Oct 19  2015 – After four years of campaigning, Gibraltar will now be subject to Moneyval’s anti-money laundering processes and procedures. MoneyVal was established in September 1997 by the Committee of Ministers of the Council of Europe to conduct self and mutual assessment exercises of the anti-money laundering measures in place in Council of Europe […]

A local banker admitted in San Diego federal court Thursday that he caused Citibank to fail to report suspicious transactions and fail to maintain an effective anti-money laundering compliance program. Raymundo Navarrette, 51, pleaded guilty to bank bribery and will be sentenced Nov. 13. In his plea agreement, Navarrette admitted that he used his position within […]

Bankers hope that a new review of anti-money laundering rules could result in the authorities being more lenient with cases of dirty money slipping through the net, as long as the banks can prove they took tough action to try to stop it happening. The industry is under huge pressure to make sure it does […]

Recently the FCA have been relatively silent on any AML failings in firms – this said however the FCA (and the FSA before them) has over the long term shown an increased interest in tackling financial crime. Thematic reviews A number of thematic reviews have been conducted within the banking, insurance and asset management sectors […]

SARS tested in court – Iraj Parvizi v Barclays Bank The recent case of Iraj Parvizi v Barclays Bank [2014] EWHC B2 (QB) was heard in the High Court on 21 May 2014. Key themes considered in the case were the Proceeds of Crime Act 2002 (“the Act”) and the meaning of suspicion giving rise […]

Introduction The reform of Jersey’s anti-money laundering (AML) practices and laws has been high on the legislative agenda, particularly after Jersey became a member of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval) in 2012. Moneyval is the EU body tasked with ensuring that member states […]

The Crédit Agricole v Papadimitiou decision shines a spotlight on what are sometimes perceived as the more difficult areas to interpret in the Jersey Financial Services Commission’s AML/CFT Handbook and provides guidance as to what constitutes understanding the ‘commercial rationale’ of a structure and related transactions. It should give banks and other financial services businesses […]

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program. Ripple’s virtual currency is called XRP. FinCEN said Ripple “willfully violated several requirements of the Bank Secrecy Act (BSA).” “Virtual currency exchangers […]