The Jersey Financial Services Commission (JFSC) [Issued: March 2010] published a report on findings into its Anti-Money Laundering examination of Trust Company Business in Jersey. TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2009 – SUMMARY FINDINGS http://www.jerseyfsc.org/pdf/TCB_2009_Examination_feedback_March_2010.pdf In the report the JFSC reported on some the following matters 1.Business Risk Assessment and Strategy 2.Customer Profiling and […]

PROPOSALS TO REVISE AML/CFT REQUIREMENTS Today, the Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. The Consultation Paper deals with a number of recommendations made by the International Monetary Fund (the “IMF”) in 2009 to strengthen the measures that are applied in […]

According to FATF, Politically Exposed Persons are individuals who are or have been entrusted with prominent public functions both in Nigeria and abroad and those associated with them. They include heads of state or governments, governors, local … See all stories on this topic » http://allafrica.com/stories/201307100460.html

The Office of Fair Trading (OFT) has published guidance updating the Anti-Money Laundering (AML) principles, which supplement the Money Laundering Regulations 2007. The principles, which were originally published in 2011, support the OFT’s supervisory functions under the Regulations, and are used by the OFT to determine its approach to non-compliance with the Regulations. Copies of […]

THE REPUTATIONAL RISK FOR LAW-ABIDING AND WELL-MEANING COMPANIES – On 5 February 2012 President Obama signed an Executive Order to further the US Administration’s Iran Sanctions Program that blocks (i.e., “freezes”) all property of the Government of Iran as well as all property of Iranian financial institutions, including the Central Bank of Iran. This builds […]

Bribes for Venezuelan officials were funnelled through tax havens, court filings claim. Francisco Illarramendi often called on Moris Beracha when he needed an infusion of cash. The Venezuelan-born Illarramendi was a manager of a Connecticut-based investment advisory firm. Beracha was a Venezuelan financier close to the Hugo Chavez government who, a lawsuit against him claims, […]

 HSBC MIDDLE EAST (HBME): INVESTIGATION (P.10/2013) – COMMENTS Presented to the States on 5th March 2013 by the Chief Minister. These comments are presented by the Chief Minister, but are brought with the agreement of the Minister for Economic Development. http://www.statesassembly.gov.je/AssemblyPropositions/2013/P.010-2013Com.pdf 1. Proposition P.10/2013 of Deputy G.P. Southern of St. Helier asks the States to […]

Jersey’s Financial Services Commission has released the results of an industry consultation on proposed revisions to the Money Laundering (Jersey) Order 2008. The amendments have been proposed to align the Jersey Order with certain revised recommendations from the Financial Action Task Force on Money Laundering (FATF), and to clarify the application in certain circumstances of […]