On May 29the Caribbean Financial Action Task Force (CFATF) issued a public statement in which it said that it “recognises Guyana as a jurisdiction with significant AML/CFT (anti-money laundering and counter terrorism financing) deficiencies”. That’s fair enough since Guyana is the only Caribbean Community (CARICOM) country that has not adopted AML/CFT legislation and other measures […]
Read MoreJFSC CONSULTATION ON PROPOSALS TO REVISE AML/CFT REQUIREMENTS.
Today, the Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. The Consultation Paper deals with a number of comments by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”) in 2013 and is intended […]
Read MoreMORTGAGE FRAUD AND MONEY LAUNDERING – Boxing promoter Barry Hughes jailed over mortgage fraud.
Scots boxing promoter Barry Hughes has been jailed for 43 months for mortgage fraud and money laundering offences- Hughes admitted his guilt after more than two and a half years of court proceedings The 35-year-old had admitted illegally obtaining £1.2m for two mortgages and laundering £150,000 and using some of the cash to buy a […]
Read MoreFCA finalised guidance on banks’ control of financial crime risks in trade finance.
Following an earlier consultation the FCA has amended its guidance on good and poor practice relating to banks’ control of financial crime risks in trade finance, as contained in “Financial crime: a guide for firms”. The amendments are effective from 12 June 2014. In addition the FCA has published a summary of feedback to the […]
Read MoreJMLSG finalises MSB guidance:
JMLSG has published its final guidance for money services businesses (MSBs) as customers of banks. It has submitted the guidance to Treasury for approval. (Source: JMLSG Finalises MSB Guidance) http://www.jmlsg.org.uk/industry-guidance/article/jmlsg-guidance-current
Read MoreFCA sets up new AML resource:
FCA has set up a page on its website reminding firms of their obligations in relation to the prevention of financial crime, specifically money laundering. The page includes guidance for regulated firms that fall outside the scope of the Money Laundering Regulations. (Source: FCA Sets Up New AML Resource) http://www.fca.org.uk/firms/being-regulated/meeting-your-obligations/firm-guides/systems/aml
Read MoreThe Pitfalls of Country Risk Categorization
Over the last few years, rapid developments in financial information, technology and communication has enabled money to be moved anywhere in the world with speed and ease. This, together with other factors such as the general use of the US$ in black market economies, the progress of the Euro-market, the global trend of financial […]
Read MoreON THE 27 May 2014 Samantha Sheen B.PA(Hons) LLB MBus(Risk Mgnt) Int.Dip(AML), Head of Financial Crime and Authorisations Division at the GFSC has written to all Chief Executive Officer (or Equivalent)OF GUERNSEY
Financial Services Business In this letter Sheen outlines the following PART 1 – INTRO 1. The Commission has emphasized to businesses, both during on-site visits and industry meetings, the importance of assessing the ML/TF risks to which they could be exposed “in the round”, or as a whole, when reviewing their business risk assessments. 2. […]
Read More