LONDON (Reuters) – Britain’s financial watchdog said on Thursday it has fined Bastion Capital London Ltd, now in liquidation, 2.45 million pounds ($3.20 million) for “serious crime control failings” in relation to the ‘cum-ex’ trading scandal.
“They failed to manage the risk of being used to facilitate fraudulent trading and money laundering,” the Financial Conduct Authority said in a statement.
In so-called cum-ex schemes, shares were traded rapidly among banks, investors and hedge funds to blur stock ownership, allowing multiple parties to claim tax rebates and exploit the tax codes of countries such as Denmark, Germany and Belgium.
($1 = 0.7668 pounds)
(Reporting by Huw Jones; editing by Jason Neely)
