News

FATF reports on money laundering and terrorist financing in securities sector On 26 October 2009, the Financial Action Task Force (FATF) publisheda report on money laundering (ML) and terrorist financing (TF) in the securities sector. The FATF decided to carry out a global study of ML and TF in the securities sector in June 2008 […]

Reform of the structure and regulation of banking in the UK: Mervyn King speech Mervyn King, Governor of the Bank of England (BoE), gave a speech to Scottish business organisations in Edinburgh on 20 October. In his speech Mr King mentioned, amongst other things, that the “too important to fail” problem is too important to […]

Lloyds Banking Group is being investigated by British tax officials over allegations that wealthy clients are being encouraged to avoid UK taxes by channelling money through China, a BBC Panorama investigation reveals. The advice from an employee at the Jersey branch of the bank bailed out by taxpayers was secretly filmed for the BBC by […]

EU sanctions crackdown adds UK companies to Zimbabwe blacklist – A Berkshire-based businessman and a number of his companies that operate out of Britain are today expected to be added to the European Union blacklist aimed at those said to be keeping Robert Mugabe in power in Zimbabwe. John Bredenkamp, 68, a Zimbabwean entrepreneur given […]

On 22 October 2009 the Guernsey Financial Services Commission decided to make the following public statement in respect of Ms Pippa Marie Harbour. It decided: 1. to make prohibition orders under the Protection of Investors Law, the Banking Law, the Fiduciary Law and the Insurance Laws. These orders prohibit Ms Harbour from acting as a […]

IMF Country Report No. 09/280 a detailed Assessment of Observance of AML/CFT – This Detailed Assessment of Observance of AML/CFT Report on Jersey was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time […]

6 July 2009 – Amendments to AML laws and rules Amendment 1 The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for […]

IMF Country Report No.08/318 – Mauritius: 2008 International Monetary Fund September 2008 – Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism