ABN Amro was bought by RBS in 2007 The UK’s Royal Bank of Scotland has agreed to pay $500m (£336m) to end a money laundering case involving ABN Amro – the lender it bought in 2007. The bank will pay the money to the US government. In exchange, charges against ABN Amro will be dropped. […]

Mercenary sales practices used by bank staff have been uncovered in an internal document leaked by a Barclays sales manager. Customers are viewed as ‘conquests’, with advisers incentivised to sell riskier investments, or more expensive, profitable products, the confidential document leaked to the Daily Mail shows. Persuading a customer to invest their savings in the […]

A Geneva court has ruled that a hearing concerning the son of former Nigerian dictator Sani Abacha can continue without his presence. Abacha’s Swiss lawyers had argued that since Abba Abacha had not been able to get a visa to enter Switzerland in time, the trial should be adjourned. The younger Abacha is appealing against […]

The Board indicated in its note of 6 August 2009 that it was contemplating an additional Part III, which would include certain existing material that for various reasons did not sit comfortably within Parts I or II, and some additional, new material. Unlike Parts I and II, JMLSG does not anticipate that the Part III […]

A British publisher is facing a six-year ban from taking up any contracts financed by the World Bank. The move comes after Macmillan admitted making “bribery payments” to secure a deal to print textbooks in South Sudan, the World Bank said. International donors have pumped millions into development projects in the African region through a […]

FSA fines firm and its MLRO for inadequate anti-money laundering systems and controls – On 5 May 2010, the FSA published the Final Notices it has issued to Alpari (UK) Ltd (Alpari), an online provider of foreign exchange services for speculative trading, and Sudiptu Chattopadhyay, Alpari’s former money laundering reporting officer (MLRO). http://www.fsa.gov.uk/pubs/final/alpari.pdf http://www.fsa.gov.uk/pubs/final/chattopadhyay.pdf Alpari […]

Businessman Anatoly Kazachkov is being investigated after £7m suspicious transfer from Hungary to Royal Bank of Scotland. Prosecutors have seized £6.5m from a Russian businessman who allegedly tried to use a Scottish bank to launder money, it emerged today. The cash confiscated from Anatoly Kazachkov, 64, a Moscow-based businessman linked to several British financiers, is […]

Consultation Paper on Amendments to the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as Amended – This consultation paper proposes amendments to the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the POI Law”). The Commission is seeking comments from interested parties on the proposals in this paper. The proposals outlined in […]