seminar - why financial crime compliance and risk management fails


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It's a fine point and one which raises hackles on both sides: should a state (which means the taxpayer) fund legal action against the state (which means the taxpayer as represented by elected members) where the action complained of is itself an action against the state (which means society at large)? It's an area where law, emotion and common sense collide and the result is not a pretty sight.

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A recent court action against a car hire company demonstrates that the insurance sold with the car is not necessarily what hirers think it is.

In the UK last year, 33 people were killed in agriculture, eight of them while handling cattle.

F1 is fascinating for many reasons: one is the fact that there are days when one tiny event means not winning, when nearly perfect isn't good enough. And there's the fact that it's a brutal sport where fairness goes out of the window as soon as the lights go out at the first race of the season. Just three races into 2019 and it's already clear that even though much has changed, much has stayed the same.

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This day had to come: Marc Marquez has, unusually, been defeated by the forces of nature. Holding a commanding lead at the US GP at the Circuit of the Americans in Austin, one of the most fundamental aspects of motor-racing was demonstrated and he fell off leaving the result of the race, and the Championship, to cause more shaking of heads than a room full of joyous fan-boys.

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Case Summary: 

Two bankers have been jailed for a total of nine years for fixing (technically "manipulating") the Euro Interbank Offered Rate (EURIBOR) when the global financial crisis was at its worst. An associate who was previously convicted has been ordered to forfeit, under proceeds of crime legislation, less than 5% of his gain from the fraud.

Type of conduct: 
Other financial crime

This newspaper has long argued that items such as goodwill and brand values should be excluded from balance sheets as they are nebulous, cannot be accurately calculated and give a false value to companies. So, we argue, does valuing companies on "revenue" and artificial straight line depreciation saying that fixed assets and profit are the only true measures of a company's value to shareholders. Once again, it is reported by a market regulator, a company is "writing down" goodwill. It's time for a radical rethink on how companies, especially listed companies, are valued.

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Charles Leclerc fumbled the start and saw his pole position evaporate. It was the only thing he did wrong in the entire race as he took the lead in an audacious move on his team leader, Sebastian Vettel, and didn't look back for the simple reason there was no one to see in his mirrors. Until gremlins arrived.

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I should say up front that I am not a fan of DRS but I concede that, sometimes, it's helped spice up what was an otherwise processional race. But in F1 this year, there seems to be a plan to have more DRS zones. Last night's race in Bahrain had three. When DRS was introduced, tracks had one. And, last night, DRS made an extremely positive contribution to the race but its contribution was limited and artificial. What if the DRS rules were changed to remove the limitation and artificiality?

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Mark Zuckerberg is great at making things up but over the weekend, he's proved that he's also great at coming up with other people's ideas. How do I know? Because the other people whose ideas he's come up with is me and I published them in a book in 2015 that leaned on material I'd published, originally, in the late 1990s.

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I've had the chance to watch an Indycar race on TV, something that, because of various rights fights, has been denied me for several years. There's good close racing but there's a lot wrong both with the rules and the way the sport is presented. What should have been edge of the seat stuff turned into a festival of yawns and a great deal of frustration. And then there's the cars.

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It's a question that three years ago had a clear answer: yes; easily. Now, it's far more complicated. How far, then, should F1 go to appease the Italian team?

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What is street food? If Singapore has its way, it's something that characterises the City state and marks it out as as something different. Malaysia is outraged - but other countries should be up in arms, too.

Seriously, it's becoming difficult to be serious about the farce that is "brexit." Last night, eight options for brexit were put before the UK House of Commons. The plan - it had one of those stupid names that the Blair government with its PR-driven actions would be proud of - was to put a series of "indicative votes" to the House and then, depending on what happened, to have a third "meaningful vote" which even has its own acronym: MV3. Behind the scenes (which is made of some kind of sheer fabric so we can all see what's happening) there is a backstage drama being played out with May's Faustian bargain with the EU being behind an Ides of March moment: so many members of her own party are being lined up to be Brutus to her Ceasar that there is a real prospect of an "I am Spartacus" moment. You think we're being too theatrical? Just wait until you read what happened last night. Carry on up the ...


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