As at writing (28th June 2019), the JFSC has not issued a civil fine – however the JFSC claim to have issued a TCB with Civil Penalty warning. After issuing the warning, they first wanted a reporting professional to provide an independent report on the state of the TCB systems and controls. The result of the report was a positive […]
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GFSC ‘suppressed evidence during investigation’
A former director of a trust company is suing the GFSC for £7.4million, claiming it allegedly breached his human rights during an investigation it carried out in to his conduct when working in financial services. Alan Chick was sanctioned by the Guernsey Financial Services Commission in 2018 because it found he had breached regulations people […]
Read MoreJersey money laundering involve millions of lobster £$ Caught in the Net
A March 2013 judgment[1] of the Royal Court casts light on the Island’s conviction-based confiscation regime at a time when the States of Jersey is busy sharpening the claws of Jersey’s investigatory and prosecutorial authorities in relation to its civil, non-conviction based, asset forfeiture framework. The judgment contains an interesting tale of a cross-border, multi-million […]
Read MoreFCA fines Bank of Scotland for failing to report suspicions of fraud at HBOS Reading + bans x4 directors [21/06/2019]
The Financial Conduct Authority (FCA) has today fined Bank of Scotland (BOS) £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately […]
Read MoreJersey firm obliged to help fraud investigation after landmark case [18 June 2019]
A Jersey trust firm [Volaw Trust and Corporate Services] will have to hand over documents relating to its dealings with a Norwegian oil baron as part of a probe into suspected fraud, after the Attorney General won a landmark battle. The decision – handed down this week by the Privy Council, Jersey’s highest court of […]
Read MoreBermuda fines Estera trust provider over money laundering failures
Speed read Trust and fiduciary services provider Estera has been hit with heavy penalties by the Bermuda Monetary Authority (BMA) after it failed to address anti-money laundering issues in its internal processes. The hefty fine of $500,000 (£400,000; €447,000) relates to the Jersey-headquartered firm’s failure to comply with anti-money laundering and counter-terrorist financing (AML/CTF) legislation […]
Read MoreMalta – shocking revelations on CBS
The smallest nation in the European Union is earning an unsavoury reputation, with a series of scandals involving allegations of bribery, cronyism and money laundering. Jon Wertheim reports. https://lnkd.in/eYm2seB
Read MoreP.R.O.T.E.C.T. – Key considerations when responding to potential legal or regulatory breaches
Mourant’s in Jersey have offered an excellent acronym to the lexicon of compliance language, namely “P.R.O.T.E.C.T against sanction”. Where a business has identified potential breaches of law, regulation or duties owed to third parties, there will be multiple considerations arising and priorities to address. the following key reminders should be considered when putting together a […]
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