Search results for

No sign of money-laundering activity was found in Cyprus's banking system during the recent investigation by a team of international banking specialists from the Financial Action Task Force (FATF).

UK firm Linklaters & Paines is set to open its first South American office with a representative office in São Paulo. The firm has done a large amount of debt work out of Brazil but the intention is to target the potential for private sector equity work. "During the next five years we are going to see a lot of equity stuff coming out of South America so putting a team down in Brazil will put us in a very good position," says Nick Eastwell, a partner with Linklaters in London who specializes in emerging market securities.

Fasken Martineau, London and Toronto

McDonald & Hayden, Toronto

Bennett Jones Verchere, Calgary

In line with the recently published recommendations on the Private Finance Initiative (PFI), the UK government is to set up a Treasury Taskforce to help get projects off the ground. By Nicholas Bliss of Freshfields, London

Legislative Decree No. 124 of April 21 1993 introduced the concept of pension funds which could be established in addition to the national compulsory pension system.

Under Swedish legislation (12:2 of the Companies Act), a Swedish company may not pay a dividend to its shareholders exceeding the free equity as shown in the most recent balance sheet adopted. Even within the free equity, a dividend may not be paid if it contravenes good business practice as dictated by the company's or group's capitalization, cash position or general financial situation.

On June 3 1997, as part of a comprehensive effort to encourage the development of the securities market, the Uruguayan Central Bank (BCU) issued Circular No. 1,549 implementing the Investment Funds Act passed by Congress on September 17 1996.

A major federal appeal court in the US has ruled that Hong Kong is not a foreign state for the purposes of deciding whether a Hong Kong company is entitled to sue an American firm in US courts. Because Hong Kong is not considered a state, a company organized under Hong Kong law lacks the ability to sue in US courts on the basis of diversity or 'alienage' jurisdiction.