Brexit

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Brexit Throws a Wrench Into EU’s Fight Against Money Laundering

The U.K.’s withdrawal from the European Union is complicating the bloc’s fight against money laundering in the financial system, according to EU authorities. Firms relocating from Britain could overwhelm the national bodies that supervise anti-money laundering systems, the three EU financial regulators said in a joint report published Friday. Read More

How Brexit Has Already Cost London’s Financial Hub Billions

Whether the U.K. leaves the European Union with no deal or clinches a last-minute agreement in the coming weeks, Brexit has already taken a toll on London’s finance industry. Three years and three prime ministers since the vote, fraught negotiations and political turmoil have sapped confidence in the industry, putting… Read More

France to win Britain’s finance crown in EU after Brexit – report

France will likely win Britain’s financial services crown in the European Union after Brexit, which leaves the bloc’s economy more reliant on struggling euro zone banks, New Financial think tank said on Tuesday. Brexit will most likely lead to a shift in the tone and direction of policy on EU… Read More

2nd September 2019

Britain’s banks face 25% earnings hit from no-deal Brexit – Citigroup

Britain’s banks face a hit of up 25% to their earnings if Britain crashes out of the European Union without a deal, analysts at Citigroup (C.N) said in a research note. The economic slowdown that would result from a no-deal Brexit, as well as the likelihood of lower… Read More

15th August 2019

ECB tells UK banks to speed up staff moves to EU as Brexit looms

UK banks are significantly behind schedule in moving staff to the European Union ahead of Brexit and risk being caught off guard if Britain leaves without a deal, the European Central Bank said on Wednesday. Many London-based banks are having to expand their EU operations to continue doing business in… Read More

31st July 2019

How banks AREN’T worried about Brexit: Shock data suggests bankers seem ready for exit

The Brexit deadline is just five weeks away, and new Prime Minister Boris Johnson and the EU are already in a stalemate, as neither wants to budge to meet the other. This could result in a no-deal Brexit, and today Michael Gove is chairing the first daily meeting of the… Read More

26th July 2019

Doubts mount over UK finance sector’s access to EU after Brexit

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

24th July 2019

Factbox: Incoming PM Johnson’s stance on Iran, Trump, Huawei and the economy

Former foreign minister Boris Johnson was elected leader of Britain’s governing Conservative Party on Tuesday, and will take over as prime minister when Theresa May steps down on Wednesday. With the leadership campaign largely dominated by Brexit, Johnson has set out little in the way of firm policies, but below… Read More

22nd July 2019

Britain kicks off review of regulating finance after Brexit

Britain has kicked off a review of how regulation of finance could be improved after Brexit, saying it would not tweak the existing set-up of watchdogs introduced in the aftermath of the financial crisis a decade ago. The European Union has been the source of financial rules in Britain for… Read More

15th July 2019

UK Economic Crime Plan Draws Allegations of ‘Policy Capture’ from Critics: FT

A new UK plan to tackle economic crime would fail to hold companies sufficiently liable for illicit activity beyond bribery and tax evasion, anti-corruption campaigners told the Financial Times. Under current laws, British firms can only be deemed guilty of other financial crimes if the “directing mind”—a senior manager… Read More

12th July 2019

BoE says British banks ready for no-deal Brexit, trade war

British banks hold enough capital to cope with a no-deal Brexit and a global trade war simultaneously, the Bank of England said on Thursday, although a disruptive Brexit would still cause major turbulence for financial markets and the economy. Bank of England Governor Mark Carney also flagged ongoing concerns about… Read More

5th June 2019

EU’s markets watchdog warns of split share trading if no-deal Brexit

European Union preparations for a no-deal Brexit would split stock markets in Europe, although the damage could be reduced if Britain spelled out in advance its approach to trading, a top EU regulator said on Tuesday. The EU angered market participants in March when it said that if there is… Read More

29th May 2019

EU tells Britain: There will be no renegotiation of Brexit deal

The European Union will not renegotiate the Brexit deal that Prime Minister Theresa May agreed, Commission President Jean-Claude Juncker said on Tuesday, as concerns grew that a successor to May could trigger a confrontation with the bloc. Brexit is up in the air after May announced plans to step down,… Read More

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