SARS tested in court – Iraj Parvizi v Barclays Bank The recent case of Iraj Parvizi v Barclays Bank [2014] EWHC B2 (QB) was heard in the High Court on 21 May 2014. Key themes considered in the case were the Proceeds of Crime Act 2002 (“the Act”) and the meaning of suspicion giving rise […]

Johannesburg – The SA Revenue Service (SARS) started looking at the controversial investment company Belvedere Management Group months ago, Netwerk24 reported on Wednesday. Cape Town money manager Kobus Kellerman –  one of two SA kingpins behind the Belvedere Ponzi scam Cape Town money manager Cobus Kellermann – one of two SA kingpins behind the Belvedere […]

The number of cases reported to the Swiss Money Laundering Reporting Office (MROS) last year rose by almost a quarter, largely due to increased awareness by financial intermediaries, it has revealed. In 2014, 1,753 suspicious activity reports (SAR) were filed to the MROS, an increase of 24% compared with the previous year and the highest […]

FinCEN and the OCC’s recent settlement with First National Community Bank of Dunmore, Pennsylvania (FNCB) illustrates US regulators’ ever-increasing focus on compliance with the Bank Secrecy Act (BSA) and on the systems that financial institutions have in place to detect and report suspicious activity. FinCEN and the OCC’s recent settlement with First National Community Bank […]

The Serious Crime Bill received Royal Assent on 3 March 2015 and will now enter into force as the Serious Crime Act 2015 (the “Act”). http://bit.ly/1wkRuPj It introduces changes in a broad range of areas relating to both financial and non-financial crime. Significantly for regulated firms, it includes The introduction of additional protection from civil […]

Serious Crime Bill 2014 As some readers will be aware, the House of Commons is currently considering the Serious Crime Bill 2014 (the “Bill”), which proposes amendments to various pieces of existing criminal legislation, including the Proceeds of Crime Act 2002 (“POCA”). Serious Crime Bill 2014 http://bit.ly/1upvzAj On 8 January 2015, Karen Bradley MP (Minister for […]

Jersey SARS – States of Jersey Police & Customs Joint Financial Crimes Unit – Guide to compiling a Suspicious Activity Report (SAR) Introduction – This document has been produced to assist compliance and money laundering reporting officers within the Jersey Financial Services Industry in the submission of a SAR to the States of Jersey Police […]

ON the 16th May 2012  – the Queen’s Bench Division dismissed Mr Shah’s claims for damages against HSBC Private Bank (UK) Ltd (HSBC) for over US$300m. Mr Shah’s claim for breach of contract was on the basis that he had suffered loss because of the bank’s failure to carry out his payment instructions promptly and […]