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
24th July 2019
The US Treasury Department on Tuesday advised American businesses and individuals to be wary of the potential sanctions hazards linked to Iran’s aviation sector. In an advisory, the department’s Office of Foreign Assets Control (OFAC) said that entities engaged in prohibited transfers of U.S.-origin aircraft, technology and related goods,… Read More
23rd July 2019
SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in… Read More
22nd July 2019
Standard Chartered Plc’s transactions with Iran were worth tens of billions of dollars more than previously known, a whistle-blower said in a lawsuit claiming the British bank actively pursued Iranian business in violation of U.S. sanctions. The whistle-blower, a bank executive who isn’t named in court papers,… Read More
17th July 2019
A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More
12th July 2019
Wall Street’s industry-funded watchdog on Thursday said it plans to be more transparent about its process for determining when a securities brokerage qualifies for a reduced penalty in exchange for so-called “extraordinary cooperation.” The Financial Industry Regulatory Authority (FINRA) said settlements it reaches with brokerages for regulatory violations will include… Read More
12th July 2019
A fugitive luxury jeweler, who was initially dropped from the U.K.’s high-profile Tabernula insider-trading case because he was too ill, was convicted of laundering the proceeds of the scheme with the help of offshore companies and false invoices, the financial regulator said. Richard Baldwin set up a company in Panama… Read More