The cost of keeping Hong Kong and Singapore financially open
Banks can withdraw from business that is costly to verify, but financial centres ultimately bear the impact
ON OCT 1, the US Treasury designated Russia’s A7 payment network as a significant transnational criminal organisation, adding to sanctions already imposed on A7 entities in August 2025.
Washington cited alleged assistance to Iran and its proxies, which A7 denies.
The case raises a broader question about how banks can keep legitimate customers connected when the origins of a payment are difficult to establish.
TRENDING NOW
Government to bring forward raising of retirement age, give employers more financial support to create flexi-load jobs
If Europe goes to war, the fallout will be felt in East Asia
Indonesia stocks suffer worst plunge in nearly 30 years as MSCI proposes standalone status
Vietnam’s northern provinces, not Hanoi or Ho Chi Minh City, are powering near 10% GDP growth
