Money laundering recent examples include the looting of Angola’s sovereign wealth fund, https://www.theguardian.com/world/2017/nov/07/angola-sovereign-wealth-fund-jean-claude-bastos-de-morais-paradise-papers the sale of valuable mining concessions in the Democratic Republic of Congo in exchange for bribes paid to its president, https://qz.com/797182/dan-gertler-the-blood-diamond-magnate-at-the-center-of-och-ziffs-bribery-scandal-in-africa/ the government-sanctioned theft of state assets by Russian oligarchs or, in what has become known as the Magnitsky case, […]Read More
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Simon Nixon, the chief leader writer of The Times [UK], has written an insightful piece about regulation and has used the recent woes at Boeing to remind us about the financial crisis, and the regulatory agencies failed to police a powerful industry.
Simon Nixon is chief leader writer of Times http://www.thetimes.co.uk/article/b87f6800-4b56-11e9-b472-f58a50a13bbb Boeing shows why regulators are not a hindrance but a strength Too big to fail is a problem usually associated with the banking industry. But could it also be a factor in the growing scandal engulfing Boeing? It’s too early to say for sure what caused […]Read More
Jersey regulated firms – get ready to change your PPs by the end of March 2018
The JFSC has Issued on December 2017 ITS Feedback on Consultation Paper No. 6 2017 on the maintenance / amendments to Codes of Practice, and other amendments to address regulatory concerns and to ensure Jersey’s compliance with international regulatory standards The net result is the Amended Codes (in the form consulted on, save for the […]Read More
The GDPR night before Christmas
Twas the night before Christmas, when all through the house Not a computer was stirring, not even a mouse; The security measures were in place round the data with care, In hopes that Anonymous soon wouldn’t be there; The data protection officers were nestled all snug in their beds, While visions of gap analyses danced […]Read More
An innocent loan or questionable funds?
Question A client has instructed their financial service professional (e.g. solicitor) to purchase a property in Edinburgh which is to be funded partly by a building society mortgage, with the balance being provided by their parents who live in China. The client’s parents are insisting on sending the funds for the balance directly to me, […]Read More
How To Launder Billions In 5 Easy Steps
The new game Kleptocrat lets you see if you could plunder a country and get away with it. Ever dreamed about funnelling millions out of the country you’re supposed to be ruling? Think you’d be good at it? Well, try your hand at a game called Kleptocrat. The Mintz Group, a private eye firm, drew […]Read More