Blog
Press Round-Up: Regulatory and Professional Discipline – May 2026
Jack Garden
25 May 2016
EU Benchmark Regulation
New EU-wide rules, which will apply from November 2017, aim to ensure greater accuracy and integrity of benchmarks in financial instruments. Known as the Benchmark Regulation, it was adopted by the European Council on 17 May. Born out of recent market manipulation scandals the Regulation is intended to restore confidence in financial benchmarks.
23 May 2016
Criminal Finance Bill: legislative action to back up political commitments
One of the questions following the Anti-Corruption Summit and the media furore over the Panama Papers was whether legislative proposals (and related law enforcement resources) would be delivered to underpin high level political commitments. Seeming to answer this the Queen’s Speech confirmed that a Criminal Finance Bill will be presented to tackle corruption, money laundering and tax evasion - key commitments from the Summit.
12 April 2016
2016-17: Tackling financial crime and ensuring AML compliance a UK and FCA top priority
In a report published by Transparency International on 7 March, a series of damning indictments were set out as to the “multitude of ways in which the UK is enabling corrupt individuals to enjoy luxury lifestyles and cleanse their reputations” – including “an anti-money laundering system that is easy to bypass in order to launder money with impunity.”
22 March 2016
What the Budget means for tax avoidance
One of the key themes of the chancellor’s Budget 2016 was the continued commitment to cracking down on all forms of tax evasion, avoidance, aggressive tax planning and non-compliance including “tackling the hidden economy”. Reflecting on the £100bn additional tax revenue secured in the last parliament by HMRC, the chancellor stated that this budget “goes further” introducing a comprehensive package of measures - See more at: http://economia.icaew.com/opinion/march-2016/what-the-budget-means-for-tax-avoidance#sthash.t232TBKu.dpuf
11 February 2016
Public Account Committee hauls Google and HMRC over the coals
There has been considerable media coverage of the tax affairs of multinational corporations, particularly on the conclusion of HMRC’s enquiry into Google. It has been widely reported that Google has agreed to pay £130m in back taxes after an open audit of its accounts by the UK tax authorities and the Public Account Committee (PAC) is scrutinising that outcome closely. Representatives of Google and senior HMRC officials appeared before the committee on 11 February.