PRESS RELEASE 14 December 2012CHANGES TO BE MADE TO AML/CFT HANDBOOK Today the Commission has published a Feedback Paper following consultation in 2011 and throughout 2012 on proposals to amend the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business (the ” AML/CFT Handbook”) and the […]

Compliance lessons: FSA statement on HSBC 14 Dec 2012　 The Financial Services Authority (FSA) has issued a statement setting out the actions required of HSBC Holdings plc to remedy the widespread failings with regard to compliance with anti-money laundering rules and U.S. sanctions requirements. The FSA has issued the statement as the lead regulator for […]

FSA requires action of HSBC Group 14 Dec 2012 The FSA is taking action against HSBC to ensure compliance with anti-money laundering rules and US sanction requirements. The FSA requires HSBC Holdings plc to: • establish a committee of the HSBC Board with a mandate to oversee matters relating to anti-money laundering, sanctions, terrorist financing […]

Three arrested in connection with UK LIBOR probe – 14 Dec 2012 The Serious Fraud Office (SFO), with the assistance of the City of London Police, conducted searches at three residential premises. Three men have been arrested and questioned as part of the SFO’s investigation into the manipulation of LIBOR rates.A copy of the SFO’s […]

Iran Sanctions – Buyers must hold payments for Iran oil starting Feb 6 14 Dec 2012 Starting February 6, U.S. law will prevent Iran from repatriating earnings it gets from its oil export trade. The latest financial sanction will “lock up” a substantial amount of payments to Iran ramping up the U.S. Treasury’s use of […]

OPPORTUNITY TO SHOWCASE HIGH STANDARDS OF THE JERSEY REGISTRY DURING VISIT BY EUROPEAN COLLEAGUES 13 Dec 2012 Representatives from Company Registries from several European Union countries were in Jersey recently to discuss the implications of a new European Directive. The Directive, published in June this year, proposes greater connectivity of systems and mechanisms between Registries. […]

Industry fees to be increased by 2 per cent for all sectors 13 Dec 2012 Fee increases for 2013 proposed by the Guernsey Financial Services Commission are to be capped at two per cent across all sectors, following consultation. Originally it was proposed that there would be a two per cent increase in the general […]

COBO and Alderney Company Law 13 Dec 2012 On 28 November the States of Guernsey approved the repeal of the remaining provisions of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959. The repeal legislation will be put before the States as soon as possible – this is expected to be in February/March 2013. The […]