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London judge discharges jury in landmark Barclays Qatar case

A London jury has been discharged in a landmark fraud trial of four former Barclays executives accused of paying Qatar undisclosed fees to help rescue the bank at the height of the credit crisis in 2008. Judge Robert Jay told the jury at Southwark Crown Court on Monday he was… Read More

Qatar sues Luxembourg, UAE, Saudi banks in FX manipulation case

Qatar said on Monday it had filed lawsuits against three banks, accusing them of using what it called overseas currency manipulation to sabotage its economy in the wake of an Arab boycott against the country in 2017. The cases, filed in London and New York, name Luxembourg-based Banque Havilland, the… Read More

New Lessons from the Barclays Whistleblowing Case

KYC360 readers will remember that in May 2018 the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) jointly fined Barclays CEO Jez Staley £642,430 for violating a conduct rule requiring individuals to act with due skill, care and diligence. The penalty related to his two attempts to identify whistleblowers… Read More

4th April 2019

SFO to Publish Guidance for Corporations that Self-Report Wrongdoing

Britain’s Serious Fraud Office will soon outline procedures for corporations that choose to waive their client-attorney privileges when voluntarily disclosing illicit activity, the head of the agency said Wednesday. Speaking at the Royal United Services Institute in London, SFO Director Lisa Osofsky called on companies to work more closely with… Read More

4th April 2019

Tanzania charges Vodacom Tanzania MD with economic crimes: court documents

Tanzanian authorities on Wednesday charged the managing director of Vodacom Tanzania and other telecom executives with economic crimes, court documents seen by Reuters showed. Egyptian Hisham Hendi and other telecom executives “intentionally and wilfully organized a criminal racket, which caused the government … to suffer a pecuniary loss” of more… Read More

3rd April 2019

Ex-Malaysian Leader’s First 1MDB Trial Begins

After nearly two months of delays, the trial of Najib Razak is set to begin Wednesday on charges that the former Malaysian prime minister took part in a scheme to steal vast sums from a state fund he established a decade ago. The trial, which marks a milestone in a sprawling financial… Read More

3rd April 2019

Australia budget lifts funding for financial regulators

The Australian government said it will increase funding of its two main financial-sector regulators in the wake of a year-long inquiry into banking misconduct, and will expand the Federal Court’s jurisdiction to include corporate crime. The Australian Securities and Investments Commission (ASIC) will get an additional A$405 million ($288 million)… Read More

2nd April 2019

UK watchdog to investigate handling of London Capital & Finance failure

Britain’s markets watchdog will carry out an independent review of its handling of London Capital & Finance, which went into administration in January with losses of up to 237 million pounds from unregulated “mini bond” investments, it said on Monday. The Financial Conduct Authority (FCA) said its board decided at… Read More

2nd April 2019

Ex-Barclays bankers jailed in Britain for rigging Euribor

Two former Barclays bankers were sentenced on Monday to a total of nine years in jail after they were convicted by a London jury of conspiring to rig the Euribor global interest rate benchmark. Colin Bermingham, 62, a British former cash market expert and senior rate submitter, was sentenced to… Read More

28th March 2019

External auditors and their regulator under scrutiny in the UK: lessons for internal audit teams

As more large firms go bankrupt in the UK, external auditors and the body that oversees them, the Financial Reporting Council (FRC), continue to be under a very bright spotlight. A number of initiatives are underway. Auditors, themselves, are under review by the FRC. The Competition and Markets Authority (CMA)… Read More

26th March 2019

Wife of missing Interpol chief seeks Macron’s help during Xi visit

The wife of the missing Chinese former head of Interpol said she had written to French President Emmanuel Macron to ask for his help on the eve of a visit by his counterpart . Grace Meng told France 24 she had not heard from her husband Meng Hongwei since he… Read More

25th March 2019

Citi fires eight Hong Kong traders after review finds misconduct: sources

Citigroup Inc has fired eight bankers and suspended three others from its equities trading desk in Hong Kong after an internal probe revealed misconduct in their dealings with clients, people with knowledge of the matter said. The action was taken after a review raised concerns related to the accuracy of… Read More

13th March 2019

Musk’s lawyers say tweet complied with SEC fraud settlement

AP — Tesla CEO Elon Musk should not be found in contempt of court because he has complied with the terms of a securities fraud settlement, his attorneys wrote in documents filed Monday night with the U.S. District Court in Manhattan. Musk’s lawyers wrote that a Feb. 19 tweet merely… Read More

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