Fines
Binance fined $3M over illegal operations in the Netherlands
Major global cryptocurrency exchange Binance is facing a penalty in the Netherlands after failing to obtain regulatory approval to operate in the country. The central bank of the Netherlands (DNB) has fined Binance Holdings 3.3 million euros ($3.3 million) for offering local crypto services without registration with authority. The Dutch central bank officially announced Monday that the regulator imposed the administrative fine in April 2022. The DNB pointed out that any company offering crypto services in the Netherlands is obliged to register with the central bank in compliance with the Money Laundering and Terrorist Financing Prevention Act. The regulator also mentioned that the DNB previously issued a public warning to Binance on Aug. 18, 2021. According to the announcement, the DN...
Binance Turkey fined 8M lira for non-compliance against money laundering
The Financial Crimes Investigation Board (MASAK) has fined Binance Turkey 8 million lira (nearly $750,000) after the crypto exchange failed the financial watchdog’s audit for monitoring Anti-Money Laundering (AML) compliance. The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, found crypto exchange Binance’s Turkey operations guilty of violating laws that intend to prevent the laundering of money acquired through criminal means. According to local news media Anadolu Agency, MASAK carried out an audit of Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law. The AML Law in Turkey requires companies to identify and verify the personal identification information...
Lagos assembly warns local councils against extorting courier, logistics operators
Pool Photo The Lagos House of Assembly on Monday ordered local government councils and local council development areas (LCDAs) in the state to desist from extorting and harrassing operators of courier and logistics services in the state. Mudashiru Obasa, the House speaker, said the local councils do not have the power to tax logistics and courier services. He said the power of the councils was limited to the registration of bicycles as dictated by the Constitution. Mr Obasa said it was important to act against the action of the councils because it affects the ease of doing business in the state. “We have to make them understand that going out to disturb well-planned and organised businesses that stand to create employment for our youth especially with the rate at which students graduate wi...
Exam malpractices: Lagos fines 27 schools N13.5 million
The Lagos State Government has fined a total of 27 private schools N13.5 million as part of punishments for being involved in examination malpractices during the 2020 Senior School Certificate Examinations (SSCE) which was conducted by the West African Examinations Council (WAEC). Each of the affected schools is to pay N500,000. This decision was contained in a statement issued on Monday by the Office of the Education Quality Assurance (OEQA) of the state’s ministry of education. The statement, which was signed by the spokesman for the OEQA, Emmanuel Olaniran, noted that the decision followed a report by the regional examination body which indicted the concerned private secondary schools. According to Mr Olaniran, WAEC officials, who monitored the conduct of the examination across the stat...
Senate advocates stiffer penalties for employers involved in ill treatment of employees, child labour, others
The Senate on Tuesday, passed for second reading, a Bill which seeks to review the Labour Act to provide stiffer penalties for various offences ranging from ill treatment of workers by employers, modern slavery, child labour to discrimination against women in the work place. The legislation titled ‘A Bill for an Act to amend the labour Act Cap L1, LFN, 2004 to review labour fine and other related matters, 2021,’ is sponsored by Senator Francis Onyewuchi (Imo East). According to the draft Bill, Section 21 proposed a fine of N500,000 and N1,000,000 from the present fine of N800 and N500 for first and second offences relating to “Breach of terms and conditions of employment”, as it relates to the wage hour, nature of employment, leave and contracts of employment, among others. Section 46 also...
Telegraph: Britain to tighten laws on imports linked to alleged Chinese human rights abuses
Britain will tighten the law on importing goods linked to alleged human rights abuses in China as ministers take a tougher stance on Beijing, The Telegraph reported on Monday. Foreign Secretary Dominic Raab will make a statement on Tuesday in the House of Commons on the government’s response to allegations of forced labour in China’s Xinjiang province, home to about 12 million Uighur Muslims, the report bit.ly/2LKt2Fe added. Among the measures expected to be unveiled by the government include expansion of the Modern Slavery Act, reacting to concerns that items manufactured under duress by the Uighur Muslim minority may be entering the UK, the Telegraph reported. Britain said last year there was credible, growing and troubling evidence of forced labour among Uighur Muslims. China has come u...
