06/01/2020
Curbing money laundering
SCB agreed to settle OFAC’s claim for $132m regarding 911 transactions worth around $133m to or through the United States in violation of Iranian Transactions and Sanctions Regulations (ITSR).
Legal, Regulation & Compliance
06/01/2020
Victory for fraud victim who took on HSBC
The client first contacted FTAdviser four days after she was the victim of a sophisticated APP scam.
06/01/2020
UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief
The U.K. government’s asset seizure program under the Dormant Bank and Building Society Accounts Act 2008 began in 2011.
06/01/2020
Woodford collapse one year on: Final £500m of investments “likely to be almost worthless” warns Willis Owen’s Lowcock
These proved hard enough to sell during the bull market of 2019 but could be almost impossible to offload now, with the UK heading towards what could be its deepest recession in living memory thanks to the global pandemic.
06/01/2020
Carey Olsen advises Hiscox on LSE capital raising
Working alongside onshore counsel Allen & Overy, the cross-jurisdictional Carey Olsen team was led in Bermuda by partner Mary Ward
06/01/2020
BNP Paribas Chinese Unit Fined for Anti-Money Laundering Violations
The penalties were part of the PBOC’s efforts to ramp up punishment of financial institutions that fail to adequately guard against money laundering.
06/01/2020
More than 200 leading businesses urge UK Government to deliver clean, inclusive and resilient recovery plan
Efforts to rescue and repair the economy in response to the current crisis can and should be aligned with the UK's legislated target of net zero emissions by 2050 at the latest.’
05/31/2020
Managing Conduct Risk And Protecting Against Market Abuse During The Covid-19 Crisis
Equally, firms must make clear to employees conduct expectations and highlight good conduct, employing a strong and robust Conduct Risk Framework to meet regulatory expectations and ensure compliance with regulations.
05/31/2020
COVID-19: PRA Q&As on CRR property valuation requirements
The document responds to queries raised by firms around difficulties in: conducting physical inspections due to social distancing measures; obtaining reliable property valuations; and use of house price indices.
05/31/2020
Malta seizes $1 bn in fake Libyan money
“The central bank of Libya headquartered in Tripoli is Libya’s only legitimate central bank,” the US diplomatic arm said in a statement.
05/31/2020
MALTA: Regulatory authorities making ‘significant progress’ in effectiveness against money laundering
The FIAU has also reportedly made strides to improve.
05/31/2020
Swiss accounts frozen in Vatican property deal probe
Vatican investigators are examining the Secretariat of State’s purchase of the building at 60 Sloane Avenue, London.
05/29/2020
Employment Law Bulletin: New SSP rules for government tracing initiative
This means that anyone who is advised to self-isolate through the initiative will be deemed as incapable of working and will qualify for SSP, even if they do not present any symptoms.
05/29/2020
Luxembourg Issues Guidance On DAC6 Tax Scheme Reporting
Member states' tax authorities are also required to exchange data on tax planning arrangements on an automatic basis.
05/29/2020
France: Draft guidelines on DAC 6 hallmarks published by tax authorities
All DAC 6 guidelines published for public consultation are enforceable as from the date they are issued and until their (possible) revision.
05/29/2020
Fund consolidator launches to buy up sub-scale mandates
Linear Asset Management is aiming to buy and merge sub scale mandates that have failed to grow over the years.
05/29/2020
Netherlands Mulling Tax System Overhaul
Policy options detailed in the report are intended to better align the taxation of workers, the self-employed, and retirees; tackle tax avoidance; and simplify the tax system.
05/28/2020
Corporate Insolvency and Governance Bill – major United Kingdom insolvency reforms proposed
Most fundamentally, the Bill introduces a debtor-in-possession insolvency procedure for the first time in English law.
05/28/2020
‘Leaks and rumours’: UK regulator flags perils of bankers working from home
“During this period, we encourage a particular focus on maintaining robust market surveillance and suspicious transaction and order reporting by relevant market participants.”
05/28/2020
Sweden’s Money Laundering Affair Brings Bankers Closer to Police
That makes it hard to catch clients who use multiple banks to launder cash.