seminar - why financial crime compliance and risk management fails    Hong Kong,

   Jakarta,

   London.

 

   June 2019

 

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General Motors and Toyota in the US are recalling cars for a variety of defects

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Volkswagen has issued a voluntary recall in the USA for many Passats built between 1999-2005.

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It is expected that Ford, which had already said that Tata of India was its preferred bidder, will shortly announce that Jaguar and Range Rover will be sold to TATA for USD2 milliard.

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Ford sold Aston Martin to an investment company and then put Jaguar and Range Rover up to sale, recently declaring TATA of India to be the preferred bidder. It's yet another faux pas in the recent history where, so far as the company's accounts are concerned, it's any colour you want so long as it's red.

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Here's a puzzle - what's northern, big, white and grumpy? No, it's not a polar bear. It's Canada - at least when it comes to its car manufacturing industry. What's that, you say? Does Canada have a car manufacturing industry? Apparently so.

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131,400 - the number of minutes in a three months

44140 - the number of USD Ford has lost in each one of them

46,326 - the average annual income for Americans 2005 - Source US Census Office.

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Continuing the story of the world's first Rolls Royce powered bus running on natural gas.

For part 1 see How it began
---------------

.... The bus was taken out onto the road: the test driver brought it back after a short trip. He was shaking. "It's terrifying," he said.

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In the mid 1970s, bus engineer Roy Cotterill and his brother-in-law Rolls-Royce marketing man Lionel Gibbs sat around Roy's dining room table with the plans of a secret Rolls-Royce engine project and the engineering diagrams of a Daimler Fleetline bus. Could they mate the advanced engine with a passenger transit vehicle and if so what would be the cost implications and benefits / disadvantages. And what happened to the project?

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As Lord Woolf confirms that the Court of Appeal was wrong to allow John "Goldfinger" Palmer to retain proceeds of fraud, the Home Office is deciding whether to try to use the Proceeds of Crime Act to attack the funds. Easy-peasy, says Nigel Morris-Cotterill

The Associated Law Societies of Canada have succeeded in their attempts to overturn some of Canada's requirements that lawyers report

It may not be scientific research but the word-of-mouth system around South East England last week was that the property boom was already in the grip of a downturn as the IMF issued a report saying that it was all rosy. Last year, the UK housing market, according to some reports, soared 25% by average house price value.

Russia is to be admitted to the Financial Action Task Force at its plenary meeting in Berlin this coming June.

On 29 January 2003, KPMG issued a press release responding to the writ issued by the SEC. The full text of the KPMG release is below.

The full text of the 2003 writ in the case of the USA's SEC v KMPG JOSEPH T. BOYLE, MICHAEL A.
CONWAY, ANTHONY P. DOLANSKI and RONALD A. SAFRAN alleging "Defendants KPMG LLP ("KPMG") and certain KPMG partners permitted Xerox Corporation ("Xerox") to manipulate its accounting practices and fill a USD3,000 million "gap" between actual operating results and results reported to the investing public from 1997 through 2000." Civil Action No. 03-CV-0671(DLC) COMPLAINT SECURITIES FRAUD Reproduced verbatim.

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