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UK accounting bodies ‘lax’ in scrutinising money laundering issues, 92% ‘fear’ losing members: Supervisor

Professional accounting bodies in the United Kingdom are more focused on representing their members than robustly supervising anti-money laundering standards, the government’s AML supervisory unit said. Its findings in a new report have revealed ‘poor standards,’ with an alarmingly high number saying they are worried about taking robust action. “92%… Read More

Britain to set up new watchdog to police auditors

Britain will create a new regulator to police accountants who check the books of companies in response to collapses at construction firm Carillion and retailer BHS that triggered calls for root-and-branch reform of the audit sector its supervision. Business minister Greg Clark said on Monday a new, more powerful regulator… Read More

Bill to route internet through Russian servers spurs protest

AP — Several thousand people have rallied in Moscow to protest legislation they fear could lead to widespread internet censorship for Russian users. The sanctioned rally on Sunday was organized in response to a bill in parliament that would route all internet traffic through servers in Russia, making virtual private… Read More

6th March 2019

UK and Spain back new tax rules for Gibraltar

AP—Spain and Britain have reached an agreement that sets out stricter rules for companies and citizens operating from Gibraltar, a British overseas territory which Spain considers a colony. As part of the deal, Gibraltar-based companies will be required to pay taxes in Spain if they conduct most of their… Read More

20th February 2019

MTN faces more problems in Uganda as authorities query its sales figures

Uganda accused the country’s biggest telecoms operator, MTN Uganda, on Tuesday of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda’s Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the… Read More

29th January 2019

UK regulator launches further investigation into KPMG over collapsed firm

The Financial Reporting Council (FRC) has opened a new probe into Big Four accountancy firm KPMG regarding collapsed business Carillion. British construction firm Carillion went into liquidation after stacking up huge debts and losing money on contracts. Following the development, the regulator launched an investigation in January 2018 into… Read More

28th January 2019

Malaysia probing audit firms’ conduct in 1MDB scandal

Malaysia’s securities regulator said on Saturday it was looking into the conduct of auditors of 1Malaysia Development Bhd (1MDB), a state fund that was wound up after losing billions of dollars in a scandal that erupted under the country’s previous government. “The Securities Commission’s review of the conduct of… Read More

25th January 2019

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

24th January 2019

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

19th December 2018

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

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

13th December 2018

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

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