MLROs should treat domestic PEPs the same as foreign ones, says FSA – Firms should treat domestic politically exposed persons in much the same way they treat foreign PEPs, the Financial Services Authority told money laundering reporting officers yesterday. HM Treasury also told the MLROs that it was thinking about extending the time limit that […]

A former hedge fund trader pleaded guilty to insider dealing yesterday in a landmark deal under which he may testify against his suspected co-conspirators, if they are charged, in the hope of receiving a lighter sentence. Anjam Ahmad, 39, who worked at AKO Capital, is the first person to strike a plea deal with the […]

The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006 – A May 2010 report from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited. The report, The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006, rounds-out the groundbreaking analysis put forward […]

The Terrorism and Crime (Bailiwick of Guernsey)(Amendment) Regulations, 2010. Made and Coming into operation and Laid before the States – 17th May, 2010. THE HOME DEPARTMENT, in exercise of the powers conferred on it by section 15C of the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002 and all other powers enabling it in that […]

John Dougall, a former director of a UK medical devices manufacturer, became the first British citizen to be convicted in the UK of a corruption offence for overseas corruption of foreign public officials. Following an appeal, the Court of Appeal has reduced his sentence to a suspended prison term, but reiterated the seriousness of corruption […]

Banks and money exchange services in the U.K. are no longer distributing 500-euro notes after a report showed that 90 percent of the demand for the bill came from criminals, the Serious Organised Crime Agency said today. “For the first time there is hard evidence of the scale of criminal abuse of the 500-euro note,” […]

The BBC has learned that the number of fake pound coins in circulation may be twice official estimates by the Royal Mint. Coin testing companies say one in 20 could be fake. Ben Ando uses a counterfeit £1 coin to explain how you can spot the fakes. watch the video clip – http://news.bbc.co.uk/1/hi/uk/7989119.stm

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 […]