16 Oct 2012 BCCI to HSBC: the Age of Gangster Capitalism – A long time ago, when words like globalisation and deregulation were still rumours on the political horizon, the Pakistani financier Agha Hasan Abedi founded the Bank of Credit and Commerce International (BCCI) in 1972. BCCI was originally intended to be a progressive international […]

Thai officials prevented from money transactions in US 11 Oct 2012 US bank entities have refused to make money transactions for Thai embassy officials in Washington, a harsh move that has been influenced by the fact that Thailand is on the Financial task force watch list as a high risk country for money laundering according […]

SFO pulls back from ‘pragmatic’ approach to enforcement of Bribery Act 11 Oct 2012 On Tuesday, 9 October 2012, the Serious Fraud Office (“SFO”) published revised policies on facilitation payments, business expenditure and corporate self-reporting (click http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2012/revised-policies.aspx ). The SFO’s previous guidance, first issued in 2009, was aimed at reassuring business that the SFO would […]

FSA speaks on FCA and financial crime 10 Oct 2012 Tracey McDermott spoke to BBA on the role FSA currently plays, and the role the Financial Conduct Authority (FCA) will play in tackling financial crime. She said the FS Bill’s integrity objective explicitly tasks FCA not to let the UK financial system be used for […]

FSA publishes Financial Crime Newsletter 10 Oct 2012 The latest edition of FSA’s Financial Crime Newsletter focuses on recent fines and thematic reports. During the second half of 2013 it plans to publish the results of thematic work on anti-money laundering (AML), terrorist financing and sanctions controls in trade finance, and on AML and anti-bribery […]

Now available on FSnet: Regulatory developments – fact sheet on “Shadow banking” 05 Oct 2012 We have prepared a new fact sheet on “Shadow banking” which provides a brief overview of the most important regulatory developments in this area. It includes a topic summary, current status, timeline, useful links and principal points to note. To […]

ESMA consults on amendments to CESR recommendations on disclosure in mineral company prospectuses 05 Oct 2012 The European Securities and Markets Authority (ESMA) has launched a consultation on its proposed amendments to the recommendations made by the predecessor to ESMA, the Committee of European Securities Regulators (CESR), on the information to be disclosed by mineral […]

ESMA publishes responses to consultation on remuneration guidelines for AIFMs 04 Oct 2012 Following its consultation on “Guidelines on remuneration of alternative investment fund managers” (AIFMs) (see Daily New (29 June 2012) the European Securities and Markets Authority (ESMA) has now published the responses it has received to this consultation. ESMA expects to adopt the […]