25 Jun 2018

EU watchdog to tighten outsourcing rules for banks ahead of Brexit

The European Union’s banking watchdog has proposed tighter rules for lenders that want to outsource essential operations such as IT, saying Brexit could trigger a big rise in such arrangements. The European Banking Authority (EBA) said it wants a more harmonised and detailed framework to identify “critical” functions that are [...] read more

EU watchdog to tighten outsourcing rules for banks ahead of Brexit
25 Jun 2018

Former tennis champion Becker says diplomatic passport is real

Former tennis champion Boris Becker said on Sunday he has a genuine diplomatic passport from the Central African Republic after the country’s foreign minister called it a fake. Becker, 50, has claimed diplomatic immunity from bankruptcy proceedings in London by taking up a role with Central African Republic as a [...] read more

Former tennis champion Becker says diplomatic passport is real
25 Jun 2018

Alexa, I can trust you with my checkbook, right?

AP — Hey Alexa, what’s my bank account balance? Big banks and financial companies have started to offer banking through virtual assistants — Amazon’s Alexa, Apple’s Siri, and Google’s Assistant — in a way that will allow customers to check their balances, pay bills and, in the near future, send [...] read more

Alexa, I can trust you with my checkbook, right?
25 Jun 2018

Erdogan proclaimed winner of Turkey’s presidential election

AP — Turkish President Recep Tayyip Erdogan was proclaimed the winner early Monday of a landmark election that ushers in a government system granting the president sweeping new powers and which critics say will cement what they call a one-man rule. The presidential vote and a parliamentary election, both held [...] read more

Erdogan proclaimed winner of Turkey’s presidential election
22 Jun 2018

London court chides FCA as it rejects former UBS trader’s appeal

A London court on Wednesday described as “troubling” a case brought by the Financial Conduct Authority (FCA) against a former junior UBS (UBSG.S) trader for alleged Libor interest rate rigging. The Upper Tribunal, a court that hears challenges against FCA decisions, dismissed an appeal against a ban from financial services [...] read more

London court chides FCA as it rejects former UBS trader's appeal
22 Jun 2018

Najib’s 1MDB denials unbelievable, says Malaysia’s Mahathir

Malaysian Prime Minister Mahathir poured scorn over his predecessor Najib Razak on Thursday for denying knowing whether millions of dollars from scandal-plagued state fund 1MDB had been put in his personal bank account. Voters, fuelled by anger over the multi-billion dollar scandal at 1Malaysia Development Berhad (1MDB) and rising living [...] read more

Najib’s 1MDB denials unbelievable, says Malaysia's Mahathir
22 Jun 2018

South Korean crypto exchange loses $31 million from hack

AP — A leading South Korean cryptocurrency exchange said Wednesday that $31 million worth of virtual currencies have been stolen by hackers, a latest in the series of recent hacks that raised security concerns. Bithumb, South Korea’s second-largest exchange, said cyberattacks from late Tuesday night to Wednesday morning led to [...] read more

21 Jun 2018

Merrill Lynch fined $42 million for misleading customers

Merrill Lynch has agreed to pay a $42 million penalty over charges it falsely informed customers that it had executed millions of orders internally when it actually had routed them for execution at other broker-dealers. According to the Securities and Exchange Commission (SEC), Merrill Lynch’s process – which it dubbed [...] read more

Merrill Lynch fined $42 million for misleading customers
20 Jun 2018

Trump administration pulls US out of UN Human Rights Council

AP — The United States announced Tuesday it was leaving the United Nations’ Human Rights Council, with Ambassador Nikki Haley calling it “an organization that is not worthy of its name.” It was the latest withdrawal by the Trump administration from an international institution. Haley, Trump’s envoy to the U.N., [...] read more

Trump administration pulls US out of UN human rights council
20 Jun 2018

EU extends sanctions on business in Crimean peninsula

The EU has extended a ban on firms doing business with Crimea or Sevastopol, saying it remains “firmly committed to Ukraine’s sovereignty” after the region was annexed by Russia four years ago. The sanctions, which were extended to 23 June 2019 and apply to EU citizens and EU-based firms, include [...] read more

EU watchdog to tighten outsourcing rules for banks ahead of Brexit
20 Jun 2018

Ex-FIFA head Blatter arrives in Moscow for World Cup

Banned former FIFA president Sepp Blatter arrived in Moscow on Tuesday to attend the football World Cup, posing for selfies with fans in a hotel lobby before a meeting his spokesman said is scheduled for tomorrow with President Vladimir Putin. Blatter, who led FIFA for 17 years, is currently serving [...] read more

Ex-FIFA head Blatter arrives in Moscow for World Cup
20 Jun 2018

Mobile carriers cut off flow of location data to brokers

AP – Verizon, AT&T, Sprint and T-Mobile have pledged to stop providing information on U.S. phone owners’ locations to data brokers, stepping back from a business practice that has drawn criticism for endangering privacy. The data has apparently allowed outside companies to pinpoint the location of wireless devices without their [...] read more

U.S. withdraws from United Nations human rights body
19 Jun 2018

Audi CEO detained in diesel emissions case

AP — German authorities on Monday detained the chief executive of Volkswagen’s Audi division, Rupert Stadler, as part of a probe into the manipulation of emissions controls. The move is an extension of the emissions scandal that has rocked Volkswagen since 2015 and led to billions in fines, the arrest [...] read more

Audi CEO detained in diesel emissions case
19 Jun 2018

Pentagon suspends August military drills with South Korea

AP — The Pentagon on Monday formally suspended a major military exercise planned for August with South Korea, a much-anticipated move stemming from President Donald Trump’s nuclear summit with North Korean leader Kim Jong Un. Dana White, spokeswoman for the Defense Department, said planning for the summer drills has stopped, [...] read more

