All Britain articles

  • Blog post

    OECD: Brexit to weaken U.K. economic growth

    2017-11-28T11:15:00Z

    The Organisation for Economic Co-operation and Development projected that Britain’s exit from the European Union will result in a sharp slowdown in economic growth in the United Kingdom.

  • Article

    Reform on the horizon, as U.K. preps for next general election

    2017-05-31T13:30:00Z

    As U.K. citizens are headed to the polls for the fourth time in four years, the country is headed toward significant corporate governance reforms.

  • Blog post

    U.K. Financial Regulator Issues Priorities for Coming Year

    2015-03-25T13:30:00Z

    Image: Title: WheatleyBritain’s Financial Conduct Authority released a laundry list of priorities for the upcoming financial year, pledging to continue work on concerns like poor culture and technological developments while ramping up efforts on financial crime, the pensions sector, and individual accountability. “This is an important day in terms of ...

  • Blog post

    European Commission Probes Antitrust Breaches in Bulgaria, Spain, Belgium

    2015-03-25T12:15:00Z

    Image: Title: VestagerThe European Commission handed down a preliminary decision that a Bulgarian state-owned energy concern was breaching antitrust rules by blocking access to the gas supply infrastructure. It is also investigating breaches in Spain and Belgium. Margrethe Vestager, the commissioner in charge of competition policy, said: “We need to ...

  • Blog post

    European Commission Unveils Tax Transparency Package

    2015-03-18T13:30:00Z

    Image: The European Commission has unveiled a package of legislative proposals that it hopes will hinder abusive tax practices and aggressive tax planning, by providing greater transparency on what companies pay and where. “Tolerance has reached rock bottom for companies that avoid paying their fair share of taxes, and for ...

  • Blog post

    British Regulator Slaps Bank of Beirut With A Hefty Fine

    2015-03-18T12:00:00Z

    Image: Title: PhilippouBritish regulators are taking action after two former Bank of Beirut employees misled the Financial Conduct Authority about whether the bank had complied with orders to boost its financial crime protections. The bank was fined £2.1 million and is temporarily banned from “acquiring new customers from high-risk” locations. ...

  • Blog post

    EU Court Annuls European Location Policy for CCPs

    2015-03-11T12:00:00Z

    The General Court of the European Union has overturned a European Central Bank framework requiring large central counterparties (CCPs) dealing with euro-denominated transactions to be located within the Eurozone. The court ruled that the ECB lacked the authority to require CCPs involved in clearing securities to be located within the ...

  • Blog post

    U.K. Financial Regulator Boosting Individual Accountability, Audit Rules

    2015-03-04T13:30:00Z

    Image: Title: BaileyThe U.K. Prudential Regulation Authority says individual senior managers of financial firms could face sanctions if a breach occurs in their area of responsibility and it’s proven the manager took no reasonable steps to avoid it. “Our new accountability regime will hold all senior managers, including non-executive directors, ...

  • Blog post

    EU Agencies Slow to Implement Whistleblowing Policies

    2015-03-04T12:45:00Z

    Image: Title: O'ReillyDespite a year-old mandate to implement internal whistleblowing rules, only the European Commission and the Court of Auditors have followed through, according to EU Ombudsman Emily O’Reilly. O’Reilly said, “The public needs to know that the EU institutions welcome whistleblowing and protect whistleblowers against retaliation to make ...

  • Blog post

    U.K. Fraud Office Loses Corruption Case, Owes £6M Legal Bill

    2015-02-18T11:30:00Z

    Image: The Serious Fraud Office is facing a £6M legal bill after a judge dismissed a case in which the agency attempted to retry six people over an alleged fraud using a legal method known as “voluntary bill of indictment.” Justice Hickinbottom said, “Once the dismissal application had been formally ...

