The United States (US) Attorney's Office for the Southern District of New York (USAO SDNY) has announced that Liechtenstein-based bank Liechtensteinische Landesbank (LLB) is to pay over US$23.8 million to settle claims that it opened and maintained bank accounts for US taxpayers in order to assist them in evading tax payments and filing false tax returns with the US Internal Revenue Service (IRS).
The United States (US) Federal Housing Finance Agency (FHFA), in its capacity as conservator of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), has announced that financial services firm UBS Americas Inc (UBS) has agreed to pay a total of US$885 million to settle allegations that it breached "federal and state securities laws in connection with private-label residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac".
The Australian Taxation Office (ATO) has released Compliance in focus 2013-14 (July 2013), which "highlights the compliance risks attracting [the ATO's] attention and the actions [the ATO is] taking to deter, detect and deal with those who do not meet their tax and superannuation responsibilities".
The United Kingdom (UK) Department for Business, Innovation and Skills (BIS) has released Discussion Paper - Transparency and trust: Enhancing the transparency of UK company ownership and increasing trust in UK business (July 2013) for public comment.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has "significantly increased transparency in mortgage-backed securities issued by [the US Federal National Mortgage Association], [the US Federal Home Loan Mortgage Corporation] and [the US Government National Mortgage Association], as well as in securities backed by loans guaranteed by the US Small Business Administration [SBA]".
The United States Commodity Futures Trading Commission (CFTC) has put Wall Street banks and other large traders on notice for a possible investigation of their metals warehousing businesses following extensive complaints about inflated prices.
The United Kingdom (UK) Financial Conduct Authority (FCA) has announced that it has fined United States (US) based high frequency trader Michel Coscia US$903,176 for deliberate manipulation of commodities markets. According to the FCA, between 6 September 2011 and 18 October 2011, Mr Coscia used an algorithmic programme called "layering" to place thousands of false orders for Brent Crude, Gas Oil and Western Texas Intermediate futures from the US on the ICE Futures Europe exchange in the UK.
The United Kingdom Serious Fraud Office (SFO) has announced that former RP Martin Holdings Limited interdealer brokers Terry Farr and James Gilmour have been charged with offences of conspiracy to defraud in connection with the investigation by the SFO into the manipulation of the London interbank offered rate (Libor) benchmark interest rates.
The Manhattan Federal Court has sentenced lawyer Joseph Collins to one year and one day in prison for his conviction on charges including securities fraud, conspiracy and wire fraud.
The United States (US) Board of Governors of the Federal Reserve System (Federal Reserve Board) has announced that the Federal Reserve Board has approved a final rule establishing an integrated regulatory capital framework that will increase minimum requirements for the quantity and quality of capital held by banking organisations, emphasises the most loss-absorbing form of capital and imposes strict eligibility criteria for regulatory capital instruments and an improved methodology for calculating risk-weighted assets.
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