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Regulatory Update

3rd May 2019

Wall St. watchdog proposes plan to boost oversight of firms with tainted brokers

Wall Street’s industry-funded watchdog on Thursday proposed a rule to boost oversight of securities brokerages with a “significant history of misconduct” that could require them to set aside funds that cannot be withdrawn without the regulator’s consent, among other measures. The proposal, published in a Financial Industry Regulatory Authority (FINRA)… Read More

30th April 2019

Swiss group files criminal complaint against Credit Suisse over Mozambique loans

A Swiss anti-corruption lobby group has filed a criminal complaint against Credit Suisse over alleged fraud in the arrangement of $2 billion of loans to Mozambique, the group said on Monday. Mozambique, one of the most indebted countries in the world, in 2016 admitted to billions of dollars of undisclosed… Read More

29th April 2019

Thousands take to Hong Kong streets to protest new extradition laws

Tens of thousands of people marched on Hong Kong’s parliament on Sunday to demand the scrapping of proposed extradition rules that would allow people to be sent to mainland China for trial – a move which some fear puts the city’s core freedoms at risk. Opponents of the proposal fear… Read More

29th April 2019

Uptick in Trump white collar prosecutions may ease lawyers’ pain

An uptick in white-collar prosecutions by the Trump administration could bring relief to high-end defense lawyers, who have been searching for work after years of declining federal prosecutions. Many white-collar lawyers have been fretting about their caseloads since the Trump administration took charge of the U.S. Department of Justice, worrying… Read More

26th April 2019

Singapore regulator seeks review of fraud allegations at cosmetics firm Best World

Singapore’s securities regulator has called for an independent review of fraud allegations made by a short-seller against Best World International Ltd, which knocked 9 percent off the cosmetics firm’s share price on Wednesday. Shares in the closely held Singapore-listed firm have halved since February when local media questioned Best World’s… Read More

16th April 2019

UK Launches 5AMLD Consultation with Eye on Post-Brexit Era

The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More

9th April 2019

Qatar sues Luxembourg, UAE, Saudi banks in FX manipulation case

Qatar said on Monday it had filed lawsuits against three banks, accusing them of using what it called overseas currency manipulation to sabotage its economy in the wake of an Arab boycott against the country in 2017. The cases, filed in London and New York, name Luxembourg-based Banque Havilland, the… Read More

3rd April 2019

Australia budget lifts funding for financial regulators

The Australian government said it will increase funding of its two main financial-sector regulators in the wake of a year-long inquiry into banking misconduct, and will expand the Federal Court’s jurisdiction to include corporate crime. The Australian Securities and Investments Commission (ASIC) will get an additional A$405 million ($288 million)… Read More

3rd April 2019

Why Aren’t Hedge Funds Required to Fight Money Laundering?

For many years, the federal government has required banks, brokerages and even casinos to take steps to stop customers from using them to clean dirty money. Yet one major part of the financial system has remained stubbornly exempt, despite experts’ repeated warnings that it is vulnerable to criminal manipulation. Investment… Read More

2nd April 2019

UK watchdog to investigate handling of London Capital & Finance failure

Britain’s markets watchdog will carry out an independent review of its handling of London Capital & Finance, which went into administration in January with losses of up to 237 million pounds from unregulated “mini bond” investments, it said on Monday. The Financial Conduct Authority (FCA) said its board decided at… Read More

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Ex-Credit Suisse Banker Hid $45 Million, Names Four Others

Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Khmer Riche – How relatives and allies of Cambodia’s leader amassed wealth overseas