Oligarch’s daughter found guilty of failing to hand over documents in corruption case January 30, 2020 Anna Machkevitch, the daughter of a billionaire oligarch, was today found guilty of failing to hand over documents to the Serious Fraud Office (SFO) in connection with a massive corruption investigation. She was found guilty of failing to supply documents required by the SFO under Section 2 of the Criminal Justice Act. She was ordered [...]
‘Pack of cards would have started to tumble’ if Barclays failed to secure Qatar cash, court hears January 28, 2020 Barclays would have been left in a dire position if it had failed to get Qatar to commit to two multi-billion pound financial crisis fundraisings, the Old Bailey heard today. A barrister for the Serious Fraud Office (SFO) today began the closing argument for the prosecution in the landmark trial of three senior former Barclays [...]
FCA has not brought a single prosecution under new anti-money laundering powers January 28, 2020 The Financial Conduct Authority (FCA) has not brought a single prosecution under new tougher criminal powers to combat money laundering that were introduced in 2017, a freedom of information (FOI) request shows. The FCA has the power under the Money Laundering Regulations 2017 to criminally prosecute a person or organisation it suspects of not putting [...]
EY whistleblower takes stand in gold bullion money laundering case January 27, 2020 A whistleblower who is suing audit giant EY over allegations it covered up a money laundering scandal took the stand today in his High Court trial against his former firm. Amjad Rihan, who was an EY partner based in the firm’s Dubai office, alleged he was pushed out after he threatened to blow the whistle [...]
UK-listed tech recruiter S Three says profit jumped 20 per cent in 2019 January 27, 2020 London-listed recruiter S Three reported a 20 per cent increase in pre-tax profit today, driven by strong international growth. The recruiter, which focuses on science, technology, engineering and mathematics (Stem) roles, said revenue grew nearly seven per cent to £1.3bn. Reported profit before tax was up 20 per cent in the year to 30 November [...]
Audit regulator proposes challenger firms get larger share of the work January 25, 2020 The Financial Reporting Council (FRC) has proposed a regime to the government that would see challenger firms outside the so-called big four auditors be given a substantial proportion of the audit work of major British companies. The accounting regulator has drawn up plans behind closed doors that would require all but the very biggest FTSE-350 [...]
Banker named in alleged Angola fraud found dead January 23, 2020 A banker named in the investigation into the source of Angolan billionaire Isabel dos Santos’ wealth has died in Portugal in an apparent suicide. Nuno Ribeiro da Cunha, the director of private banking at Portuguese lender Eurobic, was found dead at his house in Lisbon on Wednesday, Lusa news agency said today, citing a police [...]
Deep in the weeds: How to solve the legal problem of investing in cannabis January 20, 2020 A growing controversy exists which is being discussed with increased frequency by commentators concerning the restrictions on UK firms that wish to invest in the overseas cannabis industry. The controversy arises from the uncertainty regarding the legality of investing in a foreign company, based somewhere that cannabis is legal. In the UK, cannabis and synthetic [...]
Barristers remain bullish despite threats to fees January 20, 2020 Nearly three-quarters of barristers said their practice has grown or remained stable in the last three years, according to research published today. The growth comes despite challenges facing the independent bar, including government cuts to legal aid and a move towards fixed costs in private cases, both of which are driving down fees. The survey [...]
Exclusive: EY plans major private equity push as audit reform looms over sector January 19, 2020 Big Four firm EY is planning a major private equity push as it grapples with potential regulatory changes that could dramatically alter the face of the firm, City A.M. can reveal. Its transaction advisory division is understood to be looking to boost its capabilities in the private equity sector, with the goal of winning more [...]