Included in this issue: CYBER CRIME: U.S. weighs sanctioning Russia as well as China in cyber attacks | BRIBERY AND CORRUPTION: Suspiciously rich could be ordered to surrender their wealth | MONEY LAUNDERING: Business Secretary Sajid Javid promises to cut red tape on money laundering | SANCTIONS: Iran Sanctions | GENERAL: Accused U.S. 'flash cash' trader fails to have UK extradition case postponed | CPS may bring corporate charges against Murdoch publisher

Cyber Crime       
  
U.S. weighs sanctioning Russia as well as China in cyber attacks

The United States is considering sanctions against both Russian and Chinese individuals and companies for cyber attacks against U.S. commercial targets.  If taken, the action would be the administration’s first use of an executive order signed by Obama in April 2015 to crack down on foreign hackers accused of penetrating U.S. computer systems.  

Reuters, 1 September 2015

Bribery and Corruption

Suspiciously rich could be ordered to surrender their wealth

People who suspiciously get rich overnight could be ordered to disclose the source of their wealth, under proposals being developed by Sir Eric Pickles. 

People issued with one of the orders would have to explain the legitimate sources of their wealth.  If no satisfactory explanation is offered some of their assets could be surrendered through the civil courts.  

The Telegraph, 29 August 2015

Money Laundering

Business secretary Sajid Javid promises to cut red tape on money laundering

Rules that cost customers and banks time and money but do not stop money launderers and terrorists could be axed, under a new initiative to reduce red tape in the finance sector. 

The Department for Business, Innovation Skills is seeking evidence until 23 October 2015 from banks and their customers for cases of rules being disproportionate and heavy handed. Ministers also want to see any examples of better systems from around the world.   

The Telegraph, 28 August 2015

Sanctions

Iran Sanctions

The UK, France, Germany, the US, Russia and China previously reached agreement with Iran over its nuclear capabilities, under which Iran will take measures to ensure its nuclear programme will be put only to peaceful uses in exchange for the return of gradual, phased lifting of international sanctions against it. These changes come into effect on 16 September 2015, as set out in European Council Regulation (EU) 1327/2015.  

Gov.uk, 24 August 2015

General

Accused U.S. 'flash crash' trader fails to have UK extradition case postponed

Navinder Sarao, a London based trader accused by the United States of market manipulation that contributed to the Wall Street "flash crash" in 2010, failed to persuade a court on Friday to postpone his extradition hearing. The full extradition hearing remains set for 25 September. He was originally  arrested by British police on a U.S. extradition warrant in April 2015 after being charged with wire fraud, commodities fraud and market manipulation by the U.S. Justice Department.   

Reuters, 28 August 2015

CPS may bring corporate charges against Murdoch publisher

The Crown Prosecution Service is considering bringing corporate charges against Rupert Murdoch’s British newspaper publisher over phone hacking.   

The Guardian, 28 August 2015