I do not think that when you were organizing this programme, you thought that the topic of financial crime would be so much in the limelight. But as you all know, the past two months have been challenging for the country with the outburst of the ponzi schemes scandal which has revealed the extent to […]

Munir Patel, who helped offenders avoid prosecution, has jail term cut from six to four years after judge rules it ‘excessive’ – Lord Judge, who said Munir Patel should still serve a ‘substantial’ jail term but that it should be reduced. Photograph: Ian Nicholson/PA A court clerk who made legal history when he became the […]

Two people, a man and a woman, have been arrested and questioned in connection with an investigation into insider dealing and market abuse. The FCA with the assistance of the City of London Police Economic Crime Directorate executed a search warrant in West London. Business and private premises in Switzerland were also searched by the […]

An investigation has found that British companies laundered millions of pounds stolen from the Russian treasury in a £150m tax fraud, according to the Telegraph. According to the paper, £35m passed through the foreign accounts of 10 UK registered companies. The 2007 fraud has been linked with five deaths, including Russian lawyer Sergei Magnitsky. The […]

Dawood Ibrahim, the man who maimed Mumbai on March 12, 1993, has emerged as the face behind home-grown terrorist outfit Indian Mujahideen (IM). Dawood and his intricate network of bogus Hawala firms, spread across the country, have been covertly financing IM’s network in India, said sources in the central agencies and counter-terrorism units investigating blast […]

An asset recovery task force has been established in order to coordinate Jersey’s activity as part of an international effort to identify and recover illicitly obtained assets linked to Arab spring jurisdictions. The task force comprises members of the Law Officers Department, the Jersey Financial Services Commission and the Joint Financial Crimes Unit. It was […]

On the 10th April the Commission advised that it noted that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2013 have resulted in an inaccurate cross-reference in regulation 5(1)(d) of the regulations being amended.  In regulation 5(1)(d) the reference to regulation 3(1)(c) should now be to regulation 3(2)(a).   […]

The Financial Conduct Authority fined EFG Private Bank £4.2 million yesterday for failing to carry out proper due diligence on clients. EFG has an office in Mayfair and is part of Switzerland’s EFG International. The fine is the first levied by the FCA, which took over from the Financial Services Authority last month. EFG is […]