Managers of Wealth

FCA and PRA fine Goldman Sachs International £96.6 million for risk management failures in connection with 1MDB

The 1MDB transactions involved clients and counterparties in jurisdictions with higher financial crime risk.

Goldman is clawing back or cutting millions in pay from CEO Solomon, Blankfein and others over 1MDB

Goldman is seeking to claw back $76 million from the three former employees most implicated in the scandal, the bank’s board said Thursday in a statement.

Swiss Cut Bank Penalty In 1MDB Case To $77M

FINMA has thus taken into account the new case law on the disgorgement of profits, including the Federal Administrative Court’s judgement of November 2019.

MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’

These POs were issued at the conclusion of an investigation conducted by the MAS and took effect on 22 October 2020.

Luxembourg: Draft 2021 budget law presented to Chamber of Deputies

The new legal framework would omit some of the conditions required by the 2014 circular

Asian Legal Business Conversations: Hong Kong Managing Partner Cameron Adderley

He focuses on corporate and commercial practice including securities, mergers and acquisitions, financing and capital market transactions.

FCA urges struggling borrowers to seek debt advice

But as loan repayment holidays come to an end and job protection schemes fade away to be replaced by less generous measures, those without their own financial defences are at risk of experiencing severe financial damage.

FINMA decision in BSI legacy case

This decision follows a ruling by the Federal Administrative Court in December 2019, which had confirmed FINMA’s assessment of the case but had remanded the aspect of the disgorgement amount to FINMA.

Anti-money laundering (AML) program effectiveness

Transforming AML programs to enhance outcomes for law enforcement

Tax challenges from digitalisation: A global two-pillar solution could increase tax revenues and support economic activity

The COVID-19 crisis is exacerbating these tensions by accelerating the digitalisation of the economy and increasing pressures on public finances.

Hong Kong fines Goldman Sachs record $350m over 1MDB

The 1MDB bond offerings were arranged and underwritten by Goldman Sachs International,

Mozambique Seeks Ex-Credit Suisse Bankers

After Mozambique defaulted in 2018, the matter morphed into a major crisis because the Swiss loans were not revealed to other creditors and the International Monetary Fund.

EU to take legal action over Malta and Cyprus golden visas

Maltese prime minister defends programme for its contribution to the country’s economy

Arrest warrants issued for founders of Panama Papers firm: report

The Panama Papers, a massive data leak in April 2016, exposed widespread tax avoidance and evasion

UK Fundraising Regulator publishes review into charities' compliance with reporting requirements

Many charities are reporting effectively on their fundraising approach, and to a lesser extent on fundraising standards.

Controversial shell-company ‘factories’ seek a role cleaning up UK’s reputation

It would ‘put the fox in charge of the henhouse’, anti-money-laundering experts warn, after FinCEN Files identified thousands of U.K. shell companies linked to suspicious transactions.

Edmond de Rothschild Faces Fraud Suit

The case was filed with a court in New York and includes a claim of $100 million in damages.

Decentralized Finance needs regulatory clarity and smarter compliance

As of mid-July 2020, according to the Bank for International Settlements report, at least 36 central banks have published retail or wholesale central bank digital currency work.

Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe

Deal to push Goldman’s tally of penalties to around $5 billion

Former Russian oil boss sues Geneva bank for 'kickback scheme'

The case alleges a senior bank executive conspired with Eastern Europeans based in Brooklyn to defraud Bogdanchikov, all with the help of Mossack Fonseca, the law firm forced to shut down in 2018 after the Panama Papers revealed it was involved in interna

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