Mobile courts convict 76 traffic offenders in Plateau, Nasarawa
Federal Road Safety Corps Zone 4 Command, comprising Plateau, Benue and Nasarawa States has convicted 76 traffic offenders during the end of the year operations. The Zonal Commanding Officer Zone RS4, Jos, Assistant Corps Marshal Kayode Olagunju, said the Special Patrol Operation which is still ongoing till 15 January, 2021 is necessitated due to the usual increased mobility, Road Traffic Law Violations and Crashes associated with the Yuletide period. In a press statement issued by the Route Commander and Acting Zonal Public Education Officer Zone RS4, Jos, RC Olusegun Owoeye said all commanding officer in the zone have been directed to ensure prompt and prosecution of traffic offenders. He has directed all Commanding Officers in the Zone to ensure prompt arrest and prosecution of traffic ...
FRSC impounds 35 vehicles for not having speed limit devices
The Lagos State Sector Commander of the Federal Roads Safety Corps (FRSC), Mr Olusegun Ogungbemide, said that 35 commercial motorists had their vehicles impounded on Monday in Lagos for not installing speed limit devices in them. Ogungbemide made the disclosure in an interview with newsmen after the corps sensitized motorists plying the Lagos-Ibadan expressway on the need to install “speed governors” in their vehicles. He said the operation was in line with the directive of the Corps Marshal, Dr Boboye Oyeyemi, who had noticed an increase in the number of fatalities during the festive period. “We are not going to release those vehicles even after the payment of fines by their owners until they install speed limit devices in them,” he said. Ogungbemide urged motorists to be more careful on ...
FCTA prosecutes 20 for breaching coronavirus protocol
The Federal Capital Territory Administration (FCTA) yesterday arrested 20 persons for flouting COVID-19 protocols. The offenders were charged before Chief Magistrate Raphael Egbe of the FCT Mobile Court, sitting at the Eagle Square Abuja, and slammed with a one-count charge of violating COVID-19 protocol by not wearing face masks. The 20 accused persons, who were arrested by FCT TaskForce on COVID-19 were given an option of fines that ranged from N1,000 to N5,000, depending on their conduct during and after the arrest. Chairman of the FCT COVID-19 Taskforce, Ikharo Attah, said seven parks were shut within two days of the exercise for operating in stark violation of the new guidelines on the control of the pandemic. However, an officer of Nigeria Police Force, attached to the taskforce, sus...
Ukrainian president tests positive for coronavirus
Ukrainian President Volodymyr Zelensky said Monday he tested positive for the novel coronavirus but felt fine as infections surged in the country. “Despite all quarantine measures, I also had a positive test,” Zelensky said on Facebook. The 42-year-old leader said that his temperature was 37.5C but that he felt “good”. He will self-isolate and continue to perform his duties, he added. “Most people overcome Covid-19. And I will get through this too,” he said. The head of Zelensky’s office Andriy Yermak also said that he had contracted the coronavirus. In June, Zelensky’s wife Olena Zelenska was hospitalized after contracting the virus but has recovered. On Saturday, the ex-Soviet country of 40 million people reported a record of 10,746 new coronavirus infections. Ukraine, one of Europe’s po...
Nasarawa shuts Lafia mass-transit motor park
A Mobile Court sitting in Lafia, Nasarawa state on Saturday, shut down Lafia mass transit motor park for violating environmental sanitation laws. The court also directed operators of an illegal motor park, along the road leading to the palace of the Emir of Lafia to vacate within two weeks. Addressing the court, the prosecutor, Abubakar Mohammed, said that officials of the branch of the Union of Mass Transit and those of the illegal park were operating during the period stipulated for the observance of the monthly environmental sanitation exercise in the state. Muhammed said that the offences violated Section 9(2), of the state Environmental Sanitation Laws, and urged the court to sanction the offenders accordingly, to serve as deterrent to others After listening to the submission of the p...
