On April 9, 2010, the heads of the multilateral development banks — the World Bank and the Regional Development Banks (the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and the Inter-American Development Bank) — signed an agreement to cross-debar firms and individuals found to have engaged in fraud or corruption […]

World Bank and the Regional Development Banks Developments – In addition to the new cross-debarment agreement, there have been other recent changes in the anti-corruption programs conducted by the World Bank and the Regional Development Banks. Contractors need to be aware of the following five: The World Bank and the Regional Development Banks have always […]

Oh, That Money … I Don’t Know, It Just Crawled Into My Hand! – American companies are being bombarded with warnings about the federal Foreign Corrupt Practices Act (FCPA), and the warnings have become increasingly ominous. In November 2009, the head of the Department of Justice’s (DOJ) Criminal Division specifically advised pharmaceutical companies that prosecutors […]

FSA bans three individuals and fines a fourth for mortgage fraud and advice failings 30 April 2010 The Financial Services Authority (FSA) today announced it has banned three mortgage brokers from working in regulated financial services; another individual has been fined £17,500.Investigations into each individual by the FSA revealed failings that exposed their firms to […]

The Jersey Financial Services Commission has issued news that it will be holding tworegulatory seminars in July 2010. The first seminar is a full day dedicated to trust company business and will be relevant to trustcompany business employees of all levels. The subjects to be covered include a summary of common findings from on-site examinations, […]

On 28 April 2010, the FSA published a press release announcing that Anjam Ahmad, an ex-hedge fund trader, has been charged with one count of conspiracy to commit insider dealing under section 1 of the Criminal Law Act 1977 (CLA). He has been bailed to attend City of Westminster Magistrates’ Court on 7 May 2010. […]

On 28 April 2010, the FSA published a report entitled: “Review of complaint handling in banking groups”. Although the review focuses on banking groups, the FSA expects all firms that handle complaints to take note of its findings. http://www.fsa.gov.uk/pubs/other/complaint_rvw.pdf The review follows FSA concerns about the quality of banking groups’ complaints handling highlighted in work […]

The JFSC has written to all Chief Executives (or equivalent) of all persons registered to conduct fund services business under the Financial Services (Jersey) Law 1998. The JFSC letter summarises the results of the supervision visits made over the last year (2009), the key findings, and our themes for supervisory visits in the coming year. […]