Featured Law & Accountancy

Updated U.S. bribery law guide reinforces broad view of accounting provisions

The second edition of an influential handbook on the U.S. Foreign Corrupt Practices Act incorporates nearly eight years of developments in the antibribery law. It also clarifies the government’s view on controversial aspects of the statute’s enforcement. The U.S. Department of Justice and U.S. Securities and Exchange Commission released the… Read More

Monaco court upholds case dismissal against art dealer accused of defrauding Russian oligarch

A Monaco court on Wednesday upheld an earlier ruling dismissing a case against a prominent art dealer accused by a Russian oligarch of fraud and money laundering, lawyers for the art dealer said. Monaco’s appeals court in December ordered the closure of a preliminary investigation opened by local authorities into… Read More

Report: Dubai Facilitates Global Corruption

By Sandrine Gagné-Acoulon, OCCRP, 8 July 2020 OCCRP — A US think tank claims that poor enforcement has turned Dubai into a hotbed of dodgy dealings by allowing the emirate to serve as a major crossroad for gray networks and international finance. The Carnegie Endowment for International Peace released… Read More
9th July 2020
A Dutch court on Wednesday said it wanted to question the Dutch bank ING and its former chief executive Ralph Hamers, now heading for UBS, to determine whether to reopen a case that led to ING being fined for lax prevention of money laundering. ING, the largest bank in the… Read More
8th July 2020
A U.K. regulator on Monday told the country’s biggest professional services firms to draw up plans for separating their audit businesses by Oct. 23 and for the work to be completed by mid-2024. The Financial Reporting Council—the U.K.’s accounting and audit watchdog—said it aims to reduce potential conflicts of interest… Read More
8th July 2020
The law firm that represents the Duchess of Sussex has received $1.3m (£1m) for its work on a public relations campaign for a fugitive Malaysian financier accused of masterminding one of the world’s largest corruption scandals, documents show. Schillings, a London-based firm that specialises in managing the reputations of wealthy… Read More
7th July 2020
Mastercard was warned about Wirecard’s links to an alleged laundering network in 2016, The Times can reveal. The payments group was handed details of Wirecard’s alleged links to a scheme that used bogus online stores to disguise the processing of high-risk payments, and Mastercard executives privately admitted to concerns about… Read More
7th July 2020
The coronavirus pandemic has already seen one major accounting fraud. There could be more to come. The implosion of digital payments company Wirecard has set off a huge scandal in Germany, where financial regulators, auditors and the firm’s supervisory board are being asked how they missed a $2 billion… Read More
6th July 2020
Seeking to attract immigrants with high purchasing-power, Uruguay has relaxed its fiscal residence requirements – triggering a rush of consultations from Argentines. Those interested in moving across the Rio de la Plata say they’re not only in tax benefits. Political stability, legal security and even a different approach to controlling… Read More
6th July 2020
The European Commission said on Thursday it was suing Austria, Belgium and the Netherlands because the three countries had not fully integrated EU rules on anti-money laundering into their national laws. The 27-nation bloc’s executive cited a lack of action on EU law related to fundamental aspects of the anti-money… Read More
2nd July 2020
Goldman Sachs Group Inc. is in the final stages of resolving its biggest legal threat in a decade after tussling with the government on one critical issue: a potential guilty plea for the first time in Goldman’s history. To avert such a penalty over its work for a Malaysian sovereign… Read More
2nd July 2020
Halkbank will ask the U.S. judge overseeing a criminal case accusing it of helping Iran evade American sanctions to recuse himself, a lawyer for the Turkish bank said on Tuesday. The lawyer, Robert Cary, notified U.S. District Judge Richard Berman of Halkbank’s intention at a hearing, without providing a reason. Read More
1st July 2020
Germany will be quick to overhaul its regulation of financial companies to repair the damage caused by Wirecard AG’s collapse, Deputy Finance Minister Joerg Kukies said. “What we must do is analyze, by turning over every stone, exactly where and how things went awry,” Kukies said at an event… Read More