Cybersecurity, regulatory change and digitalisation are the top three business risks facing firms today, according to a survey conducted by the Chartered Institute of Internal Auditors. The survey, widely considered to be a barometer of organisations’ risk priorities, canvassed the views of 528 chief internal auditors (CIA) in different sectors across eight European countries.   […]

Mauritius – THE NATIONAL MONEY LAUNDERING AND TERRORIST FINANCING RISK ASSESSMENT OF MAURITIUS PUBLIC REPORT The Ministry of Financial Services and Good Governance has, on 29th August 2019, published the following documents: Report 1  The National Money Laundering and Terrorist Financing Risk Assessment of Mauritius – Public Report; To read public report click here 2. […]

Many financial services businesses in Jersey ( “relevant business or businesses”) which are subject to the requirement to carry out due diligence on their customers under the Money Laundering (Jersey) Order 2008 (“MLJO”) have historically placed a considerable measure of reliance on being able to operate a simplified due diligence process. This process is in respect of […]

Comsure’s moan – This story shows why the money laundering laws are not used to their fullest effect.  1 Although the proceeds of crime order against the duo as part of the civil process to recover the illegal benefit of their crime was used a. WHY were they not indicted under the proceeds of crime […]

INTRODUCTION The acclamation and social status that are linked to a winning team combined with the investment in clubs with little apparent expectation of a financial return have made the industry attractive to some criminals. The European Commission (Commission)  recognises that sport can be attractive to criminals in order to launder funds due to the […]

A Blomberg’s article “Dirty Money Spotlights Role of Family Offices as Enablers” identifies a Guernsey trust company in the web of structures involving Jahangir Hajiyev and his wife, Zamira who is subject to the UKs first UWO • https://www.bloomberg.com/news/features/2019-07-30/dirty-money-spotlights-role-of-family-offices-as-enablers THE Blomberg’s story provides the following facts and observations: Introduction 1. Jahangir Hajiyev was convicted of […]

Following the lifting of reporting restrictions, the FCA has announced that Richard Baldwin, a luxury-watch dealer, has been convicted in his absence, for money laundering. Baldwin is the sixth person to be convicted as part of ‘Operation Tabernula’, the FCA’s biggest insider-trading investigation to date. He was convicted in July 2017 after absconding from justice […]

The Jersey Financial Services Commission (JFSC) recently updated its AML/CFT Handbook for regulated financial services businesses (Handbook) to expressly permit evidence of identity to come from electronic sources (E-ID) as an alternative to original “wet ink” documents. Background The current version of the Handbook, which was first published on 1 January 2015, has been updated […]