Practices in Greece, Cyprus and Malta distort competition in the maritime sector, violate EU law “and must come to an end,” he said.
«UBS intends to appeal the decision,» the Swiss bank said in the legal disclosure section of its annual report, which means the suspension won't enter into force yet. The SFC wasn't immediately available for comment
The South African study is based on responses from a representative sample of 59 banks, insurers and asset managers, including 17 with assets exceeding $50bn.
Regardless of the gravity of restrictions, these regulatory efforts, especially those made by major economies, appear to impact both the local and international crypto markets.
Anyone with offshore assets is being warned to make sure they disclose them, or they could face new, tougher penalties.
The complaint targeting the 2013 picture, directed by Martin Scorsese, is among more than two dozen forfeiture lawsuits filed by the U.S. against $1.7 billion assets that were allegedly acquired with money stolen from 1Malaysia Development Bhd.