Law and regulation

Insight / Danish bank chief quits over €200bn money laundering

The chief executive of Denmark’s biggest bank has resigned after an internal investigation revealed most of some €200bn (£178bn) of payments moved through its Estonian branch was down to money laundering of cash from Russia, the UK and the British Virgin Islands

Insight / FCA takes action on debt management company

The Financial Conduct Authority (FCA) has obtained an urgent High Court order appointing a provisional liquidator in respect of Total Debt Relief Ltd (TDR), to protect its customers’ money, and is also petitioning for the debt management company to be wound-up

Insight / Government issues 'no deal' competition and insolvency papers

The government has published documents setting out its position in the event of a ‘no deal’ Brexit, including information relating to mergers and acquisitions, the future role of the Competition and Markets Authority (CMA), and insolvency

Insight / Charity Commission advises on setting up a charity

The Charity Commission has published advice on what to consider when starting a charity, including a set of guidelines and requirements, and legal restrictions on an organisation's aims and operations

Insight / Fortune 500 face £57.8bn tax in dispute

Tax disputes are escalating among Fortune 500 companies, as the increasing digitisation of activities makes it more difficult to agree on the location and source of corporate value and pose a growing threat to multinationals’ profitability, according to a research study by Baker McKenzie

Insight / Data protection complaints double

Complaints to the Information Commissioner’s Office (ICO) about potential data breaches have more than doubled since the General Data Protection Regulation (GDPR) came into effect, with financial services companies in the firing line for potential large fines, according to research by law firm EMW

Insight / Insolvency overhaul to tackle ‘phoenixing’

The government has unveiled proposals to shake-up the insolvency regime, including hefty fines or disqualifications for directors who dissolve companies to avoid paying workers or pensions, in response to a consultation on corporate governance within companies which are in or are approaching insolvency

Insight / Regulators launch ads to warn against pension scams

In the wake of changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are seeking to raise awareness of pension scams, after research showed victims reported losing an average of £91,000 each last year

Insight / Adecco loses £11m VAT claim on temp supplies

Adecco has lost a claim for an £11m VAT repayment at the Court of Appeal, which ruled that the employment agency had to account for VAT on the entire fee charged to its clients when it supplied them with temporary workers

Accounting / ICAEW wants FRC reformed for ‘post-Brexit’ world

The Financial Reporting Council (FRC) needs significant changes in its governance, powers, culture and ways of working if it is to operate successfully in the post-Brexit landscape, ICAEW has made clear in its response to the current review of the regulator conducted by Sir John Kingman

Insight / FTSE 350 pension deficit halves

The FTSE 350’s pension deficit has almost halved from £62bn to £35bn in 18 months and now accounts for only 17% of total profits, according to actuarial consultancy Barnett Waddingham

Insight / Campaign to block regulator from charging charities

Potential plans for the Charity Commission to introduce a charging system in order to plug a funding gap resulting from Treasury cuts to its budget have come under fire from a newly formed campaign led by the Directory of Social Change (DSC)

Tax / OTS calls for a new type of sole enterprise

The Office of Tax Simplification (OTS) is calling for further work on the potential for a new form of trading vehicle, the sole enterprise with protected asset (SEPA), which would be simpler to administer

Audit / Insolvency Service ramping up Carillion investigation

The Insolvency Service has announced that the liquidation trading period for Carillion has now ended, and that it is moving forward in its investigation into the reasons for the collapsed outsourcer’s insolvency

Accounting / Accountant in the dock over false pension information

The Pensions Regulator (TPR) has announced legal action against an accountant accused of falsely claiming that staff at a London cafe had been enrolled in a workplace pension
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