50% of respondents to the second Middle East and North Africa Financial Crime Report, conducted by MENA Thomson Reuters, have increased their compliance spending over the last two years, while 52% of respondents expect a significant increase in compliance spending over the next two years. Read More
Deutsche Bank revealed yesterday that it expected to have made an overall loss of $7.3 billion in 2015, which the bank blamed on write-downs, restructuring charges and litigation costs. Read More
The People’s Bank of China (PBC) has this week announced plans to launch its own digital currency. The bank has been exploring digital currencies since 2014, when it set up a dedicated team to explore their possible applications. The bank has received input from Citibank and Deloitte as part of… Read More
Dutch police launch 15 coordinated raids across 8 Dutch towns as part of an international investigation into bitcoin money laundering. Read More
Home Secretary, Theresa May, has announced that the UK government will expand the role of civilian police volunteers in investigating financial and cybercrime. Read More
U.S. prosecutors are investigating whether New York-based law firm Sullivan & Cromwell LLP and London firm Slaughter and May provided improper advice to global bank Standard Chartered during a sanctions violation investigation in 2012. Standard Chartered was fined $667 million by New York state authorities following allegations that the bank… Read More
Lin Homer, who recently became a Dame, is to resign from HMRC in April after four years at the head of the organisation and a 36-year public sector career. Under Homer’s tenure, the HMRC saw its tax gap – the difference between the amount that should be collected and the… Read More
The EU has ordered Belgium to recover €700m in tax back payments from 35 multinational corporations. News of the ruling comes following a conference in which the European Competition Commissioner, Margrethe Vestager, announced the illegality of Belgium’s tax deals with these large businesses. The 35… Read More
Wall Street’s self-regulator, the Financial Industry Regulatory Authority (FINRA), has announced this week that its 2016 examinations will include assessments of brokerage and financial advisory firms’ everyday habits in relation to regulation adherence. Aspects of culture that will be assessed include the priority placed upon compliance at the firm, whether… Read More
The Financial Conduct Authority (FCA) has decided to discontinue its probe into the actions of HSBC’s Swiss private bank, which allegedly helped more than 1,000 wealthy UK customers evade tax between 2005 and 2007. Read More