News

The European Banking Authority (EBA)  published its Report [Date 16/06/2023] on money laundering and terrorist financing (ML/TF) risks associated with EU payment institutions. Its findings suggest that ML/TF risks in the sector may not be assessed and managed effectively by institutions and their supervisors. In 2022, the EBA assessed the scale and nature of ML/TF […]

Following yesterday’s JFSC and SASIG: Directors’ Cyber security Masterclass, it is clear that all regulated firms in Jersey need to upskill. Furthermore, during the one day masterclass, the JFSC suggested they are contemplating on-site regulatory cyber inspections [see JFSC slide – click here]. In consideration of the above, the question all directors should ask themselves […]

Speed read: On 3 October 2019 the UK and US signed a new data sharing agreement. So far, its benefits to the fight against terrorism and child exploitation have been in the spotlight. The agreement, however, casts the net widely when defining ‘serious crime’. Offences of money laundering, fraud, tax evasion and market abuse are […]

ASSAD HENCHMEN’S RUSSIAN REFUGE How some of the top financers and human rights abusers of the Syrian regime are funnelling money out of Syria into Russia, and possibly beyond Global Witness estimates that prominent members of the powerful Makhlouf family, cousins of dictator Bashar al-Assad, own at least US$40 million worth of property across two […]

OFAC has sanctioned, pursuant to Executive Order 13818 (asset freeze and travel ban), members of a South African family, Ajay, Atul and Rajesh Gupta, and their business associate Salim Essa for engaging in “significant corruption”. Sigal Mandeleker, Treasury Under Secretary for Terrorism and Financial Intelligence, said that the family “leveraged its political connections to engage […]

SURPRISE SURPRISE, the financial system provides the first alleged crime in outer space. Captain kirk, “eat your heart out”!!! Some background There are five national or international space agencies involved in the ISS – from the US, Canada, Japan, Russia and several European countries – and a legal framework sets out that national law applies […]

The FCA has brought in new rules for certain open-ended funds investing in inherently illiquid assets, like property and real estate. The new rules will not apply to UCITS and other funds which already have restrictions in place. Instead these rules cover non-UCITS retail schemes (NURSs). The new rules mean that investors must be given clear […]

Improving the suitability of financial advice – Fact finding and reporting The following Speech by Debbie Gupta, Director of Life Insurance and Financial Advice Supervision at the FCA, delivered at Money Marketing Interactive Conference 2019, Harrogate addressed the thorny issue of Improving the suitability of financial advice – Fact finding and reporting The full speech […]