-  Investigations updates from around the world

Tuesday, 17 June 2014

Banks drop US customers over FATCA

FATCA regulations are negatively affecting US expats, according to a Reuters report: banks have resorted to dropping US customers before the complex financial reporting regulations will be fully enforced.

HKMA carrying out anti-money laundering checks

The Hong Kong Monetary Authority is checking a number of financial institutions, including at least one bank, to identify potential money-laundering violations, Bloomberg reported, following a South China Morning Post report stating the banking regulator was investigating the institutions.

Monday, 16 June 2014

FCA sets aside £1.7 million for Clifford Chance-led investigation

The UK’s Financial Conduct Authority (FCA) has dedicated £1.7 million to investigate why it gave a potentially misleading briefing in March, which led to a sharp drop in shares in the insurance sector.

FIFA investigator will review The Sunday Times evidence

Michael Garcia, who is leading football governing body FIFA’s internal investigation of bribery allegations, says he is aware of most of the evidence referred to in The Sunday Times story published this month.

SFO raids increase threefold in last year

The UK’s Serious Fraud Office (SFO) carried out three times more raids in the last financial year (2013/14) than it did in 2012/13, according to a report by Pinsent Masons. In the last year, the SFO conducted 26 raids compared to eight in the previous 12 months.

BNP Paribas warned about US sanctions in 2006

Cleary Gottlieb Steen & Hamilton and Clifford Chance warned French bank BNP Paribas that it risked penalties for allegedly violating US sanctions in 2006, French newspaper Le Monde reports.

Friday, 13 June 2014

Mayor of Venice resigns amid corruption investigation

Venice mayor Giorgio Orsoni has resigned after entering into a plea agreement with Italian prosecutors, the BBC reports. Orsoni was released from house arrest after agreeing to serve a four-month sentence.

Third former BDO partner jailed for tax fraud scheme

A third former partner at accounting firm BDO Seidman has been jailed for his involvement in a tax fraud scheme, despite cooperating with the investigation. According to reports, Robert Greisman, 63, was sentenced to three months in prison by the Southern District Court of New York after he pleaded guilty to conspiracy and tax evasion in 2009.

SBM Offshore blocked from bidding on Petrobras contracts

Brazilian state-owned oil company Petrobras has told Dutch oil and gas services company SBM Offshore that it cannot bid for two contracts because of an ongoing bribery investigation, the Dutch company said in a statement.

UBS could pay US$8 billion forex settlement, say researchers

A report by financial research company Autonomous Research says UBS might have to pay US$8 billion in settlements and fines over its alleged involvement in collusion to rig foreign exchange benchmarks.

Thursday, 12 June 2014

UK 'waters down' EU reforms to arrested people's rights

The UK implemented the EU’s Right to Information in Criminal Proceedings directive on 2 June by amending its legislation on the detention, treatment and questioning of people by police officers.

UK monitoring AgustaWestland corruption trial in Italy

Helicopter company AgustaWestland may face a criminal investigation in the UK, Exaro reports, as the corruption trial of two of the company’s former executives continues in Italy. A spokesperson for the UK’s Foreign & Commonwealth Office said the government is “carefully” monitoring the trial to see if any evidence might warrant an investigation by UK authorities.

11% of chief executives willing to cook the books

Eleven per cent of chief executives believe misstating financial performance is justifiable to help a business survive an economic downturn, according to EY’s most recent global fraud survey.

Wednesday, 11 June 2014

Former Rabobank trader pleads guilty in Libor probe

A former derivatives trader at Dutch bank Rabobank yesterday pleaded guilty to conspiracy to commit wire and bank fraud. Takayuki Yagami admitted to attempting to manipulate the Yen Libor rate to benefit his trading positions.

New Zealand anti-corruption group launched

New Zealand's Serious Fraud Office, Transparency International, trade groups and accountants have formed an 'integrity group', which aims to prevent corruption through education. "The integrity group believes that all New Zealanders should be proud of our very low levels of perceived corruption but exposure to unethical business practice in other countries could harm this reputation," the SFO said.

Bank of America facing US$17 billion RMBS settlement

The US Department of Justice (DoJ) is pushing Bank of America to pay US$17 billion to settle allegations it made misrepresentations as it sold residential mortgage-backed securities to investors, the New York Times reports.

Tuesday, 10 June 2014

Deutsche Bank caught up in China princelings investigation

US enforcers are investigating whether Deutsche Bank hired Chinese government officials’ children – known as “princelings” – to attract business, a source told Reuters.

CFTC names new head of enforcement

Aitman Goelman, a partner at Zuckerman Spaeder and former assistant US attorney in the Southern District of New York, will be the next head of enforcement at the US Commodities and Futures Trading Commission.

Walmart cuts investigations and compliance spend

Walmart’s latest SEC filing revealed the company has cut its quarterly FCPA investigations and compliance costs by US$20 million to US$53 million compared to its first quarter in 2013.

FCA to investigate investment bank conflicts of interest

The UK’s Financial Conduct Authority (FCA) will examine how investment banks manage conflicts of interest related to their use of derivatives, chief executive Martin Wheatley said in an interview last week.

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