4th January 2019
Peru Attorney General Pedro Chavarry on Wednesday reappointed two lead prosecutors he had dismissed from a high-profile graft probe after the decision sparked widespread opposition and a threat by President Martin Vizcarra to suspend him. The prosecutors, Rafael Vela and Jose Domingo Perez, had recently drawn up a plea deal… Read More
3rd January 2019
On the day the United Kingdom leaves the European Union, it will be looking to preserve its current regulatory position on Gibraltar within the Financial Conduct Authority’s (FCA) handbook, the watchdog said. The announcement is in line with the UK’s position that Gibraltar financial services firms should, until December 2020,… Read More
3rd January 2019
New rules designed to combat corporate tax avoidance in the European Union have kicked in. As of 1 January 2019, all member states shall apply new legally binding anti-abuse measures which will see authorities tax profits moved to low-tax countries where the company does not have any genuine economic activity… Read More
3rd January 2019
The much-anticipated Financial Action Task Force (FATF) mutual evaluation of the United Kingdom’s anti-money laundering and counter terror financing regime is out, and with it has come much praise from UK government officials, not least HM Treasury Minister John Glen, who said: “The report recognises that the UK’s AML/CTF regime… Read More
3rd January 2019
Brazilian construction conglomerate Odebrecht SA [ODBES.UL] has agreed to pay 161.9 million reais (£32.8 million) to Centrais Eletricas Brasileiras SA (ELET6.SA) in a deal with authorities to help settle corruption allegations against it, according to a securities filing on Wednesday. Eletrobras, as the state-run power holding company is known,… Read More
3rd January 2019
2019 has arrived, and with it staff will be well aware that the one ongoing factor within the world of compliance is the constant change. This state of flux manifests itself in many forms, such as new proposals, new regulations, new guidance, enforcement decisions and legal judgments. Here are some… Read More
3rd January 2019
Selim Kervanci, the head of HSBC’s Turkish unit, is reportedly being investigated for insulting President Recep Tayyip Erdogan. A prosecutor is understood to be investigating Kervanci for a 2013 retweet of a clip from a film set in the last days of Adolf Hitler. “He retweeted the post by a… Read More
2nd January 2019
Wells Fargo has agreed to pay $575 million to 50 states and the District of Columbia over its fake bank accounts scandal and harmful mortgage charges. The bank will also implement a consumer redress review program, where customers who have not been made whole through other restitution programs can… Read More
1st January 2019
China’s internet regulator said on Friday the recently published rules governing financial information providers are aimed at firms supplying information to an institutional audience and to specific investors, rather than the general public. Financial information services are different from internet news and information services, the Cyberspace Administration of China (CAC)… Read More
31st December 2018
Banks need to step up the fight against money laundering and accept lower profits in return, European Central Bank board member Klaas Knot said, after a year in which investigations into criminal use of accounts implicated several EU lenders. “Banks need to adhere to rules and laws under any circumstance. Read More