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Oene Marseille Emir Nurmansyah Indonesia has shortened its review process by 30 days for the issuance of the principal licence, considered to be the preliminary licence before the final issuance of the borrow-to-use permit (Izin Pinjam Pakai) for its forest areas. Indonesia's Minister of Forestry decreed this in its updated guidelines on the issuance of borrow-to-use permits for forest areas in Indonesia. Under the new guidelines (Regulations of the Ministry of Forestry), the principal licence review process is shortened from a maximum of 120 business days to 90 business days. The review process for the issuance of the borrow-to-use permit itself, for which the principle licence is a prerequisite, remains unchanged (a maximum review period of 90 days is prescribed). Further, the new guidelines have left untouched a bulk of the old procedures and mechanisms. For example, the provisions dealing with general application procedures, requisite supporting documents, applicant's obligations and the required compensatory actions remain the same. The borrow-to-use permit is issued by the Minister of Forestry of Indonesia. This permit is one of the most important, yet onerous licences to obtain before conducting any natural resource exploration and exploitation activities in a forest area in Indonesia. Industries traditionally affected by this permit requirement include oil and gas, geothermal, coal and other minerals, power generation, lumber, and plantations.

Pedro Cortés Marta Mourão Teixeira Legislation on anti-money laundering was passed in Macau in 2006, although there were some previous regulations already providing for it. Law 2/2006 on the prevention and repression of money laundering crimes of April 3 2006, established measures aimed at preventing and suppressing the criminal offence of money laundering. It defined the gains of money laundering as any assets derived from the commission, through any form of participation, of a typified act, which would be punishable with a penalty of imprisonment of a maximum term of three years.

Elias Neocleous The Cyprus Securities and Exchange Commission (CySEC) has issued a circular reminding providers of administrative and corporate services (ASPs) that it supervises their reporting obligations under the Law regulating Companies providing Administrative Services and Related Matters of 2012 (the ASP Law). It draws attention to article 11(1)(c) of the ASP Law, which provides that ASPs whose application for a licence is under consideration by CySEC must comply with the requirements of the ASP Law and CySEC Directive D?144-2007-08 of 2012 for the Prevention of Money Laundering and Terrorist Financing (the AML Directive).

Adrian Roseti As of February 1 2014, both Criminal and Criminal Procedure Codes were implemented, replacing regulations that have been in force since 1968, drafted at a time when the political status quo in Romania not only discouraged but even forbade private initiative. Although the previous codes have been subject to several adjustments and substantial case law may have cleared several grey areas, in order to adjust to the realities of the modern economy (for instance, properly defining energy theft, telecommunication resources and internet access and data), the need for new explicit regulation has superseded the conservative approach. Despite the fact that the new provisions were initially announced as imposing milder sanctions, it appears that whereas in specific cases some sanctions have decreased, any multiple offence is now sanctioned in a more drastic manner and in some cases sanctions have even increased (for example in competition law crimes).

The Bank of Tokyo-Mitsubishi UFJ’s co-head of corporate banking for EMEA says that trade relations between Japan and Turkey are set to get stronger

Gonenc Gurkaynak of Elig Attorneys at Law explains the recent Draft Law and Regulation, which aim to bring Turkish competition law in line with more streamlined EU standards

Kemal Aksel and Begum Incecam at Kolcuoglu Demirkan Kocakli give an overview of squeeze-out mechanisms in Turkey, as regulated by the new Communiqué on Squeeze-out and Sell-out Rights

Memet Yazici, managing partner at TRPE Capital, explains why he thinks SMEs are the next big thing in Turkey

As Europe's sixth and the world's eighteenth largest economy, Turkey is one of the most promising high-growth markets. And with projected growth of at least five percent each year in the medium-term, the country still has significant untapped potential.

Kerem Turunç of TURUNÇ describes some of the recent changes to Turkish securities regulation