The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 1 March 2019). The Commission is inviting comments on Sections 2.8.1., 2.8.2., 4.8.3. and 7.12.2. of the Handbook, which should be submitted to amlcft@gfsc.gg, by no later than […]

Following the Money Laundering (Amendment No.10) (Jersey) Order 2019 coming into effect on 12 June 2019, https://www.jerseylaw.je/laws/enacted/Pages/RO-041-2019.aspx the following amendments should be noted:- Amendment of Money Laundering (Jersey) Order 2008 Article 1 (interpretation) amended Article 3 (meaning of “customer due diligence measures”) amended Article 10A (financial services business carried on outside Jersey) amended Article 11 […]

Mozambique’s Former Finance Minister Indicted Alongside Other Former Mozambican Officials, Business Executives, and Investment Bankers in Alleged $2 Billion Fraud and Money Laundering Scheme that Victimized U.S. Investors A four-count indictment was returned on Dec. 19, 2018, by a grand jury in the Eastern District of New York, charging two executives of a shipbuilding company, […]

BROOKLYN, NY – An indictment was unsealed on March 4, 2019, charging Najib Allam, an executive of the Privinvest family of maritime services companies, and Teofilo Nhangumele and Antonio do Rosario, former Mozambican government officials, for their roles in a $2 billion fraud and money laundering scheme that victimized investors in the United States and […]

FRANKFURT (Reuters) – Deutsche Bank has uncovered shortcomings in its ability to fully identify clients and the source of their wealth, internal documents seen by Reuters show, more than a year after it was fined nearly $700 million for allowing money laundering. In two confidential reviews, dated June 5 and July 9, Germany’s biggest lender […]

Child & Child set up secret company in British Virgin Islands and claimed Leyla and Arzu Aliyev had no political connections   A firm of London solicitors that set up an offshore company for the daughters of Azerbaijan’s president has been referred to a disciplinary tribunal after being accused of multiple failings. They include not […]

The FCA has published a consultation on proposed guidance (GC17/02) on the treatment of politically exposed persons (PEPs) under the proposed draft Money Laundering Regulations 2017 (see daily news 16 March 2017). The proposed guidance clarifies who should be considered a PEP and sets out the requirements on how firms can take a proportionate, risk […]

Arms deal man sues Absa over closure of accounts. Politically connected businessman Fana Hlongwane, whose bank accounts were closed after he underwent review as a politically exposed person in 2013, is suing Absa for R7m on the grounds that the closure of his accounts was unlawful and that the bank had violated his constitutional rights. […]