Featured Law & Accountancy

Money laundering: UK Lawyer helped fraudsters, gangsters in 80 property deals

A solicitor who provided conveyancing services for a gang of drug dealers and fraudsters and helped launder their dirty cash has been jailed for seven years. Police discovered the Handforth-based professional’s activities while investigating the operation of an organised crime gang that had been laundering the proceeds of their criminal… Read More

London lawyer fined for anti-money laundering failures, PEP issues over wealthy clients

A solicitor, who was also a money laundering reporting officer (MLRO), has been fined £45,000 for failing to conduct anti-money laundering checks for wealthy clients believed to be linked to the Panama Papers scandal. Khalid Mohammed Sharif, a partner at London-based Child & Child, was involved in the law firm’s… Read More

Britain’s ‘Big Four’ accounting firms face major overhaul

Britain’s “Big Four” accounting firms face a radical shake-up from proposals to reduce their hold on the market for auditing companies’ books, which would also force them to separate their audit and advisory businesses. The plans, published on Tuesday in two government-requested reports, mark the most ambitious attempt yet to… Read More
17th December 2018
AP — Spanish prosecutors have charged pop music star Shakira with tax evasion, alleging she failed to pay more than 14.5 million euros ($16.3 million) between 2012 and 2014. The Colombian singer denied the charges. The charges published Friday allege that Shakira listed the Bahamas as her official residence for… Read More
13th December 2018
AP — Former Malaysian Prime Minister Najib Razak was charged Wednesday with tampering with the final audit report on a defunct state investment fund, adding to a long list of corruption allegations against him since his ouster in May elections. Najib was charged along with Arul Kanda Kandasamy, the former… Read More
6th December 2018
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
27th November 2018
(Reuters) – Standard Chartered Plc (STAN.L) is considering simplifying its structure as it looks to curb costs across its networks from Zambia to Macau, Bloomberg reported bloom.bg/2P3jiBW on Monday, citing sources. The London-based bank is looking for ways to free up liquidity and reduce funding expenses within its different legal… Read More
26th November 2018
Auditing firm KPMG faces a disciplinary tribunal hearing after the Financial Reporting Council (FRC) filed a complaint against its handling of work for mattress company Silentnight. According to the watchdog, KPMG and its partner performed an engagement for Silentnight in circumstances where ‘their professional judgment was compromised, or was likely… Read More
2nd November 2018
The United Kingdom has published its strategy to tackle money laundering and other serious crime, outlining a crackdown on professional enablers and sectors targeted by launderers, such as public schools. Officials estimate that billions are laundered through the UK annually, impacting its reputation and economy. Under its Serious and Organised… Read More
1st November 2018
The “cosily competitive” Big Four accounting firms, who check the books of 97 percent of Britain’s 350 largest companies, need stronger rivals to avoid becoming too-big-to-fail, officials and investors told a UK competition inquiry into auditing. EY, KPMG, Deloitte and PwC have come under intense scrutiny in Britain for failing… Read More
26th October 2018
A London-based barrister has challenged a bank’s decision to file suspicious activity reports (SARs) about him, after it froze his accounts and provided limited evidence to back its actions. NatWest began filing SARs on David Lonsdale in March 2017, when it froze his joint account for a number of… Read More
8th October 2018
Britain’s accounting watchdog said on Monday it may ban accounting firms from providing consultancy work to firms whose books they check. Under pressure from lawmakers to toughen up supervision of accountants after collapses at outsourcer Carillion and retailer BHS, the Financial Reporting Council announced a new “strategic focus” to ensure… Read More
1st October 2018
AP — Ex-Foreign Secretary Boris Johnson has branded British Prime Minister Theresa May’s plan for leaving the European Union “deranged,” fueling tensions as the ruling Conservative Party holds its annual conference. Johnson told the Sunday Times that May’s Brexit plan won’t work, particularly proposals that would… Read More