8th August 2019
Companies facing potential prosecutions by the UK’s Serious Fraud Office (SFO) should organize related financial records for investigators, identify relevant witnesses and waive pertinent legal privileges, according to new agency guidance.  The recommendations, published Tuesday, outline how corporations can cooperate with the SFO ahead of any decision to prosecute… Read More
5th August 2019
The UK’s HM Treasury recently (and belatedly) published its Anti-Money Laundering and Counterterrorist Financing Supervision Report for the year ended 31 March 2018. With publication of the findings coming some fifteen months after the end of the review period, regulators and supervisors have no excuses for failing to address the… Read More
2nd August 2019
Prime Minister Boris Johnson’s government is expanding plans to create free ports in the U.K., which he says will boost the post-Brexit economy. An advisory panel that will look at setting up as many as 10 such ports will be unveiled Friday by Trade Secretary Liz Truss during a visit… Read More
31st July 2019
Australian law-enforcement and intelligence agencies are scrutinizing the activities of one of Chinese President Xi Jinping’s cousins as part of broad probes of organized crime, money laundering and alleged Chinese influence-peddling, according to Australian officials. Among other things, police are looking into the alleged 2017 use by the cousin, Ming… Read More
31st July 2019
A New York-based brokerage unit of Citigroup Inc. will pay $1.25 million for inadequately screening 10,400 employees over a 7-year period, an industry regulator said Monday. The compliance lapses by Citigroup Global Markets Inc. included the firm’s failure to collect the fingerprints of at least 520 employees, according to the… Read More
30th July 2019
Barclays (BARC.L), JP Morgan (JPM.N), RBS (RBS.L), UBS and Citigroup (C.N) are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain. The claim, estimated to be worth more than… Read More
29th July 2019
The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments. The IRS has begun sending letters to taxpayers who potentially failed to report income and pay taxes on cryptocurrency transactions, the agency… Read More
26th July 2019
The Singapore-style tax-free zones favoured by Boris Johnson have been identified as a money-laundering threat by Brussels. In a report on money laundering, the European commission named free ports for the first time as a concept “potentially vulnerable to money laundering or terrorism financing” in the… Read More
26th July 2019
Direct access for Britain’s financial sector to the European Union after Brexit is increasingly under threat as political will for an industry deal fades and the bloc toughens requirements for recognizing other countries’ financial rules. The EU is the City’s biggest customer, with financial services exports worth 26 billion pounds… Read More
25th July 2019
Notorious Ponzi schemer Bernie Madoff is asking that President Donald Trump reduce his 150-year prison sentence — a request that Madoff’s prosecutor promptly called “the very definition of chutzpah.” Madoff, 81, is currently locked up in a federal prison in Butner, North Carolina, for… Read More