IFC NewsLinks

BANK ISLAM BANKING ON TURNAROUND PLAN FOR REVIVAL
Bank Islam Malaysia Bhd is banking on a new five-point turnaround strategy, hefty provisions to cover unpaid loans and tighter credit controls to return to profitability this financial year ending June 2007.
http://www.btimes.com.my/Current_News/BT/Tuesday/Frontpage/BT593154.txt/Article/

FOREIGN CURRENCY DENOMINATED BONDS ALLOWED IN MALAYSIA
Bank Negara will now allow the issuance of foreign currency-denominated bonds, particularly Islamic bonds in the Malaysian capital market.
http://biz.thestar.com.my/news/story.asp?file=/2006/11/1/business/20061101162647&sec=business

DISCIPLINARY COMMITTEE TO ADDRESS FINANCIAL SECTOR BREACHES
The Bahamas Securities Commission has established a disciplinary committee to hear and determine charges on local business registrants for acts of misconduct, according to Minister of State for Finance, who said the committee has the authority to impose sanctions if necessary.
http://www.jonesbahamas.com/?c=47&a=10379

GREEK 'ENOSIS' DREAM TO COME TRUE IN FINANCIAL MARKETS
The Greek dream of “enosis” (unification of Cyprus with Greece), which was shattered with the Turkish intervention in 1974, is about to come true in the finance sector. Greek and Greek Cypriot capital markets are to unite as of Oct. 30.
http://www.turkishdailynews.com.tr/article.php?enewsid=57774

UAE MINISTER SAYS IRAN-UAE STRONG TIES A MUST
The United Arab Emirates' Minister of Finance and Industry underlined the necessity of strong ties of his country with neighboring Iran which, he said, have their roots in history, IRNA reported.
http://www.iranmania.com/News/ArticleView/Default.asp?NewsCode=46830&NewsKind=Current%20Affairs

JERSEY TRUST CHANGES COME INTO EFFECT
Changes to Jersey’s Trusts Law have come into effect after being approved by the Privy Council. The move follows a “root and branch” review of the Trusts (Jersey) Law 1984 which took place last year, and the changes are designed to improve the Island’s position as a trust jurisdiction by making its legislation internationally competitive.
http://www.ifaonline.co.uk/public/showPage.html?page=ifa2006_articleimport&tempPageName=351161

FORMER GOVERNMENT ADVISER JAILED 10 YEARS FOR PYRAMID SCHEME
A con man who once provided legal advice to Alberta lawmakers was sentenced yesterday to 10 years in prison for his part in bringing a massive pyramid scam to Canada.
http://www.theglobeandmail.com/servlet/story/LAC.20061101.RITTER01/TPStory/National

CHINA TO ISSUE REGULATIONS TO SUPPORT ANTI-MONEY LAUNDERING
The People's Bank of China (PBOC), the central bank, said on Wednesday it would draw up regulations to strictly enforce the country's anti-money laundering law "as soon as possible". The bank would soon issue a series of regulations to combat money laundering in securities, futures and insurance sectors.
http://english.people.com.cn/200611/01/eng20061101_317376.html

ISRAEL DISCOUNT BANK UNIT TO PAY $12MILLION - U.S.
Israel Discount Bank of New York agreed to pay $12 million to settle allegations it failed to comply with U.S. anti-money laundering laws.
http://today.reuters.com/news/articleinvesting.aspx?type=governmentFilingsNews&storyID=2006-10-31T194258Z_01_N31181747_RTRIDST_0_FINANCIAL-ISRAELDISCOUNTBANK.XML

CONGRESS URGED TO REIN IN OECD'S GLOBAL TAX PROGRAM
Two influential US free-market advocacy groups, the National Taxpayers Union and Americans for Tax Reform, have sent letters to the Congress urging it to retain language inserted in this year's State Department spending bill impeding efforts by the OECD or the UN to introduce global taxation.
http://www.bnai.com/story.aspx?storyid=25292

CANADA EMBRACES THE TAX-CUTTING AGENDA OF BIG BUSINESS
The chief spokesmen and strategists for Canadian big business have given their grudging approval to the new federal budget. Big business deems the five-year, $58 billion plan of personal income, corporate, and capital gains tax cuts outlined in Monday's budget as no more than a down payment.
http://www.wsws.org/articles/2000/mar2000/can-m04.shtml

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