In enforcement cases, the GFSC can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry. Often, such prohibitions have been time-limited, although the GFSC could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent […]
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GFSC Financial Crime Handbook Consultation – 7th May 2019
The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 1 March 2019). The Commission is inviting comments on Sections 2.8.1., 2.8.2., 4.8.3. and 7.12.2. of the Handbook, which should be submitted to amlcft@gfsc.gg, by no later than […]
Read MoreJersey Royal Court struggles with the question – “When is a fee a commission or commission a fee” and asks the JFSC for guidance
In a recent Jersey appeal case the Court was of the view that the investment profession might well benefit from further guidance from the JFSC on “Commissions”[or Receiving prohibited third-party payments] The court did however, and for the avoidance of doubt, makes it clear that if an investment adviser were to receive a fee for […]
Read MoreGuernsey trust company (Louvre) and its directors (inc a NED) fined (18th June 2019) for AML failures
On 18 June 2019 the Guernsey Financial Services Commission (“the Commission”) announced it has fined Louvre Trust (Guernsey) Limited, Derek Paul Baudains, Jonathan Ross Bachelet, Haidee Louise Stephens, Julian Dai Lane, Charles Peter Gervais Tracy as follows £70,000 on Louvre Trust (Guernsey Limited) (the “Licensee” or the “Firm”) under section 11D of the Financial Services […]
Read MoreLeading the Way on Regulation + Sustainable business models
The following is part of a Speech delivered by Karina McTeague, Director of General Insurance and Conduct Specialists Supervision, at the British Insurance Brokers’ Association (BIBA) Conference 2019. Sustainable business models Andrew Bailey, the FCA’s Chief Executive, has previously talked about the UK having had two financial crises: the first, was prudential the second, was […]
Read MoreWHAT MAKES A GREAT COMPLIANCE OFFICER – Increasing compliance’s value
COMPLIANCE = It’s all about making it easier to do the right thing and harder to do the wrong thing To help compliance and ethics practitioners to effectively perform their role, The Red Flag Group® has devised some suggestions for compliance officers to get ahead and demonstrate that they can add value in their companies. […]
Read MoreShould Jersey ask the same questions [as the UK] about its AML and sanction regimes after the EN+ Group issue in 2018?
On the Nov 8, 2018 the Jersey Evening Post (https://jerseyeveningpost.com/news/2018/11/08/trump-sanctions-prompt-exit-of-russian-owned-businesses/) reported a story about Oleg Deripaska, a Russian oligarch and his company SANCTIONS imposed by the Trump administration have caused two Jersey-based businesses owned by one of Russia’s richest men to press ahead with plans to leave the Island. It went on to say “According […]
Read More5th Money Laundering Directive –10th June deadline – did you have your say?
On Monday 10th June deadline the responses to the HMT consultation paper on the implementation of the 5th Money Laundering Directive in the UK needed to be submitted. The 88-page document is daunting. However, an excellent article from Accounting Web gives a good high-level summary of each section of the consultation document, helping accountants to […]
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