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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

Spanish prosecutors file tax evasion charges against Shakira

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

Malaysian ex-PM slapped with new charge over 1MDB scandal

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

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

27th November 2018

StanChart planning to simplify structure to curb costs – Bloomberg

(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

UK regulator raises formal complaint against KPMG

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

UK publishes anti-money laundering strategy, targets lawyers, public schools

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

UK accounting body, investors back Big Four market shake-up

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

Banking: UK barrister challenges suspicious activity reports, scores win

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

UK accountants face possible ban on consultancy work

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

Johnson brands Theresa May’s Brexit plan ‘deranged’

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

20th September 2018

KPMG admits misconduct in compliance reports for BNY Mellon

Big Four auditor KPMG has admitted to misconduct over its compliance reports for the Bank of New York Mellon, the UK accounting regulator said. According to the Financial Reporting Council (FRC), KPMG and one of its senior partners failed to give adequate consideration as to whether the records of… Read More

12th September 2018

Ex-UK Fraud Office boss to join firm that advised companies against SFO

David Green, the former director of the United Kingdom’s Serious Fraud Office (SFO) is to join Slaughter and May, a firm that advised a number of companies in their cases against the enforcement agency. Green, who was at the helm at the SFO for 6 years, will work as 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