From securing crypto transactions with law enforcement to improving AML compliance, here’s what happened in April 2022.
Elon Musk’s Twitter Acquisition
The world’s richest man, Elon Musk, is facing legal issues over Twitter’s free speech usage.
CEO of Tesla and SpaceX, Elon Musk, has struck a deal to acquire Twitter for $44 billion. Musk intends to buy Twitter with the objective of granting free speech. Moreover, there is impending tension that Twitter might reactivate suspended accounts of people who were banned. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement.
Due to fall-outs with the existing senior staff at Twitter, Musk has landed in legal turmoil. The SpaceX CEO tweeted about the censorship of content on Twitter dragging a few names from Twitter’s current staff. Following the events, Musk received a warning from Twitter with 95 pages of legal jargon. The warning states Musk to refrain from using his power on the social media platform to attack the company.
Law Enforcement & Regulators To Secure Crypto Transactions
Thomson Reuters Institute held a conference on risk factors of companies operating in crypto-based transactions. Evidently, with increasing cyber-attacks, businesses operating with crypto currency are more vulnerable to financial risks.
During the conference, Justin Herring, Executive Deputy Superintendent in the Cybersecurity Division of the New York Department of Financial Services said, “If you think about it from the perspective of the cybercriminals, before crypto they had to hack in, steal information, then monetize it, hopping it through multiple accounts or cutting in other criminals, introducing risk at every stage”.
According to panellist Elizabeth Roper, Chief of the Cybercrime and Identity Theft Bureau in the New York District Attorney’s office, businesses should develop a relationship with law enforcement prior to any security breach. If the stolen asset is a crypto currency, “law enforcement actually has a pretty good chance of freezing and ideally recovering those assets,” said Roper.
NAB To Improve Its AML System
Australian Transaction Reports and Analysis Centre (ASTRAC) had identified gaps in NAB’s anti-money laundering and counter-terrorism financing (AML/CTF) compliance.
Following an investigation by ASTRAC, NAB has agreed to increase its AML and CTF compliance. NAB plans to undergo a system and monitoring upgrade to improve its compliance with these laws. Under this action plan, an independent auditor will report on the monitoring annually to ASTRAC, while a final report will be submitted in March 2025.
NAB’s CEO Ross McEwan stated that they will fix the raised concerns. “We recognise it has taken us longer to fix the concerns raised than it should have. We welcome ASTRAC’s acknowledgement that NAB has undertaken significant work to date – and we accept that there is more to do,” MacEwan said.
Lawyers Respond To Frydenberg’s Budget
In a recent survey about political leanings, lawyers responded to the 2022 Frydenberg’s budget.
When asked how the budget fares in the aspect of the legal profession, over 26% of lawyers were of the opinion that the set budget was “quite bad” for the legal profession.
However, lawyers seemed a tad more approving of the budget in the situation post its implementation. When asked how the nation and profession will fare in 12 months, about 40% said things could be a “little/lot better”, while 33% said it could be a “little/lot worse”.
Eastern Australian States At Blackout Risk In Future
The latest outlook on electricity and power by Reuters shows that Australian eastern states could face a blackout by 2025, which is 4 years earlier than previously flagged.
The Australian Energy Market Operator (AEMO) released an updated outlook for the electricity market, wherein it stated that New South Wales (NSW), where Eraring is located, would face blackouts from 2025.
While a number of transmission and energy projects are announced, they currently stay unfinalised.
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