Article: Greensill scandal: government orders inquiry into Cameron lobbying

Article - Media, Publications

Greensill scandal: government orders inquiry into Cameron lobbying

Jessica Elgot, 12 April 2021

No 10 is to a launch an independent investigation into former prime minister David Cameron’s lobbying for the now-collapsed Greensill and the role of the scandal-hit financier Lex Greensill in government.

The independent review, commissioned by Boris Johnson, will be led by the legal expert Nigel Boardman, a non-executive board member of the Department for Business, Energy and Industrial Strategy. Continue reading “Article: Greensill scandal: government orders inquiry into Cameron lobbying”

Article: JPMorgan allegedly helped Russian mafia launder funds – FinCEN leak

Article - Media, Publications

JPMorgan allegedly helped Russian mafia launder funds – FinCEN leak

Stephen Rae, 20 September 2020

The FinCEN Files leak show JP Morgan in London was suspected of helping Russian mafia ‘capo di capi’ or boss of bosses to launder more than a $1BN.

Semion Mogilevich – who has appeared in the FBI’s 10 Most Wanted list – has been accused of crimes including murder, drugs smuggling and gun running.

Given his background he should not have been allowed to use the financial system, but a SARs filed by JP Morgan in 2015 after the account was closed, reveals how the bank’s London office may have moved some of the cash.

The FinCen Files is a data dump leak of internal US Treasury Department documents which apparently show how major banks allowed criminal suspects to launder dirty money around the globe. Notably, the leak shows London is often the weak link in the financial system and how London is awash with Russian cash.

The leak of documents from the Treasury Department show how JP Morgan, provided banking services to a secretive offshore company called ABSI Enterprises between 2002 and 2013, even though the firm’s ownership was not clear from the bank’s records, the BBC reported.

Over one five-year period, JP Morgan sent and received wire transfers totalling $1.02bn, the broadcaster revealed.

The bank’s SAR noted ABSI’s parent company “might be associated with Semion Mogilevich – an individual who was on the FBI’s top 10 most wanted list”.

In a statement to the BBC, JP Morgan said: “We follow all laws and regulations in support of the government’s work to combat financial crimes. We devote thousands of people and hundreds of millions of dollars to this important work.”

The files were obtained by BuzzFeed News which shared them with the International Consortium of Investigative Journalists (ICIJ) – image above from www.ICIJ.org – and 400 journalists around the world. The Panorama investigation programme led research for the BBC.

Read Full Article

Article: UK central bank drawn into market manipulation scandal

Article - Media, Publications

UK central bank drawn into market manipulation scandal

Associated Press, 10 April 2017

LONDON – British politicians are seeking an investigation into allegations that the Bank of England was also involved in manipulating a key market interest rate during the financial crisis.

The BBC says it has a recording from 2008 between officials at Barclays bank that indicates the Bank of England was trying to influence the interest rate, called Libor. Several banks have been fined billions for tampering with the interest rate, which is used to price services like loans globally.

Labour party lawmaker John McDonnell says “this is an extremely serious revelation that contradicts past assurances about the role of the Bank of England in the Libor scandal.”

The central bank told the BBC that Libor was not regulated at the time and that it has been helping in past investigations.

Read Full Article

Article: Six banks fined £2.6bn by regulators over forex failings

Article - Media, Publications

Six banks fined £2.6bn by regulators over forex failings

BBC NEws , 12 November 2014

Six banks have been collectively fined £2.6bn by UK and US regulators over their traders’ attempted manipulation of foreign exchange rates. HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined.

A separate probe into Barclays is continuing. The fines were issued by the UK’s Financial Conduct Authority (FCA) and two US regulators.

The country’s Commodity Futures Trading Commission (CFTC) issued fines of $1.4bn to five banks, while the Office of the Comptroller of the Currency (OCC) added $950m in further fines to three lenders. Separately, the Swiss regulator, FINMA, has penalised UBS 134m Swiss francs.

Barclays, which had been expected to announce a similar deal to the other banks, said it would not be settling at this time.

“After discussions with other regulators and authorities, we have concluded that it is in the interests of the company to seek a more general coordinated settlement,” it said in a statement.

Read Full Article