British banks pay big for BSA/AML violations 03 Jan 2013 Two British banks recently agreed to pay significant penalties to settle allegations of violations of the Bank Secrecy Act and U.S. sanctions programs, with deficiencies in each bank’s Bank Secrecy Act/anti-money laundering (“BSA/AML”) compliance program underlying each case. On December 10, Standard Chartered Bank (“SCB”) […]

HBOS boss fined by FSA slams bosses and regulator 03 Jan 2013 Former HBOS head of corporate banking Peter Cummings today accused the Financial Services Authority of blaming him alone for the bank’s near collapse in 2008, and said it was “sinister and curious that I was singled out”. He criticised the FSA, which fined […]

A NEW BILL HAS BEEN SIGNED INTO US LAW, IMPOSING ASSET-FREEZING REQUIREMENTS ON US FINANCIAL INSTITUTIONS 27 Dec 2012 On 6 December 2012, the US Senate passed the Sergei Magnitsky Rule of Law Accountability Act (the “Act”). The measure had earlier passed the US House of Representatives on 16 November. The bill was presented to […]

We are happy to share with you the key points from the Mauritius Budget 2013 that we believe are of significance to you. 27 Dec 2012 This Budget aims at consolidating the economic fundamentals of Mauritius. It contains interesting measures to increase revenue especially from services whilst ensuring further investment in technology, education and targeted […]

Financial Centres Should Fight Back, Luxembourg Says 27 Dec 2012 Financial centres such as London, Singapore or Switzerland should hit back after being on the receiving end of attacks over client secrecy and their role in the 2008 global crisis, Luxembourg said this week – AFP reports. Luxembourg, which has come under pressure over its […]

Launderers in the news – December 2012 27 Dec 2012 Online ticket scams and internet cafe cons feature in December’s launderers in the news. This month we also look at some recent cases where the criminals have avoided lengthy jail sentences. Britain’s most prolific female fraudster jailed for 9 years – London A woman who […]

Money-laundering lawyer dodges prison 20 Dec 2012 A former partner at Chicago-based law firm Winston & Strawn who used his position to launder more than $18m for convicted Ponzi schemer Kenneth Starr will not serve any prison time, a judge ruled yesterday. The New York Law Journal reports that in May 2011Jonathan Bristol pleaded guilty […]

GFSC is ‘capping’ its 2013 fees increase at 2% 20 Dec 2012 LICENCE fees for regulated financial services businesses are to rise by 2% next year – despite concerns raised by the industry. The Guernsey Financial Services Commission has announced it is ‘capping’ fee increases at 2%. The proposal, announced in October, was hugely unpopular […]