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 Policy Council has signed the following amendment regulations, which came into force 28 March 2013: 1. The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2013 2. The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2013 3. The Criminal Justice (Proceeds of […]

The Financial Conduct Authority (FCA) has fined EFG Private Bank Ltd (EFG) £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers. The failings were serious and lasted for more than three years. EFG is the UK private banking subsidiary of the EFGI Group, […]

 The European Union has suspended sanctions against 81 Zimbabwe officials and eight Zimbabwe firms. This follows the country’s “peaceful successful and credible referendum on a new constitution” earlier this month. President Robert Mugabe and a few others including Zimbabwe Mining Development Corporation remain blacklisted until “peaceful, transparent and credible elections have been achieved” said an EU […]

 HM Treasury has updated  Financial Sanctions Notice: Iran (Human Rights): Council Implementing Regulation (EU) No 206/2013. The amendments to Annex 1 to the Regulation take the form of the addition of 9 individuals and 1 entity; these additions are therefore subject to the asset freeze imposed by the regulation. HM Treasury have also published an updated […]

 Three men have been charged with conspiracy to defraud investors in an alleged investment fraud related to electrical contracts in the hotel sector. The three men; Jolan Marc Saunders, Michael Dean Strubel, and Spencer Mitchell Steinberg were charged in connection with Saunders Electrical Wholesalers Limited, for making false representations that the company had high value contracts […]

 The European Commission have published a speech by Cecilia Malmström on ‘Anti-money laundering as part of the fight against organised crime’. During the speech Ms Malmström outlines a number of AML initiatives for the coming year. Of particular interest Ms Malmström said that the final decision had yet to be made on whether to propose a […]

 The European Parliament’s special committee on organised crime, corruption and money laundering, has  published a draft Interim Report on organised crime, corruption, and money laundering.  This sets out a motion for a European Parliament resolution on recommendations on actions and initiatives to take in relation to corruption, money laundering and organised crime: such as:   When […]