The present proposal for a Regulation aims to transpose Special Recommendation VII on “wire transfers” (SR VII) of the Financial Action Task Force (FATF) into Community legislation.
The proposal lays down rules on information on the payer accompanying transfers of funds, in order to ensure that basic information is immediately available to the authorities responsible for combating money laundering and terrorist financing, to assist them in their task.
The Pension Protection Fund has been established to pay compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer on or after 6 April 2005, and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation.
Risk management for today and tomorrow Risks that treasurers face both as individual professionals and on behalf of the organisations for which they work are subtly shifting.
The Turnbull guidance sets out best practice on internal control for UK listed companies, and assists them in applying section C.2 of the Combined Code.
The Turnbull guidance was originally published in 1999. In July 2004 the FRC set up a group chaired by Douglas Flint (Group Finance Director, HSBC Holdings plc) to review the guidance and update it where necessary, in the light of experience in implementing the guidance and developments in the UK and internationally since 1999.
An enduring pensions settlement With people living much longer in retirement and an apparent decline in the number of people saving, retirement incomes could be significantly lower in 20 years time
A new European Commission Green Paper launches ideas to further integrate EU financial markets. It focuses primarily on implementing existing rules agreed under the Financial Services Action Plan (FSAP) and on cooperation, rather than proposing new laws. It explores ways of improving cross-border access to retail financial services and asset management. The Green Paper is open for public consultation until 1 August 2005. The final financial services policy programme will be presented in November 2005.
Internal Market Commissioner Charlie McCreevy said:
