Italian investigators probing a money-laundering racket on Tuesday issued an arrest warrant for Italian entrepreneur Silvio Scaglia, a former chief executive of broadband operator Fastweb. Scaglia, who is one of Italy’s richest men and also founded Internet television company Babelgum, is one of 56 people for whom warrants have been issued under the probe, investigators […]

Italy’s tax-evasion amnesty offers an easy way for dodgers to wipe away their crimes without imposing penalties tough enough to deter future transgressions, former Prime Minister Romano Prodi said in an interview. Italians, who’ve had to pay a 5 percent levy as part of the amnesty, have so far declared about 95 billion euros ($129 […]

The statistics collated and prepared by the Jersey Financial Services Commission for the period ending December 31st 2009 show that bank deposits decreased by £40.9 bn (-19.8%) over the 12 month period to £165.2 bn, and by -2% compared to the figure for September 30th 2009, which reflects the global downturn. Specialist funds, including hedge, […]

A number of Comsure clients and friends met to listen to the Herbert Smith’s webinar:Shah v HSBC – What does the decision mean? which took place on the 23rd February 2010. If you were unable to participate in yesterday’s event, or would like to listen to it again, it is now available as an archived […]

Four Scandinavian and one Southeast Asian country is in top 10 at the Corruption Index made by Transparency International. The Scandinavian countries has a big tradition of not being corrupt at the latest Corruption Index shows the same trend. Denmark is the second least corrupt country. Sweden number three. Finland number six. Iceland number eight. […]

As part of its ongoing review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. Antigua & Barbuda, Azerbaijan, Bolivia, Greece, Indonesia, Kenya, Morocco, Myanmar, Nepal, Nigeria, Paraguay, Qatar, Sri Lanka, Sudan, Syria, […]

On the 19 February 2010The Jersey Financial Services Commission (the “Commission”) has published a consultation paper on proposals for annual fees to be paid by Designated Non-Financial Businesses and Professions (“DNFBPs”) carrying on activities specified in Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999, as amended (the “Proceeds of Crime […]

This report summarises the anti-money laundering and counter-terrorist financing measures (AML/CFT) that were in place in Germany at the time of the on-site visit (15 May – 5 June 2009) and immediately thereafter. It describes and analyses these measures and offers recommendations on how to strengthen certain aspects of the system. It also assesses Germany’s […]