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Barnama
3 days ago
- Business
- Barnama
Oman Audit Institution Seeks Strategic Collaboration With MACC
KUALA LUMPUR, June 19 (Bernama) -- Oman's State Audit Institution (SAI) has expressed its intention to establish a strategic partnership with the Malaysian Anti-Corruption Commission (MACC) to strengthen international cooperation in combating corruption and enhancing governance. In a statement, the MACC said that the matter was conveyed by SAI deputy chairman for Audit on Authorities, Investment and Companies, Zahra Mohamed Al Lawati, during a courtesy call on MACC Chief Commissioner Tan Sri Azam Baki at the MACC headquarters in Putrajaya today. 'SAI is an independent body that reports directly to the Sultan of Oman and is tasked with overseeing financial and administrative controls, including auditing, performance monitoring, investment management, and the oversight of financial violations,' it said, adding that the institution recorded a significant improvement in the 2024 Corruption Perceptions Index, reflecting a positive outcome of its governance efforts.
Straits Times
13-06-2025
- Politics
- Straits Times
Mongolian lawmakers elect new PM after anti-corruption protests
Thousands of young people have demonstrated in the capital Ulaanbaatar in recent weeks. PHOTO: AFP ULAANBAATAR - Mongolian lawmakers on June 13 swore in former top diplomat Gombojav Zandanshatar as the country's new prime minister, after his predecessor resigned following weeks of anti-corruption protests. Thousands of young people have demonstrated in the capital Ulaanbaatar in recent weeks, venting frustration at wealthy elites and what they see as pervasive corruption and injustice. They called for then-prime minister Luvsannamsrain Oyun-Erdene to step down, and got their wish when the embattled leader announced his resignation last week. Mr Zandanshatar – also from Mr Oyun-Erdene's ruling Mongolian People's Party (MPP) – was elected as his replacement in the early hours of Friday morning. The 52-year-old has been a fixture on Mongolia's fractious political scene for around two decades. He previously served as foreign minister and chief of staff to President Ukhnaa Khurelsukh, as well as parliamentary speaker when the fledgling northern Asian democracy passed key constitutional reforms in 2019. Before its recent political crisis, Mongolia had been ruled by a three-way coalition government since elections last year resulted in a significantly reduced majority for Mr Oyun-Erdene's MPP. But last month, the MPP evicted its second-largest member, the Democratic Party (DP), from the coalition after some younger DP lawmakers backed calls for Mr Oyun-Erdene's resignation. That pushed Mr Oyun-Erdene to call a confidence vote in his own government, which he lost after DP lawmakers walked out of the chamber during the ballot. He announced his resignation on June 3, though has since been serving in a caretaker role pending his replacement. Mr Zandanshatar takes charge as Mongolia faces a combustive political cocktail of widespread corruption, rising living costs and concerns over the economy. Since Mr Oyun-Erdene took power in 2021, the northern Asian nation's ranking in Transparency International's Corruption Perceptions Index has fallen, and May 's protests erupted after accusations of lavish spending by his son. Mr Oyun-Erdene has consistently denied accusations of corruption against him and his family. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Arabian Post
12-06-2025
- Business
- Arabian Post
EU's AML Overhaul Sees UAE Delisted, Algeria and Lebanon Added
Arabian Post Staff -Dubai Brussels has moved to recalibrate its anti-money laundering framework with a significant update to its high‑risk third‑country list. The European Commission has put forward a delegated regulation that, pending a one-month scrutiny by the European Parliament and member states, would remove the United Arab Emirates from the bloc's 'high‑risk' list under the Fourth Anti‑Money Laundering Directive. Simultaneously, Algeria and Lebanon—alongside eight others—will be newly classified as jurisdictions with 'strategic deficiencies' in their national AML and counter‑terrorism financing frameworks. The UAE, delisted in tandem with Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda, has undergone a sequence of reforms aimed at strengthening judicial oversight, regulatory compliance, and enforcement against illicit financial flows. Its exit from the FATF's grey list in February 2024 marked the start of a broader crackdown that included the creation of specialised courts for financial crimes and a succession of heavy penalties—most recently, a ₫3.3 million fine imposed by the Central Bank on multiple currency exchange houses for compliance violations. ADVERTISEMENT In Brussels, Commissioner Maria Luís Albuquerque emphasised that the overhaul aligns with global standards and is based on rigorous evaluations involving FATF findings, bilateral dialogues and onsite assessments. The process reflects a broader ambition to shore up the integrity of Europe's financial system by enforcing transparency and curbing illicit financial flows. The inclusion of Algeria, Lebanon, Angola, Côte d'Ivoire, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela signals rising concern about governance standards in these jurisdictions. Algeria's entry follows high-profile anti-corruption prosecutions and its low standing in Transparency International's Corruption Perceptions Index. Lebanon's designation reflects ongoing socioeconomic volatility and persistent finance networks linked to non-state armed actors. Monaco, already on the FATF grey list since mid‑2024, was also added to the EU's high‑risk list despite its recent enhancements to its financial intelligence unit and AML supervisor. The Commission acknowledged its progress while noting unresolved weaknesses. The dynamics surrounding the UAE's delisting, however, are not without controversy. Previously, the European Parliament blocked the move, echoing concerns voiced by Transparency International, citing insufficient progress. Opposition is noted to persist among MEPs, particularly from Spain and its stance on Gibraltar, complicating consensus. From an economic standpoint, the delistings carry tangible incentives. Banks and financial institutions across the EU will scale back enhanced due diligence on transactions linked to the UAE, reducing compliance burdens and speeding up capital flows. Analysts suggest this could enhance foreign investment, signalling confidence in the UAE's reputation as a global financial hub and factoring into ongoing free-trade negotiations with the EU. Despite the acknowledged legislative reforms in the UAE, dissent persists. German Green MEP Rasmus Andresen criticised the move as premature, warning that regulatory gaps remain that could be exploited for illicit financial activities. Commission spokespersons framed the update as technical, decoupled from trade ambitions, though the timing follows the launch of EU–UAE trade negotiations in April. On the other side, proponents speak of a 'reputational course correction' for the UAE, part of a sweeping strategy since 2022 that included legislative overhauls, enforcement operations and judicial mechanisms to reinforce compliance with FATF standards. Should no objections arise during the legislative review, the updated list will come into force in late July. Transaction oversight requirements across EU financial institutions will adjust accordingly, with the UAE reclassified and new protocols applying to the newly added jurisdictions.
