21st July 2016
A Dutch court has ordered the confiscation of 123 million euros ($135 million) in assets from a Dutch-based company that prosecutors alleged was used by two telecoms companies to bribe Gulnara Karimova, the elder daughter of Uzbekistan’s president, to secure local operating licenses. The Amsterdam court said in a ruling… Read More
20th July 2016
Nordea, a Nordic bank named in the Panama Papers tax evasion scandal, conceded on Wednesday that it had not done enough in some cases to safeguard fully against crimes such as money laundering. The region’s biggest lender said an internal investigation found many of the files it had reviewed clearly… Read More
19th July 2016
The Himachal CM and his wife are facing a CBI probe for alleged abuse of power, corruption and money laundering. Read More
15th July 2016
As one of the leading financial centres in Asia, Singapore is committed to uphold the confidence in the financial system with zero tolerance over serious breaches of AML requirements. The Monetary Authority of Singapore (MAS) imposed financial penalties amounting to $13.3 million for 41 breaches of AML regulations and has served BSI Bank Limited notice to shut down… Read More
14th July 2016
The Financial Conduct Authority (FCA) has slapped a £2.6m fine on Towergate Underwriting Group Ltd for failings in relation to its protection of client and insurer money, plus a £60,000 fine on Timothy Philip, the firm’s former client money officer and finance director of one of its intermediate parent companies. Read More
14th July 2016
A former JPMorgan Chase & Co. trader involved in the London Whale case was improperly identified by the U.K. regulator in its penalty notice over the scandal, a court ruled. Julien Grout, who worked under the so-called London Whale Bruno Iksil, was identifiable in the U.K. Financial Conduct Authority’s 138… Read More
13th July 2016
Johnson Controls Inc. will pay $14.4 million to the U.S. government after reaching a settlement in an investigation into bribes made to Chinese officials to boost one of its business units. Glendale-based Johnson Controls (NYSE: JCI) blew the whistle on itself in June 2013, opening up a Foreign… Read More
12th July 2016
Johnson Controls Inc (JCI.N) agreed to pay $14.4 million to settle U.S. regulatory charges that its workers bribed Chinese shipbuilders and shipyards, including some owned by the Chinese government, to win business and enrich themselves. The U.S. Securities and Exchange Commission on Monday said… Read More
7th July 2016
Spain and Portugal were hit by a European Union move to fine them for breaching budget deficit limits in an unprecedented step to enforce rules designed to avert another debt crisis. European finance ministers must now decide whether to back the proposal by the European Commission. Should the recommendation be… Read More
4th July 2016
Fines imposed by the Financial Conduct Authority (FCA) in the first half of 2016 have fallen to £7.2m – less than 1% of the figure of a year before. The plunge in fines from £819m in the same period last year follows a period of turbulence for the FCA and… Read More