Introduction The reform of Jersey’s anti-money laundering (AML) practices and laws has been high on the legislative agenda, particularly after Jersey became a member of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval) in 2012. Moneyval is the EU body tasked with ensuring that member states […]

Significant amendments of anti-money laundering laws in Switzerland including dealing with direct and indirect taxation. Responding to an international demand for more transparency and harsher money laundering regulations, the Swiss legislator is constantly revising Swiss anti-money laundering law. The latest revision, adopted in December 2014, is the new Act on the implementation of the Financial […]

The following notes provide an update/review of 2014 amendments to substantive offences under Proceeds of Crime Law and AML handbook Background In December 2013 MoneyVal issued a report which picks up from the 2008 International Monetary Fund (IMF) report and sets out the progress that Jersey has made following the IMF’s recommendations. MoneyVal is the […]

The Crédit Agricole v Papadimitiou decision shines a spotlight on what are sometimes perceived as the more difficult areas to interpret in the Jersey Financial Services Commission’s AML/CFT Handbook and provides guidance as to what constitutes understanding the ‘commercial rationale’ of a structure and related transactions. It should give banks and other financial services businesses […]

Singapore ‘s ACRA’s enhanced regulatory framework: anti-money laundering & counter terrorism financing obligations of corporate service providers – On 9 April 2015, the Accounting and Corporate Regulatory Authority (“ACRA”) announced that the ACRA (Amendment) Act 2014 and its related regulations, will take effect from 15 May 2015. The ACRA (Amendment) Act 2014, is supported by […]

The Monetary Authority of Singapore (MAS) has published revised notices to financial institutions on anti-money laundering and countering the financing of terrorism (AML/CFT). The revisions are benchmarked against international best practices and the latest recommendations of the Financial Action Task Force. Key changes to the AML/CFT notices include: requiring more comprehensive enterprise-wide AML/CTF risk assessment […]

Multiple jurisdictions Depending on which jurisdiction a firm is active in it may be required to comply with the requirements of multiple sanctions regimes. Some jurisdictions’ requirements may also apply without a firm having an actual presence in that jurisdiction. The UK’S Joint Money Laundering Steering Group, suggests in its guidance that “firms should take […]

Whilst this document does not form part of the SRA Handbook, the SRA may have regard to it when exercising its regulatory functions. Who is this warning notice relevant to? This warning notice is relevant to all regulated persons who have a legal obligation to ensure that they: do not facilitate money laundering or terrorist […]