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The Group of 20 (G20) has released the Communiqué (undated) from its meeting of finance ministers and central bank governors held in Sydney, Australia during 22 - 23 February 2014. The communiqué states that the meeting's outcomes include the endorsement of the Standard for Automatic Exchange of Financial Account Information (undated) (the Standard) as part of a global response to base erosion and profit shifting.

Published in Financial Integrity

Yonhap News Agency (Yonhap) reports that the Seoul Central District Court in the Republic of Korea has sentenced CJ Group chairperson Lee Jay-hyun to four years' imprisonment and fined him KRW26 billion (approximately US$24 million/€18 million) for tax evasion and embezzlement.

Published in Financial Integrity

The United Kingdom Financial Conduct Authority has announced that the High Court has ruled that "two investment schemes, promoted by Capital Alternatives and a number of other firms, were [unauthorised] collective investment schemes". According to the FCA, the defendants "structured their schemes to try to avoid the need to be regulated by the FCA"; however, the High Court has "agreed with the FCA that the schemes ... could not be lawfully operated by the defendants".

Published in Consumer Protection

The United States Department of Justice (DoJ) has announced that former Bank of America Corporation executive Phillip Murphy has pleaded guilty to "participat[ing] in a conspiracy and scheme to defraud [in] relat[ion] to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts".

Published in Competition

ASIC Enforcement Report

04 Feb 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has released Report 383 - ASIC enforcement outcomes: July to December 2013 (January 2014), which outlines enforcement outcomes achieved by ASIC between 1 July - 31 December 2013. In that period, ASIC achieved 340 enforcement outcomes, including criminal, civil and administrative actions, as well as negotiated outcomes such as enforceable undertakings.

Published in Financial Integrity

The United States (US) Department of Labor (DoL) has announced that Western Asset Management Company (Western Asset) is to pay a total of US$21 million to resolve charges that its trading activities resulted in losses to employee benefit plan accounts and associated funds.

Published in Financial Integrity

The European Commission (EC) has released a provisional version (29 January 2014) of a proposal for a Regulation of the European Parliament and of the Council of the European Union (EU) on "structural measures improving the resilience of EU credit institutions". According to the EC, the proposed reforms aim to stop large banks from engaging in proprietary trading and the EC has also adopted a number of accompanying measures aimed at making transactions more transparent.

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has announced that investors affected by unsuitable advice leading to investment in the high-risk CF Arch cru Investment and Diversified funds (Arch cru) have begun receiving compensation packages, with over £8 million already paid out to consumers and the total compensation to be paid out calculated at £31.47 million.

Published in Consumer Protection

Foreign Firms Fined for Reporting Failures

22 Jan 2014
Written by World Watch

The United States (US) Commodity Futures Trading Commission (CFTC) has made available an Order (15 January 2014) settling charges against Brazil-based firms Multigrain SA (Multigrain) and Agricola Xingu SA (Agricola Xingu) for reporting failures.

Published in Financial Integrity

The following United States (US) authorities have made available documentation of JPMorgan Chase & Co's (JPMorgan) settlement of criminal and civil charges relating to its dealings with Bernard L Madoff Investment Securities LLC (Madoff Securities), including in connection with a multi-billion-US-dollar ponzi scheme operated by Bernard Madoff (the Madoff fraud) in his former role as Madoff Securities chairperson:

Published in Financial Integrity

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