Ten things UK/EU compliance officers must do in 2012 07 Jan 2013 This year will be a year of clarifying, evaluating and beginning to implement the practical detail that underpins the sweep of regulatory change due in 2012 and beyond. The changes are not limited to the rulebooks but encompass the regulatory bodies, required structural […]

HMRC uploads tax cheat rogues gallery 07 Jan 2013 Her Majesty’s Revenue and Customs (HMRC) is publishing the photographs of more than 30 of last year’s biggest tax cheats as part of a tax evasion campaign. The photographs have been published on popular photo sharing website Flickr. HMRC said the individuals had been sentenced to […]

IRAN SANCTIONS UPDATE: NEW EU MEASURES IN FORCE 07 Jan 2013 On 22 December 2012, three new EU measures in relation to Iran were published in the EU Official Journal. These expand the existing suite of EU sanctions, and are likely to be relevant to any EU companies, or persons within the EU, still engaged […]

Second prosecution under the Bribery Act, but still no guidance on key issues 07 Jan 2013 A man who tried to bribe a council licensing officer has been convicted of an offence under the Bribery Act 2010 (the “Act”). This is the second prosecution under the Act, but once again relates to individual bribery of […]

The Bribery Act strikes again 07 Jan 2013 The Bribery Act has made the news again following the conviction of a would be taxi driver. Earlier this week, at Minshull Street Crown Court in Manchester, Mr Mawia Mushtaq became the second person convicted of an offence under the Bribery Act by attempting to bribe a […]

UK and Japanese banks settle US sanctions and money laundering violations – 07 Jan 2013 On December 10, 2012, UK Banks HSBC and Standard Chartered Bank (SCB) entered into agreements with US enforcement authorities to settle civil and criminal charges relating to US economic sanctions, the Bank Secrecy Act, and the Foreign Narcotics Kingpin Sanctions […]

FSA – Top 12 fines of 2012 03 Jan 2013 The FSA issued a total of £311.6m in fines against over 50 firms over the last year, a massive 371 per cent increase on the £66.1m in fines issued in 2011. The fines total was inflated in 2012 due to the significant penalties against UBS […]

Guernsey foundation law ‘a welcome boost’ 03 Jan 2013 The introduction of Guernsey’s foundation law on 7 January will be a “welcome boost” for the island’s financial services industry. Commerce and Employment Minister Kevin Stewart said it would offer the industry “an edge in an increasingly competitive global environment”. It follows the introduction of similar […]