Global Investigations Review - The law and practice of international investigations

image

Friday, 10 January 2020

Dubai regulator fines shuttered wealth fund

The Dubai Financial Services Authority (DFSA) has fined a wealth fund $246,000 for “serious breaches” of the market regulator’s legislation.

The DFSA found that Morgan Gatsby had breached its rules in multiple ways, including by promoting a foreign fund, making unauthorised transactions on behalf of two clients and by failing to properly check the source of a client’s funds.

The market regulator said Morgan Gatsby earned a 30% reduction in its fine by agreeing to settle the DFSA’s investigation at an early stage. The authority suspended the fund’s licence to practice on 8 November 2018.

Polish prosecutor indicts former financial regulation chief with corruption

Polish prosecutors have indicted the former head of the country’s financial regulator on charges of corruption, according to the New York Times.

Marek Chrzanowski has reportedly been accused of asking a Polish bank to pay millions of dollars into a bank account held by a lawyer in return for “support”.

Chrzanowski was head of the Polish Financial Supervision Authority until his resignation in November 2018.

A spokesperson for the prosecutor reportedly told the newspaper that it had filed the indictment on 31 December.

German prosecutor charges ex-Freshfields lawyer in cum-ex scheme

The Frankfurt Prosecutor’s Office has charged Freshfields Bruckhaus Deringer’s former head of tax for his role in an alleged tax fraud scheme regarding cum-ex trades, according to the Financial Times.

Prosecutors have charged Ulf Johannemann and six former bankers who worked at the now-defunct Maple Bank, which collapsed in 2016 as a result of its alleged involvement in the trades. Johannemann did not comment publicly on the charges. 

The FT is also reporting that German authorities are investigating a second Freshfields partner in a separate cum-ex investigation.

Two British bankers are on trial in Frankfurt for facilitating cum-ex trades in Germany.

Download the latest magazine

magazine
Download as a PDF
View all issues

Insight

Reviews

Europe middle east and africa investigations review 2020 roi 1 32x9

Europe, Middle East and Africa Investigations Review 2020

Highlights

Anti-Money Laundering Trends and Challenges

Deborah Luskin, Anant Modi, Selma Della Santina and Sarah Wrigley

Forensic Risk Alliance

Cleaning up the Mess: Effective Remediation in Internal Investigations in Africa

Benjamin S Haley, Sarah Crowder, Randall D Friedland and Thomas McGuire

Covington & Burling
All reviews

Guides

Gir guide to monitorships edition 2 banner roi 1 32x9

The Guide to Monitorships - Second Edition

Highlights

9. Monitorships in East Asia

Jason J Kang, Daniel S Lee, Nan Wang, Ryan Middlemas and Hangil Lee

Kobre & Kim

10. Switzerland-ordered Monitorships

Simone Nadelhofer and Daniel Lucien Bühr

LALIVE
All guides

Know-how

Extradition

Highlights

England & Wales

Anand Doobay

Boutique Law LLP

England and Wales

Anand Doobay

Boutique Law LLP

All know-how