With the polls close and voter turnout expected to be around 97 percent, Scotland's referendum on independence is an event rife with uncertainties. One exception: "yes" will mean rethinking the country's banking sector. As of Thursday, surveys suggested that Scottish voters may narrowly favor remaining in the United Kingdom, a relationship the country has maintained for centuries. A vote to leave would task Scottish lawmakers with choosing how to regulate financial institutions currently overseen by London's Financial Conduct Authority (FCA). In testimony last week before the U.K. House of Commons, FCA Chairman John Griffith-Jones said that the regulatory issues for...
The U.K.'s top law enforcement agency will no longer accept incomplete request forms from banks seeking approval to process transactions potentially violating legislation against financial crime and terrorism.
The United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors.
The United Kingdom Thursday detailed a plan to settle alleged corporate violations of criminal laws without pursuing prosecutions -a strategy used by U.S. officials to exact billions from financial institutions.
As the U.K.'s Financial Conduct Authority navigates its first week of existence, the agency's newly released business plan promises a tough approach on fighting financial crime with a focus on complex cases.
The United Kingdom could begin using a powerful prosecutorial tool as early as next year in investigations of financial institutions suspected of facilitating money laundering and sanctions violations.