Speaking on 4 April 2019, the head of enforcement for the UK FCA, Mark Steward, warned those subject to the UK’s anti-money laundering regulations that ‘it is time that the FCA gave effect to the full intention of the Money-Laundering Regulations which provides for criminal prosecutions’. He added: ‘[The FCA is] now conducting ‘dual track’ […]

2013 was a significant year for the UK regulatory landscape. National and international regulators continued to address the issues identified by the financial crisis in addition to responding to the LIBOR scandal with record-breaking penalties. In April 2013 a new regulatory regime was introduced in the UK which divided the Financial Services Authority into two […]

This July 2013report sets out the FCA obligations relating to anti-money laundering, our approach to carrying out those obligations, and the trends and emerging risks in money laundering that they are seeing in the firms they regulate. http://www.fca.org.uk/your-fca/documents/anti-money-laundering-report

On 22 October 2013, a draft amendment to the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations was lodged with the States of Jersey. The accompanying report states that the main objective of the amendments is to address: A number of perceived shortcomings with the current regime; and Jersey’s inclusion on the French list […]

The unfolding of the events at the Grangemouth oil refinery has been watched with interest by many in Scotland and further afield. Ineos (the plant’s operator) has come under fire for threatening employees’ jobs if they do not accept a new package of terms and conditions. As dramatic as it all sounds, it is not […]

Bank for Anti-Money Laundering Failings On 8 August 2013 the Financial Conduct Authority (“FCA”) issued a Final Notice against Guaranty Trust Bank (UK) Limited (“GTBUK”), the fifth in a series of cases arising from the FSA’s 2010 thematic review of banks’ management of higher money laundering risk situations. GTBUK was fined £525,000 (after the application […]

The FCA has published its July newsletter and the contents include: Financial Crime Conference P2 New report: our ‘concern’ about P2 money laundering and terrorist financing risks in trade finance Blowing the whistle P2 EFG Private Bank fined £4.2m P2 Financial crime and the FCA: P3 your questions answered International update: P3 Financial Action Task […]

Six-Month Extension of FATCA Deadlines and Other Guidance Regarding Implementation On July 12, 2013 in Notice 2013-43 (the “Notice”),  the Internal Revenue Service (the “IRS”) announced a six-month extension to key FATCA start dates including FATCA withholding and “grandfathering obligations,” which have both been extended to July 1, 2014.  Corresponding adjustments to various other timeframes, […]