Sanitised case 5 A TCB advised that through open source research they had become aware of some adverse information on the beneficial owners a company they administered. The information being that the beneficial owners had been arrested in Russia for smuggling high value yachts into the country via the UK. One of the beneficial owners […]

Sanitised case 4 Cheque kiting exploits a system in which, when a cheque is deposited to a bank account, the money is made available immediately even though it is not removed from the account on which the cheque is drawn until the cheque actually clears. An example of this is if a deposit of £1000 […]

THE REPUTATIONAL RISK FOR LAW-ABIDING AND WELL-MEANING COMPANIES – On 5 February 2012 President Obama signed an Executive Order to further the US Administration’s Iran Sanctions Program that blocks (i.e., “freezes”) all property of the Government of Iran as well as all property of Iranian financial institutions, including the Central Bank of Iran. This builds […]

The Commission envisages that any civil penalties regime would need to be introduced by a combination of provisions in primary and secondary legislation, supported by published guidance. The next step will be for the Commission to commence work on producing law drafting instructions and drafting guidance. Any draft legislation and draft guidance will be consulted […]

THE McKinsey report conclusion that the work of the States, the regulator and the industry must be carefully co-ordinated has been welcomed by Jersey Finance chief Geoff Cook and Jersey Financial Services Commission director general John Harris. The report on the future of finance in Jersey, based on work by the international consultants which began […]

FEEDBACK ON CONSULTATION PAPER NO. 2 2012 – 1. Consultation on the introduction of a power for the Commission to impose civil penalties for serious, uncorrected or recurring breaches of the Codes of Practice. 2. The Commission received 27 responses to the Consultation Paper, both directly and via Jersey Finance. The Commission is grateful to respondents for […]

 The European Union has suspended sanctions against 81 Zimbabwe officials and eight Zimbabwe firms. This follows the country’s “peaceful successful and credible referendum on a new constitution” earlier this month. President Robert Mugabe and a few others including Zimbabwe Mining Development Corporation remain blacklisted until “peaceful, transparent and credible elections have been achieved” said an EU […]

 HM Treasury has updated  Financial Sanctions Notice: Iran (Human Rights): Council Implementing Regulation (EU) No 206/2013. The amendments to Annex 1 to the Regulation take the form of the addition of 9 individuals and 1 entity; these additions are therefore subject to the asset freeze imposed by the regulation. HM Treasury have also published an updated […]