Why criminals love 500 euro notes – Exchange offices in the UK have stopped selling 500 euro banknotes because of their use by money launderers. The Serious Organised Crime Agency says 90% of the notes sold in the UK are in the hands of organised crime. Soca deputy director Ian Cruxton said 500 euros had […]

This FSA report describes how commercial insurance broker firms (‘broker firms’) in the UK are addressing the risks of becoming involved in corrupt practices such as bribery. In particular, it sets out the findings of our recent review of standards in managing the risk of illicit payments or inducements to, or on behalf of, third […]

Hundreds of Italian politicians, civil servants and celebrities have been implicated in a corruption scandal following the leaking of a list with their names on. The list was found on the computer of a businessman who allegedly performed construction work free of charge. Italy’s industry minister has already resigned after his name was linked to […]

The Italian government has announced a series of measures to crack down on corruption. They come as a report from the state auditor shows that cases of corruption in Italy have increased by more than 200% since 2008. Duncan Kennedy reports. http://news.bbc.co.uk/1/hi/world/europe/8527593.stm

Change of control of Kleinwort Benson receives FSA and GFSC approval – Kleinwort Benson today announces that RHJ International SA has received approval from the Financial Services Authority to become the controller of the private bank. This is a major landmark in the organisation’s sale process as RHJ International SA prepares to take ownership of […]

Peter Eigen: How to expose the corrupt – About this talk – Some of the world’s most baffling social problems, says Peter Eigen, can be traced to systematic, pervasive government corruption, hand-in-glove with global companies. At TEDxBerlin, Eigen describes the thrilling counter-attack led by his organization Transparency International. – http://www.ted.com/talks/peter_eigen_how_to_expose_the_corrupt.html

The Financial Services Authority have recently fined Aon Ltd a total of £5.25m for failing to have effective systems and controls in place to counter the risks of bribery and corruption. This fine must surely sound warning bells not just to the insurance industry but to all firms who use the services of overseas contacts […]

Review of firms’ implementation of a risk-based approach to anti-money laundering (AML) – March 2008 – http://www.fsa.gov.uk/pubs/other/jmlsg_guidance.pdf