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• MiMIC Journal

Hong Kong activist denies seeking independence

Leading Hong Kong pro-democracy activist Nathan Law has said he will not use his newly-won seat on the Legislative Council (LegCo) to push for independence from China. "I'm not advocating independence, I'm advocating Hong Kong people should enjoy rights of self-determination," he said. China has warned that anyone advocating independence could be punished.

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Law enforcement 'not winning' war on white-collar crime

The record of combating economic crime like money laundering, fraud and insider trading is so woeful that governments need a new approach. That was the view of many at a gathering of about 1,600 delegates from academia and the legal and compliance profession in Cambridge, Mass "If this is a war, we are not winning it," said Alison Levitt. Drawing on a study by PricewaterhouseCoopers, Levitt said a worrying 18 percent of financial crimes in Britain were committed by members of senior management. Crimes by top executives tend to be more sophisticated and are often harder to detect.

Whistle-blowing insiders: 'game changer' for the S.E.C.

More than 14,000 tips on company wrongdoing have been received in the last five years, and rewards to informants reach into the millions.

Lawmaker calls on FBI to provide files tied to financial crisis

Rep. Bill Pascrell (D., N.J.) called on the Federal Bureau of Investigation to release documents related to the investigations of financial firms at the heart of the financial crisis, citing the "public interest" in understanding why no senior executives were charged for their mortgage practices.

US Congress blocks Zika funding bill

The US Senate has failed to pass a funding bill to help fight the Zika virus for a third time. Senate Democrats blocked the $1.1 bn bill after Republicans sought to stop funding for pro-abortion group Planned Parenthood. Lawmakers say they hope the issue will be resolved later this month as part of a bipartisan spending package. The 52-46 Senate vote came as Florida health officials announced seven more locally transmitted cases of Zika. State officials have called on lawmakers to release funds to help fight the spread of the disease, which is linked to severe birth defects in pregnant women. The Republican-backed Senate bill included a provision that would have prevented Planned Parenthood in Puerto Rico from receiving new funding to fight the spread of the virus, which can be sexually transmitted.

Irish parliament to debate Apple ruling

The Irish parliament has been recalled early to debate the European Commission's ruling that Ireland granted undue tax benefits of up to 13 bn euros to Apple. It follows the decision by the Irish government to appeal the ruling. On Tuesday night, members were given a 16-page Department of Finance document on the background to the ruling. The ruling itself is confidential. Last week, the government said a motion would come before the Dail (parliament) on Wednesday seeking an endorsement of its decision to appeal.

Mexico Supreme Court overturns state anti-corruption laws

The Mexican Supreme Court on Monday overturned two state anti-corruption laws that would have allowed departing governors to choose prosecutors in charge of investigating corruption allegations against them. Many believed the laws were passed in an effort to curtail corruption reforms and protect the politicians themselves. The laws, passed in Chihuahua and Veracruz, were ruled unconstitutional in part because corruption is under the jurisdiction of the National Anticorruption System (SNA). The Attorney General filed suit to stop the implementation of the laws and was satisfied with the unanimous decision by the Supreme Court.

Canadian judge faces inquiry over handling of sex assault trial

A Canadian judge is facing a disciplinary hearing over controversial comments he made while presiding over a sexual assault case in 2014. Justice Robin Camp, a provincial judge in Calgary, asked an alleged sexual assault victim why she could not "just keep her knees together". Camp acquitted the accused man, but the verdict was overturned on appeal. The Canadian Judicial Council will decide whether Camp should be removed over his remarks.

U.A.E.'s planned bankruptcy law to apply only to companies

The United Arab Emirates' long-awaited bankruptcy law will only cover businesses, a senior official said, while individuals will have to wait for legislation that deals with insolvency. The law will be published in the official gazette "within weeks" and would go into effect three months later. The final draft, approved by the cabinet this week, sets up a new regulatory body for financial restructuring. Its members will include government officials and private sector professionals. The absence of legislation that deals with insolvency was widely blamed for the flight of thousands of Dubai residents who lost jobs in the 2008 financial crisis. Faced with the possibility of jail time, many said they had no choice but to leave their cars and belongings after the economic slowdown left them unable to repay debts. Post-dated checks are the most common way to pay residential rent in the U.A.E. for individuals facing financial hardship, the U.A.E. is working on an insolvency law that will be completed in about 12 months.

EU questions Barroso's Brexit role at Goldman Sachs

A top EU official has questioned the European Commission's ethical standards over the new role of ex-Commission President Jose Manuel Barroso at US investment bank Goldman Sachs. Barroso joined Goldman Sachs in July, in a highly controversial move. He respected the EU's mandatory 18-month cooling off period before moving. Critics say it exposed once again a Brussels "revolving door", in which elite EU officials move to lucrative jobs in business, deploying their inside knowledge and expertise. Transparency campaigners have launched an online petition, signed by more than 62,000 people. The petitioners want Mr Barroso to lose his Commission pension. Goldman Sachs donated hundreds of thousands of pounds to pro-EU campaigners, and said last month that Brexit could force it to restructure some of its business. Barroso will help the bank deal with the impact of Brexit. It is a powerful player in the City of London. European Ombudsman Emily O'Reilly has written to Barroso's EU successor, Jean-Claude Juncker, raising concerns. The City is a key hub for EU business. The UK government is preparing for painstaking talks on the terms for withdrawing from the EU. There are fears that Brexit could harm the City's pre-eminent role in European finance.

S Korea throws lifeline to Hanjin

South Korea's government has said it might provide Hanjin with loans to keep the bankrupt shipping giant afloat. Officials said Seoul could give $100 bn won ($91m; £68m) or more in long-term funding at low interest rates if Hanjin provided the necessary collateral. The shipping company's shares rose more than 20% on the news of a lifeline. Hanjin's collapse has left much of its fleet stranded at sea, unable to dock over fears that vessels be seized by creditors.

Bayer offers $65bn to win control of Monsanto

Zuma considers objection to S. African law on bank transactions

South African President Jacob Zuma is considering an objection to changes to the country’s laws that will compel banks to more closely scrutinize their customers and their transactions. The challenge to the Financial Intelligence Centre Amendment Bill is being brought by the Progressive Professionals Forum, which “petitioned the president not to sign the bill, saying it has constitutional defects,” Zuma’s spokesman, Bongani Ngqulunga, said by phone on Monday. “He is considering those objections, whether they have merit or not. There is nothing unusual about the process.”

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