The United Kingdom (UK) Financial Conduct Authority (FCA) has released Thematic Review TR13/3 - Banks' control of financial crime risks in trade finance (July 2013), a report which details the means by which UK banks control money laundering, terrorist financing and sanctions risks in trade finance business, and sets out the FCA's findings from its recent thematic review. The report contains examples of good and poor practice.
The state of New York has begun proceedings against United States (US) company Sprint Nextel Corp (Sprint), alleging that Sprint deliberately failed to bill customers for over US$100 million in taxes for its mobile phone services over a period of seven years in order to capture market share from competitors AT&T Inc and Verizon Wireless, and make its services US$4.6 million less expensive per month.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined StateTrust Investments, Inc. (StateTrust) US$1.045 million for charging markups and markdowns in excess of 5% in 563 corporate bond transactions, and that StateTrust's conduct operated as a fraud or deceit on the customers in a number of instances.
A number of United States (US) banks have submitted a proposal to the US Federal Reserve on how any future financial crisis of the country's largest banks and other financial institutions should be funded.
The United States Financial Industry Regulatory Authority (FINRA) has decided to revise its policy in relation to its 6,500 securities arbitrators in light of the indictment and reprimanding of New Jersey-based arbitrator Demetrio Timban that remained unknown to FINRA for a matter of months, even after Mr Timban began to arbitrate for a matter involving Goldman Sachs Group Inc.
The United States (US) Federal Trade Commission (FTC) has announced that the investment firm of MacAndrews & Forbes has agreed to pay a US$720,000 civil penalty to settle charges that it breached the law by failing to make premerger filings, as required by the Hart-Scott-Rodino Act, when it acquired 800,000 Scientific Games Corporation (SG) shares in June 2012.
Founders of fashion label Dolce and Gabbana (D&G), Domenico Dolce and Stefano Gabbana, have been convicted of tax evasion to the sum of approximately €1 billion. Reportedly, Mr Dolce and Mr Gabbana sold the D&G label to a holding company in 2004 so that they would not have to make tax declarations on royalties.
The United States Department of Justice (DoJ) has announced that it has received its 31st guilty plea following antitrust investigations into "bid rigging and fraud at public real estate foreclosure auctions in Northern California".
The United States (US) Securities and Exchange Commission has made available an Order (13 June 2013) alleging that cosmetics manufacture Revlon Inc (Revlon) engaged in "ring fencing" by failing to disclose to its independent board that the consideration for a transaction that aimed to settle a significant debt with Revlon's controlling shareholder had been deemed to be inadequate by a third party.
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