CFTC Fines Cargill $10 Million

The Commodity Futures Trading Commission (CFTC) has fined Cargill $10 million for providing mid-market marks that concealed from counterparties and its swap data repository (SDR) its full mark-up on certain swaps, in violation of the Commodity Exchange Act (CEA) and CFTC Regulations. The CFTC found that Cargill provided counterparties and the SDR inaccurate marks which [...]

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World is rapidly becoming an “international oligarchy”

Bernie Sanders has warned that the world is rapidly becoming an “international oligarchy” controlled by a tiny number of billionaires, highlighted by the revelations in the Paradise Papers. In a statement to the Guardian in the wake of the massive leak of documents exposing the secrets of offshore investors, Sanders said that the enrichment of [...]

Telia to Pay $965 Million FCPA Prosecution Deferred in Uzbek Bribery Case

Stockholm-based Telia Company AB and its Uzbek subsidiary, Coscom LLC, entered into a global foreign bribery resolution and will pay a combined total penalty of more than $965 million to resolve charges arising out of a scheme to pay bribes in Uzbekistan. Coscom pled guilty and was sentenced on a one-count criminal information charging the [...]

Scotland’s shell firm mess

A UK Government minister has admitted 28,000 notorious Scottish registered “tax haven” shell firms have failed to reveal their true owners’ identities two months after strict new transparency rules came in. The Scottish Limited Partnerships (SLP), which are officially registered to addresses in Scotland but frequently run by anonymous foreign entities, have since August faced [...]

73% of Fortune 500 Companies Used Offshore Tax Havens in 2016

A new study reveals the extent to which companies are using tax havens to avoid U.S. taxes and undermines the case for any tax proposal that would allow companies to repatriate their U.S. profits at a special low tax rate. In 2016, nearly three in four Fortune 500 companies maintained subsidiaries in offshore tax havens, [...]

Indian official reportedly dismisses fraud allegations against Adani Group

An Indian customs official has reportedly dismissed allegations that the Adani Group illegally siphoned nearly 15bn rupees (£176m) into overseas tax havens. It is the third set of siphoning allegations against the Adani Group and key figures in the Adani family to be dismissed by the official, KVS Singh, in recent months. The Indian mining [...]

Does it really matter if Netanyahu ends up behind bars?

"Background noise" was the way Israeli Prime Minister Benjamin Netanyahu characterised the decision of his former chief of staff, Ari Harow, to become a state witness. The following day, the prime minister's press officer declared - for the 100th time - that "Nothing will happen, because nothing happened." Despite his relentless effort to paint a [...]