APRA has assigned some enforcement powers to ASIC in relation with the agencies’ inquiries into issues evolving from AUSTRAC’s proceeding next to Westpac Banking Corporation (ASX:WBC).
APRA started investigation in December 2019 pertaining to the probable violations of the Banking Act 1969 by Westpac Corporation, its directors as well as senior executives after being charged by AUSTRAC that WBC failed to observe & report millions of international fund transfer guidelines.
ASIC is also examining some behaviour related to the matters claimed by AUSTRAC in its proceeding against WBC.
Further, APRA gave powers as well as functions to let ASIC apply to the Courts for penalties & disqualification of people in connection with the matters.
There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.
No wonder the cannabis stocks are on the edge of a green rush. Don’t miss out on the happenings in the cannabis sector and take advantage of the growth phase of this sector by subscribing to our report on Marijuana stocks in Australia.
Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)