiment
Move by first nation to approve bitcoin as legal tender raises important issues
French prosecutors investigating Lebanese governor – reports
Riad Salameh has repeatedly denied allegations of money laundering and corruption
El Salvador extends executive control over central bank
Changes exclude employers’ association from nominations and expand grounds for dismissal
Central banks face legal risk over climate – ECB’s Elderson
NGOs could sue central banks for failure to take suitable action over climate change, says NGFS chair
German court dismisses challenge to ECB bond-buying
Constitutional court ends long-running challenge to asset purchase programme
Cash infrastructure as public good – implications for the cash cycle
Eurosystem is seeking to safeguard cash infrastructure even as transaction volumes plunge
Brazilian opposition and prosecutor challenge central bank law
Former president’s party argues law giving central bank more autonomy is unconstitutional
Central bank ‘activism’ risks long-run costs, paper argues
Central banks acting outside their mandate is “never without cost”, law professor says