• Ex-Deutsche Bank traders requested Libor moves, cooperator testifies
    20 September 2018
    Former Deutsche Bank traders Matthew Connolly and Gavin Black put in requests to manipulate the interest rate Libor, a former colleague said in the first day of witness testimony in Connolly's and Black's trial on fraud charges.

    Both traders asked James King, a colleague at Deutsche Bank, to use his position to try to nudge the rate up or down to benefit their positions, King told jurors Thursday in New York federal court.

    "Sometimes I altered the rates because of a request from a trader to influence the rate, to make it lower or higher to benefit a trading position," King said. "I knew that was not right. That was wrong."

    By Richard Vanderford

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  • Extraditions to UK should continue until Brexit, top EU court rules
    19 September 2018
    EU member states should continue to extradite suspected criminals to the UK under the bloc’s arrest-warrant system until Brexit day, the EU’s top court has ruled.

    Judges today ruled that the UK’s decision to trigger Article 50 “does not have the consequence that . . . the executing member state must refuse to execute that European Arrest Warrant or postpone its execution.”

    Lawyers for the defendant in the case, Raymond O’Neill, an Irish citizen detained in Ireland wanted on charges of murder and rape, claimed that extraditing him to the UK under a European Arrest Warrant risked exposing him to “potential inhuman and degrading treatment” at Maghaberry Prison in Northern Ireland.

    By Michael Acton

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  • UK ban on 'small bribes' could limit companies post-Brexit, lawmakers told
    06 September 2018
    Engineering company KBR has lost its bid to prevent company documents held in the US being disclosed to the UK’s fraud agency.

    The Serious Fraud Office is seeking documents dating back 21 years to support its corruption probe into the company and some of its executives.

    The SFO has identified a "large number" of corrupt payments totalling more than $23 million made by KBR's UK subsidiaries to Monaco-based Unaoil, which is itself subject to an SFO probe. The agency says the payments were given approval by KBR's US-based finance function. The company’s US arm isn’t under investigation.

    By Martin Coyle.

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  • Blockchain for tokenized securities gets boost from Singapore central bank, SGX
    06 September 2018
    Singapore's central bank is looking at ways to experiment with the next frontier in the development of blockchain: the tokenization of securities.

    Blockchain allows assets, including securities, to be digitized into tokens, a breakthrough that some experts believe could help to streamline, if not altogether revolutionize, the multitrillion-dollar securities trading industry.

    The Monetary Authority of Singapore last month announced that it had formed a partnership with the Singapore Exchange, the city-state’s stock exchange, to form a blockchain-based platform for the settlement of tokenized securities assets.

    By Tsering Namgyal.

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  • Sanofi gets $5 million FCPA fine cap for probe cooperation, but SEC adds $20 million in disgorgement, interest
    04 September 2018
    Sanofi's civil penalty in a Foreign Corrupt Practices Act case was limited to $5 million based on the pharmaceutical firm's cooperation in investigating bribery in Kazakhstan and the Middle East. But that cooperation didn't save Sanofi from having to disgorge $17.5 million and pay $2.6 million in interest.

    Sanofi, a French firm with shares trading on US exchanges, agreed to pay the $25 million sanction to the US Securities and Exchange Commission to resolve claims it violated internal control provisions of the FCPA in dealing with foreign officials from 2007 to 2015.

    The SEC said that Sanofi acknowledged that the US regulator was not imposing a larger civil penalty "based upon its cooperation in a Commission investigation or related enforcement action."

    By Robert Thomason.

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