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The UK's tax authority issued just shy of 1,500 demands in the space of a year to lawyers and accountants for information on clients suspected of committing crimes, figures released today show. The research by City law firm RPC discovered the HM Revenue & Customs (HMRC) issued 1,468 production orders last year – and more than [...]
The jury members on a long-running insider trading case were told late last week that they need not reach their verdicts unanimously. The jury on the case, nicknamed Tabernula after the Financial Services Authority and Serious Organised Crime Agency operation which prompted it, has been told that it may give its verdicts with 11 to one or 10 [...]
A database packed with information from the Panama Papers leak is due to be released tomorrow, providing authorities worldwide with potentially valuable leads for their investigations. The International Consortium of Investigative Journalists (ICIJ) announced that it would be launching the searchable database about a fortnight ago and wrote in a blog post that the database will contain information [...]
Tom Hayes' crowdfunding campaign to raise money for his legal fees has started to gather pace, with one anonymous individual parting with £5,000 for the cause. The crowdfunding campaign, which is being hosted on Fundrazr and was set up to raise funds for Hayes' appeal to the Criminal Cases Review Commission (CCRC), has now raised almost £10,000 since [...]
Sage Group's endeavours to makeover its business model are paying off, after the company reported a boost to revenue in its half-year results today. However, investors were less thrilled by what the announcement had to offer, with shares in the company trading down 3.2 per cent at 585p shortly after 12pm London time. [stockChart code="SGE" date="2016-05-05 [...]
Tom Hayes has instructed solicitor Karen Todner to lead the next stage in his appeal, it was announced today, as he turns to crowdfunding to raise his legal fees. Hayes, a former UBS and Citigroup trader, was convicted of offences related to manipulating the Yen-linked Libor last August. He was initially sentenced to 14 years in prison, [...]
The European parliament today voted to approve a new law designed to make the manipulation of benchmark rates, such as Libor and Euribor, much trickier to do. The legislation, which aims to make the rate setting process more transparent and less likely to be subject to conflict of interests, was voted through by 505 votes to 113. [...]
The accountancy watchdog has today issued its final draft of guidance for auditors ahead of a significant piece of EU legislation coming into force this summer. The final drafts of updates to the Financial Reporting Council's (FRC) UK Corporate Governance Code, Guidance on Audit Committees, and Auditing and Ethical Standards are designed to better secure the independence [...]
A former senior executive at Barclays has today called emails between staff at the bank about setting Libor to better suit their trading position "improper". Eric Bommensath was formerly global head of fixed income at the bank and today gave evidence in a trial against five former Barclays employees accused of offences relating to manipulating US-dollar linked [...]
It's 31 December 1999 and several people are praying that the millennium bug won’t cause the world as we know it to grind to a halt. Simon Levine is one of them, because the intellectual property lawyer is on call in case clients suddenly find their systems rendered unusable and he’s already a couple of pints into [...]
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