Friday, 21 February 2014
SEC fines Credit Suisse US$196 million
The US Securities and Exhange Commission has fined Credit Suisse for providing cross-border brokerage and investment advisory services to US clients, from at least 2002 until 2008, without having registered with the commission.
Norton Rose expands into Brazil
Hot on the heels of the launch of its global regulation and investigations practice, Norton Rose has taken the initiative to Brazil, opening its first foreign legal consultancy in Rio de Janeiro, where the firm will offer anti-corruption and bribery advice among its services.
Austrian bank executives accused of paying bribes to Syrian officials
Prosecutors told an Austrian court that former employees at OeBS, a banknote printing company, paid bribes to officials at both Syrian and Azerbaijan banks in exchange for winning contracts to print money for them.
FC Barcelona charged with tax fraud
A Spanish court has charged football club Barcelona with committing tax fraud, according to Spanish reports. The allegation relates to the purchase of Brazilian footballer Neymar da Silva Santos Júnior – commonly known as Neymar – last summer.
Japanese employee facing bribery charges leaves Deutsche Bank
A Deutsche Bank employee charged with bribery offences by the Japanese police has now left the company. Shigeru Echigo, who worked in the bank’s pension fund sales department in Tokyo, is accused of entertaining a pension fund manager by paying for luxury meals and holidays.
SEC appoints trading and markets division director
WilmerHale partner Stephen Luparello will be the next director of the Securities and Exchange Commission's trading and markets division. He takes over from John Ramsay, who will step down next month.
Singapore anti-corruption official jailed
Edwin Yeo, the former assistant director of Singapore's Corrupt Practices Investigation Bureau was yesterday sentenced to 10 years for misappropriating over S$1.75 million (US$1.
Thursday, 20 February 2014
AT&T receives surveillance requests for 35,000 user accounts
US telecoms company AT&T says it received requests for information regarding more than 35,000 user accounts in the first six months of 2013. The requests were made under the US Foreign Intelligence Surveillance Act (FISA).
Ecclestone wins but payment was corrupt, says UK judge
A UK judge has said Formula One boss Bernie Ecclestone “made a corrupt agreement” when paying a Bayern LB banker US$44 million to facilitate a 2005 sale of F1 shares. But the judge rejected German media group Constantin Medien’s US$140 million claim that the payment was part of a deal that purposely undervalued the group’s stake at the time.
Wednesday, 19 February 2014
Latvia anti-corruption bureau requests prosecution of police investigators
Latvia’s Corruption Prevention and Combating Bureau (KNAB) has asked prosecutors to start criminal proceedings against unnamed investigators in the economic crimes department of Latvia's State Police Criminal Bureau for allegedly demanded bribes in return for favourable decisions.
Former Petrotiger chief pleads guilty to FCPA charges
Knut Hammarskjold, a former chief executive of oil and gas company Petrotiger, has pleaded guilty to violating the US Foreign Corrupt Practices Act (FCPA) and committing wire fraud. In a statement, the US Department of Justice said Hammarskjold was one of three defendants who has been accused of paying bribes to a Colombian official in exchange for helping secure an oil services contract worth US$39 million.
Denmark investigates Danske Bank bonus programme
Denmark’s Public Prosecutor for Serious Economic and International Crime (SØK) is investigating whether Danske Bank’s bonus programme could have incentivised employees to break rules.
Tuesday, 18 February 2014
Belgium probes tax evasion claim
Belgium’s Special Tax Inspectorate is investigating alleged tax evasion by energy company GDF Suez. According to a confidential report by the country’s energy authority, the Commission for the Regulation of Electricity and Gas, GDF Suez is said to have overcharged its local unit by €500 million, thereby cutting the local company’s profits and its tax bill, reports national business daily De Tijd/L’Echo.
German/Swiss tax proposal abandoned
Germany and Switzerland have abandoned talks about introducing a tax agreement between the two countries, according to reports. The German and Swiss governments had been discussing the possibility of introducing a tax accord that would help prevent German citizens from hiding money from German tax authorities.
Contractor pleads guilty to US army bribes
The US Federal Bureau of Investigation reports that an independent contractor for a trucking company delivering fuel to the US army in Afghanistan has admitted to his role in offering bribes to an army serviceman to cover up missed fuel deliveries.
Chinese court approves former Everbright trader lawsuit
The Beijing First Intermediate Court has allowed a former trader’s lawsuit against the Chinese securities regulator to go ahead. Last week, former Everbright Securities employee Yang Jianbo filed a case against the Chinese Securities Regulatory Commission, which had banned him from trading for life, after finding him guilty of insider dealing.
ESMA publishes AIFMD guidance
The European Securities and Markets Authority, which regulates the EU’s financial markets, has issued a question and answer document to clarify the application of the Alternative Investment Fund Managers Directive (AIFMD).
Monday, 17 February 2014
SAC Capital CCO calls it quits
SAC Capital chief compliance officer Steve Kessler is leaving the firm, Bloomberg reports.Kessler spent nine years at SAC Capital, which in November last year agreed to pay US$1.8 billion to settle insider trading charges.
Merkel backs separate EU internet infrastructure
German chancellor Angela Merkel has proposed setting up a new internet network in Europe to prevent automatic data transfers to the US. The internet’s infrastructure is predominantly in the US, and huge amounts of data routinely pass through or end up in the country.
UK DPAs: prosecutor guidelines issued
David Green, the director of the UK’s Serious Fraud Office, and Director of Public Prosecutions Alison Saunders have issued guidelines for prosecutors on the use of deferred prosecution agreements (DPAs), which will become available on 24 February.
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