News

FSA to be granted additional powers to punish white collar crime: A raft of new measures designed to give regulators more power in tackling city crime are to be unveiled in the Queen’s Speech this week. The FT reports today that Chancellor Alistair Darling will propose strengthening the FSA’s power to punish individuals and banks […]

FATF issues Follow-Up Report on United Kingdom – The Financial Action Task Force [FATF] has published its Mutual Evaluation Fourth Follow-Up Report on Anti-Money Laundering and Combating the Financing of Terrorism, with respect to the United Kingdom. Readers who need this resource for reference purposes can find it here: http://www.fatf-gaci.org/dataoecd/44/8/44048060.pdf

HM Treasury issues statement on money laundering controls in overseas jurisdictions On 10 November 2009, HM Treasury issued (www.hm-treasury.gov.uk/press_103_09.htm) a statement of advice about risks posed by unsatisfactory money laundering controls in the following jurisdictions: Iran, Pakistan, Uzbekistan, Turkmenistan, Sao Tome and Principe, and Azerbaijan (Statement). The advice has immediate effect. The Statement follows the […]

HM Treasury action in relation to Bank Mellat and the Islamic Republic of Iran Shipping Lines On 12 October 2009, HM Treasury used its powers under the Counter Terrorism Act 2008 to require the UK financial services sector to cease all business with the Iranian Bank Mellat and the Islamic Republic of Iran Shipping Lines, […]

Guernsey Financial Services Commission November 11th – Prior to November 2009 the Guernsey Financial Services Commission (Commission) issued Business from Sensitive Sources Notices, which required enhanced customer due diligence measures to be undertaken by financial services businesses and prescribed businesses in Guernsey when taking on business or transactions from specified countries or territories. In November […]

Wolfsberg Group publishes revised paper on AML screening, monitoring and searching – On 10 November 2009, the Wolfsberg Group (Group) published a revised paper, dated 9 November 2009, on how financial institutions can develop suitable anti-money laundering (AML) screening, monitoring and searching processes and procedures (paper). The paper was originally published in September 2003. The […]

Solicitor’s office searched in fraud investigation – A solicitor’s office was one of six properties searched by police investigating a suspected £9 million mortgage fraud. Four men were arrested in connection with the fraud which was against an unnamed insurance firm . Their occupations are not known. The police said of the fraud: ‘The work […]

Rich-list man laundered £111m for Wall Street fraudster – A Times rich-list tycoon is facing 14 years in jail after being convicted of laundering £111m ($ 175 million dollars) from Switzerland to bank accounts in the Isle of Man. Trevor Baines, 69, who lives on the island, was one of three trustees dealing with assets […]