On the 14 December 2009 the JFSC Issued its feedback on consultation paper no. 9 2009 (Money laundering (amendment No.4) (Jersey) order 200-) (Amendments to the Money Laundering (Jersey) Order 2008). The Commission received comments from seven businesses. A summary of these comments can be found in section 2 of this Feedback Paper. Read More […]

SARs filed by solicitors fall for a third year Suspicious activity reports (SARs) filed by solicitors in between October 2008 and September 2009 fell to 4,772, a decrease for the third year in a row. There were 228,834 reports made across the regulated sector last year. Solicitors are the sixth largest group of reporters, behind […]

The GFSC have posted x3 AML updates on their website today. These are 1.    Changes to the Handbook for Prescribed Businesses – 2.    Changes to the Handbook for Financial Services Businesses 3.    Consultation on changes to AML/CFT legislation In summary these news matters deal with the following 1.    (1&2)  Prescribed businesses are advised that the […]

DRUGS MONEY saved some banks from collapse at the height of the global crisis, the  Antonio Maria Costa, head of the UN Office on Drugs and Crime, told the Observer signs suggest some banks were rescued by billions of dollars ‘from the drugs trade and other illegal activities.’  He says he had seen evidence the […]

6 July 2009 – Amendments to AML laws and rules Amendment 1 The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for […]

IMF Country Report No.08/318 – Mauritius: 2008 International Monetary Fund September 2008 – Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

A full copy of the FSA report on financial services firms’ approach to UK financial sanctions is available for download at http://www.fsa.gov.uk/pubs/other/Sanctions%20Final%20Report.pdf.

Auditing your Screening Process – HR departments should approach the hiring process as they would any acquisition, joint venture or other significant transaction involving company assets. Screening a potential hire is an important step of the process which should not be neglected. Before a company opens its doors to new employees, hiring managers should stop […]