Help! I’m a new MLRO – Due diligence – You should consider auditing your procedures in relation to due diligence and whether they are actually being followed. Some questions you may wish to consider include: Have you identified the areas in which due diligence investigations are required? If you allow exemptions for due diligence, are […]

Seven steps to SARs success – part VII of the Proceeds of Crime Act 2002 (POCA) imposes a reporting regime which is complex and, at times, confusing. Failure to comply may amount to a criminal offence. Solicitors trying to decipher the different disclosure obligations set out in Part VII may find it useful to remember […]

Mauritius 1 April 2012: The FSC issues the New Code on the Prevention of Money Laundering and Terrorist Financing – Following the enactment of the new set of legislations, the FSC initiated a review of the existing FSC Codes on the Prevention of Money Laundering & Terrorist Financing (the “Codes”) intended for Management Companies, Investment […]

Shah v HSBC Private Bank SUSPICIOUS MINDS – COURT HOLDS BANK ENTITLED TO REFUSE TO EXECUTE A PAYMENT INSTRUCTION IF IT SUSPECTS MONEY LAUNDERING – Shah v HSBC Private Bank (UK) Ltd [2012] EWHC 1283 (QB), INTRODUCTION In this case the English High Court ruled that there is an implied term in the banker-customer contract […]

JERSEY SANCTIONS – Latest News – 7 June 2012 Jersey Law Update: Community Provisions (Restrictive Measures – Guinea-Bissau) (Amendment) (Jersey) Order 2012 2 June 2012 Jersey Law Update: Community Provisions (Restrictive Measures – Guinea-Bissau) (Jersey) Order 2012 1 June 2012 New EU Sanctions against Guinea-Bissau 29 May 2012 Jersey Law Update: Community Provisions (Restrictive Measures […]

FATF assesses progress – FATF has assessed progress towards effective prevention of money laundering and terrorist finance in the Caribbean and Central American region, specifically Curacao, and the Eurasian region. Source: FATF Assesses Caribbean http://www.fatf-gafi.org/documents/repository/amlcftprogressinthecaribbeanandcentralamericanregion.html Central American Progress and FATF Assesses Eurasia Progress – http://www.fatf-gafi.org/documents/repository/recentprogressinaddressingmltfintheeurasianregion.html

Maltese company implicated in French anti-corruption sting – Opposition MP Evarist Bartolo highlights details of ongoing international criminal investigation into a complex web of murder, intrigue and scandal in which a Maltese company is understood to be involved.Share on print Labour MP Evarist Bartolo revealed details of a Maltese company implicated in French anti-corruption stingRaphael […]

Revised and enhanced identification checking process from 28 May 2012 – On the 28 May, the Criminal Records Bureau (CRB) introduced new guidelines for identity (ID) checks, which apply to all CRB applications. The new guidelines have been introduced to strengthen the checking process, making it more difficult for applicants with previous criminal records to […]