Financial Regulatory Forum

By Brett Wolf

ST. LOUIS, March 11 (Complinet) – A looming cut to the federal financial crime agency’s budget could cripple state and local investigations that depend on transactions monitored via the anti-money laundering Bank Secrecy Act, worried authorities said.

In a surprise move, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has decided to save nearly $1.4 million by doing away with positions that facilitate state and local law enforcers’ access to the coveted data, often used in fighting drug trafficking, fraud and terrorism finance. (more…)

By Clara Ferreira-Marques and Huw Jones

LONDON, March 30 (Reuters) – A tough-talking, high-flying litigator, Margaret Cole joined Britain’s financial regulator five years ago as it began a crackdown on market abuse.

London’s biggest-ever swoop on an alleged insider dealing ring last week — a drama involving some of London’s best-known institutions and seven arrests — was evidence for many that this self-assured lawyer means business.

The UK’s Financial Services Authority (FSA), where Cole is director of enforcement and financial crime, has in the past been criticised for being too soft on market abuse, where cases are notoriously lengthy, complex and tough to nail.

By James Vicini and Jeremy Pelofsky
WASHINGTON, Nov 17 (Reuters) – The Obama administration created a new task force on Tuesday to crack down on financial fraud, an increasingly important political issue after a spike in mortgage scams and big Wall Street trading scandals.

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