The UK has published the Export Control (Sanctions) (Amendment) Order 2019 which amends existing subordinate legislation, and creates new offences for some export control violations. The amendments include: The addition of Eritrea to the Export Control Order 2008 to control the transit of Category B goods (small firearms and light weapons); Updates to definitions and […]

1. Tim Howarth, Head of Financial Services Consulting and Risk Consulting at KPMG, has left the company following an internal investigation into his conduct. Howarth was previously a senior manager at the FCA’s predecessor, the Financial Services Authority (FSA). 2. Howarth, who had worked for KPMG for 15 years, was investigated over allegations of misconduct […]

The issue of the ‘no consent’ regime in Jersey has recently been considered in the Jersey courts as part of an application to judicially review and quash the decision of the JFCU to refuse to consent to the normal operation of a bank account. Judgement say This is an application to judicially review and quash […]

Europe has come up with a nifty plan to help Iran buy and sell stuff outside the reach of U.S. sanctions. The problem is that the plan is a fraud magnet. How do we know? The plan is known as the “Instrument in Support of Trade Exchanges,” or “INSTEX.” Lots of smart people have been […]

Comsure’s moan – This story shows why the money laundering laws are not used to their fullest effect.  1 Although the proceeds of crime order against the duo as part of the civil process to recover the illegal benefit of their crime was used a. WHY were they not indicted under the proceeds of crime […]

What is the role of the Non-Executive Director? Essentially the non-executive director’s (NED) role is to provide a creative contribution to the board by providing independent oversight and constructive challenge to the executive directors. The 1992 Cadbury Report initiated a debate about the main functions and responsibilities of non-executive directors. Today, it is widely accepted […]

A Blomberg’s article “Dirty Money Spotlights Role of Family Offices as Enablers” identifies a Guernsey trust company in the web of structures involving Jahangir Hajiyev and his wife, Zamira who is subject to the UKs first UWO • https://www.bloomberg.com/news/features/2019-07-30/dirty-money-spotlights-role-of-family-offices-as-enablers THE Blomberg’s story provides the following facts and observations: Introduction 1. Jahangir Hajiyev was convicted of […]

An attempt to defraud thousands of people using a bogus email from a UK airport was one of a range of cyber-attacks prevented last year. The scam used a fake gov.uk address, but the messages were prevented from ever reaching their intended recipients. The details were revealed by GCHQ’s National Cyber Security Centre in an […]