Wheatley Review sets out UK’s response to LIBOR scandal 11 Sep 2012 Martin Wheatley, head of conduct regulation at the FSA, has given a speech (http://www.fsa.gov.uk/library/communication/speeches/2012/0810-mw.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) providing details on his review of the alleged manipulation of the London Interbank Offered Rate (LIBOR). Mr Wheatley has been asked by the Government to look at how the […]

FSA fines former insurance broker for misappropriating insurance premiums 11 Sep 2012 The FSA has published (http://www.fsa.gov.uk/library/communication/pr/2012/077.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) a Final Notice (http://www.fsa.gov.uk/static/pubs/final/stephen-goodwin.pdf) against Stephen Goodwin, former partner of Goodwin Best in Lancashire. The FSA fined Mr Goodwin £471,846 and banned him from working in regulated financial services after it found that he had used clients’ insurance […]

Six sentenced for insider dealing 11 Sep 2012 The FSA has announced (http://www.fsa.gov.uk/library/communication/pr/2012/080.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that six men have been sentenced for insider dealing offences committed between 2006 and 2008. The defendants obtained confidential and price-sensitive information from investment banks concerning proposed or forthcoming takeover bids and then used a large number of accounts to place spread […]

Tracey McDermott appointment confirmed 11 Sep 2012 The FSA has published (http://uk.practicallaw.com/4-520-9040?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1 an internal email confirming that Tracey McDermott has been appointed Director of its Enforcement and Financial Crime Division (EFCD). Ms McDermott has been Acting Director of EFCD since April 2011.

OLAF launches investigation into tobacco company 11 Sep 2012 It has been reported that the European Commission’s European Anti-Fraud Office (OLAF) has launched an investigation into Japan Tobacco Inc for alleged breaches of sanctions in respect of Syria. It is alleged that a Swiss subsidiary of the firm sold millions of cartons of cigarettes to […]

Standard Chartered settles US claims over Iranian transactions 11 Sep 2012 The New York State Department of Financial Services (DFS) has announced (http://www.dfs.ny.gov/about/press/pr1208141.htm?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that it has reached a settlement with Standard Chartered Bank in relation to allegations that the bank had failed to disclose approximately 60,000 transactions with the Iranian government amounting to at least […]

Turkish Bank (UK) Ltd fined for money laundering failings 11 Sep 2012 The FSA has published (http://www.fsa.gov.uk/library/communication/pr/2012/081.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) a Decision Notice (http://www.fsa.gov.uk/static/pubs/final/turkish-bank.pdf) fining Turkish Bank (UK) Ltd (TBUK) £294,000 for breaching the Money Laundering Regulations 2007. The breaches related to TBUK’s corresponding banking arrangements and were considered to be widespread by the FSA. This is the […]

MONEYVAL evaluation report on the Holy See 11 Sep 2012 The Council of Europe’s Committee of experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published (https://wcd.coe.int/ViewDoc.jsp?Ref=DC-PR079(2012)&Language=lanEnglish&Ver=original&Site=DC&BackColorInternet=F5CA75&BackColorIntranet=F5CA75&BackColorLogged=A9BACE&intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) its first evaluation report (http://www.coe.int/t/dghl/monitoring/moneyval/Evaluations/round4/MONEYVAL(2012)17_MER_HS_en.pdf) of the Holy See (including Vatican City State). The report evaluates the implementation of international and European […]