Asian Legal Review

A recent announcement by the Office of Trade Sanctions Implementation (OTSI) that the UK branch of an multinational bank had discovered potentially illegal transactions highlights the trade sanctions risks the financial services market faces without due diligence, an expert has warned.

As Prabowo Subianto marks his first year as Indonesia’s president, the former general is grappling with the challenge of turning his populist campaign promises into lasting policy.
While early initiatives such as free meals for children have drawn praise, concerns over civil liberties, economic sluggishness and foreign policy decisions threaten to overshadow his administration’s achievements.
Prabowo, who was sworn in on October 20 last year, campaigned on a platform of ambitious social…

Nepal’s interim prime minister on Monday draped a national flag over the coffin of returned Gaza hostage Bipin Joshi, released under the ceasefire deal between Israel and Hamas.
“Bipin is a son of all Nepali mothers,” Sushila Karki said at a ceremony held at the airport in Kathmandu, after his body was flown back to the capital from Tel Aviv.
“The name Bipin will be immortal, no one can forget him for his bravery and the hardships he had to face.” Joshi, an agriculture student who was 22 when…

Professional services firms – from accounting and law to wealth management – are increasingly attracting the attention of private equity investors, drawn by their stable revenue models and growth potential. But as well as opportunities, these deals come with a unique set of legal and operational challenges.

Malaysia has raised the alarm over potential misuse of subsidised petrol in its states bordering Thailand, with data showing some motorists rapidly exhausting their monthly quotas – raising suspicions that a new fuel aid scheme is being exploited to feed smuggling networks.
Under the Budi95 scheme that was rolled out nationwide on September 27, eligible Malaysians pay 1.99 ringgit (42 US cents) per litre for RON95 petrol instead of the unsubsidised 2.60 ringgit.
The subsided amount of fuel is…

Bangladeshi traders on Sunday assessed heavy losses after a devastating fire tore through the cargo complex of the country’s main international airport, as the government opened an investigation into possible arson.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) gave an initial assessment of “devastating” direct and indirect costs of as much as US$1 billion.
Firefighters had brought the blaze under control and flight operations resumed late Saturday, airport executive…

A dark tanker carrying liquefied natural gas from a US-sanctioned Russian export plant has positioned itself for a rare open-water fuel transfer off the coast of Malaysia, satellite images show, in a demonstration of the increasingly circuitous routes taken by Moscow to evade Western restrictions.
The Perle, which was sanctioned by the US earlier this year, is currently anchored parallel to another vessel about 90 kilometres (55 miles) east of the Malaysian peninsula, according to Sentinel-2…

Flights out of Bangladesh’s main airport were delayed or diverted on Saturday after a major fire broke out in the cargo terminal, officials said.
Thirty-six firefighting units were working to douse the flames, said Talha Bin Zasim, an officer at the Fire Service and Civil Defence Media Cell.
Operations at Dhaka’s Hazrat Shahjalal International Airport were suspended, airport official Masudul Hasan told reporters, adding all aircraft were safe.
There was no immediate information as to what may…

Thousands of residents fled their homes along the Pacific seaboard of the Philippines on Saturday as Tropical Storm Fengshen made landfall, triggering warnings of coastal flooding.
The storm barrelled into the municipality of Gubat at the southeastern tip of the main island of Luzon late afternoon, with gusts of up to 80km (50 miles) an hour, the government weather service said.
There were no immediate reports of serious damage or casualties, authorities said, with evacuations already carried…

A sharp rise in the number of nationally significant cyber attacks in the UK highlights the need for greater vigilance in implementing security, an expect has warned.