  • Blog post

    Transparency Watchdog Calls for End to Money Laundering ‘Impunity’

    2015-02-18T10:45:00Z

    Image: Title: UgazTransparency International is calling on governments around the world to join together to end money laundering. The group says authorities should make it their highest priority to prosecute individuals and banks for conducting illicit financial transactions. TI board chairman Jose Ugaz said the lack of senior ...

  • Blog post

    Belgium Eyeing Arrest Warrants for HSBC Managers

    2015-02-11T13:00:00Z

    It hasn’t been an easy week for London-based HSBC. Rocked last weekend by the International Consortium of Investigative Journalists’ Swiss Leaks probe, detailing massive tax evasion by HSBC’s private Swiss bank, HSBC is now faced with the prospect of Belgian authorities issuing arrest warrants for former and current managers ...

  • Blog post

    EU Firms Face New AML Rules, Beneficial Ownership Registry

    2015-02-11T13:00:00Z

    Image: Title: SargentiniThe European Union is pressing forward with its overhaul of anti-money laundering rules to clamp down on tax evasion and the financing of terrorism. The Council of the European Union signed off on the 4th Anti-Money Laundering Directive, tightening due diligence and reporting requirements, creating registers of beneficial ...

  • Blog post

    U.K. Court Orders Trials for Alstom Units in Bribery Case

    2015-02-04T12:00:00Z

    According to published reports, a Crown Court judge has ordered two jury trials for separate units of French conglomerate Alstom SA and is holding out the possibility of a third trial as the U.K.’s Serious Fraud Office continues its investigation. The Alstom subsidiaries, and four former employees, are accused of ...

  • Blog post

    EU Cracking Down on Abuse of Parent-Subsidiary Rules

    2015-01-28T12:30:00Z

    Image: The European Union has amended its parent-subsidiary directive to prevent national tax authorities from granting benefits to a corporation if its tax arrangement is determined to be not reflective of the company’s economic reality. Initially intended to prevent parent corporations from being taxed twice on profits made by subsidiaries ...

  • Blog post

    U.K. Financial Watchdog Will Keep Sharp Eye on Compliance Lapses

    2015-01-28T12:15:00Z

    News coming from the United Kingdom’s Financial Conduct Authority indicates the three-year-old regulator is going to enhance its vigilance of bribery and other financial crimes while keeping close tabs on companies’ controls and processes, according to articles in the Financial Times and FCPA Blog. The FCPA Blog noted that the ...

  • Blog post

    U.K. Regulator Places Corporate Culture at Heart of Compliance

    2015-01-21T13:30:00Z

    Image: Title: BischoffWith the recent release of an annual report detailing compliance gains, the head of Britain’s Financial Reporting Council called on boards to tackle the complex issue of corporate culture to ensure ethical corporate behavior. FRC Chairman Sir Winfried Bischoff said his agency this year will delve into how ...

  • Blog post

    Survey: Cyber-Threats a Growing Concern for European Risk Managers

    2015-01-21T11:15:00Z

    Image: Title: HirsWhile traditional risks due to business interruption and the supply chain remain risk managers’ top concern, cyber-risks are moving up the list, particularly in some European countries. Allianz SE’s Risk Barometer 2015 showed cyber-risks cracked the top five concerns globally for the first time, up from 8th last ...

  • Blog post

    EU Bankers Bristle Against ‘Unjustified’ Proposed Structural Changes

    2015-01-14T12:45:00Z

    Image: Jan. 14—Bankers in the European Union have received support for their continued opposition to the European Commission’s bid to mandate structural changes to the bloc’s biggest banks. The proposal would force some of the biggest banks to stop proprietary trading or split off certain trading activities from deposit-taking activities. ...

  • Blog post

    EU Insurance Sector Ramping Up to Meet New Regime

    2015-01-14T12:15:00Z

    Image: Jan. 14—Insurers are finally preparing to meet solvency requirements passed nearly six years ago. Member states have until the end of March to transpose the Solvency II Directive into national law, with insurers starting to seek approval in April for their models used to calculate capital requirements. A recent ...