The Law Commission published its Anti-money laundering: the SARs regime report on 18 June. The report reviews and makes recommendations for the improvement of the consent regime in Part 7 of the Proceeds of Crime Act 2002 (POCA) and Part 3 of the Terrorism Act 2000. The report identifies the high volume of low-quality suspicious […]

On the Nov 8, 2018 the Jersey Evening Post (https://jerseyeveningpost.com/news/2018/11/08/trump-sanctions-prompt-exit-of-russian-owned-businesses/) reported a story about Oleg Deripaska, a Russian oligarch and his company SANCTIONS imposed by the Trump administration have caused two Jersey-based businesses owned by one of Russia’s richest men to press ahead with plans to leave the Island. It went on to say “According […]

On Monday 10th June deadline the responses to the HMT consultation paper on the implementation of the 5th Money Laundering Directive in the UK needed to be submitted. The 88-page document is daunting. However, an excellent article from Accounting Web gives a good high-level summary of each section of the consultation document, helping accountants to […]

LEARN FROM OTHER PEOPLES MISTAKES – Enforcement action was taken by the FCA about 1] culture and governance; 2] operational and technological resilience; 3] financial crime and money laundering, and 4] the treatment of customers. Cases matched against the above are discussed below:- 1.Firm’s culture and governancei it is expected that individual accountability, culture and […]

A study on Money laundering and tax evasion risks in free ports provides an insight into the money laundering, tax evasion and tax avoidance risks connected with free zones, particularly those that function as (semi-) permanent storage for high-value goods, often referred to as ‘free ports’. Conducted at the request of the European Parliament’s Special […]

Guernsey’s Court of Appeal has upheld the judgment that none of the US investment firm The Carlyle Group, its investment manager, Carlyle Investment Management LLC, or the directors of Carlyle Capital Corporation, were responsible for Carlyle Capital Corporation, a Guernsey investment fund, going into insolvency in the 2008 financial crash. A judgment handed down on […]

KENYAN director of Public Prosecutions Noordin Haji is set to make a trip to the Island of Jersey over the fraud and money laundering case against ex-Nambale MP Chris Okemo and former Kenya Power and Lighting Company Chief Executive Samuel Gichuru. The two are accused of abusing their offices by using proxy companies to squander […]

Example of good and poor practices, which provide guidance that is helpful. Also, this is to a reminder of supervisory expectations. The FCA has published TR18/3 presenting a outcome from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) system and controls in thirteen Electronic Money Institutions (EMIs). Also the overview, just […]