Six men, including three senior City professionals, were arrested today following a dawn raid on 16 addresses in the Financial Services Authority’s biggest-ever swoop on insider dealing. Squads from the FSA and the Serious Organised Crime Agency, in their first joint operation, searched 16 sites this morning, including homes and offices in London, the South […]

Innospec Limited appeared at Southwark Crown Court today and pleaded guilty to bribing employees of Pertamina (an Indonesian state owned refinery) and other Government Officials in Indonesia in order to secure sales of a fuel additive, TEL. Lord Justice Thomas has reserved his sentencing remarks. However in open Court he stated that there would be […]

On the 18th March, 2010 The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today designated 15 individuals and eight companies as Specially Designated Narcotics Traffickers for their ties to Colombian narcotics trafficker Daniel Rendon Herrera (a.k.a. “Don Mario”). http://www.treas.gov/press/releases/tg595.htm The action, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act), […]

The purpose of the 2009 Powerchex Survey was to reveal trends in candidates’ attempts to deceive potential employers in the financial sector by lying or embellishing the truth on their CVs and job applications. The survey took into account 4,735 applications for jobs in the financial sector made between June 2008 and May 2009. These […]

HM Treasury has launched a public consultation on the Terrorist Asset-Freezing Bill (the draft Bill), which was published in draft on 5 February 2010. The draft Bill will implement the asset-freezing regime established under UN Security Council Resolution 1373, 28 September 2001 (UNSCR 1373 (2001)), replacing the Terrorist Asset-Freezing (Temporary Provisions) Act (the Act). The […]

Financial Ombudsman News – The Financial Ombudsman Service (FOS) has published the latest edition of “Ombudsman News” (Issue 84), which includes: a selection of case studies on recent banking complaints involving “set off”; an interview with Natalie Ceeney, who will be the new Chief Ombudsman and Chief Executive from 22 March 2010; and a selection […]

On 18 March 2010, the FSA published a consultation paper entitled: “Taping: Removing the mobile phone exemption” (CP10/7). The FSA’s rules on recording voice conversations and electronic communications (taping rules) came into force in March 2009. Mobile phones and mobile communications, except e-mails, are currently exempt from the taping rules. In CP10/7, the FSA proposes […]

Wells Fargo, the US bank in which the investment guru Warren Buffett is the biggest shareholder, is close to settling claims that lapses in anti-money laundering controls allowed Mexico’s ruthless drug cartels to get cash into and out of the country. Talks with the US Department of Justice are aimed at ending a controversy that […]