Pentagon suspends August military drills with South Korea
19 Jun 2018

IBM pits computer against human debaters

AP — IBM pitted a computer against two human debaters in the first public demonstration of artificial intelligence technology it’s been working on for more than five years. The company unveiled its Project Debater in San Francisco on Monday, asking it to make a case for government-subsidized space research — [...] read more

IBM pits computer against human debaters
18 Jun 2018

The bigger cryptocurrencies get, the worse they perform: BIS

Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies. For any form of money to work across [...] read more

police in China seize computers used to mine bitcoin
18 Jun 2018

Citigroup to pay $100M to settle rate manipulation charges

AP — Citigroup agreed Friday to pay $100 million to settle charges that its bankers manipulated an important interest rate used to price everything from credit cards to mortgages. It is the latest major bank to settle charges related to the manipulation of the London Interbank Offered Rate, better known [...] read more

Citigroup to pay $100M to settle rate manipulation charges
18 Jun 2018

Chinese insurance regulator admits guilt in graft case

AP — China’s former chief insurance regulator has pleaded guilty to taking bribes over 12 years in exchange for helping people obtain loans, promotions and other favors, a state news agency reported. Xiang Junbo was the highest-ranking figure in Chinese finance to be ensnared in an anti-graft crackdown led by [...] read more

Chinese insurance regulator admits guilt in graft case
18 Jun 2018

Volcker ‘fix’ may cause new headaches for Wall Street

A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars’ worth of assets not currently caught by the regulation. This little-noticed wrinkle, if it were to make it into the final rule, could prompt Wall Street [...] read more

Volcker 'fix' may cause new headaches for Wall Street
18 Jun 2018

Theranos CEO Elizabeth Holmes charged with criminal fraud

AP — Federal prosecutors indicted Elizabeth Holmes on criminal fraud charges for allegedly defrauding investors, doctors and the public as the head of the once-heralded blood-testing startup Theranos. Federal prosecutors also brought charges against the company’s former second-in-command. Holmes, who was once considered a wunderkind of Silicon Valley, and her [...] read more

Theranos CEO Elizabeth Holmes charged with criminal fraud
15 Jun 2018

FINMA finds serious shortcomings at Swiss bank Raiffeisen

Swiss financial market supervisor FINMA found serious breaches at Raiffeisen Switzerland RFSHW.UL in a probe related to fraud allegations against former Chief Executive Pierin Vincenz. “FINMA has found that the bank’s handling of conflicts of interest was inadequate. In addition, Raiffeisen’s board of directors failed to adequately supervise its former [...] read more

FINMA finds serious shortcomings at Swiss bank Raiffeisen
15 Jun 2018

U.S. agency asks judge to rule virtual currency is commodity

The U.S. Commodity Futures Trading Commission on Thursday urged a federal judge to conclude that an obscure virtual currency called My Big Coin is a commodity subject to its oversight, saying it is no different than precious metals like gold. U.S. Judge Rya Zobel in Boston questioned a CFTC lawyer [...] read more

London court chides FCA as it rejects former UBS trader's appeal
15 Jun 2018

Trump accused in lawsuit of misusing charitable foundation

AP — New York’s attorney general sued President Donald Trump and his foundation Thursday, accusing him of illegally using the charity’s money to settle disputes involving his business empire and to boost his political fortunes during his run for the White House. The president called the case “ridiculous.” The lawsuit [...] read more

Trump accused in lawsuit of misusing charitable foundation
15 Jun 2018

Greek Supreme Court blocks extradition of Malta whistleblower

Greece’s Supreme Court ruled on Thursday against the extradition of a whistleblower at the centre of a Maltese corruption scandal, judiciary sources said. Malta has issued two extradition requests for Maria Efimova, a Russian who stirred a political scandal over allegations of wrongdoing at Maltese-registered Pilatus Bank. Daphne Caruana Galizia, [...] read more

Greek Supreme Court blocks extradition of Malta whistleblower
15 Jun 2018

Kenya corruption threatens to engulf government, auditor general says

High-level corruption across all levels of government in Kenya threatens the integrity and basic functioning of the state, the auditor general told Reuters on Thursday. Kenyan media have reported on dozens of graft scandals involving public officers conspiring to steal from state coffers since President Uhuru Kenyatta took office in [...] read more

Kenya corruption threatens to engulf government, auditor general says
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    Susan Grossey column

    Tainted treasures indeed

    Susan has been making her living from crime for over twenty years. She provides anti-money laundering training and advice to the regulated community in the UK, Guernsey, Jersey, the Isle of Man and Gibraltar, and writes and talks on the subject at every opportunity. As her hobby she writes historical

    Using the lie detector test to curb corruption in the Nigerian police force

    For most people looking to land a job in the Nigerian Police Force, the chances are high that a polygraph exam lies ahead for them. The Nigeria Police Force (NPF) has announced that successful candidates in the ongoing recruitment into the service will undergo compulsory polygraph tests (lie detector tests)

    The Road from Damascus: Europort, Gibraltar and the Butcher of Hama

    The tenants in buildings 6-9 of the prestigious Europort complex in Gibraltar might be surprised to learn that, until recently, their offices were owned indirectly by a close relative of Syrian dictator Bashir al Assad. They might be even more surprised to learn that ownership is soon expected to pass

    EU blocking US sanctions will be of limited help to banks

    Cybersecurity policy in the EU financial sector

    With the rise and rise of e-commerce comes the rise and rise of the e-criminal. Cybercrime is now the world’s fastest growing crime. It has leapt to number two of the top ten business risks worldwide, from not even appearing in that list five years ago. For certain countries, cyberattack