The European Union’s push to stamp out corporate tax avoidance hit a roadblock Wednesday amid disagreement over how to stop multinationals from shifting profits across internal EU borders for better tax rates.
Shadow banking remains largely unregulated three years after the Financial Stability Board recommended a global policy framework to keep the sector in check, the FSB said in a report released Wednesday.
The U.K.’s Serious Fraud Office should increase its core funding and reduce its reliance on government cash injections for big cases, a model that prevents the agency from developing skills in-house, according to an independent executive agency report released Tuesday.
The U.K.’s Supreme Court on Tuesday rejected a bid to allow U.K. citizens who have been living abroad for more than 15 years the right to vote in an upcoming referendum on whether the country will remain in the European Union, ending a suit from a White & Case LLP competition attorney.
U.K. authorities said Tuesday they will probe banks that deny services to potentially risky customers to avoid money-laundering issues, warning that the practice could be in violation of U.K. competition law.
The European Commission on Monday unveiled a set of flexible criteria national regulators must use when setting requirements for the kinds of debt banks need to have on their books in order to avoid taxpayer-funded rescues if they fail.
The Financial Conduct Authority will release a long-awaited report Tuesday that examines whether British banks are denying entire categories of customer accounts to reduce risk of money laundering and thus avoid more rigorous enforcement by authorities.
Deutsche Bank confirmed Friday that an internal investigation is under way into a derivatives transaction that may have involved “unacceptable” conflicts of interest by employees who had invested personal funds, reportedly including the London-based former co-head of the bank’s investment division.
The U.K.’s Court of Appeal ruled Friday that British citizens who have been living abroad for more than 15 years can't vote in an upcoming referendum on whether the country will remain in the European Union, rejecting a suit from a White & Case LLP competition attorney.
Companies involved in corporate wrongdoing can expect lighter penalties, such as civil charges or deferred prosecution, if they come forward promptly and fully cooperate with investigators, a senior figure from the U.K.’s Serious Fraud Office said on Wednesday.
The former compliance officer of a collapsed investment company that had sold £475 million ($694 million) worth of faulty life settlement products has withdrawn his appeal against a decision to ban him from financial service activities, the U.K.’s Financial Conduct Authority announced Thursday.
The finish line for implementing a vast swath of rules aimed at creating more competitive, integrated securities markets across the European Union is now in sight after EU leaders passed another piece of the massive legislation and agreed to a January 2018 start date.
A former Barclays Libor submitter accused of conspiring to manipulate the benchmark rate denied in a London court Tuesday that he was driven to tailor submissions by a desire to join the “big dogs” on the swaps desk.
Europe’s financial services commissioner pledged Tuesday to review whether swathes of legislation implemented since the banking crisis could be revised, responding to industry fears that tighter regulation has slowed financing for markets and the economy.
A former Barclays trader accused of conspiring to manipulate the Libor testified in a London court Monday that he knowingly submitted a false rate every day for two years, a practice he claimed was widely used at other banks.
A former Barclays trader accused of conspiring to manipulate Libor told a London court Friday that he lied at first to the U.S. Department of Justice about his role in the scandal but later changed his story because he was “very scared” of being extradited to stand trial in the U.S.
A former Barclays trader accused of trying to manipulate Libor testified in a London court Thursday that he was following the directions of his boss, who he said would "whack" him with a 12-inch toy bat if he made mistakes in his work.
The prosecution in a Libor-rigging trial told a London jury on Wednesday that a former colleague of the five ex-Barclays bankers accused of manipulating the key benchmark had already pled guilty in October 2014 to the same charge of conspiracy to defraud.
Two Magic Circle firms and at least 17 other major U.K.-based solicitors have been linked to thousands of the offshore investment companies listed in the so-called Panama Papers, which exposed a vast network that has global regulators looking to strengthen tax avoidance regimes.
The U.K.’s Financial Conduct Authority began taking applications Monday for an initiative that allows companies to test new products in a live market environment without being subject to the full regulatory rulebook.