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Late last year, regulators in the United States and Britain launched an investigation into London's interbank rate setting process. These concerns have prompted scrutiny of lending benchmark rates in many parts of the world. Singapore has announced reviews of the way interbank benchmark rates were set.
Tighter regulatory regimes, especially in the fight against money laundering and the financing of terrorism, have become one of the key themes in the regulatory framework for financial centres and financial institutions. Senior management in financial institutions need to know the key risks impacting their businesses and advise regulators on the controls that are in place to mitigate associated money laundering risks.
In this issue, we discuss one area of growing interest - the Advanced Persistent Threats (APTs). This form of cyber attack focuses on the unique vulnerabilities of the target and is coordinated by an organisation to attack a specific target. We talk about how these risks can be mitigated and why it is important to do so right now. This issue will also include a section featuring recent updates in regulatory issues, accounting standards and tax legislation which may be of interest to you.