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HSBC to pay $30 million to settle bond rigging lawsuit in U.S.

HSBC Holdings Plc has agreed to pay $30 million to settle litigation by investors who accused 11 big banks of rigging the roughly $9 trillion government agency bond market from 2009 to 2015. The settlement with the British bank was made public late Wednesday night in the federal court in… Read More

Almost £800 billion of assets moved from UK to EU over Brexit fears

Faced with increased uncertainty in the outlook over the UK’s relationship with the EU, financial services firms have continued to relocate staff and assets away from London to Europe, in a bid to protect their clients and investors from the impact of any Brexit outcome. As of 30 November… Read More

100 days to Brexit, EU tells London: financiers on their own without a deal

With just 100 days until Brexit, the EU’s executive cautioned that most banking, insurance and other financial firms in Britain would be cut off from the European Union if there is no divorce deal. Prime Minister Theresa May’s failure to find a deal the British parliament will approve means the… Read More

6th December 2018

Panama Papers: Professionals charged over taking ‘extraordinary lengths’ to evade tax, launder money

The United States Department of Justice has charged four individuals with tax fraud and money laundering in connection with an alleged illegal scheme perpetrated by Mossack Fonseca, the law firm central to the Panama Papers data leak. The individuals, known to be professionals, comprised a US-based accountant, an investment… Read More

3rd December 2018

Billionaire Czech PM faces more legal trouble over use of EU funds

Billionaire Czech Prime Minister Andrej Babis faced renewed pressure over his business dealings on Saturday after an EU legal document said he has a conflict of interest due to links to agribusiness companies that received European funds. The document, which was seen by Reuters, could stir up political turmoil in… Read More

30th November 2018

Self-styled “trader” jailed over British investment scam

A self-styled British trader, who conned financial experts and some of his closest friends out of millions of pounds in a nine-year investment scam, was sentenced by a London court to five years in jail on Thursday. Mark Starling, 57, pleaded guilty to fraud and operating a collective investment scheme… Read More

19th November 2018

UBS lures more money from U.S. super rich to Switzerland

A decade after a U.S. crackdown ended Swiss banking secrecy, rich Americans are flocking back to UBS (UBSG.S) as they look to diversify their investments in a volatile U.S. political landscape, a senior executive at the Swiss group told Reuters. “The interest has increased, for political reasons and for… Read More

9th November 2018

Newly empowered Dems take aim at Trump business conflicts

AP — Beyond trying to get their hands on the Holy Grail of President Donald Trump’s business dealings — his tax returns — House Democrats are prepared to use their new majority and subpoena power to go after financial records that could back up their claims… Read More

30th October 2018

Superyacht linked to Malaysia’s 1MDB scandal goes up for auction

A $250 million (£195 million) luxury yacht linked to a multi-billion dollar scandal at Malaysia’s state fund 1MDB has gone up for auction, a government lawyer said on Monday, the first sale of a major asset seized by investigating authorities. The Equanimity is among $1.7 billion in assets allegedly bought… Read More

19th September 2018

Switzerland seeks bank access to Israeli markets

Switzerland has asked Israel to open its markets so Swiss banks can trade funds there, a senior Finance Ministry official said. Israel allows European Union banks market access, but not Switzerland as it is not an EU country and has different regulations from countries inside the bloc. “We need… Read More

17th September 2018

Citigroup to pay $12 million settlement for misleading dark pool users

The US Securities and Exchange Commission (SEC) has fined Citigroup Global Markets for misleading users of a dark pool operated by one of its affiliates. According to the SEC, Citigroup misled users with assurances that high-frequency traders were not allowed to trade in Citi Match, a premium-priced dark pool… Read More

11th September 2018

EU ‘shadow banking’ sector unexpectedly shrank last year

Europe’s ‘shadow banking’ sector shrunk last year, unexpectedly yielding market share to traditional lenders after more than a decade of often rapid growth, a report by the European Union’s risk watchdog showed on Monday. Assets held by EU shadow banks – financial firms outside regular banks, insurance companies, pension funds… Read More

4th September 2018

New SFO boss seeks to make UK a ‘high risk’ zone for crooks

The Serious Fraud Office (SFO) seeks to step up the war on complex financial crime, pursuing prosecutions, settlements and new technology, in order to make Britain an ‘inhospitable place’ for criminals to operate, according to SFO chief Lisa Osofsky. Newly appointed Osofsky has taken on the SFO role at a… Read More

Must Read

Ex-Swiss banker convicted for selling secret tax data to Germany

French watchdog slaps Google with $57M fine under new EU law

German banking regulator calls for better coordination, ‘urgent’ action in anti-money laundering

Europe’s patience with Iran wears thin, tiptoes towards Trump

Seriously attacking real money laundering; A simple solution to a complicated problem