Treasury Targets Financier of al Qai’da in Iraq, Islamic Jihad Union Member – The U.S. Department of the Treasury today targeted the financial and support networks of al Qai’da in Iraq (AQI), al-Qai’da and Islamic Jihad Union (IJU) by designating two Europe-based individuals for providing support to terrorists or acts of terrorism under Executive Order […]

The Financial Services Authority (“FSA”) has had, to date (and with no sign of abating), a busy year. It has secured a number of high-profile prosecutions, most recently of a former Cazenove partner; it has banned traders for mis-marking positions to the detriment of employers and investors; it has fined domestic and foreign nationals for […]

The FSA has charged seven people with insider dealing offences under the Criminal Justice Act 1993. The charges relate to an alleged conspiracy to deal on inside information obtained by the defendants from two major investment banks and involve alleged unlawful profits of about £2.5 million. A warrant has been issued for the arrest of […]

the Jersey Financial Services Commission (JFSC) recently [Issued: March 2010] published a report on findings into it’s Anti-Money Laundering examination of Trust Company Business in Jersey. TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2009 – SUMMARY FINDINGS http://www.jerseyfsc.org/pdf/TCB_2009_Examination_feedback_March_2010.pdf in the report the JFSC reported on the following matters Business Risk Assessment and Strategy Customer Profiling and […]

You do not just draw a line under the matter and move on. The SAR can have a variety of consequences, and your business needs to consider them and decide how to manage the client relationship from now on. Some key tips Do not do anything that might tip off the client that a SAR […]

The head of the FSA’s Savings and Investments Department, Linda Woodall, spoke to the Association of Professional Compliance Consultants’ London Forum (9 March 2010) on what intensive supervision means for small firms. She said that the FSA is currently focusing on three key risk areas: making sure that small firms have sustainable business models; the […]

New Rules for Recognized auditors in Jersey – General Information – The JFSC has published on her website information that will be valid from 5 April 2010 when Regulation 4 of the Companies (Amendment No.4) (Jersey) Regulations 2009 comes into force. Regulation 4 inserts a revised Part 16 [Accounts and Audits] into the Companies (Jersey) […]

The Licensees (Conduct of Business) Rules 2009 and the Licensees (Capital Adequacy) Rules 2010 – The Licensees (Conduct of Business) Rules 2009 (the “COB Rules”) came into force on 1 January 2010 and apply to all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) (“POI Law”) (subject to certain […]