Financial

Two traders have been jailed after being convicted of conspiring to rig the Euribor global interest rate.

Former Managing Director at Barclays, Colin Bermingham, has been convicted of manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis following an investigation and prosecution brought by the Serious Fraud Office.

https://www.sfo.gov.uk/2019/03/28/fourth-senior-banker-convicted-of-fraud-in-sfos-euribor-manipulation-case/

Sweden’s Economic Crime Authority (EBM) widened its Swedbank investigation to include suspected fraud following a raid on Wednesday on the Swedish bank’s headquarters in an inquiry into its handling of money laundering allegations.

https://uk.reuters.com/article/us-europe-moneylaundering-swedbank/swedish-authorities-widen-swedbank-inquiry-to-include-suspected-fraud-idUKKCN1R82A5

Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week on charges over his alleged involvement in a $2 billion (1.5 billion pounds) fraud at India’s state-run Punjab National Bank.

https://uk.reuters.com/article/uk-punjab-natl-bank-fraud-fugitive/london-court-told-of-death-threat-as-denies-indian-billionaire-bail-idUKKCN1RA1Y5

Most professional bodies for accountants and lawyers in Britain are failing to ensure that members do all they can to help in the fight against money laundering, a senior regulator said on Tuesday.

https://www.reuters.com/article/britain-moneylaundering-regulator/uk-watchdog-hits-out-at-accountants-lawyers-over-anti-money-laundering-idUSL8N20Z3NC

The finance industry prevented £1.66 billion of unauthorised fraud during 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, according to the latest report, Fraud the Facts 2019, from UK Finance

https://www.finextra.com/pressarticle/77774/criminals-stole-12-billion-from-uk-bank-accounts-in-2018

The FCA welcomes today’s report by the National Audit Office - Regulating to protect consumers: Utilities, communications and financial services markets. The report provides a view of the challenges that regulators, including the FCA, face when measuring their performance and understanding what works well for consumers.

https://www.fca.org.uk/news/statements/fca-response-national-audit-office-report

Two companies involved in a £1.4 million fraudulent art investment have been closed after a brush with the law.

http://onwww.moneyinternational.com/investments/fine-art-scam-shut-by-courts-after-brush-with-the-law/

The Serious Fraud Office, working in conjunction with the Financial Conduct Authority, has opened an investigation into individuals associated with London Capital & Finance Plc.  On 4 March 2019, four individuals were arrested in the Kent and Sussex areas.  All four individuals have been released pending further investigation.

https://sfo.gov.uk/2019/03/18/sfo-opens-investigation-into-london-capital-finance-plc/

Financial firms could be ordered to pay up to £350,000 in compensation by a UK ombudsman in response to complaints raised about their acts or omissions from April this year.

https://www.out-law.com/en/articles/2019/March/fca-confirms-ombudsman-service-compensation-limit/?utm_source=Emerge&utm_medium=Email&utm_content=1e18aac7-f8a7-4f80-9a2d-765ce734e982