On the 20th April 2010 the FSA issued a statement on Goldman Sachs International – the short statement stated Following preliminary investigations the FSA has decided to commence a formal enforcement investigation into Goldman Sachs International in relation to recent SEC allegations. The FSA will be liaising closely with the SEC in this review. http://www.fsa.gov.uk/pages/Library/Communication/Statements/2010/goldman_sachs.shtml […]

In April 2009, the Financial Services Authority (FSA) published a thematic review on the approach of financial services firms to UK financial sanctions, which was produced by its Financial Crime and Intelligence Division (FCID). http://www.fsa.gov.uk/pubs/other/Sanctions%20Final%20Report.pdf The report outlined the FSA’s findings following a review of firms’ compliance with the FSA’s financial crime requirements relating to […]

The Financial Services Authority said on Monday it was looking into US fraud charges against Goldman Sachs after Prime Minister Gordon Brown, accusing the bank of “moral brankruptcy”, urged a probe. “As you would expect the FSA is investigating the circumstances of this case and whether there are any implications for the UK regulated entities […]

Practical steps to ensure compliance with the UK financial sanctions – There is no positive obligation under UK sanctions legislation to check whether a customer or a third party is a sanctions target (in contrast to anti-money laundering rules and the US sanctions regime). A financial institution that does not carry out checks and never […]

World-Check (WC) have just released a new White Paper – “FCPA Prosecution: Lessons from Kay” – Written by FCPA practitioner Michael Osajda, the paper describes how two US executives were imprisoned for their part in a corrupt deal in Haiti. United States v. Kay is one of the more interesting prosecutions under The Foreign Corrupt […]

March 2010 JFSC Quarterly Newsletter – www.jerseyfsc.org/pdf/JFSCNewsletter(17).pdf Read http://www.jerseyfsc.org/pdf/JFSCNewsletter(17).pdf

Whistleblower at Johnson & Johnson unit jailed over bribes to Greek doctors – Robert Dougall, a former executive of DePuy International who turned whistleblower, has been jailed for 12 months for helping pay £4.5m of bribes to Greek state doctors. The 44-year-old, a former director of marketing at the subsidiary of US healthcare group Johnson […]

The Financial Services Authority risks putting itself in the firing line for company failures by taking more responsibility for vetting directors, the Chartered Institute for Securities & Investment warned. CISI said on Thursday that the watchdog would struggle to assess boards and that by taking responsibility it risked its reputation if directors led companies into […]