OFAC has reached a settlement of $4m with British Arab Commercial Bank (BACB), a commercial bank based in London, UK, with “no offices, business or presence under the US jurisdiction”. BACB processed 72 bulk funding payments totalling approximately $190m on behalf of 7 Sudanese financial institutions, including the Central Bank of Sudan, between September 2010 […]

Speed read Standard Bank Jersey Limited was found guilty in the Jersey Royal Court after it admitted allowing a woman to use her deceased partner’s bank account to pay her rent and shopping bills. Standard Bank Jersey Limited was sentenced for allowing the woman to access the account – which it accepted should have been […]

Activists and politicians tout beneficial registries as a solution to the perceived abuse of anonymous company ownership. Stephen Baker and Charlie Sorensen of Baker & Partners contend that kleptocratic dictators and sophisticated fraudsters won’t be impeded by such registries. The authors explain how existing civil laws have proven effective in seizing ill-gotten gains. Recent high-profile […]

The AIC Code is a framework of best practice in respect of the governance of investment companies published by the Association of Investment Companies (AIC). Founded in 1932, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts, offshore investment companies, real estate investment trusts and venture capital trusts. Guernsey and Jersey […]

The UK’s data privacy regulator has said it plans to fine the US hotel group Marriott International £99.2m. The penalty relates to a data breach that resulted in about 339 million guests having had their personal details exposed. The incident is thought to date back to 2014 but was only discovered in 2018. It comes […]

The Sanctions and Asset-Freezing (Jersey) Law 2019 (“SAFL”) was passed by the States Assembly on 6th December 2018, sanctioned by Privy Council on 13th March 2019, and registered in the Royal Court on 22nd March 2019 and came into force 3rd July 2019 To read the report please click here The Sanctions and Asset-Freezing (Jersey) […]

Whilst its relevance becomes more and more acute to the point where it is now seen as a business essential, for some reason, Cyber insurance remains shrouded in mystery. The ongoing Mondelez case relating to losses incurred as a result of the 2017 NotPetya attacks    shines a spotlight on the collateral fallout of what appeared to […]

In January 2019, the FCA published a consultation paper[1] that sets out guidance on how cryptoassets can be subject to its regulation. The Guidance is relevant to any firm issuing, creating, buying, selling, holding or storing cryptoassets, firms marketing cryptoasset products and services, as well as their advisers. The draft guidance, which sets out a three-category […]