The Monetary Authority of Singapore (“MAS”) recently announced that it has withdrawn approval from the Singapore branch of an international bank due to serious breaches of anti-money laundering (“AML”) requirements, poor management oversight, and gross misconduct by certain bank staff. http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-directs-BSI-Bank-to-shut-down-in-Singapore.aspx MAS also imposed financial penalties on the bank and referred members of staff and […]

U.S. prosecutors are increasingly reaching beyond the border in probes of bribery, tax evasion, the rigging of financial benchmarks, even corruption within global soccer. But a dentist accused of money laundering could make such investigations harder to execute. Robert Bandfield, 71, a U.S. citizen who practiced dentistry in Canada decades ago, is accused of masterminding […]

A person who cheats the Revenue obtains a pecuniary advantage as a result of criminal conduct within the meaning of section 340(6) of POCA. Despite Court of Appeal in R v. Gabriel (Note) [2007] 1 WLR 2272, the proceeds of tax evasion can be criminal property for the purposes of the money laundering provisions: R […]

Introduction As at today (Sept 2015) Tax offences (including tax fraud) do not constitute felonies.(2) Therefore, the proceeds (or rather, unlawful savings) of tax offences cannot form the object of a money laundering act. From January 1 2016 servicing tax fraudsters may expose financial intermediaries in Switzerland to prosecution for money laundering. With the entry […]

Undercover reporters have investigated the super-rich property market Posing as a Russian oligarch, the team ask about how to hide criminality One estate agent advises ‘Boris’ on finding a lawyer to secure anonymity One proposed deal would have earned the agent £300,000 in commission High-end estate agents are helping foreign criminals launder money through London […]

18 Mar 2015 – Two staff members have been arrested in St Peter Port, in connection with an investigation into a suspected £21m vat and money laundering fraud. They were arrested at an address registered to several companies, and will be interviewed today. Its part of an investigation called operation bannock that spans the British […]

In his 2001 article “Money Laundering and Tax Evasion – the Banker’s Dilemma”,[www.jerseylaw.je/Publications/jerseylawreview/feb01/the_difficulties_binnington.aspx] Alan Binnington has highlighted some of the main difficulties in the operation of the primary money laundering offences contained in the Proceeds of Crime (Jersey) Law 1999 (“the 1999 Law”) in the field of tax evasion. Tax evasion per se does not […]