Cybersecurity is as much about technology as it is about people, including the Board of Directors. Board members have a unique responsibility to protect their company’s assets and customer information. They no longer have the luxury to keep cybersecurity on the side-lines for IT to manage. They must work to integrate the cybersecurity strategy with […]

Further to my earlier musing Andrew Bailey, Deputy Governor for prudential regulation and Chief Executive Officer, PRA, has given a speech at the City Week conference focusing on culture in financial services. Mr Bailey discussed the importance of culture to both prudential and conduct financial regulators and the challenges for supervisors when looking at the […]

I attended today’s Jersey Compliance officers Association monthly workshop which was based on the topic of “culture” – and although the presentation was very interesting it lacked real life case studies – so to add some context here is a classic from Dubai as posted yesterday. OVERVIEW Two directors have been fined (BUT NOT BANNED!!) […]

As we all now know Millions of documents were leaked from Panamanian law firm Mossack Fonseca. The hidden wealth of some of the world’s most prominent leaders, politicians and celebrities has been revealed by an unprecedented leak of millions of documents that show some of the ways in which the rich can exploit secretive offshore […]

The following Mauritian directors and MLROs were sanctioned by the FSC Mauritius (see enforcement actions below)– how would you avoid such failures?   Mr. Babajee has failed as Director and as MLRO inasmuch as the above breaches have occurred during his tenure in office.  He breached paragraph 4.2 of the Code on Prevention of Money […]

In Jersey, Liberation Day (Jèrriais: Jour d’la Libéthâtion) is celebrated each year on 9 May, to mark the end of the occupation by Nazi Germany during World War II. It is celebrated as Jersey’s national day. The 9th day now has another significance for many people around the world, on 9th May 2016 at 2.00pm […]

Outside of the Panama papers fallout, one thing that does seem certain is that the “old ways” of doing business via International finance centres (AKA offshore tax havens), the use of complex “tax mitigation” and “avoidance” schemes, and use of International Business Company (AKA shell companies) to place (AKA hide) wealth will become, for all […]

The recent fallout from the “Panama Papers” data leaks have not only thrown the use of offshore tax havens and fiscal transparency back into the spotlight, but also highlighted the threat of data security breaches and associated compliance risks on those firms operating in this jurisdictions The following thought provide an overview of the main […]