News

Credit Suisse said late yesterday it expects to pay US authorities $536 million to settle matters connected to financial dealings with Iran. A short press release issued by the Zurich-listed bank did not elaborate significantly on details. “Credit Suisse confirms that it is in advanced settlement discussions with the New York County District Attorney’s Office, […]

All eyes were on Barclays today after it emerged that Credit Suisse (CS) was set to join Lloyds in paying massive fines in the US over claims it helped Iran evade sanctions to access Wall Street markets. CS said it may pay $536 million (£327.6 million), more than double the $250 million Lloyds settlement early […]

Treatment of client money on firm’s administration CASE = Yesterday, Mr Justice Briggs delivered his judgment in the matter of Lehman Brothers International (Europe) v CRC Credit Fund Ltd & Ors [2009] EWHC 3228 (Ch) on the identification and distribution of the client money held by Lehman Brothers International (Europe) (LBIE) at the time it […]

On the 14 December 2009 the JFSC Issued its feedback on consultation paper no. 9 2009 (Money laundering (amendment No.4) (Jersey) order 200-) (Amendments to the Money Laundering (Jersey) Order 2008). The Commission received comments from seven businesses. A summary of these comments can be found in section 2 of this Feedback Paper. Read More […]

SARs filed by solicitors fall for a third year Suspicious activity reports (SARs) filed by solicitors in between October 2008 and September 2009 fell to 4,772, a decrease for the third year in a row. There were 228,834 reports made across the regulated sector last year. Solicitors are the sixth largest group of reporters, behind […]

The GFSC have posted x3 AML updates on their website today. These are 1.    Changes to the Handbook for Prescribed Businesses – 2.    Changes to the Handbook for Financial Services Businesses 3.    Consultation on changes to AML/CFT legislation In summary these news matters deal with the following 1.    (1&2)  Prescribed businesses are advised that the […]

DRUGS MONEY saved some banks from collapse at the height of the global crisis, the  Antonio Maria Costa, head of the UN Office on Drugs and Crime, told the Observer signs suggest some banks were rescued by billions of dollars ‘from the drugs trade and other illegal activities.’  He says he had seen evidence the […]

This news update provides an update about the Offshore Funds (Tax) (Amendment) Regulations 2009 (SI 2009/3139), made on 1 December 2009. The amendment regulations On 1 December 2009, the Offshore Funds (Tax) (Amendment) Regulations 2009 (SI 2009/3139) (the amendment regulations) were made. The amendment regulations, which come into force on 22 December 2009 but take […]