During the course of last year, serious concerns led the JFSC to replacing the board of local trust company, Centurion Management Services Limited. It swiftly became clear to the new board that the company had breached numerous legislative provisions and regulatory codes of practice and that the only realistic option was for the company’s client […]

The UK Bribery Act 2010 v Foreign Corrupt Practices Act of 1977: how different are they and should your business be concerned? – Although the new UK Bribery Act 2010 (the “Bribery Act”) is similar in many respects to the existing anti-bribery provisions of the US Foreign Corrupt Practices Act of 1977 (as amended) (“FCPA”), […]

The explanatory notes to the Bribery Act 2010 have now been published. Background – The UK’s current law has been considered to be unsatisfactory because it is inconsistent with the OECD Bribery Convention, which the UK ratified in 1998. The Organisation of Economic Co-operation and Development (OECD) highlighted many of the problems with the current […]

With an increasing number of insolvency proceedings before it, the Jersey courts have recently seen several cases involving court appointed liquidators. An appropriate remedy The recent case of In the Matter of Centurion Management Services Limited [2009] JRC227 (1 December 2009) the Royal Court confirmed the decision made in Belgravia and reviewed the factors which […]

On 21 July 2009 the SFO, one of the bodies whose consent is required before proceedings can be instituted under the Bribery Act and who will be responsible for enforcing the Bribery Act in respect of overseas corruption published a press release setting out its approach to dealing with overseas corruption (Guidance). The Guidance sets […]

Jersey: Just And Equitable Winding Up In Jersey- Who Will Take On The Role Of Liquidator? 15 May 2009 (Ogiers) – With most economies on the edge of, or else in recession, the number of insolvency proceedings in a number of jurisdictions, will undoubtedly increase. Jersey will be no exception, not only with regard to […]

What are defence offsets? – The defence industry is often seen as more prone to corruption than others primarily because of the secrecy surrounding military spending and national security. Such lack of transparency in a market estimated to be worth US $1.5 trillion in 2008 increases the risk of abuse. One area that receives little […]

Global Witness has written an open letter to Heads of State and Finance Ministers for G20 renews call for effective anti-money laundering framework – the open letter calls on the Financial Action Task force to report back on specific actions it has taken to help detect and deter the proceeds of corruption by prioritizing work […]