MUSINGS

After a straw poll (hands raised!!) of today’s JCOA CPD workshop audience I was interested to see how few JCOA members had not presented the recent JFSC TCB ANNUAL VISIT FINDINGS report to their boards along with a gap analysis against their own systems, controls and procedures.. Today (3rd June 2014) Mathew Beale presented a […]

On the 14th April 2014 The JFSC has published a public statement on Herald Trust Company Limited [HTC] and affiliated members and in doing so shown that HTC had received funds from a company managed in the United Kingdom that may have been connected to a fraud (proceeds of a crime!!) AND it also identified […]

In Lloyds Trust Co (CI) Limited [Lloyds] v Fragoso the Royal Court recently clarified the basis on which professional trustees hold trust assets that ultimately derive from the proceeds of bribes received by a settlor. The trust in question was established in 1999. The settlor, Carlos Fragoso, told the trustee, Lloyds, that the moneys settled […]

IT WAS reported in the Jersey Evening Post on Saturday 24th May 2014 that a 55 year old woman, as an employee of a Jersey regulated financial service company, admitted to stealing more than half a million pounds from clients of the investment company over a four – year period. The court heard that Lomas […]

The Jersey Evening Post reported on 27/May/2014 (also internationally such as the BBC) that International pressure group conflict Awareness Project, founded by former UN investigator Kathi Austin, claims that both the States police and Jersey Financial Services Commission have failed to deal with allegations about illegal purchase of African gold linked to war crimes despite […]

Albert Einstein is famous for his well-known quote: “INSANITY: Doing the same thing over and over again and expecting different results.” Meanwhile, I’m willing to bet that many of compliance and other functions are……doing the same thing over and over again and expecting different results! I’ve frequently fallen into that trap myself – going to […]

European’s highest court decision potentially affects 500 million consumers and is very likely to impact current recruitment vetting and CDD practices, firms need to consider the impact of this decision quickly. The recent ruling from EU Court of Justice has established that its subjects have the ‘right to be forgotten’ and asked Google and other […]

The European Court of Justice (ECJ) has today [22 May 2014] handed down judgment in a case which could mean that employers face huge liabilities for holiday pay. The issue arises because of an apparent conflict between UK and European law as to how holiday pay should be calculated and in particular whether overtime and […]