Muscat Daily
03-06-2025
- Business
- Muscat Daily
Mongolian PM resigns after losing confidence vote
Ulaanbaatar, Mongolia – Mongolian Prime Minister Luvsannamsrain Oyun-Erdene resigned on Tuesday after failing to secure enough support in a confidence vote, a parliamentary statement said. It comes after weeks of public protests against allegations of corruption. Oyun-Erdene received just 44 votes in the 126-seat parliament, well below the 64 needed to remain in office. Following the declaration of the results, Oyun-Erdene said: 'It was an honour to serve my country and people in times of difficulties, including pandemics, wars, and tariffs.' He will remain a caretaker role until a successor is appointed within 30 days. Political crisis brews Prior to the vote, Oyun-Erdene has warned that the confidence motion could cause instability and posed a threat to democracy in the country. 'If governance becomes unstable, the economic situation deteriorates, and political parties cannot come to consensus. It could lead the public to lose faith in parliamentary rule and potentially put our democratic parliamentary system at risk of collapse,' he said. Formerly communist Mongolia adopted democracy after the fall of the Soviet Union. Last month, Oyun-Erdene's Mongolian People's Party (MPP) expelled the Democratic Party (DP) from the ruling coalition after some of its younger lawmakers backed calls for the prime minister's resignation. Protests against corruption The prime minister's resignation follows days of youth-led protests in capital Ulaanbaatar calling for his ouster over inequality, corruption, and rising living costs, with citizens demanding reform and accountability. Reports of lavish spending by Oyun-Erdene's son fuelled the protesters. The protesters have said the country's mineral riches have benefited businesses and the wealthy, while many Mongolians still live in poverty. In a statement to AFP last month, the prime minister's office said it 'vehemently' denied the allegations, labelling them as a 'smear'. Mongolia's drop in Transparency International's Corruption Perceptions Index since Oyun-Erdene came to power in 2021 also did not help his cause. DW
Time of India
03-06-2025
- Business
- Time of India
Mongolian PM resigns after losing confidence vote
Mongolian Prime Minister Oyun-Erdene Luvsannamsrai (AP) Mongolian Prime Minister Luvsannamsrain Oyun-Erdene resigned on Tuesday after failing to secure enough support in a confidence vote, a parliamentary statement said. It comes after weeks of public protests against allegations of corruption. Oyun-Erdene received just 44 votes in the 126-seat parliament, well below the 64 needed to remain in office. Following the declaration of the results, Oyun-Erdene said: "It was an honor to serve my country and people in times of difficulties, including pandemics, wars, and tariffs." He will remain a caretaker role until a successor is appointed within 30 days. Political crisis brews Prior to the vote, Oyun-Erdene has warned that the confidence motion could cause instability and posed a threat to democracy in the country. "If governance becomes unstable, the economic situation deteriorates, and political parties cannot come to consensus. It could lead the public to lose faith in parliamentary rule and potentially put our democratic parliamentary system at risk of collapse," he said. Formerly communist Mongolia adopted democracy after the fall of the Soviet Union. Last month, Oyun-Erdene's Mongolian People's Party (MPP) expelled the Democratic Party (DP) from the ruling coalition after some of its younger lawmakers backed calls for the prime minister's resignation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thị trường có dấu hiệu suy thoái không? IC Markets Đăng ký Undo Protests against corruption The prime minister's resignation follows days of youth-led protests in capital Ulaanbaatar calling for his ouster over inequality, corruption, and rising living costs, with citizens demanding reform and accountability. Reports of lavish spending by Oyun-Erdene's son fueled the protesters. The protesters have said the country's mineral riches have benefited businesses and the wealthy, while many Mongolians still live in poverty. In a statement to AFP last month, the prime minister's office said it "vehemently" denied the allegations, labelling them as a "smear." Mongolia's drop in Transparency International's Corruption Perceptions Index since Oyun-Erdene came to power in 2021 also did not help his cause.
