The Financial Action Task Force (FATF) has published a statement made by Bjorn Aamo, FATF President. Mr Aamo welcomed the European Commission’s proposed Fourth Money Laundering Directive (MLD4), which he considers is broadly consistent with the FATF’s February 2012 revised recommendations. He hopes MLD4 will be adopted in the near future. Mr Aamo also commented on […]

 The Financial Action Task Force (FATF) has  published a National Money Laundering and Terrorist Financing Risk Assessment. The guidance is intended to assist countries conduct risk assessments at a country or national level. The principles described in this guidance are also relevant to more focussed risk assessments, for example of a particular financial sector.  The guidance […]

 HM Treasury has published a revised financial sector advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. The notice contains advice issued by the Treasury about risks posed by unsatisfactory anti-money laundering and counter-terrorist financing controls in a number of overseas jurisdictions. The main changes from the last notice issued by HMT […]

 A former Surrey police constable has pleaded guilty to two offences of misconduct in a public office and has admitted selling information, including details about footballer John Terry’s mother, to the Sun newspaper.  http://sites.herbertsmithfreehills.vuturevx.com/38/4411/landing-pages/united-kingdom.asp?intEmailHistoryId=2264559&intExternalSystemId=1

An Edinburgh solicitor has been jailed for four years for his role in the laundering of £1.8m. Richard Housley was also convicted of income tax fraud and a separate charge under POCA. Housley, the senior partner and MLRO, helped launder the money for Michael Voudouri, who pleaded guilty, but failed to turn up for the sentencing […]

A major investigation is continuing into allegations of money-laundering through Jersey bank accounts. The Jersey Financial Services Commission began the probe following claims made last November that a drug dealer and a gunrunner were among more than 4,000 customers to hold accounts with HSBC in the island. It followed a leak of the bank’s client […]

On 24 May 2010 the Guernsey Financial Services Commission (“the Commission”) decided: to impose financial penalties of £14,000 each on Mr Y and Mr du Feu and £7,000 on Mr X (“the Directors”) under section 11D of The Financial Services Commission Law; an to make this public statement under section 11C of the Financial Services […]

Last month, the Financial Action Task Force (FATF) convened in Paris to further develop and implement global controls against financial crime.  Since the establishment of the FATF more than two decades ago, it has been recognized as the international standard setting body on anti-money laundering (AML) and combating the financing of terrorism (CFT). With a […]