4th September 2017
HSBC has rushed to head off complaints from small businesses that found the bank had frozen or closed down their accounts as part of a crackdown on financial crime. Hundreds of small firms are thought to be affected, whose businesses range from an avocado importer to marketing and design companies. Read More
1st September 2017
India’s government scrambled to defend its attempt to crack down on the shadow economy by banning high denomination banknotes, after data showed almost all of the abolished currency had made it back into the banking system. Prime Minister Narendra Modi personally led the shock move last November to outlaw 86… Read More
31st August 2017
The Zimbabwe Revenue Authority is making strides to increase tax evasion penalties to punish tax evaders, amid revelations the taxman is currently collecting 30% of the prospective tax revenue. Zimra board chairperson Willia Bonyongwe yesterday told delegates at an EY tax seminar that there were efforts being made to increase… Read More
31st August 2017
As regulatory crackdowns in China hit risky investment products and capital outflows, the country’s private banks are looking to profit as they target a bigger share of growing wealth in the world’s second-largest economy. Wealth managers like Noah Holdings and units of China Merchants Bank and China International Capital are… Read More
30th August 2017
The UK’s Financial Conduct Authority has launched an investigation into Mitie over its annual results and the timing of a September 2016 profit warning. The provider of pest control, cleaning and security services said on Tuesday it was informed of the probe by the Financial Conduct Authority on Friday and… Read More
29th August 2017
The US Securities and Exchange Commission issued a warning on Monday about potential internet coin offering (ICO) scams and ‘pump and dump’ schemes by public companies. The warning is aimed at alerting investors about the risks of investing in public companies that promote ICOs and deliberately ‘pump’ the prices of… Read More
25th August 2017
A Melbourne man alleged to have masterminded a massive tax-evasion scheme has been hit with a personal tax bill of $8.5 million, despite claiming his only asset is an old Ford Falcon. Philip Whiteman is under investigation by the Australian Taxation Office for allegedly advising hundreds of clients how to… Read More
25th August 2017
Japan will set unilateral sanctions on eight foreign firms and individuals as punishment for their alleged dealings with North Korea. The sanctions are among the latest international efforts to isolate the country and follow sanctions imposed by the United Nations Security Council earlier this month. Read More
25th August 2017
An avocado importer, an e-cigarette seller and a toilet-cleaning gun maker are among British companies that have had accounts closed or frozen by HSBC in the last two months, unintended casualties of a crackdown by the bank on illicit money flows. Dozens of companies have been affected, with some unable… Read More
23rd August 2017
China’s top prosecutor said on Tuesday it will intensify a crackdown on financial crime, and would step up punishment and efforts to prevent risks to safeguard financial security. The Supreme People’s Procuratorate said China would strictly crack down on any crimes that seriously damaged financial security and that destroyed financial… Read More