Global Glimpses

The U.K. Serious Fraud Office confirmed today that it has opened an investigation into Chemring Group and its subsidiary, Chemring Technology Solutions Limited (CTSL) following a self-report made by CTSL.

Deutsche Bank has become the fourth bank in the past month to get into regulatory trouble for having lax anti-money laundering controls in place, joining Danske Bank, ING, and Credit Suisse.

The Panama Papers document leak shed much light on a deep and pervasive effort to evade taxes. Since then, the European Union has passed a number of new rules to improve tax transparency and close tax loopholes. According to CW’s Paul Hodgson, the EU is only just getting started.

The House of Lords, the U.K. Parliament’s upper chamber, debated this month what action the U.K. government is taking to prevent money laundering through British banks by families and businesspeople linked to the government of South Africa.

A U.K. court on 20th June sentenced a former London bank official to six years in prison for accepting more than £2million in bribes in return for approving large loans.

A look at what the Paradise Papers uncovered, the European Union’s reaction, and what progress needs to be made on implementing proper disclosure and transparency to thwart future money laundering enterprises.

Serious and organised crime costs the United Kingdom an estimated £24 billion a year, states a new government report setting out the threats posed by money laundering. With the report, the government relaunched its “Flag it Up” campaign to raise awareness and show how the legal and accountancy sectors can stamp out money laundering.

Standard Chartered is adding more staff to its financial crimes team, following a probe by U.S. regulators for an alleged breach in sanctions laws that resulted in a $400 million fine in 2012. In its first-half results announced last week, the bank said, “There is a range of potential penalties for sanctions compliance violations, which could ultimately include substantial monetary penalties, additional compliance and remediation requirements, and/or additional business restrictions.” More inside.

A reform package introduced recently by the U.K. government aims to increase transparency and tackle corruption in limited partnerships.

The U.K. government has published legislation that gives law enforcement agencies new powers to tackle money laundering and corruption, seize the proceeds of crime, and counter terrorist financing. Jaclyn Jaeger reports.