Lloyd’s introduces new guidance in relation to insurance broker remuneration – On 1 March 2012, additional Lloyd’s requirements came into effect relating to distribution costs, broker remuneration and additional charges.  The guidance, published in Market Bulletin Y4567, http://www.lloyds.com/~/media/Files/The%20Market/Communications/Market%20Bulletins/2012/02/Y4567.pdf is aimed at Lloyd’s Managing Agents and will affect the brokers they deal with.  However it will […]

Money Laundering and Weapons Development (Directions) (Jersey) Law 201- – This law was adopted by the States on 1st November 2011. The development of measures to restrict and prevent money laundering, the financing of terrorist acts or organisations, and development of weapons, where these pose a significant risk, remains an important objective. This is particularly […]

5 December 2011 The Bribery Act 2010: How are CI organisations affected? [Jersey regulatory matters, Guernsey regulatory matters, Financial Crime / Terrorist Financing, Crime (AML/CFT) regulatory updates, Bribery & Corruption] The Bribery Act 2010: How are CI organisations affected? – Organisations in the Channel Islands which have any business connection with the UK will need […]

Guernsey’s HM Procureur has issued guidance on prosecution for tipping off – This guidance is issued by HM Procureur in his capacity as the prosecuting authority within the Bailiwick and it does not constitute legal advice. Anyone who has concerns about any of the matters covered in this guidance should obtain independent legal advice. A […]

New Zealand case ML/TF case study – In mid-December of 2009, a Russian-built cargo jet landed at Don Muang airport in Bangkok for routine refuelling.  It was not routine as later news accounts made clear. Thai Special Forces acting on a tip from a foreign intelligence agency swarmed the Ilyushin 76 and arrested the crew […]

What is tipping off?  Guernsey’s money laundering regime requires, in simple terms, that when a financial services business (“FSB”) suspects that one of its clients may be involved in money laundering, it must make a suspicious transaction report (otherwise known as an STR) to the Financial intelligence Service. What is tipping off? The offence is made […]

 [Guernsey regulatory matters, Crime (AML/CFT) regulatory updates] House of Lords Committee reports on money laundering and data protection for suspicious activity reports – On 20 January 2011, the Home Affairs sub-committee of the House of Lords European Union Committee published a report, Money laundering: data protection for suspicious activity reports, its sixth report of session […]