The State Bar of California trustees have approved the 2024 budget. This budget is key in mitigating the impending insolvency of the State Bar of California General Fund, including utilising proceeds from the previous year’s building sale to mitigate an ongoing structural deficit. Bar-wide revenue is projected at $428.9 million, while expenses stand at $400.9…
The State Bar of California seeks to address projected budget shortfall with license fee increase
The State Bar of California’s Board of Trustees addressed significant budget challenges during their January meeting, planning to request a licensing fee increase for 2025 from the Legislature. With a projected deficit in the General Fund, discussions highlighted the need for sustainable funding to maintain operations and implement necessary reforms. The Board approved a cost-reduction…
Hong Kong to consider extending AML and CFT rules to cryptocurrencies
In the Financial Secretary’s 2020 – 2021 budget speech, the Hong Kong government announced that it will consider extending the anti-money laundering/counter-terrorist financing requirements to cover cryptocurrency service providers. Cryptocurrencies are currently classified as virtual assets in the city and are regulated by the Securities and Futures Commission. By including cryptocurrencies under AML regulations, the…