TWO men who conned the States of Guernsey out of millions of pounds and laundered it in Abu Dhabi and Istanbul have been jailed for their roles in the operation. The ‘Lagan fraud’ saw Guernsey’s Treasury and Resources Department lose £2.6 million, which was transferred through bank accounts across the world. Adrian Taylor (44), who […]

The Wolfsberg Group, an association of 13 global banks, has issued a set of frequently asked questions (FAQs) on risk assessments for money laundering, sanctions and bribery and corruption. The FAQs include: What is the purpose of a risk assessment? Whose responsibility is it to undertake a risk assessment? Should the scope of a money […]

A Sark couple have both been jailed for money laundering. In June Michael Doyle, 47, and Belinda Lanyon, 54, were also found guilty of carrying out regulated activities within the Bailiwick without a licence. The pair had already pleaded guilty to carrying out an act intended to pervert the course of public justice. In Guernsey’s […]

Introduction As at today (Sept 2015) Tax offences (including tax fraud) do not constitute felonies.(2) Therefore, the proceeds (or rather, unlawful savings) of tax offences cannot form the object of a money laundering act. From January 1 2016 servicing tax fraudsters may expose financial intermediaries in Switzerland to prosecution for money laundering. With the entry […]

Swiss authorities have frozen millions of dollars linked to a state-run Malaysia investment fund engulfed by the biggest financial scandal in the country’s history. Swiss authorities probing alleged corruption at Malaysia’s state investment fund have frozen funds worth tens of millions of dollars.  The Office of the Attorney General has frozen the money held in […]

Included in this round up: Two jailed for a total of 9 years in £5 Million money laundering case London’s money-laundering ‘enablers’ face crackdown New crime unit to investigate corruption affecting developing countries Iraqi prime minister unveils anti-corruption measures FCA secures High Court Judgement awarding injunction and significant penalties against five defendants for market abuse […]

In the recent case of HKSAR v Pang Hung Fai (FACC 8/2013), the Court of Final Appeal (the CFA) offered, for the first time, authoritative guidance on the mental element of “having reasonable grounds to believe” under section 25(1) of the Organized and Serious Crimes Ordinance (Cap 455) (the OSCO). Section 25(1) makes it an […]

Bankers hope that a new review of anti-money laundering rules could result in the authorities being more lenient with cases of dirty money slipping through the net, as long as the banks can prove they took tough action to try to stop it happening. The industry is under huge pressure to make sure it does […]