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Enforcement
UK Court Convicts Three for Defrauding Libyan Sovereign Fund
By Mark Johnston | 13/12/2022
The fund managers structured investments in a way that generated finder fees that they funnelled through offshore shell companies, causing around $46mn to Libya.
Crypto / Digital Assets
EU Commission Proposes New Tax Transparency Rules for Crypto
By Editors | 13/12/2022
New requirements to report crypto-asset, e-money and digital currency transactions are expected to enter into force on 1 January 2026.
Enforcement
EU Commission Accuses Two Banks of Cartel Conduct
By Editors | 12/12/2022
Deutsche Bank and Rabobank traders allegedly exchanged commercially sensitive information and coordinated pricing and trading strategies on government bonds.
Sanctions
EU Commission Proposes Ninth Russia Sanctions Package
By Editors | 12/12/2022
The package covers almost 200 individuals and entities, including three more Russian banks. More export controls, mining investments, and Russian TV channels also targeted.
Capital / Liquidity
UK Proposes Extensive Overhaul of Financial Services Regulations
By Manesh Samtani | 12/12/2022
The reforms include overhauls of the ring-fencing and senior managers regimes, a new green finance strategy, and an investment management exemption for cryptoassets.
Enforcement
FCA Fines Interdealer Brokers Over Inadequate Trade Surveillance
By Editors | 12/12/2022
Between July 2016 and January 2018, BGC Brokers, GFI Brokers and GFI Securities had deficient surveillance processes and insufficient asset class coverage.
Enforcement
US Sanctions Nasdaq Listed Company, Other ‘Corrupt’ Actors
By Manesh Samtani | 12/12/2022
The sanctions were connected to illegal fishing. The US, UK and Australia also sanctioned dozens of others in recognition of International Anti-Corruption Day and Human Rights Day.
AML / KYC
EU Council Agrees Position on AML/CFT Reform Package
By Manesh Samtani | 11/12/2022
The package includes AML/CFT rules for the crypto sector and a ban on cash payments over EUR 10,000, among other measures.
ESG / Sustainability
ESMA Labelling Rules to Complicate Green Fund Market
By ESG Investor | 11/12/2022
Plans to introduce minimum investment thresholds risk creating two types of Article 8 products, says Julia Vergauwen at Linklaters.
Enforcement
FCA to Ban Ex-Mizuho Traders for Manipulating Italian Bond Futures
By Editors | 11/12/2022
The FCA said the three traders repeated a pattern of “deliberate and intentional market manipulation on a number of occasions and were dishonest.”
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