Taking financial crime seriously - or not?

Posted 04/03/2014 - 16:57 by anrigaut

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From Rowan Bosworth Davies' blog:

"Finally taking financial crime seriously.

Three former Barclays employees have been charged over the alleged manipulation of Libor benchmark interest rates.

Icesave – another round

2014-02-10 (All day)

The Dutch Central Bank and the British Financial Services Compensation Scheme have brought a case against the Icelandic deposit guarantee fund, TIF, at the Reykjavík District Court, Héraðsdómur Reykjavíkur. The Dutch and the British seek a confirmation that TIF was liable for the EU minimum guarantee of €20.000 (which when currency exchange etc is taken in to account amounts to €20.877 for Iceland) and/or TIF should pay out, with interest, in total ISK556bn, €3.55bn. The Dutch are claiming ISK104bn, €660m and the UK ISK452bn, €2.88bn. The case was brought to court already at end of November last year but has only surfaced now in a press release from TIF. ...

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Holding bankers to account – Iceland leads the way

Posted 19/12/2013 - 15:18 by anrigaut

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Last week, over 5 years after the collapse of the Icelandic banks, an Icelandic court convicted 3 top Kaupthing bankers and the bank’s second largest shareholder to prison sentences of up to 5 1/2 yea

Hamstrung SFO not capable of holding bankers to account

Posted 17/12/2013 - 08:44 by anrigaut

2013-12-16 (All day)

Iceland has sent four former directors of its bank Kaupthing to prison for fraud. But the chances of similar legal action happening in the UK are low, where fraud investigators have a poor record. ...

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Financial offenders must be named if bank reforms are going to work

2013-12-15 (All day)

The shocking tale of Lloyds' mis-selling culture ended with a deserved £28m fine. But not one person was singled out for blame. As Iceland shows, that's got to change ...

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Oh to be in England....

Posted 25/07/2009 - 16:22 by Anonymous

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Someone's forgetting US...

Further hope....... Iceland to repay UK for lost savings

Posted 07/06/2009 - 10:22 by horace

2009-06-05 23

Although no direct reference to KSFIOM, there seems to be positive political and diplomatic progress. However we need to keeping things in perspective and maintain our campaign to recover 100% of our deposits

Quote from the article 'Under the new deal, the Iceland Compensation Scheme will make payments over 15 years, with an initial 7-year grace period.'

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50 pence back from kaupthing UK

Posted 20/04/2009 - 15:37 by adrienne

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I have just called Kaupthing uk to confirm the rumour I heard earlier today - that we will be getting 50 pence in the pound. they have mailed all UK creditors today, including kaupthing IOM.

Charities-Plea for plan over Iceland crisis

2008-12-09 (All day)

By John Plummer, Third Sector Online, 9 December 2008
Voluntary sector calls for government action to help charities with money in failed banks
Four voluntary sector representative bodies are writing to City minister Paul Myners this week urging him to spell out how the Government proposes to help charities with money tied up in failed Icelandic banks.

The move comes amid growing frustration at ministers' refusal to pledge support for the estimated 48 charities that have up to £200m at risk.

Treasury minister Angela Eagle last week rejected a suggestion from her Conservative shadow Mark Hoban that the Government establish a temporary funding facility for charities with money in Icelandic banks.

Chief executives body Acevo, umbrella body the NCVO, the Charities Aid Foundation and the Charity Finance Directors' Group are writing to Myners.

"This delay is causing great concern," said Stephen Bubb, chief executive of Acevo. "All those involved want to put next year's budgets together and need to know what the Government is proposing."

Stuart Etherington, chief executive of the NCVO, called on the Government to guarantee that "no charity will go under while waiting for their funds to be returned".

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Former FSA chief will lead offshore inquiry into Crown Dependencies

2008-12-02 (All day)

This will look at the 'immediate and long-term challenges' facing British offshore financial centres in the current economic climate, including financial supervision and transparency; taxation, in relation to financial stability, sustainability and future competitiveness; financial crisis management and resolution arrangements and international cooperation.

But the statement adds: 'The government has been clear that the variety of existing constitutional arrangements in place across these territories will continue to be respected, including their independence in fiscal matters and the setting of their own rates of taxation.'

Welcoming the launch of the review Lord Myners, who is also the Financial Services Secretary, said: 'I welcome the appointment of Michael Foot who brings significant experience in financial regulation to this task. Offshore financial centres must play a responsible role in the global financial system.

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