Please Be Informed...

Law Society of England and Wales considers money laundering compliance checks "an assault."

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The Law Society of England and Wales has, since the early 1990s, fought a rear-guard action against the engagement of solicitors in counter-money laundering efforts. The Regulator, which was first a division of the Law Society and then spun off to become a ludicrously politically charged enforcer of any passing social fad had, at that time the correct view that solicitors were within the scope of the original Money Laundering Regulations. At last, the regulator, now known as the Solicitors (sic) Regulatory Authority (it's so trendy it doesn't use an apostrophe where its name demands one) has decided that money laundering is something it needs to pay attention to. The Law Society is on a war footing, declaring the SRA's action "an assault."

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Woman convicted of "interfering with flight crew."

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It's one of those interesting differences between English and American. The American charge of "interfering with flight crew" does not involve, as it would in English, a sexual act. But given that there was an assault, the American charge is clear.

CoNet Section:

Aviation

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UK Financial Conduct Authority court case sets the scene for new African scam

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The advance fee, or 419, scam industry is always looking for new opportunities and the fraudsters like to use genuine background as the reason they make contact with potential victims. A case in the High Court of England and Wales has created the conditions that are ideal for fraudsters as a hook.

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HK SFC freezes accounts over alleged market manipulation

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The Securities and Futures Commission (SFC) has issued restriction notices to nine brokers, prohibiting them from dealing with or processing certain assets held in their clients’ accounts which are related to suspected market manipulation in the shares of China Ding Yi Feng Holdings Limited (China Ding Yi Feng) between 2018 and early 2019

The SFC is at pains to point out that the nine brokers are not under any suspicion or any form of investigation.

BIScom Subsection:

Market Manipulation

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Retailer fined after lying to investors

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In 2015, a news report said that the flooring products of a listed company, "Lumber Liquidators," contained dangerously high levels of Formaldehyde. The company issued a denial and filed it with the SEC. That denial was untrue.

CoNet Section:

Corporate Management

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Malaysia's National Power company denies sacking of CEO

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A report in the New Straits Times last week said that the company's CEO, Datuk Seri Azman Mohd, had been "asked to resign" and a deadline given of Friday las week. Amongst those surprised by the "news" is Tenaga National Berhad, TNB, the national power company.

CoNet Section:

Corporate Management

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UK's FCA fines UBS for failures in transaction reporting.

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UBS AG (UBS) has been fined GBP27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

BIScom Subsection:

Regulation

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Bercow, Brexit and balls in the air

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Yesterday, the Speaker of the House of Commons made a ruling. In accordance with Parliamentary Rules dating back to the 17th Century, he said that a motion could not be put before the house over and over again in the hope that the Members would tire of saying no. There's uproar in some quarters, some saying he's sabotaging Brexit. He's doing nothing of the sort. He's just making sure that the Government doesn't drop the ball.

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Live streaming: should such tech be restricted or banned?

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When Brenton Tarrant, a 28-year-old Australian man, turned on the camera on his mobile phone and filmed himself and his actions during a murderous attack on two mosques in Christchurch, New Zealand, killing 50 people, it brought home to the world that the idea of web-casting, so beloved of American TV cop-show writers, can be even more horrifying when fiction turns to fact. Yet, the dangers of live streaming have long been known and criminals in a wide range of activities have been making use of it for a long time. Is this a "freedom" too far?

CoNet Section:

Security and Society

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Bank for International Settlements - the new role of central banks

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In a speech to a conference on the 12 March, 2019, to mark the 20th Anniversary of the Financial Stability Institute, Mr Agustin Carstens, General Manager of the Bank for International Settlements, set out what the FSI has achieved and objectives for the future.

BIScom Subsection:

Regulation

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Basel Committee's mistaken view of Cryptoassets

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On 13 March, the Bank for International Settlements Basel Committee issued a statement regarding "crypto-assets." Some of its basic assumptions are wrong and fundamentally misleading.

BIScom Subsection:

Cryptocurrencies and cryptoassets

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Australian GP 2019: how could something so interesting be so dull?

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For fans of the personalities, regulations and technology of F1, the first race of the 2019 season was fascinating.

For fans of racing, it was extraordinarily dull.

CoNet Section:

Motorsport

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Jail for financial adviser who misappropriated clients' funds

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Case Summary:

A financial adviser recommended a form of investment to clients but instead of using the money in accordance with the agreed plan he used the money for his own purposes and created fictitious records to show purported performance of their investments. He has been sentenced to ten years' jail. Asset freezing orders against the defendant have preserved sufficient to cover all or most of the losses.

Type of conduct:

Fiduciary fraud

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Overwhelming rejection of a second "in or out" referendum

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Parliament has recognised the will of the people and decided that, even if there is a referendum on the terms of the Withdrawal Agreement, such a referendum would not include a "Remain" option. It has also rejected the Prime Minister's motion to delay withdrawal.

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F1: Shock in Melbourne - Charlie Whiting dies suddenly

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I can't claim to have known Charlie Whiting personally but I can say that, like one or two other people over my decades of enjoying Formula One as a spectator, he has been an important figure in my life. And then, suddenly, he's gone, as if someone turned out the lights. This time, they say "gone" not "go."

CoNet Section:

Motorsport

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