JSCCA Regulatory update report On October 13th 2017, the Jersey Society of Chartered and Certified Accountants (JSCCA) held a regulatory update seminar at the Hotel de France, with John Harris as a speaker. John Harris stated in his introduction that “There will be major changes in the way the JFSC regulates the finance industry when […]Read More
JFSC Issues Guidance Following Recent Petya/NotPetya Cyber Attack
The Jersey Financial Services Commission (JFSC) is aware of the recent ransomware campaign which first appeared on 27 June 2017. The global reach and considerable impact of the current Petya/NotPetya ransomware outbreak bears remarkable similarities to the WannaCry attack of just a few weeks ago. The JFSC has been monitoring the threat, further reviewing its […]Read More
GFSC AML Handbook changes – is your CUSTOMER RISK ASSESSMENT up to the task of duration risk measurements?
On the 30th June the GFSC issued it’s revised versions of the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (‘the FSB Handbook’) and the Handbook for Prescribed Businesses on Countering Financial Crime and Terrorist Financing (‘the PB Handbook’) to take account of recent changes to the Bailiwick’s legislation in relation to […]Read More
EU report on the assessment of the risks of money laundering and terrorist finance
European Commission publishes report on the assessment of the risks of money laundering and terrorist finance affecting the internal market and cross-border activity The report focuses on the supranational risk assessment (SNRA) of the risks of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities. It is the […]Read More
Trust and Company Service Provider (TCSPs) Guilty of Money Laundering – Landmark Decision on Criminal Liability
The following case is salient story about a Judgement against the acting director of Kassar Logistics and World Eastern International for his negligence in incorporating the companies despite evident fraudulent activity. INTRODUCTION The Judgement in Abdul Ghani bin Tahir v Public Prosecutor  SGHC 125 Is especially relevant to nominee directors, proxy directors, company secretaries, […]Read More
IMFC Trust and Fund Services: a service hatch for bribery payments?
Former Dutch trust service provider IMFC Trust and Fund Services (IMFC) based in Amsterdam has appeared in Dutch and Spanish media as having allegedly facilitated bribery payments originating from Spain, transferred through the Dutch bank accounts of IMFC and paid out in cash to Algerian public officials as part of a public procurement project. The […]Read More
A look back to the “the biggest corruption case in the Italian history
A look back to the IMI-SIR bribery and money laundering case – described at the time as “the biggest corruption case in the Italian history” The IMI-SIR case sheds light on the difficulties to investigate crimes involving complex webs of trusts and offshore companies. The case concerns bribery allegations against a judge in the context […]Read More
FCA confirms call-recording and note-taking rules for advisers – In new MiFID II policy statement
The Financial Conduct Authority (FCA) has confirmed that Financial advisers will either have to record or take notes on any phone calls with clients that are “intended to result in a transaction being undertaken”, In its latest Markets in Financial Instruments Directive II (MiFID II) policy statement, the regulator has allowed advice firms of all […]Read More