BREAKING: San Marino Passes New Law to Crack Down on Insider Trading and Financial Crimes
San Marino has taken a major step towards combating financial malfeasance by passing a new law aimed at preventing insider trading and other forms of financial fraud. The law, which came into effect immediately, imposes severe penalties on individuals who engage in these illegal activities.
Key Provisions of the Law
The law outlines several key provisions to prevent and punish insider trading:
- Prohibition on Trading: Any person who possesses inside information about financial instruments or issuers and uses that information to trade, recommend others to trade, or disclose the information to another person for trading purposes will be subject to prosecution.
- Confiscation of Instrumentalities: The law provides for the confiscation of instrumentalities, including financial ones, used to commit the crime and any assets constituting profits derived from illegal activity.
Increased Penalties for Professional Offenders
The law also increases penalties for individuals who engage in insider trading while exercising a professional business activity subject to authorization or qualification granted by public authorities. Conversely, penalties may be reduced if the seriousness of the offense is deemed low.
Investigations and Evidence Gathering
The Supervisory Department of the Central Bank of San Marino has been granted powers to investigate violations and gather evidence, including the authority to request information from any person who appears to be informed of the facts. The law also allows for special investigative techniques, such as undercover operations and wiretapping, in cases where there is serious and consistent evidence of financial wrongdoing.
Blocking or Freezing of Funds
The Law Commissioner may authorize the blocking or temporary freezing of funds or other financial resources to prevent their use in illegal activities.
A Significant Step Forward
The new law is seen as a significant step forward in San Marino’s efforts to combat financial crimes and protect its citizens from fraudulent activity. The law demonstrates the country’s commitment to maintaining a fair and transparent financial system, and its willingness to take bold action against those who seek to undermine it.